5 Ways You Can Diversify Your Income Streams as a Yoga Teacher
If you want to boost your yoga business income, read this NOW
If you’re looking to boost your yoga business income as a yoga teacher, grab a cup of tea or coffee and stay here for a few minutes—let’s talk yoga MONEY. 💰
You’re about to discover FIVE ways you can diversify your income streams and make MORE in 2024.
First, before we dive in to talking about revenue streams, if you aren’t used to taking time to closely examine your incoming and outgoing yoga income and expenses—it’s definitely time to start doing so. And yeah, don’t feel guilty, if it’s not something you regularly do already. Developing good money awareness, habits, and pivoting money strategies are skills that you can hone as you grow your business.
Diversify Your Income to Avoid Burnout
What exactly does it mean to diversify your income streams?
Diversifying your income means making money from more than one job source. Think of it like this. If you are currently teaching at a yoga studio that’s one income source. If you lose your job, you have no income.
That is unless you have diversified your income.
Not only does diversifying your income protect you financially, but it can help you reach your money goals and achieve wild financial success.
It’s common for yoga teachers to add more yoga classes to their week when they need to boost their income. The problem with this approach is that it’s a recipe for burnout. There’s also somewhat of a ceiling or cap on your income potential. After all, if you’re teaching in a studio and add another class, there are only so many spaces for yoga students or mats in the room. That limits your earnings.
The Benefits of Multiple Income Streams
As a yoga teacher or entrepreneur, there are several benefits to having multiple streams of revenue. These benefits include:
Greater financial stability
Financial independence
Earn more money, work less (or the same)
Scale faster
Achieve your yoga business dreams and personal goals
Leave your day job and become a full-time yoga teacher or yoga business owner
5 Ways Yoga Teachers Can Diversify Their Income
Here are five ways that you can diversify your income, earn more as a yoga teacher and yoga business owner, and get closer to achieving your goals.
1. Offer Private Yoga Classes
Many yoga teachers find that offering private yoga classes, in-person or online, can seriously boost their overall bottom line.
According to one source, in 2021, the average cost for a private yoga class was $70-$80 per session. Now, that figure may be higher around $100–130 per session. This shows that yoga is in demand. It is not unusual for yoga teachers to charge even more depending on their experience and niche.
2. Offer Workshops
Don’t wait for a yoga studio or another yoga instructor to ask you to help with a workshop. Host your own. You don’t have to go far or spend a lot of time on workshops, either. You could host one in your local community for a couple of hours on the weekend. Running a unique workshop, such as a handstand workshop or yoga for runners workshop, can help you diversify your regular earnings teaching classes.
3. Launch an Online Studio
If you’re not already teaching online, it’s the perfect time to launch your online studio. There are so many online teaching platforms and teaching opportunities, which can help you create unlimited income potential since you can teach students from around the world.
You can find all of the tech gear you need to start an online yoga studio here.
4. Organize Retreats
Taking the workshop idea to the next level, you can plan and organize a yoga retreat. Retreats are a popular income generating source for yoga teachers, and they are usually rewarding opportunities beyond the financial aspect, too. They are great for business networking, collaborations, and generating business visibility.
If you haven’t watched The Yoga Startup’s podcast Episode on Yoga Retreat Planning, be sure to check it out.
5. Create Yoga Content
Whether creating User Generated Content (UGC), working with sponsors, or earning affiliate income from your own yoga teacher blog, youTube, or yoga podcast traffic, there are many opportunities to get paid for creating content as a yoga teacher or yoga influencer.
Interested in learning about other ways to diversify your yoga teacher income? Be sure to subscribe to the The Yoga Startup Substack. Or check out the yoga business offerings at TheYogaStartup.com.
For other yoga revenue ideas:
ChatGPT for Yoga Teachers is a book that offers ideas for leveraging AI ChatGPT technology for growing your yoga business. Check it out.