Online tutoring pioneers the list of great business ideas that you could pursue. You can take classes online and establish a home tutoring business at a time schedule convenient for you.The advantage of embracing online tutoring is that you get to teach students who live across the globe and generate solid revenue from this.
With advancements in modern technology, getting your tutoring business online is not very difficult, but running a profitable business is. That is why even after launching their online tutoring business, many teachers are not able to make enough money.
This blog will highlight how you can increase revenue for your tutoring business and help it grow.
Money making ideas for online tutors
Online tutoring is a lucrative industry, but you need to find and implement the best approaches to generate a good revenue off an online class. It takes the right planning and strategies to host your online classes on the right platform so that you can maximize the revenue you generate.
Here are some of the revenue generation strategies you can adopt.
Charging for individual classes
Charging your students upfront for each class is the simplest approach you can adopt.The simplest business model is the best option to go for when you are starting out as it is simple for you to implement but also for the target audience to understand.
When conducting online classes based on this business model, you can choose individual or group classes where the one-to-one classes would personalize coaching, and the group sessions will be among a small group. Hence, set your tutoring rates based on the value of the classes you offer and your business goals.
Once you become familiar with your target audience, they will be willing to pay for the subscription plans you set. As soon as you set a learner base who repeatedly subscribes to your online classes, you can consider upgrading to a membership model. Carefully curate a personalized bundle with add-ons to make your subscription plan appealing.
Providing free classes
Offering classes for free to maximize revenue might sound like a no-brainer. But it’s a smart strategy most online tutors implement, especially when they are starting out. Giving free classes is actually a marketing strategy where you can provide basic classes or introductory online courses for free and charge for advanced classes.
Tips for tutoring businesses to maximize revenue
Online tutoring is a broad industry with a lot of opportunities for everyone, from independent educators to experienced teachers.
Here are some different ways by which tutors can increase their revenue.
Step into online teaching
Previously, online tutoring was a choice made by tutors realizing the opportunities it provides. But today, online tutoring has become a necessity, and as a result, it has become important for educators to embrace online teaching. If you are conducting offline classes, make sure you add online tutoring to broaden your learner base, grow your tutoring business, and maximize the revenue you generate.
Get more customers
This is a simple theory- As the number of students you have increases, the revenue you can generate also increases. Make sure you establish a strong social presence so as to improve the exposure of your tutoring business and increase your customer base.
Build your own online tutoring platform
When starting out, most online tutors rely on popular eLearning platforms like Udemy, which is a great way to make some extra income. But this won’t help you improve your revenue as the platforms take a share of the money you make. The best way to keep all the revenue generated for yourself is to build an online tutoring platform for your brand.
Choose the industry’s best online tutoring software to build your tutoring platform with the monetization strategies you require. For example, Pinlearn is a good tutoring software suggestion that allows you to build a tutoring platform that can host both live online classes and self-paced online courses.
Simplify the online class booking
One reason a percentage of users leave your online tutoring platform without signing up for the classes is due to the long and hectic enrollment process. Keep the class booking simple and easy to implement for your learners.
Ensure that the online tutoring software you select simplifies the entire booking process, payment processing, one-to-one and group classes, etc.
Change your sales pitch
Most online tutors reduce their tutoring rates when they are unable to convert more leads. However, underselling yourself is not a great approach to increasing your sales and hence the revenue you generate. If you feel something is not working, make sure to modify your sales pitch so as not to lose out on your customers. Implement approaches by which you can convince your learner and their parents that your online classes are worth the money paid. Make sure to highlight the USP on your tutoring website and other prominent social media platforms.
Improve the quality of your classes
When making a switch from offline to online tutoring, make sure you improve your general tutoring strategies and lesson plans. Online tutoring deserves a different approach as it is highly competitive. Tweak your teaching style and lesson plans to suit a broad range of target audiences so that you don’t miss out on any potential opportunities.
Online tutoring is a lucrative career that can help you establish a profitable business. No matter whether you are an independent tutor or an established edTech company, these tips will help you grow your tutoring and maximize the revenue even in times of COVID-19 pandemic.Running and growing an online tutoring brand isn’t easy, but you can soon build your profitable online tutoring career if you get the strategies right.