Today Shannon welcomes Tracey Eccleston to discuss a topic that is often difficult for yoga teachers: money.
It may seem contrary to aparigraha (that non-attachment, non-greed yama that Patanjali outlined in the eight limbs), but Tracey reassures us that taking care of our finances allows us to care for self and others. As you will hear, she loves looking at the business side of yoga and is brimming with valuable advice.
This episode covers how to value your time so you can decide what to charge for your services with confidence, managing your finances so you have money for retirement, the concept of a 10/20/70 income mindset and much more.
Tracey began yoga teacher training while attending Wilfrid Laurier University, finding herself interested in the many facets of the practice. This led her to study at the Kripalu Centre for Yoga and Health in Lennox, Massachusetts. Since then she has gone on to receive her E-RYT 500 certification.
Tracey is the creator of the Foundations of Chair Yoga & Chair Yoga Therapeutics teacher training and is the lead instructor at Ageless Arts & Yoga School located in Paris, Ontario. Here, Tracy offers 200-hour Yoga teacher trainings twice a year along with chair yoga and is thrilled to offer her popular Kayak Yoga and Meditation workshops that combine many of Tracey’s interests.
Tracey also shares her yoga internationally through her travels and online class offerings. Keep an eye out for the many yoga classes and trainings on The Ageless Arts Yoga & School website.
[4:15] Establishing your value as a yoga teacher
[5:25] Is a one-hour class really an hour worth of time?
[7:55] How Tracey sets the prices for her classes
[9:15] Things to consider when setting your price
[10:45] Retirement plans for yoga teachers
[11:20] 10/20/70 money mindset
[12:45] Tracey’s teaching schedule
[15:00] Class package concept and early bird rates
[15:45] Don’t spend your income until you earn it (and the importance of a refund policy)
[17:00] Hiring an accountant to guide you
[18:35] Guilt associated with charging for your services- how you can pay yourself and give back to the community
[21:20] Tracy talks about her innovative kayaking yoga
Kayaking Yoga and Meditation with Tracey
Biz Chix Episode 216: Is this a Business, Hobby or Charity?
Biz Chix Episode 241: How to Learn to Profit First with Mike Michalowicz
In that episode with Natalie Eckdahl, Mike discusses letting go of our traditional equation of:
Sales – Expenses = Profit
And talks about how when we let profit come last in the equation – it actually will come last in our real life. So instead we switch it around to be this equation:
Sales – Profit = Expenses
So many thanks to Rob for editing this podcast the week before his wedding to the beautiful and amazing Lindsay.
Also huge gratitude for Laura, for putting the show notes together for all of the yoga teachers.