Do THIS to Make $30,000/month as a Student

Summary

This video script outlines a lucrative business opportunity for students and non-students alike: test prep and tutoring services. The speaker emphasizes the importance of selling outcomes rather than one-on-one tutoring, suggesting a semi-private model for maximum profitability. By charging less per student in a group setting, the tutor can earn significantly more in a shorter time. The script details strategies for attracting students, prepayment incentives, and scaling the business to achieve high earnings with minimal investment. The 'Super Saiyan' approach involves hiring other tutors to expand the business further, potentially reaching a million-dollar annual income with a part-time team.

Takeaways

• 😀 Tutoring and test prep is a profitable business for students, offering $1,120 daily profit with only four hours of work per day.
• 📚 Instead of one-on-one sessions, use semi-private tutoring (small groups), which allows you to charge less per person but earn more overall due to multiple students.
• 💡 Focus on selling the outcome (higher test scores and college/job acceptance), not the service itself.
• 🏫 Standardized test prep is the most valuable because it has a significant impact on college acceptance, salary potential, and networking opportunities.
• 💸 Aim to get students to prepay for sessions to reduce the transactional nature of tutoring and focus on long-term goals.
• 🎯 Use a structured approach, where the number of problems completed directly correlates with test score improvement.
• 👥 Build your student base by leveraging your personal network, offering free sessions to get testimonials and referrals.
• 🏆 Once established, scale by hiring other tutors to handle groups, allowing you to focus on marketing and growing the business.
• 🧑‍🏫 Pay tutors well while keeping high margins, maintaining an 80% service-based margin to optimize profitability.
• 🚀 To hit a million-dollar yearly income, scale to multiple tutors and groups, ensuring a constant flow of students and referrals.

Q & A

What is the recommended business for students to start that can generate significant daily profits?

The recommended business for students to start is test prep and tutoring, specifically focusing on standardized tests that can help students get into better schools or jobs.

Why is selling the outcome of tutoring more effective than selling tutoring itself?

Selling the outcome of tutoring, such as improved test scores or admission into better schools, is more effective because it directly connects the service to tangible, desirable results for the students.

What is the suggested model for conducting tutoring sessions to maximize profitability?

The suggested model is to conduct semi-private tutoring sessions with a small group of students (around 8), charging two-thirds of the one-on-one rate, which allows for higher earnings with the same amount of work.

How much profit can one expect to make per day with the suggested tutoring model?

With the suggested model, one can expect to make $1,120 per day in profit by working four hours, assuming each student pays $35 for a session.

What are the advantages of conducting tutoring sessions at a library?

Conducting tutoring sessions at a library is advantageous because it is a free location, which reduces overhead costs, and it can be a convenient and quiet place for students to learn.

How does prepayment work in the context of this tutoring business model?

Prepayment involves getting students to pay for a set number of sessions in advance, which helps in managing cash flow and ensures a consistent income stream.

What is the significance of solving a large number of problems in improving test scores?

Research indicates that the number of problems solved before taking a standardized test is directly proportional to the test scores, making problem-solving a key factor in test prep.

How can one market their tutoring services effectively?

Effective marketing involves leveraging personal networks, reaching out to sports teams, offering free initial sessions to demonstrate value, and using testimonials and referrals to attract more students.

What is the 'Super Saiyan' version of this business model that can potentially make a million dollars a year?

The 'Super Saiyan' version involves scaling the business by hiring other teachers and creating a systematized process for student intake and test score improvement, allowing the business owner to earn a profit from the差价 without directly conducting the tutoring.

How can one ensure that students are motivated to do their homework and prepare for the tutoring sessions?

One can ensure student motivation by setting up a system where students are billed if they do not complete their homework, creating a sense of accountability and investment in their own learning.

Outlines

00:00

💼 Business Idea for Students: Profitable Test Prep and Tutoring

The speaker introduces the idea of starting a test prep or tutoring business, emphasizing that students can earn around $1,120 in daily profit by dedicating only four hours per day. The model focuses on test preparation for standardized exams, which offer significant value by helping students secure better education and job opportunities. Instead of traditional one-on-one tutoring, the business can leverage a semi-private model, serving small groups for greater profit while still offering personalized attention. With this approach, students can avoid loans and earn more than some professionals, like doctors, while still having time for other activities.

