5 Things to do right now to get your studio ready for 2021
January 2021 is right around the corner, and yoga teachers and studios all over the world are continuing to struggle with maintaining their clients, their businesses and their sanity during the COVID-19 pandemic. This will end, and it is my hope that I can in some small way help yoga entrepreneurs understand that they are not alone, it is OK to plan for the future, and that with the right strategies in place we can all get to the other side of this, better positioned than ever to deliver yoga to our communities.
It is easy to feel overwhelmed, even hopeless, when considering the future and how to get there. The good news is, there are steps you can take RIGHT NOW to position your yoga business for success in 2021. Yes, they will take work, but not as much as you think. Let’s dive in!
SIMPLIFY YOUR OFFERINGS - It is easy to go overboard with class and membership offerings, trying to find the perfect fit for all of our clients. But too many choices can become confusing, and your client really wants you to tell them what is best. Simplify to between 3 and 7 offers. That is enough. An intro, a membership, a pass, and maybe a drop-in. Easy-peasy!
INCREASE YOUR PRICING - You cannot achieve the same level of profitability as you did pre-COIVD with the same pricing, with capacity limits and social distancing requirements now layered on top. And news flash, these limits are not going away anytime soon. Your prices need to go up so that you can cover your costs, which likely have increased.
GET CLEAR ON YOUR INTRODUCTORY OFFER - Industry best practice is 21 - 30 days. Price your introductory offer at 50% - 60% of the price of your target memberships that you want clients to join when their intro is over.
AUTOMATE YOUR SALES PROCESS - Turns out, the yoga doesn't sell itself. YOU have to sell it to your clients. From intro offer to membership, you need to have 7 to 10 "touch points" with your clients guiding them on the path to the next best step for them with you and/or your studio. Much of this can be automated with e-mails, Facebook ads, BrandBot or MINDBODY's marketing suite, but it has to happen. You do have to invest the time to get the processes set up, but once you have don't that, it can run on auto-pilot as the memberships roll in!
EVALUATE YOUR VENDOR RELATIONSHIPS - Now is not the time to keep unused subscriptions, or spurge on fancy upgrades. Every vendor that you pay each month needs a good, hard look at their usefulness, and how much money they make for you or how much time they help you save. This includes your rent, your software, and even your staff. If you have any unsigned contracts or unresolved issues with a vendor or teacher, now is the time to clear that up. That team member who is “more trouble than they are worth?” Think about it…what are they really costing you? You know what to do.
Set aside some time in the next few days to dig in to these tips and get them implemented. You will be ready for 2021….it will get better, guaranteed!