How to Create Multiple Income Streams As a Tutor
Many educators and tutors don’t even realize the varied ways they can bring in income. So much is possible when you start to think of how you can create multiple income streams as a tutor in unexpected ways.
There are ways to leverage what you are already doing in your tutoring business to build multiple streams of income into your business.
For comprehensive training on how you can build multiple streams of income into your business, check out this masterclass in our Members Academy: Multiple Streams of Income Masterclass!
Here are Four Steps to Earn Income Beyond 1:1 Tutoring
1. Think about the layers of your business
Take a look at and consider the layers of your business:
- What do you do for free?
- Do you have any short-term commitments or only long-term?
- What is your primary offer?
Picture your 1:1 tutoring offer at the center of a circle and then begin to consider what other circles could come out wider from that center. There are so many different layers of influence and impact that you can have on your students, your community, and other educators.
If you are really intentional about this, you can begin to bring in income in multiple ways that help people in multiple ways.
Ready to refresh your offer? Read, 4 TIPS TO REFRESH YOUR OFFER FOR THE NEW SCHOOL YEAR!
2. Consider how you can diversify
Take a look at your offerings and consider how diverse your income streams are. Diversifying your income streams makes your business more solid.
A few ideas for diversifying your income are:
- Coaching parents
- Offering workshops or courses for parents or other educators
- Creating a community for parents or other educators
- Creating and selling products
Diversifying your income streams creates tremendous peace of mind in the chance that one of your income streams hits a roadblock. For example, if you have diversified your income streams and then you lose a 1:1 tutoring student, you would feel less pressure to get that spot filled quickly.
3. Leverage your time
When it comes to leveraging your time, we want you to think about two things
- Long-term commitments vs. short-term commitments
- Working 1:1 vs. working with groups
You’ve heard the phrase work smarter, not harder? Leveraging your time is one way to do this!
You can leverage your time by creating offers that are only a short-term commitment for you. Think about offering a one-off workshop or class. You can plan for and create the resources for the class or workshop and then offer it regularly.
You can also leverage your time by creating small group offers. With 1:1 tutoring, you’re planning once for each student. With a group offer, you can typically make double what you’d make with a 1:1 session but plan for the group, instead of for each individual student.
4. Explore “passive” income opportunities.
We put passive in quotes because nothing is truly passive. Everything takes time and effort, at least at the beginning, to get going. However, at some point, you can step back and let it earn without your hands-on attention. It will continue to bring in income even if you are not actively putting in time.
Some passive income opportunities include:
- Downloadable products
- Evergreen courses
- Affiliate marketing (Learn more about affiliate marketing! Check out our Affiliate Marketing for Edupreneurs Master Class with Tutoring Businesses with Erica Terry in Members Academy!)
The Tutor Tool Kit is an example of one of our evergreen courses that generate passive income. We spent a lot of time creating it and occasionally we make updates to it, but aside from that, it generates passive income for us!
Ready to create multiple income streams as a tutor? Strengthen your business by extending on what you’re already doing now with the help of our Members Academy!
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