Updated: May 17, 2019
You deserve to earn more money!
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If you just nodded your head in agreement and let out a “oh yeah I do!” then you’re in the right place to take actionable steps today to earn what you deserve.
I wish we could wave a magic wand and change the industry-standard of payment in yoga studios all across the world, but we can’t. But we can change how you do things in your yoga business and how you think about yourself as a yoga entrepreneur.
Here are my 3 simple steps for you to take to start earning what you deserve as a yoga teacher:
1. Start thinking like an entrepreneur
I’ve said this a thousand times and I’ll say it a thousand times more — you are a business owner. You are an entrepreneur! Even if you’re not trailblazing, creating a fancy new app that will change the world or opening a storefront. That’s the beauty of entrepreneurship.
It’s wonderful to shift your mindset into thinking like an entrepreneur and to start acting like an entrepreneur. Once you make this realization and truly believe it in your heart and soul (because it is true) you’ll start to see the results. The results? Earning more money!
When you start earning more money you begin to have more resources to help more people. You start to impact more lives!
One thing that I encourage my students to do is to start listening to podcasts all about entrepreneurship and marketing yourself. These podcasts help get the lightbulb moments going and help shift your mindset into thinking like an entrepreneur!
“Start Thinking Like An Entrepreneur” Podcasts & Book Recommendations
2. Get serious about financial planning
We as humans usually shy around from talking numbers. We shy away from the topic and it’s pretty taboo in our culture. But honestly — how many of you actually know your numbers?
If someone were to ask you how much you’re earning, how much a specific studio pays, what your yearly payout is — would you even know the answer? There’s a lot of mindset that goes into it!
Maybe if you don’t look at the numbers, it’s not a problem you have, it’s uncomfortable, you weren’t taught to look at numbers. It’s a very common place to be in (even beyond yoga teachers). That’s exactly where I was and so many yoga teachers who I have personally helped.
The answer is this: if you get comfortable with your numbers and educate yourself, you will get more comfortable. You’ll know what’s coming in and what is coming out and there is power in that. There’s power in knowing your numbers!
That knowledge (just like yoga teacher training) is what kept you from calling yourself a “yoga teacher” until after you completed your yoga teacher training. You didn’t know the skill set yet! But now you proudly say you’re a yoga teacher because you know — knowledge is power and knowledge gives you confidence!
P.S.- stick around until the end of this blog post and I’ve got a financial spreadsheet goodie for you!
3. Diversify your income streams
This goes for anyone who is in business, not just yoga teachers. Diversify your revenue streams!
I want you to start thinking diversifying your income streams (as business-y as that sounds)! Basically, this just means having different buckets of money coming in from different places.
Let’s say you only taught public classes. If you only taught studio-based classes and all the studios closed (it happens). You would suddenly have no revenue streams coming in. Eek — let’s not let that happen!
If you’re teaching in public studios, have private students, are hosting workshops and maybe some partnerships with other yoga teachers — these are all different buckets. But what I don’t want you to do is to have too many buckets at once!
Don’t spread yourself thin but think about how to incorporate multiple streams of income into your bank account! If you’re in my Facebook Group then search the world “challenge” and you will see a challenge I ran about earning more money as a yoga teacher.
When you look through that, there are so many awesome ideas! Enter your information below to get your hands on these creative ideas.
Your Next Best Step:
If you do nothing else after watching/reading, I want you to look at your numbers today and identify the following:
What are you currently earning consistently per month in your business?
What are you currently spending consistently per month in your business?
What do you wish you were making consistently per month in your business?
Don’t feel like creating a spreadsheet for financial tracking? I got you! Enter your info below and I’ll send you one!
From this information, you will know exactly what the difference is between what you’re currently earning and what you would like to earn every month. I’ll be covering more on this topic this month but if you’re ready to read more, check out this blog where I walk through an example of what could make up a $5,000 month as a yoga teacher. Then get creative in your yoga business!
Until next time, give yourself permission to earn money and grace along the way.