The Yoga of Money with Kristen Sweeney

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On this episode of the podcast, I’m joined by Kristen Sweeney from Edge of the Mat. Kristen came to yoga from an acting and performing background, and since then has grown her business to teaching yoga and supporting yoga teachers to help them grow their businesses.

On this episode, Kristen and I dive into the yoga of money. The biggest complaint we hear from yoga teachers is that they are overworked and underpaid and we both firmly believe that it’s possible to make money in the yoga industry! We chat about how we can reframe our thoughts around money, and Kristen shares tips for shifting your perspective around money, including shifting thoughts around non-attachment, and the scarcity mindset.

She also talks about tips for getting jobs as a yoga teacher, and how to ask for a raise. Finally, we discuss the pros and cons of being online in a profession where we encourage being present, and how we can find the balance between being present for our students and building a following and additional revenue stream online.

Enjoy!

Business Lessons from this Episode: 

  • Non-attachment in the yoga philosophy leads us to believe that to be a yogi we can’t be attached to anything material
  • “If you love something enough, you should be willing to do it for free” – yoga teachers start to believe that they should teach for free or they are being greedy
  • Scarcity mindset in the teaching community
  • The scarcity mindset can lead to competition among yoga teachers, which leads us not to talk about money
  • When you are teaching a ton and are burnt out, when do you have time to get the vibrant life experience that makes a great teacher?
  • If you don’t feel like your compensation reflects your worth, you’ll start to feel resentful towards it and it will show up in your teaching
  • Aligning your compensation with your value allows you to be more generous with your time and energy
  • Most yoga teachers don’t feel like the universe will provide for them – most people are worried about how to pay their rent and bills next month
  • Money flows in and money flows out – allow it to move freely within your life
  • Something given away too freely can lose it’s value
  • Flip the script on scarcity to abundance – remember that there are lots of opportunities and value yourself as a teacher
  • Often times we create more scarcity in our head than is the actual reality
  • If you want to get a new job, visit studios, meet studio managers, get to know studio owners, and talk to people about subbing opportunities and setting up teaching auditions
  • As a brand new teacher, say “yes” to everything at first!
  • Set boundaries around your teaching
  • If you were an accountant, no one would ask for your services for free, and we should have the same expectation in the yoga industry
  • Don’t pressure yourself to be a full-time yoga teacher if it’s not the path that’s of service for you and your students, choose to add something else into your mix financially
  • Find your own definition of success!
  • When it comes to asking for a raise, talk to fellow teachers and find out how much other teachers are making at that studio as well as other studios
  • Make sure you are clear on what you are asking for, and set up a meeting in person to have the conversation about getting a raise
  • The worst thing that will happen is that you will get fired (unlikely!) or that they will say no!
  • If you feel unsatisfied with how much money you make, you need to take responsibility of that
  • You don’t need 10,000 followers to be successful for your yoga career
  • You can build an online presence, but it’s important to show up in person
  • And much more… Here’s the episode!
This episode of the podcast is brought to you by FavYogis. Here’s a business tool that’s really going to change the lives of yoga teachers…. Do you teach yoga? Then this is the app for you. The FavYogis app puts control and freedom in your hands. Update your class schedule, offer YOUR OWN classes ANYWHERE, ANYTIME; and GET PAID all from your phone!
No more updating your schedule in multiple places for students to MAYBE stumble across it. Students simply open FavYogis and your schedule will be there.
With FavYogis, you can receive donations or tips from students, send students notifications about class updates, set prices and ticket availability, and auto-send reminders to students.

Just your yoga. Teachers add classes. Students add teachers. Students and teachers stay connected. Get the FavYogis app on any app store for free. Use code MBOM and let them know I sent you or sign up here!

I am so excited to be launching Yoga Business Bootcamp, a 12-module course to help you with all things yoga business! I take you from dream job creation, through building a website, creating a yoga teacher resume, expanding your offerings, building your sales funnel, expanding your offerings and much more. If you are looking to grow and expand your yoga business, this is for you. Learn more here!

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About the Podcast

Weekly interviews for yoga teachers packed with information to help you create, grow or expand your yoga business! Whether you are brand new to business or looking to take your business to the next level, there’s something for you.

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