All studio initiatives need to have a way to measure the return on the business’ investment. The first step is to understand what the studio invests.
Deposit Money
The first big investment will be a deposit to secure the dates at the yoga retreat location. Deposit amounts vary in size significantly depending on the vendors that will be hosting the retreat. Some centers ask for a discretionary amount to hold the weeks which generally runs between $500 and $1,500. These deposits are rarely, if ever, refundable or transferable. Other resorts require a percentage of the estimated total rooms & board fees to hold the yoga retreat dates. The percentages generally run between 25% and 50%, which can equal anywhere from $1,500-$4,000+.
Additional deposits are often due according to each vendor’s timeline. However, if sales are going as planned, then these deposits will be covered by the retreat fees paid by participants.
Marketing Expenses
Budget between $200 and $1,000 for marketing materials and other expenses. Flyers and postcards cost up to $100 to have professionally printed, however they are effective ways to announce the retreat to the studio’s community. Consider adding a QR Code that links to your yoga retreat registration website, they are free! Budget $200-$500 for an event to promote the retreat. Hosting an info session for registered participants, and curious community members is a relatively low cost, high value way to make sales. Be creative, have a theme that speaks to the retreat, and schedule the event at a time that as many people as possible can come. We will publish a blog on tips for hosting a promotional event soon!
Time is Money
As cliche as the saying is, it also holds true. The biggest investment the studio will make will be in the time that its people spend creating the yoga retreat. The value of staff time is a simple calculation, as determining their hourly cost is cut and dry. Owners and partners time can be more difficult to value, however it should not be over looked. Consider the time it will take to manage the project, and weigh carefully how much of the “dirty work” you’ll be doing yourself. We will be posting a full blog on the time investment for an international yoga retreat soon.
Welcome Bags
Before all is said and done, and the participants are boarding planes, create a welcome bag for each registrant. This isn’t required, however the smallest touch does wonders in creating repeat customers. Welcome bags can cost as little as $25 per person, or less. Ideas include reusable water bottles, locally sourced jewelry, travel sized snack bars, and much more. Ask potential sponsors for donations.
Read on for more insights on the Business of Yoga Retreats:
Know the risks of running an international yoga retreat