The Studio CEO: Business Coaching For Yoga & Pilates Teachers & Studio Owners
Welcome to The Studio CEO, the only podcast that empowers yoga and Pilates teachers and studio owners to step confidently into their roles as CEOs. If you're ready to take your business seriously, show up with passion, and scale your studio to new heights without burning out, you're in the right place.
I’m your host, Jackie Murphy, an award-winning, certified business coach with 12+ years in the yoga industry I’ve seen firsthand what it takes to turn your passion into a powerful, scalable business.
Join me as we dive into strategies, insights, and real-world advice to help you grow your revenue, build a thriving team, and create a business that serves you as much as you serve your clients. It's time to embrace your CEO mindset and make more money without working more.
The Studio CEO: Business Coaching For Yoga & Pilates Teachers & Studio Owners
Unlocking Success: Transforming Your Business with A Premium Value Offers
Picture this: you're a yoga or Pilates studio owner looking to not just survive but thrive in a competitive industry. Is it possible to leverage premium value offers to transform your business? Yes, it absolutely is—and this episode is all about showing you how. Join me, Jackie Murphy, as I share insights from a recent free masterclass on pricing and recount my experiences from a transformative business mastermind in New York City. These events highlighted the power of community and collaboration, as like-minded entrepreneurs came together to tackle shared challenges and uncover innovative solutions.
By shifting your focus from affordability to personalized, high-touch experiences, you can stabilize and scale your revenue while meeting the evolving expectations of your clients. Discover how transformative high-end membership models, like those pioneered by Tracy Anderson, can be adapted to fit any business size. I'll share real-world examples of businesses that have successfully implemented premium offers, proving that even without a hefty price tag, you can create offerings that captivate and transform your clients' lives.
Ready to elevate your business and become a Studio CEO? Be inspired to take action now, creating meaningful projects that serve your community. Don’t wait to build impactful offerings that will continue to grow your brand and sustain your business. Engage with me on social media at The Business of Yoga, where we can continue this conversation and explore any questions or topics you want to dive into in future episodes. Let's finish this year strong with the "Pack your Classes Challenge" and set the stage for long-term success.
Are you ready to challenge everything you believe about making money and reaching more students?
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The yoga and Pilates industry is shifting and I want you to be on the forefront of that change. In this episode, I am going to tell you the one thing that you can add in to your business's offers this year in order to create a more sustainable and more profitable business that serves your students in a way you've never imagined. Welcome to the Studio CEO, the only podcast that empowers yoga and Pilates teachers and studio owners to step confidently into their role as CEO. If you are ready to show up with passion, take your business seriously and scale to new heights without burning out, you are in the right place. I'm your host, jackie Murphy, an award-winning certified business coach with over 12 years of experience inside the yoga industry. I have seen firsthand what it takes to build a profitable and scalable business. Join me as we dive into strategies, insights and real-world advice that will help you grow your revenue, build a thriving team and create a business that serves you as much as you serve your students. It's time to embrace your inner CEO and make more money without working more. This is just the beginning. Hello and welcome to the Studio CEO Podcast. I am your business coach, jackie Murphy, and I am honored, grateful and happy to be in your ears today for episode number eight. We're talking all about a brand new emerging trend in the industry premium value offers.
Speaker 1:Before we dive into that, I want to give you a little recap of what's been going on over here. We had an amazing October over here. The month started with the how to Raise your Prices Masterclass. That was a free masterclass. I taught October 1st. If you weren't there then, I want you to make sure that you set your reminder for Black Friday so that you can access that class. It will be available come Black Friday. There's your little teaser. So we started the month with that.
Speaker 1:And then I headed up to New York City to be a part of the business mastermind that I'm a student in, to connect with other business owners, and that was so fulfilling and nourishing. I cannot tell you how important it is to be in a room with like-minded entrepreneurs who are going through business, who are facing problems, because what you will find I guarantee this is that the problems that you think are personal, and your problems alone, are actually happening for so many business owners, and for most of those problems guaranteed I don't know all of them there is a solution, and when you are in a room with people who faced similar problems or who are facing or going through similar problems, and they are figuring out solutions. They share and they communicate and they connect, and you'll walk away being like I'm not alone. It's not just me in my closet recording a podcast. I'm not alone.
