Tutoring is a delightful and rewarding job; if you are good at a subject, you can always earn decent money. Some do it part-time or full-time; whatever your choice is, choosing the right tutoring rates decides the monetary benefits you make. 

Whether it’s about setting prices for your new tutoring venture or deciding on a price hike for existing students, the money talk is always tricky. 

When to increase your tutoring rates

Independent online tutors must look at their tutoring rates annually to ensure they are competitive for the industry and compatible with their expertise and student results. Make sure you increase the rates before the busy season, which would be when the schools reopen for younger students.

Ultimately, dedicated and experienced tutors who achieve results for their learners and continually book their schedules will be able to set a competitive rate. Review and raise your rates continuously over time to remain competitive in the industry. 

Let’s check out the signs that indicate its time to increase your tutoring rates. 

Achieved amazing results for students

If you are an ESL tutor and one of your students has successfully learnt to read within 6 weeks. Likewise, if any of your students started achieving this skill before or by 6 weeks, that’s an achievement for you as a tutor, which deserves a reward. This means you can work with a child and be able to identify the exact problems they face quickly and help them overcome and succeed in the learning process.

Most tutors calculate tutoring rates in terms of the experience they have, but the best way to decide on tutoring rates is by the results that you are achieving for a student. When increasing your tutoring rates, you can put the testimonials from successful students on your website, which is a sign that you are a promising tutor, and the price you set is definitely worth it. 

You are struggling to pay your bills

When starting an online tutoring business, most tutors make the mistake of setting the rates low just to attract more students. In the long run, they don’t make any profit from running a business and struggle even to pay bills. While tutors don’t teach online to become a millionaire, when you are running a tutoring business, it is important that you must earn at least enough to pay all your bills.

If you are in a position where you run an online tutoring business as a side hustle or as a full-time job, make sure you charge right so that you can afford to pay off your credit card debt and cover the cost you bear. If you are not able to achieve it, it’s time to increase your tutoring rates. 

Feeling burnt out

If you are a school teacher and no longer sustainable for your own well-being, running an online tutoring business can be a great way to create a lifestyle for yourself. But running a tutoring business of your own involves a lot of work, like planning your lessons, scheduling classes, and a lot more.  

When you are not charging enough for your tutoring services, you need to take lots of student enrolments to make more money. For example, you charge $25 per hour, and then you need to take 30 students; it might be a huge load as it takes a lot of time to create customized plans and it is very draining to work with all of them. It’s better, in that case, to simply level up your tutoring rates. It might sound scary, but that is an excellent sign that you must increase your tutoring rates. 

Not feeling valued

When you keep your tutoring rates low, at least a percentage of people will consider your services as low quality. Due to the same, you won’t attract good clients who know your worth. When you increase your online tutoring rates, you will see that you will attract students and parents who value your services and actually care for you.

When you charge high, your learners will respect you as an authority in the market. If you feel not valued by your target clients, go ahead and charge a premium price, and you will attract clients who are willing to make an investment and would be less demanding than people looking just for a nice bargain. 

When increasing your tutoring rates, make sure you offer a value package or subscription plan with several perks so that your learners feel the value. Choose an efficient online tutoring software like Pinlearn to build your tutoring website that comes with different monetization tools. 

Tutoring is no longer rewarding for you

All tutors enter the world of online tutoring with a strong desire to build a career that is fulfilling and profitable at the same time. But it is a sad fact that not all of them can build a rewarding career for several reasons. If you are at that stage where you are just stretched thin and exhausted, it is a great sign that you must increase your tutoring rates. If you increase your price, you no longer have to increase the number of students in order to earn a decent revenue; even with a few clients, you can run a profitable tutoring business. 

In addition to one-to-one classes, you can also conduct group classes where you can lower the price but admit more students where the effort would be less. Alternatively, you can consider selling online courses or eBooks to generate more revenue along with online classes.

Conclusion

Selecting the right tutoring rates is something you have to work on your own. The strategies that work for you are specific to your online tutoring business and the various factors that influence it. If you are experiencing any of these 5 signs when running your tutoring business, make sure you increase the price without a second thought. To make the decision easier, use this affirmation: I serve with much dedication, and I deserve better.