Facing Uncertain Economic Times

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

By Jodi Mardesich

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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