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Is owning a tutoring business worth it?
- Tutoring businesses typically have around 90% profit margins. However, this can vary greatly depending on pricing strategy, inventory management, efficiency, and other factors.
- On average, 40-60% of a tutoring business’s revenue goes towards expenses and overhead costs. This depends on location, size, operational costs, and other variables. Primary expenses often include: marketing, advertising, office rental space.
- In the US, the average commercial rental space costs around $23 per square foot. As self-employed business owners, tutors must file taxes differently than regular employees.
Starting an Online Tutoring Business
- Flexibility and meaningful work
- Minimal infrastructure required
- Freedom to manage your own schedule while guiding students
Deciding on a Niche
- Key for the beginning of a tutoring side hustle
- Offering specialized knowledge in focused subjects can help differentiate services
- Tutoring can become a lucrative endeavor for both teachers and students
