Tutoring can be a great way to start your own business. It can also generate an extra revenue stream or attract new customers for your existing business. Establishing your tutoring rate is one of the crucial points that can determine success of your activity. You don’t want to sell yourself short, but you still want to attract enough students to pay your bills. You need to find the right rate for your services:
10 Tips on How to Set your Tutoring Rate
- Ask your colleagues. There are a lot of online forums out there where you can ask other teachers in your area.
- Check Craiglist and see what other people are charging for their classes.
- Location is one of the most important aspects – you can usually charge more in big urban areas than in rural regions.
- Think about your experience – do you have more or less experience than other tutors? Are you offering special skills that are currently in high demand?
- What is your educational background? Someone with a PhD can usually charge a lot more than someone with a BA.
- Who is your target market? Are you targeting higher income individuals or poorer families?
- What is the nature of your subject and time required for preparation?
- Distance you have to travel
- Possible disabilities the student may have
- The size of the group – Are you offering individual, small group or large group classes?
At the end of the day, the amount you can charge for your services are determined by the student’s willingness to pay. It’s all about supply and demand and you need to find your sweet spot.