05:01

📈 Scale Your Tutoring Business: Group Tutoring for Higher Earnings

The speaker elaborates on the financial advantages of offering group tutoring instead of one-on-one sessions. Charging $35 per student in a group of eight generates $280 per hour, compared to $240 for four hours of one-on-one tutoring at $60 per session. By utilizing free spaces, like libraries, and focusing on repeat clients, the speaker outlines how this model can help tutors make $1,120 daily, while still maintaining flexibility in their schedules. They recommend offering prepaid packages to avoid one-off transactions and ensure consistent revenue, suggesting that the key to success is helping students improve their test scores through increased problem-solving practice.

Keywords

💡Test Prep

Test Prep refers to the process of preparing for standardized tests, often through tutoring or specialized courses. In the video, the speaker suggests that starting a test prep business is an excellent opportunity for students to earn a significant profit while still in school. The video emphasizes the importance of selling the outcome of tutoring, which is to improve test scores and increase the chances of getting into better educational institutions.

💡Tutoring

Tutoring is a form of teaching where a tutor assists students in understanding academic concepts, often on a one-on-one basis. However, the video suggests a different approach, recommending group tutoring (semi-private) as a more profitable model. This approach allows tutors to earn more by teaching multiple students at once, which is more efficient and potentially more affordable for students.

💡Outcome

In the context of the video, 'outcome' refers to the end result of the tutoring process, which is to improve a student's test scores or academic performance. The speaker argues that focusing on the outcome rather than just the tutoring process itself is a more effective way to market and sell test prep services.

💡Semi-Private Tutoring

Semi-private tutoring is a model where a tutor works with a small group of students, allowing for personalized attention while still benefiting from the economies of scale. The video highlights this as a profitable business model, where tutors can charge less per student but make more overall due to the increased number of students in each session.

💡Opportunity Cost

Opportunity cost is an economic concept that refers to the potential benefit an individual, investor, or business misses out on when choosing one alternative over another. The video uses the concept to illustrate that by choosing to start a test prep business, students can potentially earn more money than they would by pursuing traditional educational paths, such as becoming a doctor.

💡Revenue vs. Profit

Revenue refers to the total income generated from business activities, while profit is the amount remaining after all costs have been deducted from revenue. The video emphasizes the importance of focusing on profit rather than revenue, as it is the true measure of a business's financial success.

💡Standardized Tests

Standardized tests are assessments that are administered and scored in a consistent manner across a large group of test-takers. These tests are often used for college admissions or professional certification. The video suggests that helping students prepare for these tests can be a lucrative business opportunity.

💡Network

In the video, 'network' refers to the social and professional connections that individuals can leverage for business opportunities. The speaker mentions the importance of tapping into one's network to find potential students for the test prep business, emphasizing the value of personal connections in marketing and business growth.

💡Prepay

Prepay refers to the practice of collecting payment for services in advance. The video suggests that getting students to prepay for tutoring sessions can be beneficial for the business, as it reduces the reliance on one-off transactions and provides a more stable income stream.

💡Referrals

Referrals are instances where customers recommend a product or service to others. The video highlights the importance of referrals in growing the test prep business, as satisfied customers can bring in new students, leading to increased revenue and a larger customer base.

💡Scalability

Scalability refers to the ability of a business to increase its potential for growth, either by increasing production or by extending its potential customer base. The video discusses the scalability of the test prep business, suggesting that once the initial model is successful, it can be expanded by hiring more tutors and serving more students.

Highlights

Starting a test prep and tutoring business can yield a daily profit of $1120, and it's feasible for students or non-students.

The business model should focus on selling outcomes, such as test score improvements, rather than just tutoring sessions.

Standardized tests are the most valuable tests to help students prepare for, impacting their future education and career opportunities.

The recommended business model is one-to-many tutoring, specifically semi-private sessions, which are more profitable than one-on-one.

Charging two-thirds the price of one-on-one tutoring for semi-private sessions can significantly increase hourly earnings.

The opportunity to earn 4.5 times more per hour with a semi-private tutoring model is highlighted.

The business can be conducted in public spaces like libraries, reducing overhead costs.

Prepaid sessions are suggested for a more stable income and to avoid transactional one-off payments.

A three-day curriculum is proposed for teaching, with separate classes for A and B levels and a makeup day for those who miss.

The correlation between the number of problems solved and test scores is emphasized, suggesting a clear input-output relationship.

Personal anecdotes and strategies for improving test scores are shared, including the speaker's own GMAT preparation.

Networking and leveraging personal connections are recommended as initial marketing strategies.

