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The Educational Entrepreneur: What I Did and Why

When I started my tutoring business, I left my old job and became a full time educational entrepreneur! I'm better when I'm fully committed, instead of going in increments. This puts a certain amount of pressure on me to get moving.
Now remember, I spent my first six months as an educational entrepreneur researching tutoring services and writing my business plan. During this time, I was still working as an attorney.

But it's been my experience that things just don't get done until there's a deadline or a reason for the task to be accomplished. And, when there are no other sources of income, it's a pretty good reason for me to get the new tutoring business on track. My journey as an educational entrepreneur had begun.

Think about it, I bet your current business life relies on deadlines and time constraints. But don't go crazy here, unrealistic time lines and dead lines serve no function, and can be detrimental and disheartening.

Some might think I was reckless, but this is far from the truth. I'm calculating and methodical by nature. I just happen to believe that you have to take the leap when you're done with the thinking.

The Tutoring Business is Seasonal

There was one major lesson I learned in my first year as an educational entrepreneur: the tutoring business, especially when you're first starting out, is very seasonal. You will hit some dry spells when your top notch tutoring service isn't bringing in any money.

Sometimes you'll know when the tutoring is going to slow down. People don't want to tutor (or spend money on tutoring) during the holiday season (think November and December). This is a double whammy for you since you have Christmas presents to buy too.

And don't forget Spring Break-who wants to tutor then?

Tutoring also tends to slow down at the start of summer (most parents feel an obligation to let their kids experience some freedom after a long, hard school year). I had to become even more committed to my role as educational entrepreneur and supplement my tutoring service with other education based activities, such as pre-k classes and adult education classes.

Starting Part Time or Going Solo

Being the cook, waitress and dishwasher: The solo educational entrepreneur. If you start tutoring on your own with no other employees or tutors (besides yourself), you can easily start your business for under three hundred dollars if you already have a computer, printer, and internet connection.

Here's a summary list of things the educational entrepreneur should consider purchasing or obtaining when starting a small business:

Get a"DBA" (doing business as) from your county clerks office, open a business bank account in the name of your business-the bank will ask for your DBA.

The bank will also ask you for a tax identification number. Check the IRS site for the requirements on a Form SS-4 which is a request for a tax identification number. You can do this online. If you’re a sole proprietor without any employees and don’t file any other tax returns, you probably don’t need a tax identification number, but check the IRS site for other requirements.

If you don’t need a tax identification number, you can use your social security number.

A business bank account is important when starting a small business. Remember Uncle Sam? If he decided to audit your tutoring business, it really looks better if your business and personal assets are not comingled. As an educational entrepreneur, you should always think of ways to protect yourself and your business.

Purchase a small amount (200-500) of plain business cards and stationary-better yet, print your own, purchase a monthly calendar to schedule your appointment, and keep this with you 24/7.

One mistake that educational entrepreneurs make is trying to make things more complicated that they should be. Remember one thing: it’s the service that you produce that matters. In the beginning, keep the tutoring business simple. Spend more money on tutoring materials or things that help you deliver a quality service, instead of the fancy cards, pens, and stationary.

Set up tutoring at your client's homes or at school or local libraries, so you don't have to pay rent or mortgage for a tutoring center. Starting a small business doesn't mean you have to buy or rent a building...yet. Be smart!

A word of caution. In the back of your head, you should always bee protecting yourself and your business. Never tutor a child in a private setting without other adults present. Even if you tutor in home, don’t tutor unless a parent is also at home.

Even frivolous and groundless allegations, will still stop your business in its tracks.

List a P.O. Box on your business cards and stationary, as well as a cell phone number instead of a home number for privacy purposes. Remember, the less money you spend on your overhead, the more money you get to keep.

Besides, most clients who aren't going to the major tutoring franchises are expecting you to be a small time operation anyway.

And if you plan on growing your tutoring service, don't forget to start putting some money away for the grand re-opening of your full service tutoring business.




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