Have you ever struggled with how to figure out the right price for your retreat?
Planning retreats can be so much fun!
It's really a dreamy process: figuring out the right location, deciding on your menu, mapping out your class plans and themes, and getting clear on how you want to orchestrate the entire retreat experience.
Getting those creative juices flowing in your retreat planning is almost as much fun as actually being on the retreat. (Almost!)
But in addition to all the fun stuff, it’s super important to pay attention to the business side of your retreat.
Otherwise leading retreats can be a pretty expensive hobby!
One of the most important business decisions you’ll need to make for your retreat is figuring out the right price.
This can be a tricky one for many of us.
Some of the questions that can come up when pricing your retreat are:
- How much will my students be willing to pay?
- How much do I need to charge to make it worthwhile?
- What if I don’t get enough students and I lose money?
- Is my retreat worth that much? Am I worth that much?
- Will I be excluding people if I charge that price?
Figuring out the right price for your retreat requires 2 EQUALLY important things:
mindset + financial clarity
Money can be a loaded topic for many of us because it’s often tied to old emotional stories and limiting beliefs that we carry around from past experiences. So it’s super important to do your inner work around money, and that inner work is really an ongoing process.
Financial clarity is about having saucha + sthira in your yoga business. If your finances are clean and clear, you’ll be able to create a stable foundation to budget and price your retreat for success.
1) Clarify your expenses
When we first started planning retreats, we made the big mistake of not creating a clear retreat budget from the get go. We just added up all the expenses at the end to figure out how much we made (or how much we lost). But we quickly learned this was NOT the way to go. It’s way too stressful to be confused and uncertain about your retreat numbers. It’s just not worth it. So we embraced this learning lesson and figured out a better way.
Getting clear on your expenses is key creating a profitable retreat.
You want to map out all your expected retreat expenses as well as any potential expenses that may arise. You can create a spreadsheet of everything you’ll need to pay in order for your retreat to happen. Some of the usual suspects are accommodation, food, travel, extra activities, and gifts for your students.
But some of the sneakier expenses might be luggage and visa fees, gas, travel insurance, marketing costs, and gratuities.
It’s important to try and think of every expense you can imagine and be generous in the how much you estimate for each cost.
It’s better to err on the side of caution than be out of luck later on when you realizethings cost more than you had expected.
It’s also good to account for miscellaneous expenses that may arise, because as you know, life is full of surprises. So have some wiggle room in your budget to cover any unexpected retreat expenses that may surface along the way.
Once you figure out your expenses, you can then figure out the cost per student.
Knowing your cost per student is key to figuring out how much you need to charge in order to make a profit. (Be sure get you free downloadable guide with the 3 Simple Steps To Budget and Price Your Retreat)
2) Remember your value
Once you have a clear understanding of your retreat expenses & cost per student, you can then focus on how much you need to earn in order to make the retreat worthwhile. Our biggest advice here is to consider all the time, energy, training and life experience you bring to the table.
Here’s another area where you can work on your money mindset, and get clear on your value!
So many yoga teachers price their retreats too low. Whether it’s because they’re afraid of charging to much and turning people away, or lacking the confidence to charge what they’re worth, pricing retreats too low can impact the overall success of your retreat.
When doing your inner work on pricing your retreat and how much you want/ need to make, it can be helpful to journal, talk with a friend or mentor, and take some time to really process what comes up for you.
Do you have any old stories around money? Do feel stuck in fear or insecurity? Are you worried about what others will think?
Take some time to open up to the inner dialogue about money matters, get curious, and get clear on what’s really true, and what’s actually a limiting belief.
Then as you do your inner work, you can also start to clarify the value of all that you have to offer.
Think about all the time, energy and money you’ll put into the retreat planning process. Consider how much time you’ll need to take off from your other work and responsibilities. And in addition to being a yoga teacher, what other gifts do you have to share (additional trainings, life experience, etc).
Also, while on a retreat, you aren’t just teaching a few yoga classes. As a retreat leader you’re stepping into the role of guiding your students through the entire retreat journey and you're gonna be “on” during the entire time.
You want to consider all of this when clarifying your value and deciding on the right price for your retreat.
3) Figure out the minimum number of students You need to make a profit
This is key to the success of your retreat. We made the mistake in the past of pricing our retreats based on the hope that we’d get the maximum number of students.
Not a smart move!
This creates so much stress to fill your retreat in order to make a profit. So instead, figure out the minimum number of student’s you’ll need in order to cover your expenses and make a profit.
For example, if you have 20 open spots for your retreat, you don’t want to price your retreat so low that you’ll only make a profit if you fill all 20 spots.
Talk about pressure! Instead, choose a lower minimum number, maybe 10 or 12 students, that you’ll need in order to cover your expenses and make a profit.
This means you’ll have to price your retreat a little higher (and if that feels uncomfortable, revisit your money mindset inner work!).
Having this more cautious approach to your retreat price will help you move through the planning process with more confidence and ease.
And you know what? If you’re feeling worried and stressed about your retreat budget & price, your students will pick up on that energy. If you’re feeling more relaxed and confident about what your retreat has to offer, your students will sense that too, and they’ll feel more confident that what you’re offering is really valuable.
Alright. There you have it. Your 3 key things to remember in order to price your success are 1) Have a clear budget, 2) Know your value, 3) Know your minimum number of students you’ll need.