Well, you love the theories, graphs, numbers and statistics. Otherwise, how would you have selected economics with a degree or specialisation like honours, major, etc? How would you have anticipated economics jobs revolving around the principle and fundamentals of economics? Whether you adhere to them in computing the statistical analysis of your company or teach them to the budding minds, the laws of demand and supply, consumer habits, the concept of production, and others are better known to you than most people. Interestingly you can turn your eyes to the academic segment that most economists in India did to discover the unseen patterns and reveal the inequality. You might even achieve a Nobel Prize in Economics, just as Abhijeet Banerjee did in recent times.

In this fascinating and complex world, some people really have no headache for figures and economies. It can be a snoozefest to them. Obviously, you are not among them and have mastered the knack and submitted your assignment in the degree course regarding the post-war situation in Russia. After all this, you are willing to transfer the knowledge pool with the intent of achieving status through your work and earn a desirable income by becoming an economics teacher. Unfortunately, this isn’t as simple. By merely hoarding a signboard and awaiting calls from passers-by might not work out. In this digital era, commodities and future can fluctuate the next moment and hence the competition is very high among the tutors for getting a loyal student base.

Every undergraduate and school student endeavour to retain the best tutoring services that provide them with greater satisfaction that should match their costs. It is based upon the third principle of Professor George Mankiw, that “rational people think marginal”.

 

In the perspective of an economics teacher, it can be the fifth principle “trade can make everyone better off”. So let’s follow the SuperProf layout of how to become an economics tutor of merit, as suggested by most of the successful tutors.

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How to decide the pricing for economics lessons?

The goal of your teaching, and the point of economics is money! Source: Pixabay Credit: shameersrk

There is a list of idioms on money which include the two sides of the same coin. By the absolute wealth of phrases - pun intended - we really see that “money makes money”. It is somewhat true for the tutoring profession of economics teacher. We will see it in the following points.

Marketing strategy

We all have the basic understanding that money drives both the political economy and public policies. Your prospective students may not be like this and that why they need your guidance to shine. Setting lower prices; however, it can reflect that teaching and instruction qualities will be poor though it isn’t the reality. You might have genuine instincts to pass on your wisdom, but, people generally tend to neglect the saying “you get what you paid for”! Alongside all these, you must price your economic classes effectively, which involves thinking analytically:

  • Do you wish that the total tutoring income should be equivalent to that of a living wage?
  • Will you work as a salaried individual and make a stable client base on the side. This further stresses that whether it will be a full-time or part-time income?
  • To reach your financial goals, how many hours will you spend on tutoring and at what price?

The fees schedule can only be established by how much money you wish to earn from the tutoring profession.

Some other aspects that need to be considered:

  • Will you outline your curriculum and provide study materials, or will you rely on the textbooks of the students?
  • Will you provide coaching classes to a big group or it will be a one on one tutoring services?
  • Will you like to travel to the homes of tutees or some other places?
  • Will you provide coaching classes at home so that students are liable for their transportation cost?
  • Will you prefer online tutoring methods like YouTube, webcam, etc.?
Tutors in big cities generally charge more for their lessons than those in remote areas
Among other factors, where you live influences your tutoring rates Source: Pixabay Credit: MichaelGaida

Geographic Factors of Pricing

Imparting your knowledge to your students is a part of a tutoring profession, and at the end of the day, you need to make money out of it. However, the price cannot be the same for every location. The geographic factors of pricing have to be assessed before arriving at a final decision. The metro city and urban areas cost considerably more than that of rural and remote locations.

Earning Potential

There is plenty of earning potential in economics jobs in India, and the profession of tutoring services is not an exception to it. With more students automatically, the chances of earning increases. Though you must check the competitive rates of other tutors in your area and set the prices accordingly. Either you can set coaching classes, or you can opt for economics jobs as a tutor. Before we move to the next topic, we advise you to contemplate about giving economic courses online. The minimum amount of investment can take your tutoring venture to another level. In the absence of the geographical boundaries, you can connect with several students across India. It can be beneficial in achieving a reputation with a good source of income.

How to get students for your economic classes?

After setting the cost, the next big challenge is to get students for your economic classes. There is no shame in marketing yourself as an economics teacher so that students will come to learn economics from you. Here are some probable strategies that can work:

Word of mouth

It is the initial way to start your tutoring business. Inform your family, friends, and acquaintances that you give tuition for economics and hopefully, they will spread your words.

Business cards

Contact a print shop and get your name, address, contact number, email id, and websites published on a business card. Start giving it people and leave some at the local stores, libraries, sports centres, etc.

Posters and Flyers

Another way of advertising is to create some interesting posters and flyers that should reflect the different domains and curriculums of economics on which you are offering your tutoring services. Spread them through your grocery stores, libraries, local tea stalls, and other areas of public gathering.

Contact viable places

There are renowned coaching centres in your area or city so you can contact them to provide a client base or you can join its organisation as a tutor to impart your knowledge. Apart from that, it might sound a bit weird, but you can communicate with the established tutors of your area. They might turn away some students in case their time-schedule is packed. Besides, getting in touch with the teachers of some schools and colleges can be helpful to get students.

Online Medium

We had already stressed on the online medium and its benefit. With the potential source of earning, it also helps to establish a connection with several students. One such exciting platform is the SuperProf where you can create a tutor’s profile for free and list your academic credentials and learning experience. You can even teach many students at their home by selecting its online mode.

How to plan your economics lessons?

Thanks to your competitive pricing and advertising for students, now you have a loaded session with all your pupils. You can consider about hosting a seminar for all your macroeconomics and microeconomics students. Or, it can be a workshop on a particular topic say inflation or labour economics. All these are indeed great activities to plunge into the appealing world of economics as a part of your private tutoring. If that be the case, then you must organize your teaching and mark the quantitative advancement by drafting lesson plans for each of the classes charged. Economics deals more with certitude and facts than most of the other subjects; hence, it is crucial to make it lively either through debates or Q&A sessions. A good lesson plan entails discussions along with efficient management of time. The organised economics teachers can structure his lesson plans by splitting it into the following components:

  • Warm-up: In this initial 5-10 minutes, students can be greeted with a recapitulation of last week study material.
  • Introduction: Giving a brief regarding the new lesson or chapter.
  • Practice: Using the worksheets, students need to practise what they have learned.
  • Production: This is where a student needs to work on his/her own.
  • Review: The last few minutes can be utilised for revision of learned concepts or getting a preview of the next lesson.

This hourly breakup sets can work well, as it is easy to follow and it can be designed for each of your students. If, you are not aware of such techniques, then there various templates that you can download from online to organise your lesson plans. Becoming an economics teacher involves multi-facet activities that demand knowledge, skill, ability, and planning. We hope that our information can serve your purpose and helps you become an excellent tutor in economics.

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