Laying the Groundwork for Financial Stability In Your Tutoring Business
We recently had the pleasure of sitting down with Brooke Benson of the Not Starving Artists podcast. Brooke went from being a broke Bachelor of Fine Arts graduate to a professional actor and money coach!
She joined us in Member’s Academy for an awe-inspiring conversation about the common struggles tutors and educators experience around money, similar to those with careers in the arts, and how to set the groundwork for financial stability in tutoring.
The journey from classroom teaching to starting a private tutoring business is a significant and often daunting leap. For many educators, the decision to leave the security of a steady paycheck and enter the world of entrepreneurship is full of fear, excitement, and empowerment.
A whirlwind of emotions typically marks the day they turn in their resignation letter. Acknowledging these feelings is crucial as it validates the challenge of this transition.
Ready to start your tutoring business? Read 3 TIPS TO BEGIN BUILDING YOUR TUTORING BUSINESS!
So, how can aspiring tutors lay the groundwork for financial stability and ensure a smoother transition?
Here are Five Essential Steps to Lay the Groundwork for Financial Stability
1. Build a Financial Cushion
Before taking the leap, it’s critical to have a financial safety net. Aim to save at least six months’ worth of your baseline expenses. This “BFF number” (Best Financial Friend) is your monthly expenditure multiplied by six, giving you the peace of mind to navigate the initial stages of your new venture. Having this cushion ensures you won’t be at risk of losing your home or struggling to cover basic needs. Now worrying will allow you to focus on building your business with creativity and confidence!
2. Embrace Income Fluctuations
Transitioning from a regular biweekly or monthly paycheck to the unpredictable income of self-employment requires a mental shift. When you run your own business, money will come in at different times and in different amounts. Understanding and preparing for these fluctuations can help mitigate the anxiety associated with variable income.
Must-dos: Develop a budget that accommodates this variability and create a separate account for business expenses to maintain clarity over your finances.
Learn more about WHY ALL TUTORS NEED TO OPEN A BUSINESS BANK ACCOUNT!
3. Cultivate a Support Network
Surround yourself with a community of like-minded individuals who understand the challenges and triumphs of entrepreneurship. To build a support system:
- Join professional organizations
- Attend networking events
- Engage with online forums
Having a network of peers can provide valuable advice, emotional support, and potential business opportunities.
Check out the BEST online community for tutors!
4. Invest in Professional Development
Continuing to hone your skills is essential. To enhance your tutoring capabilities:
- Attend workshops
- Take courses
- Seek certifications
This investment not only improves your service quality, but also boosts your confidence and credibility as a private tutor.
5. Develop a Marketing Strategy
Establishing a strong client base is crucial for the success of your tutoring business. Create a comprehensive marketing plan that includes building an online presence through a professional website, utilizing social media, and leveraging word-of-mouth referrals. Highlight your unique strengths and specialties to attract and retain clients.
Taking the leap from classroom teaching to private tutoring is a courageous step that opens up a world of possibilities. By preparing financially, embracing income fluctuations, building a support network, investing in professional development, and developing a robust marketing strategy, you can set the foundation for a successful tutoring business. While the journey may be challenging, the rewards of autonomy, creativity, and the ability to make a direct impact on students’ lives make it so worth it!
Join the membership now to get access to Brooke’s full interview, along with our FULL training series on Your Relationship with Money… including our favorite money mentor recommendations!
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Meet Brooke Benson
After graduating with a BFA in Acting, it became Brooke’s mission to destroy the “starving artist” trope once and for all. She teaches money strategies built for fluctuating incomes, creative brains, and people who don’t resonate with traditional money management advice. She is your financial cheerleader, helping you to create a relationship with money that is simple, safe, and sexy.
Connect with Brooke Benson at her website, Not Starving Artists, or on Instagram!
