Is Yoga Getting Cheaper &Cheaper Every Year? (crazy stats)
I started practicing yoga in 2003 in New York City.
1 month of unlimited yoga cost $149. Today, all these years later, the price has barely gone up; and if you shop around, you can probably find an unlimited package for even less than what I paid when I was 24 years old!
Here’s where it gets even weirder…
NYC rents have tripled, salaries and operating costs have risen by at least 30-50%, and just inflation alone makes is hard to imagine how you can run a business with such low membership fees.
How is it even possible for these studios to survive? The truth is, it’s *almost* impossible.
80% studios open and then close before their 5-year anniversary, and most never recoup their initial investment. And those few studios that do survive do way more than just teach yoga classes; they have retail, retreats, trainings, and all kinds of other revenue streams.
Sound complicated? It is.
Sound risky? It is.
In any market, as things get more and more popular, competition drives prices lower and lower until there is hardly any room for error. Walmart has an average of 3% margins on products, for example, and even Amazon loses money almost every year.
For an economist, this is interesting. For an ambitious yoga teacher who sees a big chain gym offering yoga and selling memberships for $19/month, you should see red lights flashing. The writing is on the wall: it’s going to be a big challenge to make a decent living in this mainstream market.
The solution? Step outside the box. Find an OPEN SPACE where there is more demand than supply, more opportunity than teachers.
Right now, that open space is private yoga, and lucky for you, it’s super easy to get started and you don’t need an MBA or any investment capital.
NOTE: Don’t be fooled into thinking you need a perfect poses and a model’s body on Instagram to be successful as a private yoga teacher. Remember “yoga models” and “yoga teachers” have very little in common. Many of my most-successful students are over 40, normal looking, average-bodied, awesome teachers. Unfollow those social account, they are messing with your perspective and confusing your focus.