It is pretty common to see small children in India carrying bags bigger than themselves and going to their private tuitions. Indian parents have now allowed their children to go to extra evening tuitions so as to boost their grades in school and be a cut above the rest. The high amount of population of India has made the tutoring business one of the most profitable in the country. The opportunity for remote work and having a flexible schedule makes it a popular choice among college students who prefer flexible work and want to gain a legitimate work from home jobs experience.
Therefore, it has become increasingly necessary for tutors to set the correct prices to their services so as to receive the most number of customers and make profits along the way in their online jobs. The wrong pricing strategy will be detrimental for the business, as the competitors at cheaper rates might get the advantage. The following steps can be followed by tutors to set the current pricing strategies for attracting the most number of students.
Private tutoring online through tutoring companies or from a home job to provide working solutions has helped many people to earn money by applying plans to become a tutor.
According to Silicon India, the tutoring market in India is estimated to be 11 Crores in the year 2017. This rate is estimated to grow at a fast pace of 30% annually, the highest among any Indian industries. It is expected that this industry will be at 50 Crores by the year 2025. This signifies that the industry is growing at a rapid pace and new entrants are required to make a mark for them in order to survive.
Online tutorship is an incredible line of activity to impart education and make a living by earning money in one’s own home-based terms. In order to find ways to make money and make a good first impression, one is required to make a presentable price tag for their tutorship provided if you are looking for work.
The following four steps can be followed to make that impression irreplaceable and kick start your home business through a tutoring job without having no experience.
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Stage 1: Assessing the local tutoring competition
Tutorship is just like any other job opportunities out there. All it requires are sufficient knowledge and skills, along with patience and time to develop and grow as an independent contractor. In order to start your own tutorship and make money online, you must be knowledgeable about the online tutoring competition that you will be facing in the market.
The phrase “knowing your enemy wins you half the battle” is a tried and tested phenomenon. Knowing about the other online tutors in the city lets you avail information on what subjects they teach and what their prices are, and also about how they teach and make money from home.
With this information in mind, one can identify the most profitable and attractive decisions that can be taken. The price of the services provided by you can be ascertained in this key step itself. A home-based business can be started by becoming an English tutor and make satisfactory extra money. Make sure that you have high-speed internet and expect to earn between Rs.2000 - Rs.4000 per student.
The first factor that is required to be understood while setting the price is the subject that you will teach. Depending on the subject and the amount of experience associated with teaching that subject, prices can be set accordingly. For example, if you teach Class 5 mathematics, the price for tutorship will be considerably low compared to Class 10 Mathematics and University level Mathematics.
The second factor that is required to be analyzed is the location of the teaching centre. This is one of the most important factors to be considered because the transportation expenses that will be incurred by you are required to be included in the entire package. Whether you decide to be a home tutor or an online teacher, prices will vary according to the availability of students in the geographical range.
Your price will also depend on the availability of other tutors in the city that teaches the same subject. For example, if there are many English teachers in the area, then it will be wise for you to set the prices low so as to gain an advantage in the local competitive market among school or college level tutors. The situation vice versa will also be profitable. Online math teaching has become an important activity and way to make money, including online English teaching classes. Online education will soon become the norm for modern education, with work at home jobs becoming popular in India.
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Stage 2: Positioning yourself in the market
Now that you have gained some knowledge in the current competition that you will be facing in his industry, it is now time to put measure your experience level and put it to good use. Based on your reputation, performance, and reviews of other tutors in the vicinity, you must gauge your personal experience level as a worthy online tutor.
If you believe that you are new in the field and require more experience to make a proper name for yourself, which is more often true in most cases, you must start out by setting your prices low. This will be helpful in attracting new students who want more economical and cheaper options. This will prove to be a good starting point to establish the business early on.
However, if you believe that you are a cut above the rest of the tutors, then you have the option to opt for setting higher prices to target more influential and wealthier families that are prepared to shell out a few extra bucks for securing the future of their children. This will also prove to be a good entry point for experienced teachers in the private tutorship business.
It is best for you to discern your own experience level and compare them with local tutors to estimate the price that can be charged. For example, if you are a student tutor that teaches only part-time online teaching courses, it is advised that you set your prices low according to the prices set by competitors so as to attract new students easily and understand the value of online tutoring jobs and tread through new ways of making money.
If you are a qualified teacher or professor, then you can go along with the plan of setting higher prices to signify the quality of the tutorship that you can provide at face value. It is suggested that you keep your prices intact in accordance with the quality of the services you can provide as per your teaching experience. Inflated prices will do no good in this industry and will only help in tarnishing your reputation.
Stage 3: Analyzing the costs to set profitable and affordable prices
The next step that you are required to follow through is to estimate the costs that are required to be borne by you. This involves the costs of tutoring and the preparation costs. Preparation costs include all the notes, questionnaires, study materials, and graphs and charts that you will provide to the students as part of your service for their overall improvement and development.
In order to estimate the preparation costs, you must devote yourself an hour to prepare study plans and other necessities that can provide extra money. This requires a certain investment of time and money, which must be included in your price. Managing your own schedule is important in this context, as you are required to be your own boss and be fully prepared to earn extra income.
For example, if you charge Rs. 400 per class (including extra preparation time), then it can be estimated that the value of your services is actually around Rs. 200 to Rs. 300, with the extra half or Rs. 100 serving to cover up your preparation costs.
Other expenses like taxes are also required to be charged on the price so that there is no scope for you to incur any kind of losses. This is one of the reasons this service providing industry has boomed substantially over the last two decades and will continue to grow in the future for job seekers.
If you are set on the idea of providing practical classes to your students, which is pretty common in the subjects of Science and Computers, then the extra charges for using laboratory equipment can also be added to the total price tag charged from the students.
Step 4: Targeting rate variations
It is of basic human conscience to be attracted to new and innovative services that come across our paths. However, such a simple concept can be made much better if you can apply the same to create various charges that include many offers that intrigue students.
For example, interesting offers in this tutoring industry include having the first month free for the students. This concept is becoming more popular in the trending and significantly growing online tuition market. For example, many online tutors are providing the first four classes in a month to the students for free so that they can decide for themselves if they like what they are being taught and decide to join full time.
This proves to be a demo for the students to assess the capabilities of the tutor – that is you. This system also works vice versa for you to get a grip on the capabilities of the student during the first few free classes and determine whether the student is capable of improving their skills and knowledge under your guidance.
The strengths and weaknesses of the student can be fleshed out in this stage and the best study plans can be formulated by the tutor, specifically tailored to suit the needs of every student individually.
Based on the skill levels of the student, the prices can be set differently for each student, depending on their requirements. For example, a good student will require advanced and more expensive tutoring sessions compared to weaker students. Prices can be varied in this way, suiting the needs of the students.
These four stages will help you set the correct price for your tutoring services. This will help you make the most out of your tutoring career, including profits and extra money from working from home. Weaker college students can get a college degree through your help and support.