5 mistakes to avoid when selling your studio

5 mistakes to avoid when selling your studio

No question – right now is a challenging time to own a yoga studio. You may be considering selling your studio or simply closing your doors. But here’s the thing – now is not the time for rash decisions. When you consider selling your studio, you need to tap into your business mind. Think formulaically and scientifically – because there IS a science to a successful sale. 

Truth→ Humans are wired to hold onto things. We don’t want to let go. 

It is hugely important that you have an exit strategy. When should that strategy be put into place? From the beginning. You may be thinking, “Why would I think about an exit strategy when I’m so excited about opening a studio and living my dream?” 

Fair question. 

If you put yourself in the space of thinking about where you want to be five years from now, you may see yourself moving on from your studio. Knowing that you want to be in the place of selling a thriving studio helps you plan for that day. Every action you take in your business now should work toward the business you want to have five years from now.   

“But I didn’t plan, Josh. And now it’s time to sell.”

Okay, so let’s talk about that. I get it. You didn’t plan for this year. No one could have. And now might be the time you need to sell your yoga studio. Some studio owners have simply locked their doors and walked away because they didn’t know what else to do.  

Not you. 

It’s all about the plan. 

The good news is that the market is slowly getting back to normal. We see more buyers coming back and they’re ready to buy. This means you need to be ready to sell. 

We’re going to talk about five issues that will come up as you’re selling. Selling doesn’t always go smoothly. Be prepared for hiccups. Be ready for these issues and have a strategy. 

Be ready to sell like a wizard.

Issue #1: Landlords

Your buyer may want to simply take over your existing lease. However, be aware that your landlord may have different plans and want to negotiate a new lease. Look out for this issue and keep communication open. 

Issue #2: Outstanding Pre-Paid Packages

Members who purchase pre-paid packages are a great asset – for you. When you go to sell, however, the revenue from those packages has already been collected – by you. Realize that having a large number of outstanding packages will not be seen as a positive by your buyer – and have an answer ready. 

Issue #3: Attorneys

If you are not using a licensed real estate broker, your attorney will play a larger role. Be aware, this can cause more issues as well as lead to higher costs for you. Things that a broker would take care of as part of their set fee will be charged to you by a lawyer at his or her hourly rate. It’s worth crunching the numbers and considering a broker, depending on your situation. 

Issue #4: Cold Feet

There is a well known saying, “Time kills all deals.” Don’t keep your buyer waiting. The sale should move as quickly as possible –  keep your buyer’s enthusiasm high! Any delays gives them a chance to look at other options, question how wise an investment is right now and generally get cold feet. 

Issue #5:Renegotiating

This is another time you need to begin with the end in mind. Before you enter negotiations, decide where you’re willing to give and when you’ll walk away. And stick to it. No matter what gets said in the heat of the moment. 

Selling your studio will be emotional. 

The reason you are selling your studio doesn’t matter. Whether you’ve planned for a sale or circumstances pushed you toward a sale, you’ll feel all the feelings. Be prepared for a roller coaster ride. 

Selling your studio is a process. It will take time. Remember, until the sale is final, your studio is still your business. Do not mentally check out because you’re selling. You are the leader of your business – and business leadership means finishing strong!

For the super relevant information and the tools you need to run your studio, combined with the knowledge of our expert coaches and dedicated yogis check out the Yogapreneur Collective! Run an insanely profitable studio so you can change more lives (and earn a real paycheck)!

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Building a social media strategy for your new normal

Building a social media strategy for your new normal

Time to get serious about social media as a way to promote your studio and build your brand. You really can’t avoid marketing socially any longer.

Over the last few months, your clients have had to move their work, their personal lives and their workouts to social media. 

Truth → We know they’re online, so we need to meet them where they’re at!

Whether you like it or not, your clients are adrift right now. They’re looking for somewhere to go. You need to be ready to do more than announce that your studio is opening soon. You must share that you are ready for them to safely return to your classes and your community!

Truth → Now, more than ever, it’s crucial to have a social media strategy. 

Creating content for social media

When creating content for social media, you have to get clear on who you’re talking to, what they want to hear from you and how to get it in front of them. First think of content your clients will value. Then create this type of social content and add it to your editorial calendar. 

Here are a few ideas:

  • How to videos: Meditation, sun salutations, chaturangas, and breathing techniques are great places to start. 
  • 10 Minute Morning Routine: Help your clients get the day started right with a regular practice.
  • Bedtime Nidra Class: Great for virtual content, because people can crawl into bed right after, relaxed and ready for a good night’s sleep. 
  • 10 Minute Lunch Break Classes: Ab blast, Booty blast, Office Chair Stretches
  • Recipes: Ask your staff to help you out with their favorite smoothies, bowls and salads!
  • Weekly Community Class on Facebook: This eliminates signs ups and makes you more accessible.

Remember, your clients are all coming from different backgrounds and may not be practiced yogis or yoga enthusiasts. Take out the yogi rhetoric when you can – you want your clients to see your studio’s value and not be intimidated!

Amplify your content with targeted ads

Once you have an idea of the content you’ll be posting, it’s important to set up a strategy or plan for your social media ads. Ads amplify your reach by getting people to engage with your content – whether it’s to comment on a video or click on your website. You want them engaging!

Truth → The goal with ads is to amplify your reach!

