When you run a tutoring business, you have enormous opportunities to generate a great amount of revenue. However, the COVID-19 pandemic has imposed significant challenges to revenue generation due to lockdowns and social distancing.
Surprisingly, the pandemic opened up more options for a tutoring business to expand their services from offline to online which brings in plenty of lucrative opportunities to grow and generate more revenue.
The education industry has always witnessed a huge shift in customer behaviour in terms of increasing interest and demand for online tutoring. The worth of the online tutoring market as of 2020 is $1.3 billion and it is expected to grow rapidly in the coming years. Experts also predict that the trend of online tutoring will continue in the future post-pandemic as well.
Different ways for tutoring companies to increase their revenue
Tutoring is a rich and growing industry with a broad range of opportunities available for everyone from independent tutors to experienced teachers, and established tutoring companies. However, the expected pay rates vary according to the industry, the experience of the tutors, and other qualifications.
If you decide to enter into the broad market and sell your expertise by sharing your knowledge and skills with the target audience who crave for both, you can establish yourself as an intrepid entrepreneur and improve your revenue.
Here are some of the different ways private tutors and tutoring companies can maximize their revenue.
Step into online tutoring
As we already discussed, COVID-19 has opened up new doors for tutoring businesses to expand to online tutoring. While online tutoring existed way before the pandemic, the current situation has forced the entire education industry to make the shift from offline to online, leaving no space for second thought.
Earlier, online tutoring was the choice made by very educators or tutoring businesses realizing the opportunities it offers. But today, almost all educational institutions and tutoring companies are adopting online tutoring in one or the other form.
Some have started taking online classes through zoom, whereas some have started investing in building a full-fledged online tutoring website to leverage the increase in demand for online teaching and take their business to new heights.
Get more customers
The more customers you have, the more revenue you can generate. The increasing need for online educators right now makes it a perfect time to get more learners to enroll in your online classes. This is also the right time when your marketing efforts like online advertising can bring in great results.
While this is a wonderful opportunity for your tutoring brand, it is equally good for your competitor brands as well. Hence, it is important to market your service so that you can reach your target audience effectively.
Additionally, you must also make it easy for your potential learner base to search for you online. The obvious place where both students and their parents will search for online tutoring companies is on the web.
This makes it important for you to establish an active internet presence on all possible online channels so that your audience can easily find you.
Make sure you list your online tutoring business in the Google listing along with starting business profiles on social media platforms like Facebook, Twitter, and Instagram, etc. Plus, stay active on these social platforms to interact with your potential and existing students.
Teach via online platforms
Regardless of whether you have a tutoring platform of your own or not, you can consider offering your expertise by teaching on third-party platforms.
While this is also great to make some extra income, the amount of money you can make would be limited as the teaching platform will take a share of your revenue. Also, different platforms will have different criteria to hire you as an online tutor; hence you must choose the best one that suits your qualification and expertise.
Some positions might even require teaching certifications as well and will have an interview process where you need to achieve a certain score.
Simplify your online class booking
If you are teaching online classes, you must implement a simple and effective booking process that allows your learners to book your classes effectively.
Due to the current pandemic, many students are looking for online classes, most online tutors have many enrolments than they have expected. While you might have time slots filed for your classes, you must be flexible enough to accommodate incoming bookings.
Using online tutoring software could be helpful as it features online class booking and scheduling tools to make it easy for you to accommodate booking smartly.
Make sure you use a professional and powerful tutoring software like Pinlearn that makes it easy for you to simplify your booking process, manage payments, take live one-one and group classes, etc.
Deliver great online classes
When switching your tutoring career from offline to online, don’t allow your inexperience to hinder your ability to deliver great online tutoring sessions. Online tutoring indeed is different from face-face tutoring in many different ways.
But, once you take a few classes, you would get a grip of it and you can excel as an online tutor. Using efficient tutoring software can also help you with this process as it simplifies the whole process of delivering online classes.
By developing an online tutoring platform for your educational brand, you can ensure offering laudable learning skills and guidance to your online student community and at the same time make profit by online tutoring.
Tweak your sales pitch
Many online tutoring businesses reduce their price when they struggle to convert more sales. But underselling yourself is not a solution to increase your sales as you would be losing out on income affecting your brand reputation.
Due to the unfamiliarity of how online tutoring works, most learners and parents view the price of online tutoring as expensive. To solve this, you must modify your sales pitch to get more sales and convince your learner base that your online classes are worth the money paid.
Teaching online can be a rewarding and lucrative career. Teaching is always a great way to generate revenue as people always want to learn and are constantly looking for convenient ways to acquire the skills.
Whether you are an independent tutor, an industry professional, an established tutoring company you can leverage online tutoring to impart knowledge conveniently and effectively.
The COVID-19 pandemic has transformed the way tutoring companies have been running for years, leaving the whole industry in chaos due to changing learner preferences.
Running and growing your tutoring brand in times of pandemic is not easy, but it is also an opportunity like never before to grow your tutoring business and to make more money if you can adapt to the new changes.