Speaker 1:So, from New York City, we came back to Charleston and in Charleston I hosted the Grow Mastermind Clients. Shout out to my Grow Mastermind Clients. That week I don't know y'all it was one of those weeks that was just a special kind of magic. It was beautiful to watch these women who are leaders in their communities, who run their businesses with so much grace, come together and connect and be with each other, and I don't think I personally have laughed that much in such a short amount of time. It was so fun. Plus, we got a lot done. How does having your entire 2025 marketing plan mapped out sound? That's what we did for these few days so that everyone is ready for the next year. Their sights are already focused on what's to come, because when you know what's coming, it will make it so much more fun to flow with and go through as the year unfolds.
Speaker 1:So that mastermind retreat happened, that in-person happened and then from there in a few days and then I packed up and I left for vacation to Hawaii without my kids Now other moms out there I have two small kids. You know how hard it is to leave those babies behind and go for a vacation, but that's what I did. It's the first time since we've had them that we've done this, which is wild, and it was incredible. We sat by the ocean in Hawaii and it was healing and it was beautiful and we slept and it was really just nourishing healing and it was beautiful and we slept and it was really just nourishing. And vacations, work. I came back being like, oh, that's why people go on vacation. But I will tell you I don't really have the post-vacation blues right now.
Speaker 1:I am back in my office, I am ready to go for the last two months of 2024. I feel like now is the time. I'm so clear in my message, I'm so clear on who I serve and I just can't wait to go all in for the last two months of the year and I want you to feel the exact same way. Your business and the thing that you want to do to help people, that's your mission and you're going to show up for the last two months of the year and make sure that you fulfill on that mission. And so come along for the ride.
Speaker 1:We are starting strong next week with the Pack your Classes Challenge. It will be November 11th through the 18th. Monday through Friday. You can join as a VIP and get coaching every day, or you can join general admission and you get the training every day. So VIPs get coaching and the training and the general admission just gets the training.
Speaker 1:If you've heard me talk about the Pack your Classes Challenge this year, it has grown, it has evolved. This will be the last one of the year. Did you hear me? Last one of the year, best one of the year? Last one, best one. I am ready to go. I iterate every single time. So rejoin.
Speaker 1:If you've come before, if you haven't come, I want you to know that now is your time. And here's something I want to share with you, and I don't share this to boast or brag at all. That's never my intention, but I want to share with you through all of that travel, through all of the client delivery that we had last month and my own personal vacation and my assistant is now taking a vacation Jackie Murphy Coaching generated. So revenue generated around $82,000 last month, which this has been a milestone number for me because I really care about consistent, repeatable revenue. To hit $1 million, if you want to make six figures, 100k you need about like 8,300 every month. If you want to make a million, it's about 83,000 every month. And so hitting this number while so much was going on is just a reminder that, like, yes, you can, and yes, when you build the systems and you play the long game and you stay committed when it seems shaky, then you can generate what you want to generate and serve who you meant to serve. Now, this is not cash, let me be clear. This is not cash in the bank. This was revenue generated. So I really want you to keep that in mind and know that your next milestone, your next revenue goal, yes, you're going to get there, there's no doubt. But you can only get there when you fully embody the studio CEO identity of the passionate leader who goes all in, who is fully committed in the highs and the lows and stays with it. So I will see you at the Pack your Classes Challenge November 11th.
Speaker 1:Do y'all want to talk about premium value offers? I had to record this podcast, like absolutely had to record this podcast, because I think this concept may feel a little foreign for a lot of you, or it may even feel uncomfortable, but I promise you it is one that could completely redefine your business. We are talking about premium value offers. These are high ticket, high touch services designed to cater to clients who are looking for more than just a typical class. And I get it, premium offers aren't something that we typically think about when we think about the yoga and Pilates industry, but that actually has been holding us back and it's changing, and I want you to be on the forefront of where this industry is going. So I'm going to give you a few examples that some big businesses are already doing to kind of get your mind thinking. So in this episode, I will walk you through why premium offers are becoming more relevant. I will walk you through why premium offers are becoming more relevant, how businesses are already leading the way doing that, and what's possible for you and your clients when you embrace this concept.
Speaker 1:So, whether or not you feel a little curious, intrigued or skeptical, just stick around, listen to the episode, take what's for you, leave the rest. We're going to start with, why we don't typically think of a premium value offer in the yoga and Pilates industry and we need to just look in general at the wellness world. We are usually really focused on making our services inclusive and accessible, and we've had some success with that. And there's still many people who think that we have not done a good job making it inclusive and accessible, and both are true. Many of us came into this industry to help people feel better.
Speaker 1:Like you started your business because you wanted to serve. You wanted to help people feel better. You want to be in a community, to create a community and you want to offer transformation that is available to everyone, and because of that, we've often priced our classes and our memberships with affordability in mind. I can't charge that. People can't afford that. That's too much, that's too high.