To help your long term strategy, it’s important to have a Pixel Audience Campaign. Pixel is a little piece of code you add to your website. It collects data that helps you track your audience from Facebook ads, optimize ads, and build targeted ads.

This will allow you to target specific audiences more efficiently so you’re not wasting your hard earned money on ads.

The best strategy is to post all of your videos organically to social media, and then share the link to your email list to get traction. The more views and comments you get, the better you’ll rank in the Facebook algorithm (or any other social media platform). This will help your ads get more views AND amplify your reach!

Budgeting for ads can be a touchy subject since things may be tight for you financially. A little from your wallet can go a long way on social media ads, especially because you’ll be targeting a smaller audience.

Create a social media schedule 

 When it comes to a strategized schedule for ads, it’s important to know what you’re putting out to your audience and when! That way you can schedule targeted emails and not burn any unnecessary mental calories trying to keep track of your posts. You’ll always know what you’ve posted and what comes next.

Check out this sample schedule of video ads:

  • Video #1 Your Opening Plans: What are you doing to keep everyone safe?
  • Video #2 Walk Through: What does it look like coming into the studio?
  • Video #3 Self care: Start changing the conversation around self care. Self care is not selfish – it’s necessary. It’s like flying. You have to put your oxygen mask on first.
  • Video #4 Brand Positioning: Have fun with this! People are over the negativity. Let them know you’re following protocols, but remind them of your value.
  • Video #5 Testimonials: Start looking NOW for people who know and love your brand!
  • Video #6 Special Offerings: Share anything new! Highlight virtual classes as well, in case they aren’t ready to step back into the studio just yet. Keep it positive, we don’t want to plant the seed that they can just resort to the virtual classes.
  • Video #7 Sales Video: Give them a short intro of any specials for the studio – virtual or in the physical studio. Make sure you include a strong call to action. Let them know exactly what you want them to do or buy. 
  • Video #8 Value Videos: Include high-value videos to get members engaged. Anything from how to meditate or do sun salutations to a cooking class. 
  • Video #9 Thank you video: Make sure you thank the front line workers, first responders, and especially your yoga teachers for turning their homes into yoga studios.

Don’t let this overwhelm you! This sample schedule isn’t set in stone. Some of these videos you can combine so you’re not repeating yourself. Think about what’s right for your studio and your members. 

Truth → A solid strategy now will keep your studio successful in the long run.

Remember, there is still work to do but it doesn’t have to be overwhelming. You’ve shown your yoga superpowers over the last few months – working at 110% and keeping your community together. You’ve got this! 

For more super relevant information, join us for Live Webinars, included in the Yogapreneur Collective. Get these webinars, plus the huge online resource library, private Facebook Group, and access to 1:1 coaching all for just $125.

➡️ To access the YC Webinars and so much more, sign up here.

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How to batch your virtual studio content

How to batch your virtual studio content

Feeling overwhelmed by your virtual studio now that you’re getting classes up and running at your physical location? Maintaining an in-studio class schedule, a virtual class schedule and keeping your community engaged is a lot of work. Or maybe you’ve had to shut your doors again and are back to an all virtual schedule.

Live streaming your in-studio classes may seem like the easiest way, but it’s harder than it sounds. You can have technological difficulty. Members at the studio might not like seeing all your filming equipment. They might add to the noise or confuse virtual students.

Truth → Livestreaming your physical class creates a lot of variables.

In most cases, live streaming during a physical class isn’t the best way to go. It’s tempting because filming a class every day, while teaching in-studio classes isn’t really the best method either. That’s where batching your virtual content comes in.

Batching content is the most efficient way for you to create massive amounts of content. You can streamline the process and build up your library in a way that works around your schedule. Batching content is a very powerful tool to build your virtual studio.

Brainstorm your virtual studio content

The first step to creating good virtual content is to brainstorm what you need. Having a big picture approach takes the guesswork out of your filming days. Otherwise you’ll end up wasting mental calories trying to figure out what to film – while your team is waiting around ready to go.

Consider a variety of content types:

  • Full length classes
  • Shorter length classes
  • Quick stretching guides
  • Posture tutorials

You can also include alternative education tutorials on breathing, nutrition, philosophy and other topics that will round out your member’s yoga practice. The goal is to create a library that showcases what your studio is about. Create a list of your key topics and you’ll always know what to film.

Determine what the foundation of your virtual studio library will be, and batch content for it. It’s not about quantity, it’s about covering your foundational bases. If you have 10-15 videos that really capture what your students most want to learn, you’ll be ready to start. The rest will grow over time.

Schedule time for each phase of content creation

There are three phases for creating yoga content. First, planning and preparation, then filming and creation, and finally editing and distribution. It’s not as simple as scheduling a Saturday for filming. You have to block out time for each of the three phases.

Phase 1: Planning and Preparation – Decide on a video topic and envision what you want the finished video to look like – where it is, what it’s about, and the framing. Your plans don’t need to be hyper-detailed, just enough to keep you on track.

  • Make a bullet-point list of everything you want to cover in the video.
  • Prep and list all the gear you need to film – don’t forget extension cords!
  • Pick a place to film and test out the framing and sound quality.
  • Write your intro and outro for each piece of content.
  • Define your vision and how the video will be used (members only, advertising).
  • Decide what action you want your viewer to take afterwards and write a call to action.
  • Finalize the schedule with all participants.

