S
Starter Story
Business Idea
Start A College Prep Tutoring Business
About
Starting a college prep tutoring business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell college prep tutoring , or selling college prep tutoring online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to start a college prep tutoring business ➜
Key stats
market size
$1.1B
starting costs
$28.7K
gross margin
59%
avg product price
$1000
time to build
10 months
work from home?
Yes
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
| Office Space Expenses | $35 | $3,250 |
| Employee & Freelancer Expenses | $0 | $5,500 |
| Equipment & Supply Expenses | $550 | $6,000 |
| Website Costs | $232 | $6,500 |
| Specific Industry Expenses | $0 | $1,000 |
| Business Formation Fees | $5,600 | $20,400 |
| Training & Education Expenses | $0 | $1,850 |
| Software Expenses | $150 | $3,044 |
| Advertising & Marketing Costs | $0 | $2,500 |
| Other Expenses | $0 | $800 |
| Total Startup Costs | $6,567 | $50,844 |
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
ESM | esmprep.com | #2,177,684 |
|
Carnegie Prep | carnegieprep.com | #3,442,699 |
|
KIPP Nashville | kippnashville.org | #4,297,633 |
|
Milwaukee Career College | mkecc.edu | #4,481,639 |
|
College Scoops | collegescoops.com | #4,753,353 |
|
lelc-tutoring | leadingedgelearningcenter.com | #6,321,032 |
|
Milwaukee College Prep | milwaukeecollegeprep.com | #8,072,825 |
|
New Orleans College Prep | nolacollegeprep.org | #8,090,222 |
Pros & Cons
| Pros | Description |
|---|---|
| Flexibility | You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
| Ability to start your business from home | It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning! |
| Scalable | With businesses and processes changing daily, there will always be demand for new features, products and services within your college prep tutoring business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers. |
| Traffic to your website | A college prep tutoring business gives people a reason to visit your website and to keep coming back to you! |
| Meaningful business connections | You never know who you will meet or get to work with for your college prep tutoring business. This could be the start of an incredible business opportunity! |
| High customer retention rates | Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your college prep tutoring business becomes an integral piece of their every day lives. |
| Cons | Description |
|---|---|
| Motivation of employees | If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees. |
| Stressful work | This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments. |
| Niche Market | A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience. |
| Customer churn | With a college prep tutoring business, people can cancel their subscription - which can make income unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible. |
| Time commitment | With starting a college prep tutoring business, all responsibilities and duties will be in your hands. Although this is not necessarily a negative thing, it's important to understand that your work-life balance may be a bit unbalanced at times. This can place a strain on friends and family and add to the pressure of launching a new business. |
| Difficult to build trust with your customer | With a college prep tutoring business and any online business, there is little physical interaction, which means it can be a lot more difficult to establish trust and clout with your customers. You'll need to go the extra mile with your customer to grab their attention as soon as they reach your site + assure them that your brand is legit and trustworthy. |
Marketing Ideas
-
1
Affiliate program
An affiliate program is a way to reward people outside your organization to share your product.
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2
Word of mouth
The most tried and true way to grow a college prep tutoring business is through word of mouth - some entrepreneurs would say it's more important than all social media.
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3
Advertising on social media
Social media advertising is one of the leading ways to get the word out when it comes to college prep tutoring business.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.
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