Ways to maximise your income as a private tutor...
Wouldn't it be great if you received a little 'extra' each month to top up your tutoring income? A little bonus, so to speak.
By adding a passive income stream to your business, you can continue earning even when you're not actively working.
The truth is, after a period of working as a tutor, your earnings can become limited.
There's only so many hours you can work in a day and there's only so much you can charge until you price yourself out of the market.
Creating a passive income stream to supplement your tutoring can be a great way of earning more from your business without working for an hourly rate.
Sound appealing? Then read on.
My definition of passive income is 'making money without having to work for an hourly rate'. In other words, if something makes you money while you sleep (like rent from a second home, for instance), then it's a passive income stream.
Don't get me wrong though, despite the name, earning a passive income still requires a lot of time and effort, particularly on the marketing front. And of course, you actually need to produce something valuable that people will pay for…
As an experienced tutor, you're already an expert in your given subject, which puts you in a perfect position to pass on your knowledge to others in the form of an ebook.
If you have your own website or blog and a decent amount of visitors and subscribers, you can sell your ebooks directly to your audience and keep all of the profits (minus PayPal transaction fees).
One tutor who has tapped into the power of selling eBooks is London-based tutor and entrepreneur, Victoria Olubi, a.k.a The Tutoress. You can read more about how Victoria created a passive income from her eBooks in an interview she did with us earlier this year.
Create Online Courses
Given the rise in online learning, more schools and students are making use of online courses. As a tutor, you already have all the subject knowledge you need to create a course for GCSE and A Level students.
If you have your own website and are reasonably tech-savvy, you could create your own series of courses and offer them for sale directly from your site.
Alternatively, you could sign up with an online course provider like Udemy and use their software to create an interactive e-learning course. For tutors who don't have their own website, you can sell your courses directly through the platform and earn a commission on every sale your course makes.
Sell Study Materials
Good quality study materials are in high demand, particularly at 11 Plus level. If you know your subject well enough and have a creative flair, you could produce your study materials and sell them via your own or other websites. Education publishers like Galore Park, are often on the look out for new suppliers.
You may already have your own self-produced materials that you use during your lessons that you could modify/enhance to sell on your site.
Sell Tutoring Resources
Targeting newcomers in any marketplace is normally a good place to start when developing passive income streams. Think back to when you first started out as a tutor. What resources did you find most useful and where did you find them?
Now that you're an established tutor, you probably have a whole heap of entry-level resources that new tutors would happily pay for to save them time creating them themselves. Some resources you could consider selling include:
- Tutoring contract templates
- Terms and condition examples
- Progress report documents
- Lesson scheduling resources
- Editable invoice documents
- Late payment/cancellation templates
To encourage more sales of your resources, consider packaging them into a bundle and offering a discount to tutors who buy the whole series of resources in one go.
Develop a Mobile App
If you're a technology buff and always looking for ways to streamline your tutoring business, then you could try your hand at developing an app for the tutoring industry.
In the UK, some 80% of people own a smartphone and the mobile app industry is continually growing. Developing an app to help students or fellow tutors can be a great way to earn a passive income.
For some inspiration, check out the app that the team behind TutorCruncher developed for agencies that use their tutoring software. Or have a look at Tutor Tracker, a lesson scheduling and invoice tracking app that Adrianne meldrum developed for her U.S tutoring company The Tutor House.
For more passive income ideas, I'd highly recommend visiting Pat Flynn's Smart Passive Income Blog. He's pretty much the guru when it comes to earning passive income.
What other passive income ideas can you think of for private tutors? Please leave your questions and comments below.
If you’d like to learn more about how to find more students and grow your tutoring business, you can buy our eBook ‘The Marketing Guide for Private Tutors’ for £21.99 – it’s packed full of useful advice and costs less than the average tutor charges per hour!
Image credit: Morgan - https://www.flickr.com/photos/meddygarnet/4222474443/