Yoga Class Prices: Are You Setting Them Correctly?

Yoga is a popular fitness choice that has something for everyone. From gentle yin yoga to sweat-inducing hot yoga or vinyasa, this holistic practice has captured hearts worldwide. It’s no wonder the global industry is valued at a staggering $88 billion. There’s never been a better time to start your own yoga business.

Yet for many new yoga entrepreneurs, setting the right prices for classes can be a challenge. Charge too little, and you risk hurting your business; charge too much, and you might scare away potential clients. In this blog, we’ll uncover the art of pricing your yoga classes so you can build a profitable and sustainable yoga business.

What factors impact my yoga class prices?

Factors such as the location of your studio and how much competition exists in the area will influence what to charge. In this section, we’ll take a closer look at 4 important factors so you can determine the right price for your yoga classes.

Location

The location of your studio is a key factor in setting prices for your classes. A convenient location that is close to local amenities and within walking distance for potential clients can significantly impact the perceived value of your classes. Being situated in a vibrant area with high foot traffic can attract more students and justify higher prices.

Studio space

The size and layout of your space play a crucial role in your prices. A spacious studio with a thoughtful layout and appealing amenities can enhance the value and experience for your students. When searching for the perfect space, remember to consider the overhead costs (e.g. rent) as they will directly impact your pricing.

Demand

Understanding the demand that exists for yoga will also help you set your prices. For instance, there is an increased desire for stress-relieving activities in a post-pandemic world. Further, growing public interest in holistic wellness and an increased demand for both online and in-person yoga classes can help determine what to charge.

Competition 

When it comes to determining class prices, it’s important to keep an eye on the competition. Take some time to research what yoga studios in the area are charging. But remember to take it all with a grain of salt—you don’t know their overhead costs or if they’re even profitable themselves! Use their information as a reference rather than the be-all and end-all. 

How to choose a pricing strategy for my yoga studio?

As the owner of a yoga studio, it’s important to know your profit margin before choosing a pricing model. Doing so will help you make informed decisions about which approach aligns best with your financial goals. In the next section, we’ll explore 4 popular pricing strategies for yoga studios.

Tiered pricing

One popular pricing model for yoga classes is the tiered pricing model, also known as “good, better, best.” This model offers different pricing options based on the level of service or benefits provided within each tier (e.g. different membership levels). 

Advantages: 

• Flexibility for different budgets
• Incentivizes upselling to higher-priced tiers

Disadvantages: 

• Students may feel confused about choosing the right tier
• Managing multiple pricing levels can be complex

Bundled pricing

Bundled pricing is another popular option for yoga studios. This strategy is most often seen through bulk pass types – e.g. 5- or 10-class passes. 

Advantages: 

• Students receive a discounted rate per class
• They’re encouraged to attend multiple sessions and build brand loyalty

Disadvantages: 

• Restricts students who don’t want to pay all at once
• Managing and tracking class attendance can be more challenging

Per class pricing

Simple per class rates is a common pricing strategy for many yoga studios. It involves determining the baseline cost for providing the service and then marking it up to account for overhead costs (e.g. rent, equipment, teachers). 

Advantages: 

• It’s simple and easy to calculate
• It’s easy to explain and justify to customers

Disadvantages: 

• It doesn’t account for the perceived value to your students
• You’re not taking the competition into account, meaning you could be charging too little or too much

Premium pricing

Another strategy to consider is premium pricing. As with any luxury good or service, the perceived value comes from your customer and their view of your brand. This means you have to really find out who your target audience is and what they want before using this strategy. 

Advantages: 

• Increased profits and desire for your services
• Easily stand out from the competition 

Disadvantages: 

• Higher cost to entry = lower sales volume
• The costs of maintaining a premium brand are higher than average

3 pricing mistakes to avoid

Now that we’ve explored various pricing strategies used by yoga studios, let’s shift our focus to the common pitfalls to avoid when setting your prices!

1. Setting your prices too high

If you set your prices too high (and you’re not a premium brand—see above), you risk discouraging potential students and making it harder to attract a steady stream of loyal customers.

2. Undercutting your competition 

If you set your prices too low to “beat the competition,” you hurt your business in the long run. Charging too little will make it harder to pay your overhead costs, attract great teachers, and build a loyal customer base—all things that are needed to build a sustainable yoga business. 

3. Ignoring market trends

If you fall behind on industry standards and market trends, you run the risk of setting prices that are out of touch with customer expectations, leading to missed opportunities and decreased competitiveness.

So, what’s next?

Now that you feel more confident about setting prices for your yoga classes, it’s time to grow your business!

Glofox has you covered. 

Our powerful software helps yoga studios like yours manage memberships, streamline scheduling, and process payments—all in one user-friendly location. The result? Greater customer retention, loyalty, and satisfaction. 
Ready to make your yoga business dreams a reality? Request a demo today!