From tutoring kindergarten children to college-level students, the opportunities in the space of online tutoring are abundant. Whether you are a new or experienced educator, the opportunities offered on the internet are equal, but what you can make from it differs.
That is why you see many “overnight success stories” of teachers with high incomes within a short time. But the majority of educators are those who struggle to make ends meet. And a significant part of it is related to how much you charge for your tutoring services.
How to charge for online tutoring is the most common question that bothers educators when starting their careers. Choosing what price to charge for your online classes can be challenging as it is never possible to come up with the right figure.
But you must consider this aspect of setting your price seriously as it influences your revenue to a great extent.
Are there any factors you need to consider when choosing tutoring rates?
Yes, definitely. When it comes to setting online tutoring rates, there are a lot of factors that you have to consider, and it varies from educator to educator. Let’s explore them one by one.
Tutoring experience, you have
If you are confused about deciding the price to charge for your classes, consider your experience first. Are you a new educator who doesn’t have any previous experience in tutoring students? Or are you an experienced tutor who has already worked with the best tutoring brands and has set a name for yourself? If you belong to the latter category, do not lower your price when starting your own tutoring business. Your experience will justify the price you charge, considering the quality of your classes from your previous experience.
The time you spare for online tutoring
Another important factor to consider when deciding what tutoring charges to adopt is the time you spend for preparing for online classes and creating related resources. Calculate the hours spent on developing the lessons and resources for your classes and decide the tutoring rates based on the efforts you put in.
Costs associated with promoting your tutoring services
One of the major mistakes most educators make when setting rates for online tutoring is leaving out the costs related to marketing activities. Why is this important? Promoting your services is also a significant aspect of running a tutoring business and can get costly depending on the size of your business.
Advertising campaigns, paid promotions, influencer marketing, and a lot more strategies can be adopted which might cost you extra, which has to be covered when deciding on tutoring rates.
This is obvious: You must price your online classes or courses based on the expected outcome your target learners would enjoy. When setting prices for your online classes, ask how your students are going to benefit from your classes. For instance, if you offer test preparation classes for higher exams or for professionals to enhance their careers, the expected results are greater. Hence, you can charge a high rate for your online classes.
Exclusivity of your content
Students pay to get access to the content they need to make a difference in their lives and improve their academic excellence, so you can be flexible with pricing your online classes according to the exclusivity of the content.
You can add multiple learning resources to your online class bundle as it improves the value of your online classes, and you can price them higher. Add workbooks, videos, eBooks, online courses, templates, and more to ensure your students are supplemented with different learning modes for effective learning. Adding different content formats and learning styles is an excellent way to convince your students to believe that you are providing them more value than what they have paid for.
Revenue strategies to grow your online tutoring business
The tutoring price you set holds a significant position in the growth of your online tutoring services. Here are some of the pricing strategies you can choose to make money with your tutoring services.
Price per class
Students pay before or after every online class or tutoring session. This strategy is great for attracting new clients as they can try out the service first before getting into a commitment.
Subscriptions are another popular revenue strategy adopted by most educators. Users pay a recurring fee monthly or yearly to avail the tutoring services and other benefits. You can charge your students high prices and offer discounts if needed.
Payment for a period of time
Asking learners to pay in advance for a week or a month based on the number of online classes they can attend during the time frame. If you are calculating how much rate to charge for online tutoring, calculate the overall price you would receive monthly in this pricing plan.
Your students will find this pricing approach convenient as they don’t have to worry about each session individually. This business model suits tutoring services as you get an upfront monthly payment and don’t have to worry about asking learners to pay every single time.
How do you justify high online tutoring rates?
Under-pricing online classes is one mistake most educators make when they start out with online tutoring to attract new users and establish a student base. However, charging less for your online classes might also give your students a feeling that the quality of the classes might not meet their standards due to low pricing.
So is it fair enough to charge high online tutoring rates? Yes, you can charge a premium based on the value of your offerings. The first step is to build an online tutoring website to host your online classes and self-paced online courses. The best bet is to use an online tutoring software like Pinlearn to develop your online tutoring marketplace as it comes equipped with all features and functionalities essential to run online classes efficiently and effortlessly.
When it comes to pricing your online tutoring rates, there isn’t a magic formula that calculates the best rate; instead, you need to choose it through experimenting and trial and error. We hope this globe gives you some valuable insights on choosing the right tutoring rates. Try out to see how much your students are willing to pay for your classes. Experiment with various pricing plans to find online tutoring rates that suit you.