Financing your Tutor Business – Part 1

Mountain top view of Tutor Key, Kentucky. (Photo credit: Wikipedia)

We have a survey for when folks sign up for our newsletter. We ask a few questions and every now and then we go in and read them that helps give us ideas on what you are struggling with. We had a bunch of recent responses about how to get money to start your tutor business. We’ll be working on a series of articles to help you do just that.

The great thing about a tutor business is you don’t really need a whole lot of money to start it. One of the biggest things to remember is you want to make sure to reinvest your profits into expanding your business.

One of your first decisions you’ll need to make before you start your tutor business, is to figure out where you’ll be tutoring your students. This will also help to determine how much money you’ll need to start up with.

Tutoring at the students home – tutoring at a student’s home, makes it very convenient for them (both the parents and the students), they don’t have to worry about driving to the tutor session. You can also charge more per tutor session because you’re visiting their house. You’ll want to decide how far you’re willing to drive. Add $100 or so to your startup cost if you’ll be doing this.

Tutoring at a central location – tutoring at a place like the library. This works really well if you live close to the library. If the library is near a school, then it makes it even better. Depending on the distance you’ll be driving you’ll want to add that to your tutor cost.

Tutoring at your house – this is probably the cheapest method to start with. You’ll want to make sure you have a quite area in your home for when you’re doing your tutor sessions. You’ll also want to make sure you have it in the same area every tutor session. We talk quite a bit about this in our guides. This would add no cost to your startup.

You can also have a combination of the starting options and you can start with one option and branch out to others as you grow your business.

We’ll talk some more about this on Thursday.

Enjoy your day.