Working Towards Financial Sustainability as a Yoga Teacher
Are you a passionate yoga teacher who dedicates hours each day to sharing yoga with your students? Does your heart vibrate with the transformation yoga brings, but your bank account isn't quite aligned with your output?
You're not alone.
Many yoga teachers face the challenge of balancing their love for teaching with financial sustainability.
A recent survey we conducted among yoga teachers revealed a common struggle. A staggering 25% of respondents, despite teaching between 10 to 20 classes a week, still find themselves needing another job to make ends meet. While yoga provides immense personal and spiritual fulfilment, it's essential to acknowledge that teaching alone may not always guarantee financial stability.
So, how can you, as a dedicated yoga teacher, find the balance between your passion for yoga and your financial wellbeing? Because, let’s face it, a stressed, tired yoga teacher won’t be inspiring anyone!
Start with awareness
In the same way, with everything we teach, we must look at finances through the lenses of complete honesty. Hiding your head in the sand with reference to outgoings, bills, unpaid (or late paid) invoices, this really helps absolutely no one. There’s no fooling your brain; your brain knows there’s financial stress and it deals with this the same way it would if a lion were to walk in the room you’re in right now. With an activation of the Sympathetic Nervous System. This keeps you with a feeling of stress that affects sleep, appetite and overall wellbeing (I’m preaching to the choir here, aren’t I?!)
Simple steps include:
Writing out, or creating a spreadsheet of your outgoings (we actually have a really super template spreadsheet that you can use! Get yours here)
Be honest about your income; acknowledge quiet periods in yoga teaching such as August and December
Acknowledge how much is left over each month
Be kind to yourself! No judgement here. None at all. Just an intention to strive towards financial sustainability
Bonus steps:
Make a list of debt that you have, and create a plan to pay it off
Reduce credit card spending, or acknowledge all spend in your spreadsheet (so it feels less like Monopoly money!)
With your full awareness on your finances; what’s owed to you, what you owe, what you’re spending and what you’re earning, you’re in a really super place to make a plan.
Make the plan
This might mean reducing spending. (I know, snore, but sometimes it is needed!)
It might mean putting your prices up.
It might mean renting a space and putting on your own offering (do not rent a space before listening to this: INPUT RENT A SPACE POD EP]
It might mean teaching a bit more, if you have the time, energy and mental bandwidth.
It might mean creating a budget and strictly sticking to it.
It might be a combination of some or all of the above. Only you know your energy levels, availability and financial situation.
Some inspiration
If you need to earn more, and you have the time and energy to do so, here’s some inspiration for how to do just that:
Diversify income streams
One way to achieve financial sustainability is to diversify your income streams. Instead of solely relying on teaching studio classes, explore various avenues such private lessons, workshops, retreats, and online courses.
Consider renting a space for your own classes - sensible ways to do this are to test out with a workshop first, or a block of classes - say six or eight weeks, to test the water.
Explore teaching classes at offices and workplaces that you have relationships with - ask your friends to introduce you to their HR managers or the business owner. Contact places you used to work. Go for it!
Each of these can offer additional sources of income while allowing you to share your expertise and passion with a broader audience.
Revisit your rates
Don't undervalue your expertise as a yoga teacher. Consider adjusting your rates to reflect your experience, training, and the quality of your classes. While it may be tempting to keep prices low to attract more students, remember that charging what you're worth is crucial for long-term financial sustainability.
Build your online presence
In today's digital age, having a strong online presence can significantly impact your career as a yoga teacher. Create a website, use social media platforms, and start a blog or YouTube channel to share your insights and connect with a wider audience. Offering online classes or workshops can also help you reach students beyond your local community. If you don’t know where to start, our Social media for yoga teachers workshop is perfect for you! Come join us, it’s hosted by our wonderful Iain on Sunday 15.10. Take a look
Continuing your yoga learning
Invest in your own growth as a yoga teacher. Attend workshops, trainings, and courses that enhance your skills and deepen your knowledge. Being a well-rounded and informed teacher can attract more students and justify higher rates.
Being a yoga teacher is a noble calling, but it doesn't have to come at the expense of financial security. By diversifying your income streams, setting appropriate rates, building an online presence and continuing your learning, you can work towards financial sustainability while doing what you love.
Remember, you are not alone in this journey. The recent survey we mentioned earlier shows that many yoga teachers face similar challenges. To further our understanding of these issues and explore potential solutions, we invite you to complete our survey if you haven’t already done so, to share your own important insights.