Phase 2: Filming and Creation – Schedule a day specifically for filming and make the most of it. Once you have your gear set up, take the time to film several classes or tutorials. Before you start TEST EVERYTHING! Now is the time to find out your mic isn’t working, or the camera is set up wrong. Not after you’re done filming.

  • Set up your gear and test everything!
  • Review your shot plan
  • Film! If you make any mistakes, record the clip # and time in a notebook and keep going.
  • Download, upload and back up all videos with clear labels – don’t rely on your memory.  

Phase 3: Editing and Distribution – Now is your chance to remove any mess-ups and put in the final touches. Once everything is branded and looking the way you planned, schedule it’s launch. Keep a calendar to plan your release dates and drip out new content over time, so there’s always something new!

  • Edit your video – add your logo, take out any mess-ups and get it looking great.
  • Upload your new videos to your virtual studio or social media scheduler.
  • Edit any final assets like thumbnails, descriptions and tags.
  • Schedule your video launch and record it in your planning calendar.

Take your impact to the next level.

Don’t stop at creating quality content, make sure everyone sees it! At the minimum you’ll need to write and schedule an email and social media post. Let your members know there’s fresh content in your virtual studio so they can get pumped up!

If you want to take it a step further, atomize the video. You can leverage your content in new ways by editing a shorter video out of it, writing a blog post, additional social media posts, or even creating a supplemental checklist or download. Expand the way members and new clients find out about the great stuff your virtual studio has to offer! 

Get our free download The 3 Step Guide to Batching Content.

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5 Things to do every time you update your website

5 Things to do every time you update your website

We’re in a season of change. We started 2020 with a BIG shift from business as usual to temporarily shuttering our brick and mortar studios and going fully virtual. For many yoga studio owners, it was the first time their studio offered online classes. Now things are shifting again.

Reopening isn’t as simple as flipping the open sign and taking the COVID-19 banner off your website. You’ll probably have new policies for social distancing and a partial reopening. You’ll need to announce the new structure for on demand video or virtual membership. And once we settle into the new normal for the rest of 2020 you’ll need to update again. It’s a confusing time.

Truth → Now more than ever you need your community in the loop.

When people need information about your studio the first place they look is your website. It’s crucial that your website is free of embarrassing slip ups, out of date information and misdirected links at every stage. There are a lot of moving pieces when you’re running a yoga studio, so I’ve created this checklist to make sure nothing gets missed.

STEP 1: UPDATE YOUR MESSAGING

Your core mission probably hasn’t changed much, so you don’t need a full rewrite. Tweaking some headlines and the larger text is all you need. You’re not really changing what your studio is about, just emphasizing a different aspect of it.

Ask yourself: Is my value proposition for right now reflected in the messaging on my website? Does it emphasize safety and helping members be their best for their family and friends? That’s what people are responding to right now.

STEP 2: EVALUATE YOUR INTRO AND PRICING

Does your intro offer include your new virtual product? Do you have two intro offers right now – virtual and full membership? Ask yourself: would someone visiting your website quickly understand what you’re offering right now?

Keep things clear and simple. People are confused and stressed right now. There’s a lot of decision fatigue. Once you know what your pricing is, double check that you didn’t miss a paragraph about your intro offer on another page.

STEP 3: ADD AN ONLINE CLASSES PAGE

Your virtual studio is a unique product and it needs its own sales page. Keeping virtual lumped in with everything else is confusing for potential members AND search engines. This goes for your website even if your videos are hosted by another platform.

This page can be pretty simple. Let people know the pricing for your virtual offer and the schedule if you’re doing live streamed classes. Include a teaser of what your virtual member portal will actually look like – either in a demo video or a screenshot.

STEP 4: SYNC YOUR CTA BUTTONS

Check every single one of your call to action buttons. Make sure they go exactly where you say they’re going. If someone decides to buy something and they end up in the wrong spot, they’re probably not going to buy it.

Take it a step further and make sure its VERY clear exactly what you want someone on your website to do. Don’t be afraid to switch up your target action and the buttons that go along with it. Your offers might need to change as your studio shifts.

STEP 5: UPDATE YOUR THANK YOU PAGE

The thank you page is the easiest to miss, since you don’t see on the front end of your website. Make sure new members get the right information when you confirm and thank them for their purchase.See you in the studio” with a link to your old schedule doesn’t work as well when the physical studio is closed.

Include instructions for the type of classes that apply to them. That could be in studio classes, live stream classes, on demand videos or all of the above. Make sure it aligns with exactly what you’re selling at the time.

Take time this week and run through the checklist. Print it off or bookmark the page so it’s handy every step of the way. Keep your website free of embarrassing slip ups, out of date information and misdirected links.

For more super relevant information for running a successful studio in this new normal, join the Yogapreneur Collective. Get access to lives webinars, plus the huge online resource library, private Facebook Group, and the option to add 1:1 coaching all for just $125.

➡️ To access the YC Webinars and so much more, sign up here.

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Building Racial Equity into your studio

Building Racial Equity into your studio

Racism is a truth. It’s a real life experience for so many people of color. 

You, as a yoga studio owner, have a unique opportunity to be the change and take action in building racial equity. 

TRUTH →  This is your chance to activate change in your studio and build a space of community, peace and love. 

