Yoga studios provide various services to earn money, but what do these services entail?
This article will break down how yoga studios make money and the average yoga studio business model.
The Yoga Studio Business Model
The typical yoga studio business model is based on three streams of income: classes, membership, and retail sales.
- Classes: Most yoga studios offer regular class packages and drop-in rates. Class packages are usually 10-20% cheaper than the drop-in rate and provide a significant discount for those who commit to attending multiple classes per week. Some studios also offer discounts for students, seniors, or military personnel.
- Membership: Besides offering classes, many yoga studios also sell memberships. Memberships typically offer unlimited classes for a monthly or annual fee. This recurring revenue stream is a crucial part of how yoga studios make money and helps to ensure that the studio can stay open even if class attendance fluctuates.
- Retail Sales: Yoga studios also make money by selling retail items such as yoga mats, props, clothing, and water bottles. Many studios also sell books, DVDs, and other merchandise related to yoga and wellness. This revenue stream helps to supplement the income from classes and memberships.
Other Ways Yoga Studios Make Money
Some yoga studio owners have gotten creative and found additional income streams. Consider the following ideas, and don’t shy away from brainstorming your own.
- Workshops: Many yoga studios offer workshops on meditation, nutrition, and starting a home practice. These workshops, led by guest teachers, provide a way for the studio to generate additional income and leverage existing studio space.
- Events: Yoga studios may also host special events such as retreats, teacher training, or community fundraisers. These events typically require additional planning and coordination but can be a great way to boost revenue and attract new students who become interested in long-term memberships.
- Online Courses: With the rise of online learning, some yoga studios have started offering online courses. These video-based courses provide students with an alternative to attending in-person classes.
Explore Additional Yoga Studio Revenue Streams
Yoga studios typically make money through classes, memberships, and retail sales. However, consider other opportunities, such as workshops, events, and online courses. Yoga studios can stay afloat through slower seasons by diversifying their income streams.
Don’t be afraid to brainstorm beyond the concepts listed above. If your idea aligns with your goals and your target audience’s interests, it may be a viable option for expanding your income.