Offering a free initial session can serve as both an assessment and a sales pitch to potential clients.

The importance of asking for feedback, testimonials, and referrals from satisfied clients is discussed.

Scaling the business by hiring other teachers and creating a pipeline for both students and educators is proposed.

The potential to earn a million dollars a year by running the business efficiently and scaling up operations is outlined.

The concept of 'Super Saiyan' version of the business, which involves systematizing the process and expanding with part-time teachers, is introduced.

Transcripts

the best business to start for students

where you can earn

1120 per day in profit not Revenue you

can do it while you're still in school

and for anyone who's not in school you

could still do it only four hours per

day and at the end of the video I'll

tell you the Super Saiyan version of

this that can make you a million dollars

a year was one of the three businesses

that I almost started before deciding to

start my gym and the business was test

prep and or tutoring most people go

about test prep tutoring the wrong way

you don't want to sell tutoring you want

to sell the outcome of tutor which is to

get into either a job that's going to

pay more or be able to pass a test of

some sort or ideally the standardized

test which in my opinion are the most

valuable tests that you can help some

prepare for because when you get into a

better school either college or business

school that has a material difference on

the network that those people hang out

with the companies that recruit from

those schools and the average salary and

earning capacity of those people College

was the original Biz op it was anybody

can come in and you will make more money

as a result of going through this

training here's the same simplest model

that works very time constrained that

anyone can do number one is that you

don't do one-on-one you do one to many

but you don't do unlimited because

you're probably not good enough to do

that yet but you can do semi-private the

reason semi-profits is one of the most

profitable service models is that you

can charge two-thirds of what you can do

one-on-one but you can do it with eight

times as many people if you have a group

of eight students it's still a small

group setting they still get the

personalized attention but when they're

taking problems you can have them take

turn doing the problem versus teaching

someone on the property if you charge 60

an hour and you're doing one-on-one

which is the typical model that most

people will do you work four hours you

would make a total of two hundred and

forty dollars versus doing one on eight

and charging thirty five dollars with

eight people there you make Eleven

Hundred for the same four hours this is

when we talk about opportunity Vehicles

four and a half times more money per

unit of time because you have this model

and not the 101 model from a money math

perspective you charge 35 bucks it's

cheaper than the 60 that someone would

charge one-on-one you might be better

but you have eight people you're making

two hundred and eighty dollars an hour

you do four of those hours a day you're

making 11 500 a day for four hours of

work you're one of those people who was

a really good student didn't know what

to do you could make more doing this

than you being a doctor not have to go

to school not have to take loans and

still have your entire day and just work

from six to ten not bad what's cool

about this you can do it at free

libraries I got tutoring I did it at

Free Library she didn't have to pay for

that I got to do it just at Cost all you

have to do would be to get students that

would pay you three times a week and you

would need 50 students to do that 35 a

session would be a very nice sweet spot

that most people could afford and you

price that again based on the fact that

they would make a hundred thousand

dollars more a year if they go to these

better schools in terms of packaging

this I would prefer to get people to

prepay because I don't like

transactional one-off things because it

ties it too close to the time I'm

spending but I would work it out so that

it would be 35 a session I could

probably estimate in order for us to

increase your child or student or your

own score every thousand problems

statistically gives you an extra 20

points whatever that math would be that

would be obviously a core part of my

selling pit we have to get you to do

this many problems which is going to

take this much time and so I would sell

the goal which is how much do you want

to increase your test score from a

curriculum perspective you have a

three-day curriculum that you teach the

class A and Class B separately and then

the last day you do is the makeup for

those people but they would still have

to pay the same rate but that way they

don't fall behind so you literally don't

have to do anything during the day you

could work a full-time job you could

play video games all day and then just

do tutoring four hours test prep is

extremely repeatable if someone does the

work they did a research study the test

scores that people have on sats and GMAT

is directly proportional the number of

problems they solved before taking the

test it's a very clear input output

equation the more problems someone does

the better their scores are when I

learned that one research graph I bought

every single GMAT phone book that I

could find at Barnes and Nobles and I

did all of them and that's how I scored

above Harvard's GMAT and it took me four

months to do that I worked personally

four hours a day doing problems on

Saturday I would do a test to test my

score to see if I got better kind of

like chess where there's pattern

Wrecking initially I was more motivated

to be good at this test than any test

I'd ever taken which is why I got so

motivated to help other people do it too

which is why I started thinking about

that business so if you are somebody who

was pretty good at school was pretty

