Your own Home Yoga Studio can generate lots of opportunities to make a bit of extra money from different revenue streams. Here again, with imagination and creativity the sky’s the limit.
Just be aware that in this day and age, people might feel uncomfortable with being pushed to buy stuff from your place that looks more like a bazzar than a yoga studio, or getting too much information about events and promotions. So in this case, balance is key – your yoga classes are most important, whatever you do business with around them is just a little extra you offer to your students.
In terms of the revenue stream of subletting or renting your Home Yoga Studio, I explained it in this chapter: Subletting/Renting opportunities
Here’s a few ideas of more revenue streams you can implement:
Little Yoga Shop
I mean ‘little’ because it shouldn’t take too much space within your yoga studio. The ideal location is in the reception area/foyer as your students will notice the products before and after the class, when they’re dealing with their belongings or waiting for the class. The display should not take lots of space, just a table or rack.
There are literally thousands of products related to yoga that you can offer, or even better do them yourself so they’re unique and you’ve put your heart into making them.
Handcrafts: cushions, lavender eye pillows, mandalas, framed pictures or phrases, Yoga-themed decorations, candles, incense & candle holders, etc.
Wellbeing products: body butter, soap, incense, essential oils & diffusers, bath salts, etc.
Clothing: Yoga pants, crops, fisherman pants, sarongs, headbands and wraps, etc. – some can even have your Yoga studio logo embroiled.
Consumables: healthy snacks & fruit juices, water, tea, etc.
Artistic products: Yoga & meditation music CD’s, books, magazines, paintings. (I have a friend who recorded her own meditation CD and sells each for $25!)
Equipment: Yoga mats, bolsters, blocks, straps, etc.
Advertising space in your website (affiliate programs).
The internet offer infinite e-commerce opportunities, so your own Home Yoga Studio website can be a perfect platform to display ads from other Yoga stores via affiliate programs.
Affiliate programs are basically a way for you to earn money through commissions for sales generated from the ads of other stores that are shown on your own website. All you need to do to join an affiliate program is:
- Find a big or wholesale yoga online store and check if they have an affiliate program. If they do, an ‘Affiliates or Affiliate Program’ button will show on their site’s menu, or you can contact them by email to enquire about this (there’s always a ‘Contact’ page).
- Once you register to their affiliate program (it’s always FREE to join) you will have your own ‘affiliate account’.
- From your affiliate account you can choose which product to promote (sometimes you can even promote all of them) and then generate an ‘affiliate link’.
- Once you have generated this ‘affiliate link’ (it’s unique and it’s also used to track sales), you can copy it and embed it on your own website. So when people buy a product advertised on your own website, you will get a commission.
- Every week you can access your affiliate account to see how many products have been sold from your website, and the amount of your commission.
- All this process is explained in detail on many online stores’ affiliate programs and they also have customer support to help you with any problems or questions, it’s really very easy!
Some yoga online stores might not have an affiliate program, however you can make a deal with them to get a commission if they sell their products through an ad shown on your website. Just be sure the link they give you is unique (nobody else can use it) and it can track sales.
Again, if your website is full of ads from yoga online stores might not give a good impression to potential students, so make sure that only one or maybe two ads are shown on your website at any given time. You can rotate the ads as frequently as you like.
On the other hand, yoga online stores and websites can also promote your own handcrafted products for an agreed commission. If you have enough stock of your products, you can even create your own affiliate program. It’s all possible with e-commerce!
Commissions from promotions of other local businesses
In your Home Yoga Studio’s reception area/foyer you can setup a display with business cards, brochures, flyers or posters (with detachable strips) that have an offer or promotion discount from other businesses (each with a unique number or even signed by the owner) from which you will get a commission every time one of your students buys their products or services.
First you will have to visit local businesses and make deals with them by negotiating commission percentages, terms of payment, etc. Make sure these businesses are trustworthy, nevertheless establish a good process for you to track sales and get paid for all the generated commissions. The standard commission for these kind of sales varies from 5%-10%.
This is actually a very interesting revenue stream. You can visit big corporations and offer them corporate yoga classes to their employees, either you teaching at their premises, or their employees coming to your studio if it’s close and has enough space for a big class. You can also offer a good discount if a corporation wants to book ongoing corporate classes for their employees at your studio on predetermined days and hours.
This is a win-win because if you’re teaching corporate classes at their premises you can generally charge them a bit more than any other private class (I used to teach yoga classes at a multinational dairy company’s premises at $200 per hour!) and also these corporations can offer a wellbeing and stress-relief program to their employees and can make it tax-deductible.
Promoting retreats and other events for others
If you’re not running yoga retreats yourself at that moment, you can promote other teacher’s retreats and get a commission. In this case, posters or brochures work best for your studio.
In fact, you can promote in your Home Yoga Studio most wellbeing events throughout the year. Just make sure you promote one or two.
This works the same as with the business cards of other businesses, and the standard commission also varies from 5%-10% depending on the negotiations.