School is out for most of us this Summer. Hopefully you are enjoying your break. So what are some things you can do this Summer to help grow your tutor business. During the weeks ahead we’ll talk about some ways you can grow your business (yes even during the Summer time).
The first thing you’ll want to do is figure out where your business is now, and if you haven’t thought about it what is the ultimate goal for your business. This helps us to figure out exactly what we’ll need to do in order to get from point a to point b.
Figuring out where your business is.
An easy way to do this is to write down – the number of tutor students you have, how much money you made during a specific time period. This helps you to figure out about how much money you make per student. So lets say you made $20k during the last school year. You have 10 tutor students – then each student brought you approximately $2,000 last year. This number lets you figure out a number of different things. It gives you a point of reference for your advertising. You could safely say that you can spend $1000 in order to get a new tutor student. This doesn’t account for students that stay with you longer than a school year but like I mentioned it gives you a good place to start.
Knowing the number also lets you make some goals. Let’s say you have a goal this year of making $40k. Then you know you’ll need to get an additional 10 students. So this summer if you got 3 new students each month you would have made your goal.
Hopefully this gives you a little to think about. The one thing I wanted to make sure you understood was the value of a student and the fact that you can spend money to get more students. Enjoy your day.