Recently, our Yogapreneur community had the chance to speak to Dr. Monea Abdul-Majeed, a guest presenter who is a Racial Justice Educator and Certified Yoga Teacher. She gave us a crash course in racial equity with tangible takeaways to make our studios and our brands more inclusive and equitable. 

To take action you need to be equipped with the right message. You need to know what racial equity is and how you and your studio have an obligation to uphold this truth. 

Racial equity is giving equal opportunities to people of all races. 

Telling people, “All are welcome!” isn’t enough. You have to do the hard work to listen, learn, and make sure your Black and Latinx clients have the same opportunities in your studio. You NEED to get uncomfortable if you want to make change! 

Truth →  Racial equity isn’t something you can choose, it’s a responsibility if you want to follow the yoga path. 

What does it mean to sit in your discomfort? You need to recognize the areas you have failed or fallen short in – and be ready to fix them!  

Some common roadblocks to building racial equity in yoga studios include:

  • Homogeneity – or thinking we’re all the same. This is super common for yoga studio owners to think their members have more in common than they actually do. Yoga attracts a lot of different people!
    • TRY INSTEAD: Offering classes at different times of the day – not everyone comes from the same economic background. A lot of people have to work!
  • Spiritual bypassing – the common idea that “we are too spiritual to be racist” or “You are not your material body so it shouldn’t matter”. This denies the truth of others!
    • TRY INSTEAD: Recognizing the times you have spiritually bypassed the truth of others. Acknowledge how you can be more present and authentic.
  • Stereotypes – A common one among the yoga community is “Black people don’t practice yoga”. WRONG. Figure out what stereotypes you have built up and work to break them.
    • TRY INSTEAD: Bring in a Racial Equity speaker to educate yourself and your staff. Make sure everyone is ready to actively build equity.

 Confronting roadblocks to racial equity in your business can be hard and uncomfortable, but it’s necessary. It’s okay if you’re not where you want to be. The key is asking for help and moving forward.

 Truth → Nobody does anti-racist work perfectly. You have to keep learning and taking action!

Tangible changes you can start today!

Racism is a daily reality for Black and Latinx people in your community. It doesn’t take a day off or end when it stops trending on social media. Your anti-racism work can’t stop either. How can you make tangible changes in your business to get to racial equity?

Build a FOUNDATION

Equity Statement – Every studio should have one. Stand behind it and call people out if they don’t follow it!

Update your Website – Show different people on your website. Yoga is for everyone!

Check Social Media – Make sure your messaging lines up with your equity statement. Who is being represented in the photos you post? Who is NOT being represented?

Build the EXPERIENCE

  • Learn your client’s names! If you don’t know how to pronounce them, ASK!
  • Start a book club showcasing Black or Latinx authors.
  • If you have a shower, offer shampoo for different hair types.
  • Buy art from Black and Latinx artists. Diversify your music!
  • Invite Black or Latinx guest teachers to teach a class.
  • Reassess the organizations you donate to. There isn’t anything wrong with donating to animal rights, but are there other causes you could financially support?

Build ACCOUNTABILITY

  • Choose an accountability CHAMPION – someone on staff whose job it is to always bring racial equity to the forefront. Pick someone who will hold the studio accountable and help you think outside the box.
  • Train your teachers – Get your teachers to attend courses, see speakers or read books to keep them educated.
  • Include racial equity in EVERY DECISION.

Building racial equity is going to be hard work. It’s your responsibility – as a yoga enthusiast, as a business owner, and more importantly as a human being – to make this a priority.

Truth →  Yoga is for every body.

Put that truth into action by doing the hard work to make racial equity a reality in your studio.

For more super relevant information, including our racial equity webinar recording, join us for The How to Re-Open your Studio Strong Bootcamp Webinars, included in the Yogapreneur Collective. Get these lives webinars, plus the huge online resource library, private Facebook Group, and access to 1:1 coaching all for just $125.

➡️ To access the YC Webinars and so much more, sign up here.

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The classes and services to offer (and NOT offer) when reopening your studio

The classes and services to offer (and NOT offer) when reopening your studio

With new social distancing laws, you’re not opening at full capacity… at least not right away. That means it’s more important than ever to maximize your cash flow per square footage during the time you’re open. Keep in mind, for every class you run you’ll have to pay for cleaning, utilities and teachers. Depending on how big your studio spaces are, you might not make much (or any) money.

Prioritize your classes based on “homeability”

Don’t try and recreate your old class schedule on Day 1. You don’t have the same capacity and you need to be intentional with your classes. You simply won’t be able to get as many members in your classes during the first phase of your reopening.

Try this → Prioritize the classes you haven’t been able to run at home.

Most yoga studios and fitness boutiques run a variety of class types, and some are more well-suited to a home practice. You could call it a high homeability factor. Other classes need a good sound system, high heat or specialized spaces. Decide what classes your studio is most conducive to hosting and plan around that.

It’s been months since your members had the full Bikram or Hot Flow class experience. They’re clamoring for them. They’re willing to wait a little longer for in-studio Yin classes. Try offering those once a month or every other week instead of filling the class schedule with them right out of the gate.  

Truth → Some classes are thriving in your virtual studio

You’ve probably found some classes are doing even better as virtual. Members are more likely to show up for an early morning sun salutation when it’s steps from their bed instead of across town. The same goes for nighttime Nidra classes. If it’s not broken, don’t fix it.

