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Spotlight on Sivananda Yoga

At its core, Sivananda Yoga is geared toward helping students answer the age-old question, "Who am I?" This yoga practice is ... (continued)

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Facing Uncertain Economic Times

Use your yoga to uplift your students—and your business—during financial slowdowns.

By Jodi Mardesich

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During the holidays last year, Gabriel and Amy Williams began noticing business slowing down a bit at It's Yoga Utah, their studio in Provo. So did Sandy Gross, whose Evolution Yoga is located in an upscale shopping mall in Woodmere, Ohio.

"We've had quite a few people who haven't renewed membership because they live too far away," Gabriel Williams says. "It's more of a psychological slowdown around here." It may not actually be a financial burden to drive 10 or 15 miles to class; however, with the recent rise in the price of gasoline, people are more conscious of how much they're driving, he explains.

Whether the U.S. economy is officially in a recession or not, it is exhibiting signs of a slowdown—besides the increase in the price of gasoline, which impacts the cost of goods that need to be transported from producers to consumers, unemployment is up, the stock market is unstable, and the housing market is in a slump. And in these uncertain economic times, consumers are reining in spending. "Yoga is a discretionary expense, which is the first thing to get cut in a recession," says Brent Kessel, author of It's Not About the Money, a book about people's emotional relationship to money.

Most yoga teachers are innocents or idealists when it comes to money, says Kessel, who has defined eight types of relationships to money in his book. The innocent puts her head in the sand and doesn't want to pay attention to money, while the idealist is repulsed or skeptical about it. By understanding your type, you can be less unconscious about your financial situation, change financial behavior, and manage your business in times of economic uncertainty.

Know Your Numbers

First, teachers and studio owners should know what they're making and what they're spending, Kessel says. If teachers and studios have tracked their income and expenses month by month, year by year, they can see how much of an increase or decrease their business is experiencing and adjust spending accordingly.

Cut Your Expenses

This can include personal as well as business expenses. "Do less retail therapy," Kessel suggests. This includes decreasing spending on everything from yoga clothes and mats to packaged food. "Go to farmer's markets. Go to fewer retreats. Handle personal growth via groups of friends or DVDs," Kessel says. No one is suggesting curtailing continuing education. However, now may not be the time to fly halfway around the world for a retreat. Sign up for a free online course instead.

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Reader Comments

San Albers

I focused a class on the feet so that my students (and I) could feel grounded even as the ground was being swept out from beneath us. It was reassuring to come out of the class feeling like some things were still secure and dependable.

Cathleen

I just lowered my pricing for the month of October. I struggled with doing this but decided it was better to ensure people were able to practice yoga as we move into and through an uncertain future. It worked - I have all these people coming into the studio and others back into their practice. I was happy to see it as one of your recommendations.
Thank-you for this.
Peaces & Light,
Cathleen
Big Bear Lake, California

Michelle

Thanks For this article it was just what I needed to hear. I struggle with the thought of getting people in the door rather than just letting go and trusting the process! It is great to know that other people are on the same page!
Namaste
Michelle
Simplify Yoga
Coventry RI

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If I like Yoga Journal and decide to continue, I'll pay just $16.95, and receive a full one-year subscription (9 issues in all), a 62% savings off the newsstand price! If for any reason I decide not to continue, I'll write "cancel" on the invoice and owe nothing.