How To Make Money Online Tutoring?
Online tutoring is a continuously evolving industry with many revenue generation opportunities for almost everyone. For example, you can be a college student, a tutoring newbie, a savvy professional, or even a retired teacher, you can make lucrative revenue from the comfort of your home. Whether you want to switch your career or want to make some extra income on the side, online tutoring can be a great solution.
Without further delay, let’s get on to the guide on how to teach online classes and earn money.
Revenue Generation Ideas for Tutors
Online tutoring is a profitable industry, there is no doubt in it. But, you have to find the best ways to make a good amount of money off an online class. So it takes proper planning and hosting your classes on the right platform; we will talk about the latter in a short while.
The online tutoring industry has a broad range of price points for similar services, which might leave you more confused about how much to charge.
Now, let’s have a look at some of the best revenue strategies to make money by tutoring online.
Charging for individual class
Charging your learners upfront for each class is the simplest revenue model you can adopt when starting out. It’s not only easy to implement, but it’s also easy for your target learners to understand as well. For online classes, you can have individual, and group sessions where the former will be personalized coaching and the latter would be a group session. Therefore, tutoring prices must be set in accordance with the effort you put in.
For example, for a student who wants to opt for a group class, you can charge around 70-75% of the individual class rate.
Fixed hourly fee
Another pricing model most tutors follow is a per-hour charge process. This works great if you are not exactly sure about the total time you might need to spend on a particular student.
Charging a subscription
When your learners are convinced about the quality of your tutoring service and the value they gain from it, they will be ready to pay a subscription every month. As soon as you set a learner base who repeatedly signs up for your classes, you can consider upgrading to a membership or subscription model. Make sure you offer a class bundle of great value with additional perks to spice up your membership plan.
Offering free classes
This one might come as a surprise to you. How to teach online classes and earn money if you provide learners access to your class for free? Offering free classes is a marketing strategy to get your first set of learners when you are new to the industry. However, if you want to charge your users, you can offer basic classes for free and charge for advanced learning. Alternatively, if you are running online courses, you can offer your course for free and charge for certifications.
Tips to maximize your online tutoring revenue
Now that you know about different ways to make money by tutoring online, here are some of the things you can adopt to maximize your revenue.
1. Get more students
The increasing demand for online tutors right now due to COVID-19 makes it a perfect time to get more students enrolled in your classes. While the pandemic presents a great opportunity for you to gain more students, it is equally good for your competitors as well. Hence, make sure you invest in the right marketing strategies for your tutoring offerings to stand out.
To make it easier for your potential students to find you out:
- List your tutoring business in Google my business listing.
- Plan out social media strategy- Create Facebook, Instagram, and Twitter business profiles and be active on them.
- Promote ongoing course deals and discounts on your website and social media.
- Invest in paid online advertising, alongside work on getting non-paid organic traffic as well.
- Broadcast live on relevant subjects related to your brand on social media.
- Use referrals from your existing students to get more enrolments.
2. Communicate your pricing effectively
Position your tutoring brand in a way that students and parents understand that you have set a higher price to reflect the value provided. No matter what your price structure is, communicate it to your students effectively. You must be able to justify the pricing and the value of your offerings with effective communication.
3. Start taking group classes
If you were taking only one-on-one tutoring sessions until now, it’s the time to experiment with group classes. Conduct group classes to tutor a group of students of the same grade and same time slot to make more money. This allows you to save time which you can use to include more students. More students in a single class means more money with less effort. Increase your revenue and reduce your workload by experimenting with group classes.
4. Build an online tutoring website
If you ask which is the best tutoring platform to take your online classes and host online courses, the answer would be – A website of your own. While N number of eLearning platforms allow tutors to teach online, nothing can beat the flexibility and convenience offered by an exclusive tutoring platform of your own. The main reason is financial independence, as most eLearning platforms take a commission from the monetization benefits you make. It also simplifies the booking process, making it easier and convenient for both students and tutors.
But most online tutors turn away from the idea of creating an eLearning platform due to the difficulty of building and launching one. However, it is now easy to create an eLearning platform with minimal tech knowledge with advancements in technology.
There are plenty of tutor management software available in the market to assist with the management of the tutoring business. If you are looking for a suggestion, Pinlearn is an efficient tutoring solution that allows tutors to connect with their students, schedule and conduct live online classes, host online courses, and accept payment for the services.
Online tutoring is a highly lucrative and evolving job, and geographical independence is the major advantage of it. Online tutors are in huge demand worldwide, meaning the opportunities for you to grow as an online tutor are relatively high. All thanks to advancements in technology. You can use some of the money-making ideas mentioned above to grow your business. Find the best strategies that work for your business and suits your target audience.