Show me the money!

Yoga teachers often find it difficult to talk about money in relation to yoga. Well, you will need to learn to accept this, as it is a part of yoga. When you think about all the money you have invested in your learning, starting with attending regular yoga classes, through to your yoga teacher training, you have invested well, and conversation about money will need to happen. Conversations about money will happen when you are teaching for someone else, and with accepting payment from students that attend your classes. It is important to have the communication before the exchange happens, so there are no misunderstandings.

As a teacher, there are numerous arrangements for payments for teachers, and will depend on your level of experience. If you are teaching for someone, they should be setting out their terms before you start, you then have the opportunity to negotiate the terms and your rate. Studios, gyms and others that have you teach for them will want to see that you have the ability to add value, by retaining students, building a client base, your reliability and contribution to the team.

There are two methods of payment, as a casual employee or as a subcontractor. As a casual employee, you will need to provide your tax file number and your employer will withhold tax, pay any superannuation contributions, and the students and yourself may be covered by their insurance. As a subcontractor, you require an Australian Business Number (ABN), are responsible for your own insurance and provide an invoice for payment of your services. As with most subcontractors, the hourly rate is higher than a casual employee, as the contractor is responsible for their own on costs. As a contractor you are able to negotiate and review your rate annually, with an increase to reflect your growing experience and usually the student base that you have probably started to build.

What ever the agreement, the terms should be outlined in a contract. This prevents confusion relating to responsibilities and expectations. In the event something happens, the contract will be your point of reference, so ensure this is clearly outlined before you start. The good news about having a contract provided before you start, is you have the option of accepting the terms, negotiating different terms that suit you, or deciding not to teach at all.