good at standardized tests this is a

really great opportunity that you could

make top one percent earnings with no

Capital out of pocket no rental space no

build out first thing to do is hit up

your network all the people that you

know go knock doors but also dming

people that are in your high school you

can say hey do you know anybody who

needs test prep Services I got this

score and I moved my score from X to Y

just doing this I'm walking people

through it so that they can get the same

test scores because I was able to get

into a better College as a result of

this course here's where I was here's

what happened here's the method I used

here's the outcome of the Improvement I

would also be edming parents and adults

because I have no shame if you want to

start a business you should probably get

rid of your shame because you're going

to get embarrassed so you just ask lots

of people and if you ask enough people

and say hey I'm giving a free session to

show how my whole method work and I'll

do it for free and if it makes sense for

them awesome and what that is is really

more of a half assessment into a sales

pitch you do a little bit of at the

beginning show them one easy win they

they can have they see an improvement

and then you transition like this is how

I teach do you like that you give the

first five to ten for free and you do

that you say you have to do your

homework and every day you don't do your

homework I will bill you you have some

skin in the game and then they might

even like that where they're going to be

way more motivated to actually do the

work and then in so doing they will get

even better test scores at the end of

that there's three things you're going

to ask for them feedback on things that

could be better your testimonial and

you're going to ask them for a referral

there's the big three that you're going

to do in exchange for doing the work for

free if you get more than 10 people who

really want then guess what you can just

start charging once you have the

referrals and the testimonials posts the

testimonials let me know if you're

interested too very simple they post

anybody who engages you can DM them with

better offer if that was my first ten my

next 10 I'm doing for half off those are

not super hard ride hooks because

they're inspiring for a lot of people

people think it's cool and then you have

call to action switch drive into your

DMs and then you can upsell them from

there beyond that the other two ways

would be reaching out to people who you

don't know not just people you do know

and then running ads most people could

just do people they know referrals going

to sports teams where they need tutoring

and saying Hey I'm know some of these

guys are worried about getting into

school I know they're not trying to go

to Ivy but they need to get above an X

to get in with their sports scholarship

or whatever you can go to the teams it

spreads really quickly and then all the

lacrosse dudes or all the hockey dudes

could come at the same time after

practice you do a good job the word of

mouth will spread that's it it doesn't

have to be a complicated amount maybe it

takes you six months to build up your

student base to be at a thousand bucks

or 1100 bucks a day would you rather do

that than spend four years in college go

into debt and not make money the entire

time and have to work full-time to do

that your fault so you could do all that

stuff that I just said on your own with

basically no help and get yourself to a

top one percent earning income which is

better than anything you're going to get

after college anyways you could do it in

six months without risking the money the

time and the debt but if you wanted to

go Super Saiyan you can have other

people do those things for you because

then you just get really good at getting

the students to sign up and say yes and

then you templatize your process for how

you get them to do more problems because

that's the most predictable way of

increasing their score and so then you

have a teacher who you can pay 50 bucks

an hour you make the spread between the

280 and the 50. and many teachers will

happily work for fifty dollars an hour

and if you really wanted to run really

crazy margins which I prefer to I like

to have my service based margins to 80

or higher which means that my cost per

unit below 56 so 50 works there that

means you can pay good people they could

make more than they're making with the

real job they're happy to do it the

students are happy to pay it because

it's less than 101 and then all the

while you get to scrape everything off

the top without ever having risk and

then those four hours you get back what

do you do you promote more you Market

more you sell more you get more people

in and you find other teachers so then

what happens is you start getting a

development pipeline for getting

students in and a pipeline for getting

teachers in hey teacher at set 50. do

you have any other teacher friends who

you think would be good at this yeah

I've got 10 friends who would love to

make twice as much money in half the

time great send them my way then you get

a line of teachers who are waiting for

you to find them students and a lot of

students that are ready to come in

groups you want to go God mode you can

do four teachers rather than one and

they're now getting paid 50 bucks an

hour you're still making your same 280

but you're making 1100 ish per hour

because you got four guys working so at

the end of the day just that half day of

four hours with four people working

you're making 4 400 and you paid each of

them two hundred dollars each eight

hundred dollars off Forty Four Hundred

you're looking at thirty six hundred a

day does anybody know what it takes to

make a million dollars a year in income

survey says 3 300 a day you're at 36.

guess what you now make a million

dollars a year you're more than above

the top one percent and you do it with

four employees that are part-time and

some Hospital