This book is a great resource for those looking to earn a second income, potentially in a new field, during retirement or early semi-retirement. Today's post is about how to make money teaching, an idea I've listed previously as one of the best ways to earn extra cash.
Are you a natural teacher? Do you enjoy explaining concepts, theories, and the mechanics of how to do things? Would you like to share the wealth of experiences you’ve accumulated with others and pass on your knowledge to future generations?
If the prospect of empowering people with the skills, resources, and expertise needed for success in both their personal and professional lives excites you, then you might want to consider sharing your expertise either as a classroom teacher or a “how-to” trainer who instructs via webinars, workshops, or seminars. For people who are outgoing and enjoy an audience, teaching can be a great way to earn an income. Here are some interesting options to consider:
- Adjunct professor. Adjunct-level professors are hired on a contractual, nontenured basis to teach at universities, community colleges, vocational schools, and colleges. Some institutions require that their adjuncts meet the same degree requirements as their full-time faculty (meaning you may need a doctorate degree to be hired), whereas at other schools a bachelor’s or master’s degree is sufficient. Prior teaching experience is always advantageous, but the combination of an advanced degree plus work experience is often sufficient to make you an attractive teaching candidate, especially if you want to teach at a community college or smaller school. Adjuncts don’t earn a lot (typically anywhere from a few hundred to a few thousand per course), but adding the word “professor” to your resume or bio can be a great way to enhance your reputation, reach, and marketability.
- Online instructor. The world of online education is rapidly gaining traction, credibility, and prestige. Although brick-and-mortar universities tend to use their in-house faculty for online assignments, online institutions hire outside applicants who offer strong subject-related work experience. A master’s degree can make you more marketable, but schools will consider applicants who hold a bachelor’s degree along with relevant work experience. To find an online teaching position, apply directly to the online institution, or search on one of the many online job boards—for example, Simplyhired.com, Indeed.com, or the jobs listed on the Chronicle of Higher Education site (chronicle.com), using keywords such as “online teacher” or “virtual instructor.”
- Corporate trainer. Few companies still maintain in-house training departments, and as a result, many have increased their use of outside vendors to train their employees on topics ranging from sales to business etiquette to leadership. To learn more about these opportunities, and to find vendors who might be interested in contracting with you as a freelance trainer, consult the website of the American Society for Training and Development (www.astd.org).
- Adult education instructor. Continuing education programs are always in need of new programs, workshops, and classes to fill their catalogs. Although most programs will pay only a small stipend for your services, teaching in one of these programs is an easy and cost-effective way to market and advertise your services. In addition to teaching opportunities at local community colleges, vocational programs, or town continuing education programs, you can teach at privately run adult education programs such as the Learning Annex (www.learningannex.com) or the Gotham Writers’ Workshop (www.writingclasses.com).
- Online trainer. Thousands of entrepreneurs are generating significant income by creating their own brand of online training programs, formatted as videos, webinars, and multisession “universities.” Although many online courses focus on teaching business development and internet marketing, the possibilities for packaging your expertise into your own program to deliver a virtual learning experience are limited only by your imagination. And once you develop a course, you can sell it in multiple formats (downloadable manual, video, podcast, and so on) for as long as the information remains relevant and timely. You can learn more about this option in the next chapter.
- School owner-director. As a child, I attended a ballet school taught by one of the neighborhood moms in the attic of her home. It was a simple studio that catered to the needs of the local tutu-lovers while providing a steady income stream for my neighbor while she stayed home to raise her children. This spirit of homegrown entrepreneurship is still alive and well, in the form of home-based cooking schools, language programs for toddlers, and acting classes. Of course, before opening any school in your home, be sure to check with your town and state government for applicable zoning and licensing requirements, especially since your neighbors might protest if your business increases traffic in the neighborhood.
- One-to-one tutor. The demand for tutors is always strong, especially for people who can help children improve their grades, study habits, and SAT scores (tutors in affluent neighborhoods can command upward of $150 per hour for their services). If you’d prefer working with adults, consider offering your expertise as a computer and technology tutor. Although most tutors run their own businesses, you can opt to work for one of the big tutoring services, such as Kaplan or Kumon, if you don’t want to go it alone.
- Private teacher. Would you like to teach people on a one-to-one basis or in a small group setting? The opportunities to profit as a private instructor are limited only by your imagination—people will gladly pay for personalized instruction in any number of interest areas, including yoga, painting, video-editing, and photography.
- Chronicle of Higher Education (chronicle.com). An online resource for jobs and information related to colleges and universities.
- American Society for Training and Development (www.astd.org). The professional organization for people involved in corporate and business-related training and development. Their website is an excellent resource for people interested in all aspects of the training world.
- HigherEdJobs (www.higheredjobs.com). Lists openings in academia.