Speaker 1:Look, if this is you, don't get me wrong this is not a bad thing. Making wellness accessible is a beautiful goal. Making wellness accessible is a beautiful goal, but sometimes this mindset can create a ceiling for our business's growth. We feel kind of trapped and having to keep things affordable for everyone, or even free for everyone, and we can miss opportunities to serve clients who would actually value something more elevated and personalized. So it can come from a little bit of a mental block that premium, high ticket services are out of alignment with the yoga and Pilates industry. We can be blocked by not wanting to come across as exclusive or money driven, but I really want you to consider this. What if creating a premium value offer isn't about the price point, it isn't about the high ticket, but it's really about providing deeper value for those who want it? The end part of that sentence is incredibly important. This is for those people who want it.
Speaker 1:Your premium value offer will not be for everyone, and that is not the point. Offering a premium value offer gives you options to better serve your entire client base. So I teach inside of the business of yoga a marketing philosophy and principle that ensures that whether people are paying you or not paying you, they're still going to be able to be served by you. They're still going to be able to get value from you. This makes it so that you can always rest easy, knowing that your business is accessible to all different types of students Students who want to consume your free content and students who want to maybe potentially purchase your premium value offer the mindset that has been holding us back. When we assume that everyone is only looking for the most affordable option, we're putting limits on what we can offer. We're telling ourselves like I can only provide this level of service because this is all I've seen done before. And there are students out there, there's clients out there who would love to invest in a more personalized, in-depth experience.
Speaker 1:I want you to imagine for a moment that you have a client who is 100% committed and ready to transform every single aspect of their health, like whatever has happened. They are at a make or break point and they are ready to transform everything. They want specialized attention as they do it, they want regular check-ins, they want a customized plan, they want the accountability to be there, and if you don't have a high value offer for that client, they may look elsewhere. Or they may end up feeling like they couldn't get the level of transformation that they wanted with your business and you end up feeling like I have so much more to offer. There's so much more I could teach. I know that some of y'all have thought that before, but I have so much more to offer. I have so much more to teach.
Speaker 1:Premium value offers are not about the price tag. Okay, they're about deepening the level of service that you can provide, creating opportunities for your clients to experience true transformation and for you, as a business owner, to stabilize and even scale your revenue, because all too often, far too often, I see yoga and Pilates businesses go out of business because they have prioritized being affordable and accessible instead of prioritizing profitability and sustainability. If your business goes out of service, you cannot help anybody. At the end of the day, you need to make sure that, as a business owner, you are ensuring your future success and making your business sustainable and profitable. So premium value offers are one way that you can increase your revenue and really ensure that you're giving your business like a safety net to fall into in case you need it. So it's a way to support your business, it's a way to support your clients and it's often a way to support other professionals who you can bring in to collaborate.
Speaker 1:So why now? Why is now the time to think about premium value offers? And I think this has so many answers to that question. But your clients expectations are evolving and you can look at big businesses who are leading the way. You could even look at the rise of the coaching industry and say, huh, people are wanting more than just the physical workout and they're going and paying other people for the mental and emotional skills that go along with or compatible with the physical workout. Clients are searching for something different, so I want you to think about Equinox first.
Speaker 1:In May of this year, equinox launched their Optimize membership, and this is not just a gym membership. It is a fully personalized wellness experience that includes a health assessment, regular check-ins, top tier trainers and customized plan for people who view their health as a premium investment. And Equinox is selling these memberships. So they've tested the concept, they've made this premium value offer and people are buying it, which tells us there's proof of concept and there's people who are ready to invest at a higher level for a high level experience. Equinox's optimized membership guess how much it is? It roughly comes out to $40,000 a year. $40,000 a year. Now, there's a little bit of math with that, because the membership is one price, and then you have to purchase the gym membership, and so it ends up being around $40,000 a year. Now, there's a little bit of math with that, because the membership is one price and then you have to purchase the gym membership, and so it ends up being around forty thousand dollars a year. Now, if your jaw is on the floor, if your mind is blown, I want you to take a deep breath and realize there is so much potential and possibility out there. So much potential and possibility out there. This is a amazing sign for our industry that we are leveling up and that our clients are starting to view their health and well-being as such top priority in their lives that they're willing to invest $40,000 in one year.
