Ep. 22: How to get multiple income streams in yoga
Are you looking to get creative outside the yoga studio?
If teaching studio classes is not making the money you hoped to, there are other ways to boost your income. In this episode I share how to choose a creative idea and the actionable next steps to make it happen!
“When you're looking at your revenue and how you're building a business, most likely you're going to have to get creative, and teach outside of the typical public class. This is where the creativity comes in.”
Are you with me?
How yoga teachers can earn more money
I feel strongly that yoga teachers need to earn good money, and if you want to earn a living teaching yoga, I’m ready to help you.
Teaching yoga in studios is important, especially as you’re getting started. But there comes a time when you sit down and realize 'I’m driving around town more than I’m helping students. There has to be a better way'.
This is where multiple income streams can save the day. Even if you’re not looking to support yourself and your family through yoga, you can still get creative and have fun with the variety of your offerings.
Did you know I offer 1:1 coaching?
One day a week I work one on one with yoga teachers just like you, one hour at a time. We can do a lot in an hour!
You come with a question, and I will work with you to create the plan, answer the question, work through the situation. Here are a few challenges I’ve helped with:
Identifying a freebie to build an email list
Creating a content plan for 90 days
Niching down as a yoga teacher
Let’s talk about money
It’s tough, I get it. Most people find discomfort in talking about, and asking for money. In the yoga world, it sometimes seems even harder.
“When we're thinking about growing our revenue streams or earning more money as a yoga teacher, I want you to know that it is tough to think about; the world of yoga doesn't necessarily celebrate the idea of talking about money.” - Amanda
It can be easier when you think of money as an exchange of energy. And focus on how much value you are able to offer through yoga.
If you are able to think more like an entrepreneur, money can be far less emotional.
The simple truth is that you need to make money to live the life you want to live. You can think of making money as a process if that works for you. Or as a game, or a matter of fact necessity.
“I want you to take a deep breath and remember that you're going to have to earn money somehow. So you might as well tap into that passion of sharing yoga with the world and get creative.” - Amanda
However you would like to think of it, we all need money to live. And to live well, you may need more than you’re currently pulling in from teaching yoga classes each week. So let’s dig into where you are now, and where you’d like to get to. Work through the following questions to begin the journey.
Assess where you are, and create a vision
What do you want to or need to earn monthly?
How many classes are you currently teaching a week?
What does your ideal week look like?
How many studio classes do you want to teach each week? (be honest)
Work out your existing income, based on your ideal workload and market value of your sessions. This will leave you with a number you need to generate in order to meet your income goal.
An example with numbers
Ideal income generation per month = $3,000 ($36,000 per year)
Ideal number of public classes per month = 20
Average of $25 per public class x 20 = $500
This means you will need to generate $2,500 in addition to the studio classes to reach your target income above
How to close the gap
Let’s add some private clients to your list:
3 private clients per week at $100 = $300 x 4 = $1,200 per month
This means you now only need to generate $1,300 in addition to the studio classes and private clients per month to reach your target income
Remember, you can offer these special, creative ideas a few times a year to conserve your energy. Once you know how much you need to get creative with, you can determine how many times you want to offer that specific product/service.
Why work outside the studio
Studio work is super important, don’t get me wrong, but there are thousands of yoga teachers graduating from YTT all the time. Everyone needs and wants to teach at studios right away and this is the best plan of action when you’re starting out.
But as you gain experience, then it’s time to look at building your business. When you want to do that, it’s time to get creative...
50 ideas to generate extra income as a yoga teacher
Download the guide using the form below, and then pick just one using these guidelines...
Which one caught your eye?
Which one made you roll your eyes and say 'Yeah right Amanda'
Don’t worry about the HOW you will do this though, just focus on the WHAT (for now):
Who is this for?
What will you be providing?
Where would it be cool to host this yoga offering?
What will you charge for this yoga offering?
Pick one of these 50 ideas and commit
“At this point, don't worry about the how. Just look at this list and think ‘What can I offer my community? What can I offer the people in my area or the people online who follow me?’ - Amanda
If you can pick something that sounds like a lot of fun to you, you're also going to have fun doing it.
Your next steps:
Download the creative teaching list (scroll down)
Pick just ONE idea that sparks your interest
Pursue that one and make it happen!
I would love to hear what it is - hit me up on Instagram.
Don't forget to take it one step at a time - just think about the next step. This is a process, and it isn’t going to happen overnight. As long as you focus on your goal, you can get there!
Until next time, give yourself permission to think outside the studio and grace along the way. Talk to you soon!
50 ideas to generate extra income as a yoga teacher
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