Consider your local community when you set your schedule

Local restrictions will impact how your community interacts with your studio. Members have lives outside of class. Whether they’re working from home or have childcare will play a big part in when they can get to the studio.

Ask yourself:

  • Are schools, childcare and summer camps closed in your local market?
  • Is there still heavy commuter traffic and rush hours?
  • Are people working from home? Will they really need shower facilities?

Off kilter times might work great for your reopening, depending on your local market. If most of the area is working from home, rush hour isn’t going to be a factor. Members working from home might have more flexible hours, so you’re not scheduling around a typical workday.

Make your studio space work for you every minute it’s open.

Private or semi-private classes are a great way to make use of the space, especially smaller rooms. You could do a recurring weekly time slot for $100. Whoever purchased it could bring up to four people. It would be booked ahead of time – guaranteed spot for them, guaranteed income for you.

The pricing is set at around the same rate as your autopay membership. That way it covers you if a member books it for a month ($400), brings three other members along and they all cancel their memberships. If they bring family members or friends, you come out ahead.  

Truth → Smaller, locked in classes feel safer for some members

On their end, it’s not any more expensive than a membership, so that’s an easy sell. For the same price, they get a locked in time slot. The member doesn’t have to try and book classes before they fill. It’s also more secure for them if they’re worried about getting sick. Some members are part of households with high risk people and they’d prefer to play it extra safe.

1:1 training is another great option. Create something results based with a clear goal. Track progress toward that goal with a clear strategy. Many people have gotten out of shape during this time and would love extra encouragement. This is an especially good option if your studio combines yoga and fitness.

Truth → It’s the perfect time to get creative with your offers

Bring back the yoga journey with a special series. You could create a prepaid series, either virtual or in-studio, that runs once or twice a week for a predetermined number of weeks. You could do out of the box offers, including things other than yoga or non-typical types of yoga.

Sell it to members as an add on (at a lower price) or to people in general if you’re running it online. When you’re doing it, make sure to record the classes. Then you have an evergreen video series for your virtual studio or to sell again later.

However you set up your in-studio classes, make sure the space is working for you EVERY MOMENT you’re open. 

For more super relevant information, join us for The How to Re-Open your Studio Strong Bootcamp Webinars, included in the Yogapreneur Collective. Get these lives webinars, plus the huge online resource library, private Facebook Group, and access to 1:1 coaching all for just $125.

➡️ To access the YC Webinars and so much more, sign up here.

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What should my pricing strategy be for reopening?

What should my pricing strategy be for reopening?

We’re in a new situation and it can feel overwhelming. Your studio is different than ever before, the economy is different than ever before and so is your community. You’ve built a new, thriving virtual studio over recent months and now you’re reopening your physical location as well.

Good news → There’s always opportunity in the chaos.

You probably didn’t set out to have a robust virtual studio… but it’s a HUGE asset for your business. Properly positioned, your virtual studio can help you sell more memberships and help you fill the cash flow gaps during your reopening. You’re offering more value now and members are expecting to pay more for that added value.

Truth → Don’t be afraid to raise your prices.

Your studio capacity is lower than before and your memberships may have to go up to keep supporting the studio space. Raising prices can be stressful, but now is the perfect time to do it. Don’t widely advertise that an increase is coming and draw attention to it. Simply let them know, this is the price now that we’re reopening.

Your pricing must reflect the time and the effort you’re putting in. Adding and maintaining a virtual studio brings a lot of value to your membership. Running in-studio classes under new restrictions and guidelines is added effort, and really the classes you’re offering are higher value because people are eager to get out of the house.

Be strategic during your reopening

Your pricing may need to change during the next 6-8 weeks if it’s not working for your studio. That’s okay, be flexible with your plan. There’s a lot going on right now in the yoga industry and in your community in general, change is expected.

Truth → Long term you’ll probably want a virtual studio only membership, but now isn’t the time.

You don’t want a huge chunk of your membership jumping to this low-priced option during the first few phases of reopening. Save it for when your studio is back to normal, or nearly there. Be mindful that another phase of closings is possible, especially in the first few months after reopening.

It’s time to update your products, pricing and sales funnels.

The goal is for you and your team to be clear on what you’re selling, why it’s valuable, and how to answer members’ questions. With a clear underlying pricing strategy, your sales funnel will flow smoothly, and clients will be happy to support your studio. Remember, it’s not really about the price, it’s about the value you offer.

Truth → Your pricing tells potential clients what you want them to do.

Your pricing communicates the value of your product, AND it provides valuable direction to your clients. A regular practice is best for your clients. Are you promoting that? Is your pricing funnel directing clients to the autopay membership? If it’s not, now is the perfect time to change it!

Create a pricing strategy that appeals to each client type

Each type of client is looking for something a little different. Keep their needs in mind as you’re merging your in-person and virtual studios. You need an offer for each type you have, but you don’t need much beyond that.

Most studios have some combination of these three client types:

  • Someone who is going to come into the studio all the time.
  • Someone who lives farther away, but still comes in pretty regularly.
  • Someone who dabbles in yoga or is only in town seasonally.

Offer an all-inclusive autopay membership for unlimited in-studio and virtual classes, a limited autopay membership and a recurring class pass. You’ve covered all your bases. 

