In the era of soaring prices, many people are seeking additional sources of income. Side jobs have naturally become an ideal choice, with some successful individuals earning such substantial profits from their side jobs that they have left high-paying positions on Wall Street to turn their side gigs into their main gigs.
Among various side job opportunities, tutoring stands out as a good way to earn extra money.
Whether you are a teacher looking to supplement your income, a university student with expertise in a specific subject, or a professional with specialized knowledge, engaging in tutoring as a side job can provide you with a flexible and enriching path to financial growth.
With the passage of time and accumulated experience, the hourly rate of a successful tutor can rise from less than $100 initially to $1,000, as in the case of Steve Menking, an American man.
According to a report by “CNBC Make It,” Kathy Kristof, the founder and editor of the side job website SideHusl.com, mentioned that while the demand for online tutoring services may not be as intense as during the height of the pandemic, it is still strong.
Kristof stated that the tutoring industry is popular because it allows you to “set your own rates and hours.” Whether it’s academic or non-academic subjects, there are plenty of subjects to teach, and there are various platforms to choose from.
“It is indeed a great side job,” she said, noting a particularly strong demand for tutoring in STEM subjects and helping students prepare for standardized tests like the SAT and ACT.
One of the platforms recommended by Kristof is Wyzant, which she considers to have a “long history” and attracts “millions of visitors” each month, making it easier for you to find clients. Other popular platforms include Varsity Tutors and Udemy, where you can create and sell pre-recorded courses.
“Tutors can earn between $15 to over $150 per hour, depending on the subjects they teach,” she added.
Jade Weatherington, who previously worked in public education, began teaching English and writing essays on the Outschool platform in 2018. By 2020, her monthly income from the site had reached $10,000.
“I love online teaching because it provides me with the flexibility and autonomy that traditional public school teaching does not offer,” Weatherington shared.
While some may hesitate to offer tutoring services due to a lack of teaching background, Steve Menking’s example proves that anything is possible.
Coming from a trading background at SMB Capital without prior teaching experience, Menking leveraged his Wall Street experience to create a market for teaching math, finance, and accounting to high school and college students. In 2014, he became a full-time tutoring teacher.
His tutoring business flourished, and in 2023, Menking earned over half a million dollars through private tutoring. He is on track to earn a similar income in 2024. Starting with an hourly rate below $100, his fees have increased with tutoring experience. He now earns around $1,000 per hour. On average, he works 20 to 25 hours per week from home.
Menking shared his successful experience with “CNBC Make It.” He advises aspiring tutors to start with their strengths. For example, if you work in marketing, you might focus on English tutoring.
Menking mentioned that the “most important” skill for successful tutors isn’t necessarily having an education degree, although it can be helpful. Instead, “what helped me the most was being willing to understand how different people learn.”
He added, “You can enhance your skills in many subjects through books, podcasts, and other resources, but the most outstanding tutors stand out because they can actively listen, be patient, and truly care to help others learn various materials.”
For those keen on starting a tutoring side job, Weatherington, who has found success on the Outschool platform, advises, “I would definitely tell people that even if they only want to make tutoring a side job, treat it as a business. This may mean following up with students or parents you have taught, asking for their feedback, and learning how to market your courses beyond your platform.”
She emphasized that this shift in mindset will help “drive your creativity in producing what type of courses.”