Most yoga instructors don’t like to talk about money. After all, running a yoga studio is a labor of love—not a get-rich-quick business plan. But while a zen attitude works well in the practice of yoga, it doesn’t work so well when it comes to yoga finances.
It’s no wonder payments often fall to the bottom of the priority list for yoga studio owners. Reminding students to pay at the end of a class can seem like an awkward interruption. Capturing payments up front is more straightforward, but it’s easy to forget to catch latecomers on their way out. Luckily, there’s a solution that can help alleviate the whole money issue: Online bookings.
Here are 5 ways that online bookings can financially benefit your studio:
1. Students commit to attending in advance.
It’s easy to blow off a commitment when you haven’t really committed to anything. If a student tells herself that she’s going to yoga after work, she can easily skip out without feeling guilty—after all, she didn’t tell anyone she was planning to go. Requiring advance class signups through an online booking system involves a concrete obligation that students will be less likely to shirk—and that means full classes (and full revenue) for your studio.
2. Cancellations are automatically filled from your waitlist.
If students do happen to cancel, an online booking system can help you fill those open slots automatically from a waitlist so that you receive the maximum amount of revenue from every class.
3. Payments can be taken during signup.
For higher-ticket events such as workshops, you can collect a signup fee in advance when students enroll online. This will ensure that your workshop fees are covered and students actually commit to showing up.
4. Enforce no-show and late cancelation fees.
Does your studio have students who regularly cancel at the eleventh hour or skip classes they’ve signed up for? With an online booking system, you can enforce no-show and late cancellation fees for repeat offenders. Having a concrete policy with real consequences will go a long way toward breaking students of their bad attendance habits.
5. In-person payments are quicker with on-file credit cards.
For day-to-day classes, most studio owners don’t want to require payment up front. But online bookings can help you make your in-person payment and check-in process much easier by using each student’s credit card on file.
The Bottom Line
An online booking system won’t just save you time—it will help your yoga studio secure revenue painlessly and consistently so you can focus on teaching.
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