5 Lessons You Can Learn from Asia's Millionaire Tutors
Learn the Secrets of Asia's Millionaire Tutors
Have you ever heard of a millionaire tutor? How about a tutor earning more than a professional baseball player? Or a tutor becoming a national celebrity and pop icon? This may seem far-fetched to a western tutor, but there are currently tutors in Asia that earn multimillion dollar salaries each year. This article looks at how they do it and what you can learn from them.
Learning from the Celebrity Tutors
It may be hard to believe that you can become a millionaire by tutoring, but this is exactly what tutors in Asian countries have accomplished. Take for example South Korea's Woo Hyeong-cheol. A math teacher that earns $4 million per year. Or Singapore's Phang Yu Hon who teaches physics and earns more than $520,000 per year. Or Hong Kong's Richard Eng who earns over $1.5 million dollars and drives Lamborghini's and Ferraris as a result of being the country's best-known English tutor. In countries like South Korea, Hong Kong and Singapore, tutors have become multimillionaires and national celebrities and even average celebrity tutors can earn more than $120,000 per year.
While there are some significant differences between tutoring in Asian and Western countries, tutors in the west can still learn from Asia's celebrity tutors and apply these lessons to their own tutoring. The following are five techniques Asian tutor's use to maximize their earning potential.
1. Group Tutoring instead of Individual Tutoring
All of the celebrity tutor's in Asian countries teach groups of students rather than individuals because this is the only way to earn large amounts of money. The hourly or monthly rates charged by celebrity tutor's is often not that high, but because they teach so many students they are able to earn high amounts of money. For example, a popular tutor in Hong Kong might teach 100 students in a single lesson, each paying as much as $12.50 to be there. So a tutor working 40 hours could gross $50,000 in a week. One of Hong Kong's largest tutoring company's Modern Education limits class sizes to 45 students and its teachers are still able to earn high salaries.
You can apply this strategy to your own tutoring, on a small scale if you are working independently or on a large scale if you operate a tutoring business. By teaching multiple students at once you can offer a lower rate to the students to make your teaching more affordable and at the same time you can earn significantly more for each hour of teaching.
2. Leverage the Internet
Korean tutors Rose Lee and Woo Heyong-cheol use technology to teach to a virtual classroom on the internet and in doing so can reach as many as 50,000 students. Each of these students pay for access to the online lessons and can also purchase study materials from the site.
Tutor's in western countries can also take advantage of the internet by recording videos of their lessons and posting them online. Sal Khan of the Khan Academy did this and as of April 2011 his website has attracted more than 51 million visits. Tutors can also sell useful study aids on the internet.
3. Brand Yourself
While in many western countries the only brands in tutoring are the tutoring companies, in Asia the brands are the tutors themselves. Students seek out specific tutors who are known to get the best results. Advertisements feature images of tutors and their names. The emphasis is on the tutor more than the company, and tutor's are associated with a specific subject rather than a wide range of subjects. Western tutors can do the same. Make your name a focal point. Use your business card and associate your name with a specific subject. Track the results you get for your student and associate this with your brand. Over time you will be able to build your reputation and earn more money.
Hong Kong tutors have taken advertising to an entirely new level. Led by millionaire tutor Richard Eng who began advertising in newspapers and on television, tutors faces can now be on 40-foot tall billboards, the sides of double-decker buses and some tutors even appear in music videos. Western tutors do not need to spend enormous sums of money on tutoring, but that doesn't mean they shouldn't seek out innovate advertising methods with high impact.
5. Develop a Teaching System that Gets Results
Although some students might initially get lessons from a celebrity tutor out of curiosity about the tutor, students won't continue to pay money unless the tutors deliver results. In Asian countries where performance on test scores can have a huge impact on the future success of a student, results are what students are paying for, and it's the teachers that deliver the best results that can ultimately earn the highest salaries. The same concept applies to tutors everywhere, but some tutors may not track the performance of their students and may not focus enough on how to teach more effectively. Doing both of these will help you become a better tutor and will increase your earnings potential.
Put these five lessons into practice and you will experience significant growth in your own tutoring earnings.
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