In today’s episode, we talk about generating profit in your yoga business.
Natalie Eckdahl, MBA, has been a guide, supporter and cheerleader for Shannon on her journey to create The Connected Yoga Teacher podcast. Shannon hired Natalie for her services as a business coach, feeling she could use some expert advice along with an accountability partner. This helped Shannon immensely when taking on her vision to build a platform for yoga teachers.
Natalie is a business coach, professional facilitator, keynote speaker and host of the Biz Chix Podcast which iTunes featured as a top New Business Podcast in March 2014. She has over 20 years of business experience and works with female entrepreneurs to build their businesses through money mindset and social media strategies, all while recognizing her clients’ family and individual goals.
This year Natalie successfully created and ran a Biz Chix Live Event, a 3-day Leadership Training for Women Entrepreneurs and has another set to run next November 2018.
If you struggle with charging for your services as a yoga teacher you are not alone. On this episode Natalie and Shannon discuss the importance of finding your niche, defining your services a charity, hobby or business and charging clients for your services accordingly with confidence. Also covered is the concept of “passive” and “active” income along with the pros and cons of both business styles and many more nuggets of wisdom.
[06:10] Is your business a charity, a hobby or a business- all are valid but intention should be clear
[10:05] Feeling conflicted about charging yoga students for a spiritual, healing practice
[11:10] Offerings you don’t have to charge for (articles, podcasts, etc.) are great but don’t need to do that in order to justify charging clients- your competence justifies charging for your services
[12:10] Take a moment to revisit childhood messages about money, confront them, do you still agree with messages? Maybe agreeing with them without conscious thought and it may be shaping your business
[13:40] Challenging the idea of “passive income” (online videos, books, etc.) as a gold mine versus what Natalie calls “active income” (consultation work, teaching yoga classes, etc.)
[21:05] The fear around finding your yoga niche and the benefits of doing so
[23:50] Shannon’s niching down process
[24:45] Creating a niche isn’t about excluding others
[25:45] Natalie’s niching down process
[28:50] Adjusting your brand to your newfound niche- Natalie calls our worry around this “The Spotlight Effect”
[33:00] It’s okay not to serve everyone, specializing helps attract clients
[35:30] Naming and marketing your classes to attract the clients you are seeking to serve
[39:15] Niching down allows your network (friends and family, business associates, etc.) know who they can refer to you
[39:55] Natalie’s top money mindset advice for small business owners- open a business bank account, get a bookkeeper, and more to build confidence as a business owner
[45:05] How to get connect with Natalie
[46:50] Shannon’s closing thoughts
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