How Much Should I Charge For Tutoring?
Tutoring and the passing on of skills can be an enjoyable and lucrative experience. Though it does take up your time, growth is restricted, and the best you can expect is to make a good hourly rate, it is still a fulfilling job and a way of picking up some extra cash whilst working on other projects or another job. Whatever your skill, the chances are there is a market out there to pass it on, and undoubtedly people are willing to part with their money to improve themselves and improve their ability.
As with any service based industry, it can be difficult to work out what to charge. Teaching guitar is of course extremely different to teaching advanced science, as teaching 16 year olds maths for their exams will be difficult to teaching a sport. There are many things to consider when working out what to charge for your time and expertise.
What Could I Earn In A Job?
This is always relevant. What could you earn using those skills in a job? If you could make £20 an hour putting your skills to use then there’s no point charging £10 an hour to teach it. Likewise if you could earn £10 an hour in a job then it is unlikely that anybody is going to pay £100 an hour for the service.
How Specialist is Your Skill?
Guitar teachers are ten a penny, as an example, and you’re going to need to be competitive if you’re to get a big base of clients. Charging less than your competitors is just good business sense in this instance. If your skill is difficult to attain, even though you will probably get less work teaching it, you’re probably going to be able to charge much more for it. Think carefully about what it is you are offering.
What Do Your Competitors Charge?
Something is only worth what people will pay for it. Most businesses price based on what their competitors are already doing, and you should do the same. Luckily, it isn’t easy to find other tutor’s rates due to a thing called the internet.
Is Anybody Doing it Locally?
If you’re in a small town and somebody is already teaching the same thing, you might have to try and oust them with your pricing point. If you’re the only one for miles and will be in high demand, you can drive up your prices.
What Are You Willing to Work For?
This is ultimately what it boils down to. What are you willing to work for. For some, £15 an hour is plenty, for others, under £50 isn’t worth getting out of bed for. How badly do you need the money, and how do you value your time?