You intend to begin a freelance teaching business and are now wondering where to begin and how to run a profitable one. Well, first and foremost, you will need a freelance business model. Freelancing is an amazing option to start as a career. Since the pandemic, the requirement of online tutors or trainers have been increased drastically. A freelancer in USA earn an average of 75,000 USD yearly. Are you looking for a freelance business model for teachers? then this article will help you find some insightful ideas.
What is a Freelance Business Model for Teachers?
This can best be described as a carefully laid out plan that captures the products or services you intend to offer, your target audience, and the teaching methods you intend to use. Additionally, you need to factor in how much you are likely to make from the venture and any expenses you are likely to encounter.
According to Statistics, There are 4 million more freelancers today than it in 4 years back.
Carefully evaluating these factors will help you determine whether your business is likely to be successful or not.
The Scope of a Teacherpreneur
To create a practical and workable business model you have to determine your scope. This will need you, to be practical and also realistic in your approach. Many are times that you may have a great business idea, but after figuring out the logistics involved you discover that it will not be profitable.
You need to make money out of your venture, right? If so, create a sound plan. You need to determine:
Step 1: Your Services and Products
What do you intend to teach? How many lessons will it take? How much time will each lesson take? Other than your lessons are there any products you intend to sell, perhaps e-books or any other supportive and beneficial materials? List them all down.
Step 2: If Your Products or Services are of Value
Note that what you consider of value may not be the same case with someone else. Hence, it is advisable to carry out thorough research and determine whether there is an actual demand for the services you intend to offer. If there is, how much competition is there in the market?
Too much competition should not put you off. Instead, you should incorporate unique features and values that will make you stand out. Ask yourself, what will make students want to learn from you instead of your competition?
On the other hand, too little competition may either be a red flag, or it could indicate that the area is yet to be explored and discovered – hence possibly a cash cow. Thorough research will help you determine which is which.
Step 3: Will Your Classes be Online or In-person?
Both kinds of arrangements have their advantages. They include:
- More hands-on experience
- Allows your student learn at the same place and easily interact
- Students can get immediate answers to questions
- Increased focus
- You can personalize classes for each of your students
- High satisfaction rate
- Cheaper in terms of running costs
- Wider market base
- Greater program variety
- Ability to re-access materials after class.
- High completion rate
Having considered the advantages of each type of arrangement, you can decide on which one suits you best. If you have plenty of time on your hands, you could try out both methods, whereby you have days that you hold physical classes and other days that you hold virtual classes. With time, you can then decide whether to hold on to both or specialize in either of them.
Step 3: How You Will Make Money
This is one of the most, if not the most important part of your scope. You need to decide how you will charge your students. There are a variety of ways to do this, you could choose to classify your lessons into courses and charge for each as a unit, or charge every month, or you could have a one-time charge, whereby, your students can access all your courses at a given fee.
It is advisable, to check how much the competition is charging so as not to deviate too much from the figure – at least not when you are starting out. You can always increase your charges once you establish a market base and build a strong reputation.
Step 4: Your Expenses
These will determine your profit margin. They include factors like, business licenses and the taxes that you should pay to your local authority. Also, if you plan to teach in a physical class you need to factor in travel expenses, food and drinks (not mandatory), hiring a space, and any teaching materials you may need. If you will be teaching online, you need to consider the cost of teaching materials, equipment, tools, and the platform you will use.
Not to forget, you may need to market your courses. For example, you may need to print and distribute fliers or utilize paid ads on social media pages. Whichever methods you choose, you need to research beforehand on how much they are likely to cost you.
Step 5: Profit Margin
Once you establish how you are going to make your money and the total expenses you are likely to incur, you can get a rough estimate of your profit margin. That is:
Income – Expenses = Profit margin
It will also let you determine how many students you need, for you to get a given profit margin. You can then plan for them and also layout a clear marketing strategy on how to get them. Ensure to be realistic in your expectations. Read more about Finding ROI for your elearning courses here
eduJournal for Trainers
At first, a teaching freelancing business may look too complicated or demanding to embark on, but that couldn’t be further from the truth! Once you lay a clear business model and remain consistent and passionate in what you do, it becomes a walk in the park.
What’s more, there are several platforms dedicated to making the journey seamless for you, a good example being edujournal.com. You can use it to effectively advertise, sell and manage your courses. It provides several features and tools that make this possible.
Through the platform, you can:
- Manage courses for multiple modules efficiently
- Keep track of your students’ records for example how many they are, their attendance, their performance, and fee payments among others.
- Manage payment transactions
- Customize SMS and emails for easier communication between your team and students
- Download data for back-up purposes
- Create various accounts based on roles, for example, admin and tutor
- And so much more!
To find out more on how to monetize your freelance teaching business or create a freelance business model for teachers visit edujournal