A limited autopay membership works great for people who are further out of town. They can come in for a set number of in-studio classes per month and supplement with virtual. The recurring class pack should be a low number of classes, say 3 or 4 with a two-month expiration that automatically pays ahead.

Truth →  Decision fatigue is rampant. Keep it simple.

You’ll also need a VERY HIGHLY PRICED drop in once you’re fully open – at least $25. A drop in’s purpose is to show the value of your studio, you’re not trying to sell it. Consider making it a day pass for 24 hours to show you don’t sell individual classes. If clients are insistent on having a 10-pack, make it expire yearly, don’t advertise it and make it more expensive than the recurring class pack.

An example pricing structure would look like this:

  • Day pass: $30 in-studio only (not available during reopening)
  • 10-pack: $200 ($20/class), not listed on main sales page or advertised
  • Recurring 4-pack: $75 ($18.75/class), includes virtual, recurs every two months or when used
  • Autopay Membership: $120/month ($15 at twice a week), unlimited everything with extra perks, no minimum commitment and self-cancelation
  • First month membership discount: $40, rolls directly into autopay membership
  • Autopay Virtual Membership: $30/month (not available during reopening)

Keep it simple for your members. They don’t want an exhaustive list of every possible option, that’s overwhelming. Promote a regular practice with your pricing, and remember it’s about the value you’re offering, not the price itself. 

For more super relevant information, join us for The Re-Open Strong Challenge, included in the Yogapreneur Collective. Get live webinars, plus the huge online resource library, private Facebook Group, and access to 1:1 coaching all for just $125.

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How to make your yoga studio a safe, profitable and fun environment when you reopen

How to make your yoga studio a safe, profitable and fun environment when you reopen

A successful reopening is about more than going back to the way it was before. Now is the time to make your yoga studio better than ever! You’ve changed and grown as a business owner through these uncertain times and your back with more passion, determination and energy than ever before.

Golden rule of reopening → Know your local laws

The first step to reopening is to learn your local laws. These are going to make or break your studio when it comes to negligence and potential lawsuits. Don’t go by what the news is saying or what other studios are doing. Every area is different, and you don’t want any costly mistakes.

We’re all dealing with a brand-new situation. It’s okay to be overwhelmed. It’s okay to be confused or scared about what comes next. The key is creating a clear strategy to make your opening safe, profitable and fun for you and your members.

Here’s what you’ll be dealing with: limits on the number of people in a room, minimum distances between people, or both. Plus up-leveling your cleaning to make members feel ultra-safe. Let’s take it one step at a time.

Re-design your yoga room

Let’s start at the yoga room. You’ll need to grab a measuring tape and figure out exactly what your rooms dimensions are and how many members can fit. Plan where each mat will be and mark it with tape. The average person won’t be able to correctly space themselves without a mark. Save your members, teachers and yourself the stress and label it ahead of time.

Don’t have a distance requirement? Mark the floor anyway. Even if your city is limiting participants to say 25% capacity in the room, they still won’t want all 25% crammed in the front row. Your members not only want to be safe; they want to feel safe. Taking the time to plan your room layout goes a long way.

Think of it like choreography. How will members enter the room, how will they find their spots and exit? Consider adding taped marks outside the room so members remain spaced apart while they wait to enter. Dismiss them by row so there isn’t a big group socializing by the door.

Test it out with your staff. Don’t skip this step. It’s a great way to get your staff dialed in and identify problems before the members show up. Once you’ve ironed out the kinks record it and send it to your members.

Communication is key to a smooth opening

Make sure your members know what to expect. Send an email blast and let them know they can’t congregate in communal spaces. Give them a heads up on closed changing rooms and any other changes. Include a video on how they’re supposed to enter and exit the yoga space. Demonstrate proper mat set up and hang pictures of what that looks like.

Truth → The more prepared your members are the easier it will be.

Put yourself in the member’s shoes. What kind of questions will they ask? What will their concerns be? Answer all those questions ahead of time in an email sequence, on social media, your website or all three.

  • Will you have mats available? Are you expecting your members to bring their own mats? Will the rental process look different than normal? Will they only be available for purchase?
  • How will the mats be cleaned? Most yoga studios provide spray cleaner or wipes members grab after class. That’s not a great option now. Do you want students to clean their mats at home? Will individual cleaning supplies be offered?
  • What extra cleaning precautions are you taking? Show that your cleaning processes are more robust. Use chemical cleaning agents and make sure you’re cleaning high touch hard surfaces often. Don’t be shy about these changes. Members want to know to make them feel safe.
  • Do members have to pre-register? Classes will be smaller than before. You’ll need to have members pre-register for class and sign a new waiver. Denying drop-ins, even if you have room, will go a long way to making members feel safe in the space.
  • Can members pay in person? Encourage your members to pay online. This will streamline the class set up process and cut back on exchange of credit cards and money. You’ll limit close quarters interactions and keep everyone feeling safer.
  • Do members have to wear a mask? Your area may require all members to wear masks while they’re in the studio. If it does that’s an easy answer. If not consider having your staff wear masks to protect members in case they’re asymptomatic carriers. Either way, providing masks for free or purchase is a good call.

Remember to keep it fun

You need to follow the new rules to keep yourself, your staff and your members safe. That’s a given. But people are still coming to you for a yoga experience. Do what you can to give them the experience they expect from your studio.