Speaker 1:Then there's also Tracy Anderson's model, and she has a few different memberships. Her premium memberships offer unlimited online classes. They offer her, like local studios, a few classes. They offer private classes, personalized attention, and they also include some consultations with other experts like a. There's a I think it's a nutritionist and then some sort of special doctor that comes in. That's very high touch. It's very exclusive. So Tracy Anderson's premium membership is $24,000 a year. Now she has the option for people to pay monthly and you might have heard this it's around $900 a month for this membership.
Speaker 1:But I want you again to just realize that these are businesses who are on the forefront of change and are saying let's test this thing and it's working and people are buying it and there's no reason that you also can't test a premium value offer in your business. This reveals something important Like, if we're going to boil it down, there is demand for high end, premium value wellness experience. Now, both of these offers have similar things right. They have personalized attention, they have experts in them, they have different components that are making them quote unquote worth it or at that value mark where they can charge that price point. But you don't have to go out there and listen to this podcast and create a $40,000 offer Although, hey, I'm not stopping you.
Speaker 1:One of my clients inside of the Grow Mastermind she recently watched my premium value offer training where I break down what do you put in a premium value offer, how do you create one, and we workshop different premium value offers, and she watched that training recording. She wasn't even there live. She watched the recording, she created a premium value offer, she put it out to her audience and someone bought it immediately. Now her premium value offer was, I think, a four-figure offer. So not five figures, not $25,000 or $40,000, but a four-figure offer. So it doesn't have to be this big, big number. You don't have to start there, but I do want you all to start to think about having a premium value offer in your business. If you want to know exactly how to create a premium value offer, then I want to invite you into the Grow Mastermind, because that is where we dive into that and we really break down step by step, how you can create that.
Speaker 1:But right now I want you to think about the type of client who is ready to invest in that offer. What do they value? What type of transformation are they ready to experience? Do you have something that you have been waiting to share with the world, this feeling of I have more to share, I have more to give, and is there a way for you to put it in one big offer and serve it to the exact right person who's really going to value the transformation that you're offering? Now, a premium value offer should be priced at a level that allows you to provide an exceptional experience without needing to have a ton of people in it. So we're thinking high quality, low quantity.
Speaker 1:When it comes to premium value offers. You want to be able to really ensure that this is like the five star service personalized attention. People really feel seen and held and transformed from you because of the value that you're providing to them personally. This is going to elevate your entire brand. It's going to help you share with your community that, hey, we are not just the place that you can come when you want a quick workout, in and out, an hour a day, but we are the place that, if you're really ready for transformation, we have that available for you too. But also you can also communicate to your brand that if you're not that person, if you don't want to invest in that level, we love you. There's nothing wrong with that. We have all these other amazing things that you can invest in, or free things that you can take a part in, so that everyone is served.
Speaker 1:So I really want you to think about this premium value offer like the way trees grow. When you think about it, trees don't just put all of its energy into getting taller right away. We're not all about just growing your revenue right away, but trees take a time and they invest deep into the ground. They create strong roots and the roots are what allow them to grow tall and withstand storms. And, in the same way, when you create a premium value offer and you dig into the roots of what you have to offer everything that you have to offer, the experts that you can pull in, the connections that you have, the service that you can give, you are going to be able to ground your business even deeper into the soil so that you can grow taller without burning out, without stretching yourself thin, without being wobbly in the wind. So the premium value offer helps you create something that will make your business more sustainable and grow.
Speaker 1:Here's the big takeaway Premium value offers aren't something that only Equinox or Tracy Anderson can do right, they are something that every single yoga or Pilates business can create, and it's about creating options for transformations. Premium value offers are going to be about serving clients who want that experience that goes beyond the average class, and they help you build a sustainable business that's going to support your growth and your clients' goals. So if you're intrigued by this, just start imagining what your premium value offer would be in your business. And if you really want to create a premium value offer, then I want to invite you into the Grow Mastermind and we can help you do that. The best way to get started with that is to join the Pack your Classes Challenge, which is happening November 11th through the 18th. Remember, offering premium value offers does not mean that you are going to leave people behind. It's about creating opportunities for those who want more, and it's going to give you freedom to serve your entire community better.
Speaker 1:All right, my friends, thank you so much for listening today. I hope this episode has been inspiring, maybe a little mind-blowing, maybe a little motivating, and I don't want you to wait on getting out there and creating something that could help your clients transformed. If you have any thoughts or you'd like me to record a podcast on a specific question, connect with me on social media. It's at the business of yoga and we can keep this conversation going until next time. Keep elevating, keep innovating and remember like the future of the yoga and Pilates industry is so, so bright, especially when you are willing to challenge what has happened and you are ready to think big Talk to you in the next episode.