If you can’t seem to think of a business that’s booming these days, consider the tutoring business. It’s doing just that.
The “supplemental education” sector is now an estimated $5 billion business, 10 times as large as it was in 2001, according to Michael Sandler, founder of education-research and consulting firm Eduventures. Tutoring firms no longer offer just subject-specific help in, say, Latin or chemistry; increasingly, they’re marketing a dizzying menu of test prep, study skills, enrichment tutorials, scholastic summer camps and prekindergarten readiness programs.
We know public education (Kindergarten through 12th grades) is suffering in the U.S. The fact that 36 states plus Washington D.C. have imposed budget cuts for our schools since 2008, according to the Center on Budget and Policy Priorities, is a perilous sign of that.
However, as an interesting post written about the tutoring business on TheWeek.com stated, “Times may be tough for many Americans, but, as the quality of public education grows shakier, it still pays to be a tutor — or at least a corporate tutoring firm.”
My curiosity got the best of me. I googled tutoring business. It shouldn’t have surprised me but it did. There were 47.5 million results served and plenty of ads along with them. I’ve always said the tutoring business was a strong business model. And if you could be a tutor on any subject, you should look into it. You’ve got plenty of businesses to model.
Who could build a tutoring business?
- If you’re a smart kid that can help others in school, parents will pay you.
- If you’re in college doing well in any major, other students and parents will pay you.
- If you’ve freshly graduated with a degree in education, contract yourself out to firms or build your own clientele.
- If you’re currently an unemployed (or under-employed) teacher, start your own tutoring business.
- If you’re looking for a supplemental income and you have any type of qualifications for tutoring, the doors are swinging open very wide right now.
You can work your tutoring business from your home, at the student’s home, at an office, in a park… anywhere. Even online!
How much can you make?
Tutoring businesses charge an average of $45 to $60 per hour, with one-on-one test prep from a “premiere” tutor up to $450 per hour.
Another option is to create tutorials and sell them in digital or hard copy format. But let’s take this even further.
It’s a fact that if you have solid knowledge on any subject that can be marketed as an information product, such as in a book or ebook, audio or video course, seminar or webinar, or through any type of communications channel, you can have a business practically overnight!
People all around the world crave information on all kinds of subjects.
But if you’ve been thinking about the tutoring business specifically, this is tremendous news for you.
It’s time to take action!