You want your studio to be clean, but not so sterile and clinical people don’t enjoy being in the space. Rearrange your furniture or put up a fresh coat of paint to make the space feel new and inviting. Pleasant scents, positive music and fresh flowers brighten up any space. Welcome back signs are a MUST. Let your members know you’ve missed them and you’re excited to have them!

For more super relevant information, join us for The Re-Open Strong Challenge, For just $27.

This Challenge and so much more is included in the Yogapreneur Collective.

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Is Mindbody’s Virtual Wellness Platform right for your yoga studio?

Is Mindbody’s Virtual Wellness Platform right for your yoga studio?

We’ve all been eagerly awaiting information on the new Mindbody Virtual Wellness Platform. The seamless integration has a lot of promise. Done right, it could make things a lot easier for your yoga studio. But as it stands, Mindbody might not be your best option… Why? It’s all in the recent update to the Terms and Conditions.

The most common lie in our society is “Yes, I’ve read and agree to the Terms and Conditions.” Most of us speed right through and check the box every time we sign up for a new service or download a new app. That’s a BIG mistake when it comes to your business.

Especially right now, as studio owners are striving to shift their business models to keep up during this time of high paced change, it’s not easy to stay on top of all the fine print, its implications, and keep a finger on the pulse of what this indicates for the direction the wellness industry is taking — and what this means for your business.

Truth → You need to read the Terms and Conditions of any new platform or service to keep yourself safe.

Not everyone thinks like a lawyer. If reading the fine print stresses you out, delegate it. Just make sure you’re keeping your business safe and not ignoring the terms just because they’re full of legal jargon that’s hard to read and understand. By agreeing without reading, we give up stuff that we wouldn’t if we were talking to someone face to face.

Who controls the content? You or Mindbody?

The first thing you should do when you’re looking at Terms and Conditions is figure out what’s covered. In this case, Mindbody defines “content” as literally anything you put on the platform now and in the future. That means any video or pictures you upload, branding or branded materials (including your logo) and any other materials you may be able add in the future, like PDFs or workbooks for teacher training.

Truth → You’re consenting to give Mindbody free use of ALL your content.

Mindbody states you retain ownership of your content, but notes you’ve granted “worldwide, exclusive, irrevocable, unlimited, royalty-free… sublicensable and transferable license to the Content” meaning Mindbody can use your content, including your branding, pretty much however it wants.

Truth → You’re not allowed to use the content on another platform.

Even though you still own the content, there’s a special rule in the Terms and Conditions. It specifically states you’re not allowed to use your content on YouTube or any other platform besides Mindbody. If you upload a short class to Mindbody for your members, you can’t also use it on YouTube for a marketing funnel without breaking the contract.

Who is liable? You or Mindbody?

Everyone is trying to pass liability down the line when it comes to legal contracts. That’s no surprise. You’re liable for any content that ends up on the platform, which makes perfect sense. If you use copyrighted music in your videos that’s not Mindbody’s fault.

The problem is, Mindbody has the ability to use your content however they like, outside of your use on the platform. They could take your video content and use it in a way your music license doesn’t cover, and you’ll still be liable for it. Which is a problem, since you might not even know they’re doing it.

What about royalties? Do you get paid if they use your content?

The Terms and Conditions go so far as to specifically say Mindbody can “reproduce, distribute, prepare derivative works, display and perform it” for use by its Virtual Wellness Platform, Mindbody itself or any of its affiliates. It doesn’t state they have to tell you they’re doing it and they have zero obligation to pay you for it.

Mindbody is in control of ALL your content, can use it however they want to without paying you for it, and they decide when the contract ends. If you were to take your video down and cancel your subscription, Mindbody could still decide to use your content elsewhere. If it was profitable enough for them and they wanted to keep using it, you’d still be subject to the licensing agreement.

Truth → Mindbody is under NO obligation to pay royalties, even if they monetize your content.

To me, this clearly indicates Mindbody has a direct-to-consumer play coming where they open up virtual content in a separate app or as a consumer addition. They’d be able to use the content you and other Mindbody users make and get paid directly for access, cutting your studio out of the picture. They could choose to pay the studios that created the content in the first place, but they wouldn’t have to. You’d have no say in the matter.

What happens if you break the contract?

If you break the Terms and Conditions, Mindbody still retains licensing rights and full use of your content. They can also turn off your access to the Virtual Wellness Platform and have the option to suspend software services, which could mean turning off your Mindbody access altogether.

It doesn’t seem very likely that they’d take it that far, but it may be a possibility. Take the time to read the Terms and Conditions for yourself. Your business is exceedingly important, now more than ever. Business leadership is the most important leadership of our time. Anything you don’t understand creates a risk you could be taken advantage of.

Truth → You don’t want to get backed into a corner.

If you want to use the new MindBody platform, but have issues with the Terms and Conditions, highlight the parts you don’t agree with and contact their legal department. They’ll take your feedback and hopefully make some adjustments for everybody. Even if they don’t, you’ve had the chance to voice your complaints.

For more details, watch my video: New Terms for MBO’s Virtual Platform.

Amidst all of your responsibilities as a studio owner in this time of high speed changes, it’s nearly impossible to stay on top of every single detail and understand the potential implications for your business’s long term success. That’s why you need access to up to date info and cutting edge resources now more than ever before.

