3 Steps for Making Your Yoga Business More Profitable
Owning a yoga business seems like a dream come true, but if you are not earning enough profit, then it would eventually come all down and go into bankruptcy. For generating profit, you need to follow the below-mentioned tips:
Integrate Electronic Funds Transfer or Automated Billings
The most frustrating part of being a yoga or gym owner is to have the members pay their monthly dues. It can consume a lot of time to individually track every member, processing their credit cards, or paper checking the payments. What you can do is to integrate the electronic fund transfer into the accounting procedures to draw the membership automatically from every member’s bank account. This way you can avoid waiting for the personal checks to clear and can easily have the membership fee transferred to your account from every member each month.
Sell Membership Bundles to Increase Profit
Another great way for increasing the yoga’s business profitability is to start selling the up-front class packages. There are members who are not interested in the annual memberships and would like to have their membership processed on a per class basis.
For accommodating these clients, you need to sell 3-class, 5-class, 15, and 30-class packages. This way you would receive payment for the entire package, even though the members might not use all their classes. Also, by signing up for a class package, you can increase the chance of having them to sign up for the annual membership package.
Integrate Merchandise and Vending Machine Sales to Your Income
You can research the yoga equipment and clothing manufacturers to see if they are interested in making you a vendor of their relevant products. The majority of yoga clothing manufacturers provide generous commission structures. Some of those companies don’t even want the vendors to buy the products before they sell them. In such cases, the products are first rented to the vendors and are only paid once the sale is made. This means that the unsold products can always be returned to the vendors.
As a yoga business manager/owner, you can also add the healthy vending machines to your business model. Such vending machines can prove to lift up your profitability to a great scale. You can stock the machine with healthy teas, energy bars, and beverages for not only serving your members well but to add a nice little way for increasing your revenue at the same time.