Starting a tutoring business costs little to nothing to start up.
Tutoring business is a good business idea for those who have broad knowledge of a subject. I believe that anybody who has gone through the four walls of either secondary or tertiary institution should be good at a particular subject. Do you know that the subject you consider too simple is someone’s headache? For instance, in my own case, I don’t have problem with calculations. I remember I always scored above ninety per cent in subjects like Mathematics and Accounting during my school days. But when it comes to verbal subjects, I was just an average student. Back then, I leveraged on my expertise to make some good money for myself during holiday periods. We usually organised coaching classes for students preparing for their college final examinations. In fact, it was fun and very rewarding. So, if you are good at a subject, you might have been wasting your asset away without knowing. Do you know that you can actually start a tutoring business? When I mention tutoring business, you may not need to establish a school or an institution to start tutoring business. But it is good I call it a business so that you can give it a business aprroach.
Why tutoring business?
- You can start tutoring business with almost nothing.
- It can be operated at any scale.
- Tutoring business can be operated from home.
- There is a growing demand for tutoring.
- Colleges are getting more competitive.
- There are increased expectations placed on students.
- No adequate attention for students in public schools.
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Key Success Factors
To succeed in tutoring business, below are the key success factors:
- Good understanding of your subjects.
- Good qualifications.
- Understanding of the educational system and curriculum.
- Enthusiasm and a positive attitude.
- Good time management skills.
Steps to follow to start a tutoring business
Decide on the subject
You need to decide on the subject you want to teach your students. The subject should be related to your expertise. You can decide to hire other people to broaden your area of expertise. This will increase your client opportunities. Researching your competitors will help you know the subjects they offer and what they don’t offer. If you can add the subjects they don’t offer to your offering, it is possible for you to attract more people to your tutoring business. Essential subjects such as English language and Mathematics are always on high demand.
Decide on the age group
You need to choose the age group that will meet your goals. For instance, it may be easier to teach elementary class than college students but the fee you will charge students in elementary class will be lower than what you will charge older children in colleges.
Decide on location
I mentioned that you can start tutoring business at any scale. If you have a free space at home, you can run your tutoring business right from your home. You can also choose to go to your student’s house. But if you are to go to your student’s house, you need to consider the distance so that you don’t spent chunk of your money on transport. If you are working with multiple students, it is better you have them come to you. As your students keep growing, you can rent a space such as school classrooms.
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If you are starting tutoring business that will require the gathering of students, you need to obtain permits so that your business will not be seen as illegal. The few bucks you will spend to obtain permits can save you from embarrassment from government task force.
Acquire the right materials
Getting the right curriculum will help you tailor your tutoring to meet your students’ needs. Having access to and solving past and likely questions with your students will increase their chances of success in their examinations.
You need to decide on how to charge your students. You can either base your fee on hourly rate of fixed amount per subject. Whatever pricing method you adopt, you should ensure that your costs are adequately covered. Your costs may likely include cost of materials, transportation and fee to other tutors (if any). Charging reasonable amount compared to your competitors will win customers to you.
Establish policies and procedures
There should be policies and procedures guiding your tutorial business. You need to set your rates, payment terms, cancellation policy and lecture schedules. This should be documented and communicated to your students.