Spending Money On Your Yoga Business Part 1

The Scary Part Of Your Yoga Business

spending money on yoga businessI’ve noticed there seems to be a bit of a poverty consciousness within the yoga industry when it comes to money. Either yogi’s have a negative belief about money being bad or they are worried about spending money on their yoga business because they are scared of “losing” money. Whether you go big and launch a yoga studio or keep it simple with a private practice, you are going to need to “invest” in your business.

However, if you have any deep worries or stress every time you make a purchase on a service, you will attach that energy to the transaction and “taint” that exchange. To manifest true success and abundance, you will need to be honest and rid yourself of these fears around money so that you can attach positive energy to the exchange.

Why Do Yogi’s Have A Negative Belief Around Money?

Growing up I had seen terrible things done with money. Either people have misused their powers or just done frivolous things with it. I used to think money was bad because of these experiences but then I realized that “how” money is used really determines the outcome. Unfortunately growing up in a world that has so many challenges around this issue, it was something that was deep rooted in me and took some time to finally overcome because for the most part, all I saw were bad things done with money.

Changing Your Belief System

As you move forward with your yoga business however that may manifest itself, it is going to imperative that you create a new belief structure around money. If you are one of those individuals who have a negative belief system surrounding this topic, then you will need to get to the root cause and develop a positive one so as to not effect the outcomes of your business exchanges with other individuals.

Here are some things to consider as you start your yoga business path:

How Much Should I Invest?

Before we get into creating your marketing materials, we need to cover “how” you “invest” your money. Throughout many of the yoga marketing and business articles on this site, we will review what are appropriate amounts to invest on certain items. That being said, while of course it is not good to just waste money left and right (and this is where having your budget comes in handy), it is very important that you understand that you get what you pay for! There are so many yoga practitioners out there that are so scared about investing money that they create this energy momentum around it and then create negative working relationships with people because they went into it from the start “worried” about spending money rather then seeing it as an investment.

Mom And The Vacuum

My mom (God bless her heart) was always worried about spending money. She would always go the cheap route with everything she purchased. I recall one time we went out to buy a vacuum and there was the low end, mid range, and high end. The low end was around $120; mid range around $140; and the best vacuum was around $170. So it was only $50 more to get the really good one but she chose the low-end model because from her belief system it was always about “saving money”

Now, there is nothing wrong with saving money and getting a good deal on something. However, there is something to be said about buying something that is of good value because in the long run it actually saves you money. For example, after three months or so of using the vacuum, it finally just did not do the job anymore. And of course my mom did not get the extra warranty so she was out $120. Then she had to go back and buy the mid range model which was around $140.

So lets do the math here: $120 + $140 = $260

The best model was $170. Had she just gotten that one from the get go she would have saved $90. The point being here is that along your path of growing your business you are going to need to make important financial decisions. And while of course it is good to be a smart shopper, there is a difference between being “smart” and being “cheap” because it is driven by fear. If you go around making purchases on things based upon fear, you are going to draw that experience to you.

Yoga Studio Example

I had a client I was working with doing some consulting for and they came to me asking for advice on some online marketing because their efforts was not working. First I asked them what they were doing so I could get a better sense of what their situation is. They had purchased some Google advertising and told me that people were coming to their website. However, no calls, new students, or emails were coming from this advertising When I went to go look at their website, it was terrible. I asked them if they felt their website truly represented their business and they admittedly said no but that it was a “good deal” My response was: “Is it really that good of a deal if people come and then don’t want to do business with you?”

To make a long story short, it turned out that they saved around $1000 using this one company versus another one who would have made their site really nice the way they want it. Now, they had received no calls from the advertising they spent on Google (wasted around $1000) and now they realized they need to build the site using the other company (wasting another $1000.) Not only are they now down $2000, but they are behind schedule because it is going to take another month or so before their new website is up (which means more lost revenue.)

Are you getting the picture here? This company came from a fear-based belief rather then one of being excited. The other company would have developed the site exactly as they wanted which not only would have saved them money, but also would have made them more excited because it was the one they wanted. Do it right the first time and you save money!

Moving Forward With Your Yoga Business

So, as you go out there and hire people or services to do things for you (a graphic designer, printing, advertisements, website, video, etc…) while it is smart to negotiate as much as you can, keep in mind that by spending the “fair” amount:

  1. You get what you pay for
  2. By doing it right the first time, you don’t have to fix it later and spend more money
  3. You want to build a relationship with your vendor and want them to be paid what they should be paid. Don’t hassle them so much that you upset them and they don’t want to do business with you. Or maybe they will do business with you but behind closed doors you are the “pain in the ass client”

How Do You Want To Be Treated By Your Customers?

Another angle to look at it is in this way: Don’t you want others to pay you your fair asking price? How are you going to feel if everyone comes up to you asking for a lower price for your class or complains that they don’t have money? Will that feel like a good exchange of energy? I am sure that your asking price for a class or retreat is a fair amount so why not get paid that amount rather then nickel and diming with them?

Remember to treat other businesses in the same way you want to be treated by your customers. And most importantly, restructure your belief system around money if you have any negative issues around them. Otherwise you will fuse those transactions with fear and this could result in more problems for you along with a negative business experience.

This article was part one of a two part series. Please check back later for the next portion.

Written By: Sergio DiazGranados

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