When you look for a job, you are highly dependent to give you a job. A job is just one stream of revenue. In today’s world, it has become an insecure stream. Even if you are a responsible, hardworking and contributing worker, you could lose your job anytime.
What you want is be independent and have alternative and multiple streams of income. Is this better than having a job? Let us assume that you have the flare for teaching a school subject and have decided to become a tutor.
Let us say that there is a demand for tuition and it can be done online or face to face. Here are the numbers:
Let us assume that as a tutor, we work 40 hours a week:
- 18 to 20 hours giving tuition.
- 20 hours preparing for tuition and writing assessment books.
Let assume that we only do group tuition – 30 students for each class.
Assume there are about 200 students – About 7 classes
- If the charge is $400 for four two-hours tuition session, this is $50 per hour.
For 200 students, the total income is 200 x $400 = $80,000 a month
- If the charge is $200, the charge is $25 per hour.
For 200 students, the total income is 200 x $200 = $40,000 a month
- Have group tuition – 30 students or more at 1 time.
- Teach the students yourself.
- Forget about running a tuition agency, where you would need to match tutors with students and received a commission.
- The charge rate matters.
The Prolific Rise of Online Tutoring
Lrngo website 11 Mar 2013
Meet the millionaire tutor
The Straits Time website 11 November 2014
Private Tutors Can Earn Thousands
The Telegraph 18 August 2015