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June 10, 2008

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26 ways to make money if you don't already have a full-time job?

Back in the 90's, I used to tutor and made $12-$15 an hour through a business, $25+ on my own. A dollar's worth a lot less now, and the echo boomers are just hitting the college application process en masse. I would guess run-of-the-mill tutors are making well into the 30's now.

Hint: don't bother tutoring subjects like math and english. Focus on test-prep, that's where the money is. Sick society we live in.

I am a student and a tutot. I teach economics, mostly for law and business students. They tend to have the most money.

The rate per student per hour has been 25 euro for years, bur recently went up to 30 euro. There also is a entry fee of around 170 euro, although this is often used as a first degree price differentiator. (So we have a first talk with the parents, look at their clothes, car, manners,negotiation skills etcetera and give a discount on the entry fee if necessary, but never on the hourly rate.)

I receive half of the revenue, the other half is for the company that recruits the students. It gets juicy when we start teaching to groups of up to 3: 45 euro per hour (or 37,5 at the old rate). I did a lot of that last year and saved over 600 euro per month working less than a day per week.

So yes, it's a great business as a tutor. Not so much as a company, because a lot of tutors run away with the clients and the business model is therefore not that scalable.

Additional info for those interested: The entry fee is 100% for the company, and I am talking about the Belgian market.

I've had your site in my Bloglines for about a year and skim your posts faithfully.

I took this one to heart and became a secret shopper this week. I've already saved $125 on my pet's vet bills, something I needed to do anyway. Thanks for the GREAT suggestion!

Congrats, Sharon! Thanks for sharing your success story!

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