The tutoring industry is very lucrative as the competition for top schools and universities becomes greater, and is an extremely smart business to capitalise on, as well as a rewarding one too! But how do you even begin to start up your own tutoring business? And how do you make sure it is a success?
Someone who has found brilliant success in the business is Zac Newman at Newman Tuition.
He has been able to source the top tutors for his clients and has received world-class reviews from both clients and the tutors themselves, as a result.
Being a tutor can be informal too, if you have a degree or speciality and want to run sessions or have pupils for an hour here or there, it can be a very effective small business idea.
Is tutoring the right business for you?
Honesty with yourself is key, starting a tutoring business involves more than simply just acting a tutor. Yes, you will require tutoring skills, but you will also be required to run your own company; including marketing and advertising, bookkeeping, costumer service and managing other tutors. To help you with bookkeeping, there are plenty of downloadable basic software, designed to help you keep track of everything financial.
Overall, you need to ask yourself if you have what it takes to do all of these things yourself, to ensure success.
What’s your budget? And how much will it cost?
You need to plan how much money you will realistically need for all your business costs. As well as business costs, you will need to budget in your own living costs, especially if you are leaving your day job to start said business – it is advised that you set aside at least 6 months of living expenses. Since tutoring tends to be a word-of-mouth business, starting up can be slow – so this lump of money set aside is 100% necessary! Work out if you can afford to do this, you may want to continue earning whilst setting up your business.
You always need to decide how much you are going to charge clients, and whether that will create profit depending on your financial forecast and budget.
An important thing to consider is, what will make your business different? What’s your niche? Do you fill a gap in the current market? Are you specialising in primary education, GSCE level, A-Level or higher education? Are you focussing on a particular subject area, or will you offer services for tutoring across the curriculum?
You must know what the current market looks like in order to decide whether you will find success within the kind of tutoring you are offering. What are the other tutoring businesses offering, especially in your location? What do they specialise in?
Make sure to chose a name which reflects your niche and makes you stand out!
Figure out what you need in terms of equipment, where to source them and of course, the cost of them.
Market yourself well
As mentioned, word-of-mouth is probably the root to pursue in terms of an advertising strategy.
While you will not be directly working with the parents once hired, the parents are the ones you have to sell you services to. Do some research to understand what it is parents are looking for, and what your business can do to sway them towards you over another company. Furthermore, it is great to create trusting relationships, and even friendships with the parents – this will assure more potential clients through word-of-mouth!
Another thing to consider is, how will clients find you? You use social media or a website to promote yourself, meanwhile reaching out to local youth groups and school to get your name out there.
It will be worth it!
While starting a tutoring business can be time-consuming and slow, investing time and energy correctly can pay off in big ways! And who knows, a few years down the line, you could be offering advice to other start-ups with your expertise.