Technology has made learning easier. It has eliminated the limitations that teachers had to face back in the old days. Things like a fixed salary, lack of growth and a monotonous work schedule have been given a body blow with the advent of online tutoring. Today, teachers are free to demand salaries as per their experiences, grow their network, choose when to teach and take breaks at their convenience. These ideas have brought many successful professionals into the tutoring business. So with time, many of them tend to leave their full-time jobs and focus on the tutoring business.
You must be thinking, what exactly is a tutoring business and how profitable is it? Let’s go further and do a critical assessment of why the online tutoring business can be a good idea.
Private tutors in India have been teaching through the online mode for a long time. It is more like freelancing where you, as an individual, will have to fend for yourself. You connect with students, do your promotion and build a network so that earning a decent amount every month can be ensured. However, a tutoring business is more of a collective effort. Here, you create a team and build contacts around it, or open a coaching institute and do well in no time.
Coaching Institutes: The goldmine redefined
Coaching institutes have been the most profitable way to earn money in India. You need to choose a location, get a rented space and engage teachers to start their classes. As more and more students throng to your institute, you get a percentage from the fees collected. This will swell your earnings considerably. Reputed coaching institutes in India rake in crores of money by running as an enterprise.
Competitive exams like IIT-JEE, NEET, UPSC, CLAT have huge popularity among students and they always look for coaching institutes for preparation classes. This is because a reputed coaching institute has qualified trainers and faculties, updated syllabuses, personalized classes for weaker students, mock tests and so on. Through these methods, coaching institutes make a student more exam ready and instill a sense of confidence in their approach. At present reputed institutes are starting to train students from as early as class 7-8 and then up to post-graduation level covering a vast number of exams and courses.
Professionals with deep pockets and even venture capitalists are spending a lot of money to set up these institutes, because they know the kind of revenues they can generate in 2-3 years. So they are advertising through the online tutor search portals like MyFavTutor and bringing in a vast number of students. The portal lets you enroll as an individual tutor and also as a coaching institute. This will help you to promote yourself and reach out to students. Generating a good amount of income is easy and you can become well-of quite fast.
Another interesting aspect of the online tutoring business is the creation of educational channels on the Internet. The formula is quite similar here. You bring together a variety of teachers in your platform and they give lectures on different issues, answer questions, prepare students for interviews, etc. Through this you can generate a good volume of revenue from your channel as the views, shares and subscribers go up. The simplest way to advertise for your online channel is to sign up on MyFavTutor and meet millions of students who are looking for online classes.
Apart from coaching institutes and online channels, the tutoring business also includes yoga training centers, sports academies, music classes, language classes and many other subjects. The idea here is to bring together a large number of teachers, covering a variety of subjects and then let the students come in. This model is successful because as a tutor, you do not have to feel insecure about getting students. It’s not a one man army. You have advisers, friends, partners and other stakeholders who will take care of the tutoring business. This will be more sustainable and your earning potential will grow in a big way as your institute gains popularity.
If you are looking to expand your teaching network and set up a flourishing business, make sure to sign up in MyFavTutor. It is one of the largest tutor search portals that will help you to connect with students across India. The education business is already on a bull run in India and will hit the roof in a few years. Don’t miss this opportunity to set up your institute, and stay ahead of the race.
Have a great day ahead.