In this episode, John and Chris will answer a question from one of their good friends and students. The question is based on whether or not they would advice a yogi setting up a new yoga studio to offer discounted prices to attract students or just start off with their full prices from the get-go.

The answer to this is sort of multilayered, because from their own personal experience of owning yoga studios, they applied different pricing tactics when they set up each of their current four studios. When they were starting out, they didn’t have much in terms of information on how to run a yoga studio successfully, so they would just throw a launch party, which was more like a launch campaign, where they would give bonuses to people who signed up for their various packages.

As far as the prices were concerned, they would go low, but they eventually shifted towards charging full prices when they set up a new location, because they discovered that clients who pay, pay more attention. One of the biggest challenges that yoga entrepreneurs face when they open up new yoga studios is that there’s always a huge upfront cost to setting it up, and so they have to get students coming in the door almost immediately they open, which makes offering free packages or charging lower prices a disadvantage. Stay tuned as John and Chris share all their wisdom on this subject, so you can be better prepared when you set up your new yoga studio..

Key Points Discussed:

• What do you charge when you open up a yoga studio for the first time? (01:17)
• Believing wholeheartedly in what you do and knowing the value of it (03:52)
• Creating a defined front end offer or promotion (05:56)
• How charging more indoctrinates people into the experience that you want them to have (07:36)
• Dealing with the issue of people who can’t afford your prices (10:43)
• The process of creating great offers when it gets busier (15:48)
• The perception that higher prices means way better results (17:30)

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