Do THIS to Make $30,000/month as a Student
Summary
TLDRThis 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
💼 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.
📈 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.
Mindmap
Keywords
💡Test Prep
💡Tutoring
💡Outcome
💡Semi-Private Tutoring
💡Opportunity Cost
💡Revenue vs. Profit
💡Standardized Tests
💡Network
💡Prepay
💡Referrals
💡Scalability
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
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