For more super relevant information, join us for The How to Re-Open your Studio Strong Bootcamp Webinars, included inside the Yogapreneur Collective. Get these livs webinars, plus the huge online resource library, private Facebook Group, and access to 1:1 coaching all for just $125.

➡️ To access the YC Webinars and so much more, sign up here.

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The top 5 legal considerations for your yoga studio right now.

The top 5 legal considerations for your yoga studio right now.

Your yoga studio is reopening into a different world than a few months ago. New laws govern how you can operate. Every level of government has rules about if you can open, when you can open, and how you can open. It’s a confusing time. Being unsure is normal. None of us really know what’s going to happen. That’s why it’s important to make great decisions before something bad happens.

LEARN YOUR LOCAL LAWS:

Be proactive! Now is the time to find out what your city, state and nation require when your yoga studio opens back up. Don’t take the news at face value or do what everyone else is doing. Every single area has its own rules. Find a government website and get your information straight from the source.

These laws determine negligence (if you were acting carelessly), which can open you up to lawsuits. If someone catches COVID-19 at your studio and you weren’t following your area’s specific laws you’re screwed. It won’t matter how at fault you are or if the member signed a waiver. You’ll still have a costly lawsuit to deal with…

The golden rule → Learn and follow your municipal laws.

Print out a copy of your local laws and post them in your studio. Make it really clear you’re doing everything you can to be considerate and careful during your reopening. It’ll go a long way. Check your local, state and federal laws, because they may have different requirements. You want to follow ALL the rules.

If there’s a conflict of laws and your city says you can’t open, but your state does, I’d think long and hard about if you really need to reopen or if it can wait. If something happens and your municipality says you can’t be open, you’re going to be in big trouble from a negligence perspective.

CYA WITH A NEW WAIVER:

The wonderful thing about your yoga studio is that everything is voluntary. All your members and staff are choosing to accept the degree of risk that comes with physical activity already – you just need to juice up your waiver to cover the new COVID-19 risks.  

Truth → Legal liability always comes down to how specific the waiver is.

Ask yourself these questions: what activities will members be doing at your yoga studio? What are the risks of these activities? What could go wrong? Double check that your waiver already covers all the activities your members do and the injuries that could result from their practice.

Once that’s done, add in something about the risks of practicing at home instead of the studio and make sure you explicitly state the world is going through a pandemic with a highly contagious virus. State you’re opening in accordance with all relevant laws, but there is a chance someone could catch it while on the premises.

Finally, your waiver should include acknowledgement that the member is practicing voluntarily, you’re released from liability and an affirmation of health. By attending a class, your member is saying they have not traveled in the last 14 days, don’t have symptoms of COVID-19, are not high risk and they are not injured to the point they cannot practice.

GET A STAFF WAIVER TOO:

Staff need to agree to work under these unique conditions too. You can create a staff version of the waiver for them to sign, put it in the employee handbook or discuss it on a recorded call. The key is a record that they’re returning to work voluntarily, knowing there are added risks.

This is a great opportunity to revamp anything else in your employee handbook. Get a conversation started and make sure you’re all on the same page. Go over your local laws and new policies and communicate clearly. 

The last thing you want is liability if your staff get sick or for them to imply they were fired because they were concerned about COVID-19. Potential liability will vary depending on if they’re contractors or employees and working at-will or not. If you’re concerned check the specifics with a lawyer.

GET EVERYTHING UP TO DATE AND SIGNED:

This is a great time to re-evaluate your agreements so everything is how you actually want it. Consult with a lawyer and make sure your agreement is perfect for this time AND moving forward. Things like incremental payments, force majeure and other legal details can make a big difference for your yoga studio!

Credit card companies decide if members can have charges voided based on the exact contract wording. If you have a big event planned that’s cancelled because of something you can’t anticipate (like a shelter-in-place law) this could make or break you. It’s not about locking members into paying you, it’s about clear communication from the start.

Truth → The best opportunity to have anyone re-sign an agreement is RIGHT NOW!

Everyone is re-evaluating their systems and agreements to get them ready for reopening. Your members and employees get it. They’re probably expecting it. This is your opportunity to make sure everything is ultra-clear. It could even be a great time to transition contractors to employees if that’s been in your plans.

AUTOMATE YOUR WAIVER SIGN IN FOR MEMBERS:

Send out an email using WaiverKing or DocuSign and get the agreement out of the way before your members even show up at the studio. Then use email automation to send out reminders to anyone who hasn’t opened the attachment. Getting it done outside the studio will make things MUCH easier on opening day.

Truth → Signing the waiver is not optional!

Catch anyone who hasn’t signed yet with an iPad at the front desk. If they haven’t signed it they can’t practice at your studio. Period. Don’t let anyone come in for drop-ins either. Keep everything streamlined so your members are safe and you’ve covered yourself for anything unexpected.

Once you’ve crossed your T’s and dotted your I’s your yoga studio is ready for an epic reopening!

⭐️Learn how to successfully re-open your studio step-by-step with the Re-Open Your Studio Strong Challenge!

And for more super relevant information, join us for The How to Re-Open your Studio Strong Bootcamp Webinars, included in the Yogapreneur Collective. Get these lives webinars, the Re-Open Strong Challenge, plus the huge online resource library, private Facebook Group, and access to 1:1 coaching all for just $125.

➡️ To access the YC Webinars and so much more, sign up here.

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