Private tutoring is one of the most lucrative side gigs out there. With college admissions becoming more competitive and education becoming necessary for many jobs, parents are willing to pay a lot for a good tutor.
A private tutor can expect to receive between $40 and $100 an hour, depending on the subject and grade level. Tutors that have built up a reputation or tutor in a test prep area can charge even more. You can tutor in person or online with the help of online whiteboards and video chat services like Skype.
One tutor, Anthony Green, is making $1000 an hour helping high school students with ACT/SAT test prep on Skype from the comfort of his own Manhattan home. As the owner of Test Prep Authority, he serves some of the wealthiest families in America. He uses a student’s PSAT score as a benchmark and guarantees that he can raise scores "higher than any other tutor, class, or program in the country.”
In addition to his exorbitant hourly rate, Green insists on a minimum of 14 90-minute sessions at $1500 each. In the world of private tutoring, selling packages rather than individual tutoring hours is normal. Demand for his services is so high that he often has to turn potential clients away.
The secret to Green’s success, besides entrepreneurial genius and a good marketing plan, is identifying the weaknesses of his clients and tailoring lessons to improve on those weaknesses. He knows his subject inside out and keeps track of the progress each one of his clients is making. By knowing the client, he is able to explain concepts in a way that makes sense to them, which is something that online tutorials and group classes cannot offer.
A private tutor is a worthwhile education investment for many students because it gives them a significant advantage over their peers. Students are able to learn more from individualized instruction and support from a mentor because the lessons go at their pace and are customized to their needs.
It is much easier to tackle homework, prepare for standardized tests, and write college admission essays with the help of an expert than it is on your own. With one-on-one instruction, a tutor can create rigorous standards to help students meet specific goals and test students to make sure they understand the material.
People may be surprised to learn how profitable private tutoring can be. But it makes economic sense: As demand grows for something with considerable intrinsic value, prices rise and the market grows. So if you have knowledge and expertise in any academic subjects and love mentoring, consider becoming a private tutor.
My lecturer at school once told me
Don't pursue money but rather pursue knowledge
if you know what you are doing, money will be a product by the side
"The more you learn, the more you earn."
In Finland we have a situation where education is free of tuition, even at university level. However, to get to university you need to take entrance exams. Now you need to do really well in these entrance exams to get a place. Therefore, the business of tutoring lessons are becoming a only resort for most people, because the entrance exams are so difficult, that you just won't manage alone, unless you get lucky. So you're in a situation that you must pay for a tutor class (they are full of people, not private tutoring) and then you have a chance at getting in. Most people still won't. And these classes cost a lot for amount of time they carry on. Probably something along the lines of $40-$100 an hour. So it most often comes down to the parents to support you. And if they can't then you might not be going to a free university.
Private tutoring does contribute to educational inequality. There is no way to fix the fact that people coming from wealthier backgrounds have many advantages over others. But private tutors often offer their services to small groups, as well. So if there are three people splitting the $40-$100 an hour, it suddenly becomes affordable to many more students.
I'd love to get into the standardized testing business. Surprised SAT/ACT don't have more serious competition.
It is probably the tutoring area with the most upside potential. Go for it!
very nicee inffo dear upvote and follow :)
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