The private tutoring industry is highly competitive, and it can be hard to make your business stand out, so investing in marketing and staff retention is key. Here’s how hummpro can help.
Running a private tutoring business can be extremely rewarding. You get the satisfaction of being an educator and helping students grasp concepts and achieve their potential with the flexibility of being your own boss. But it’s not without challenges.
Recent years have seen a boom in private tutoring startups, and competition for both clients and tutors is high. It can be hard to handle sudden spikes in demand around major exams, such as the NAPLAN in Australia and the NCEA in New Zealand, and the shift to remote learning during COVID-19 has forced those businesses that weren’t already operating online to set up virtual services.
But while many tutoring businesses reported an initial downturn in the early days of the pandemic, the industry has largely recovered now, and if anything, businesses with virtual services are thriving in the ‘new normal’. There’s never been a better time to ensure your tutoring business is set up to succeed. Here’s how hummpro can help you overcome some of the challenges of operating in this space.
Standing out from the competition
With thousands of private tutoring businesses in Australia and New Zealand, it can be hard to differentiate your business from the rest. Encouraging existing clients to recommend your service to friends and family is key, but you’ll probably also want to advertise online and through social media. While digital advertising is relatively affordable these days, when you factor in the cost of a professional designer to create the ads and perhaps a social media strategist to help you set up the campaign, it can all add up.
A buy now, pay later solution such as hummpro makes it easy to increase your investment in marketing without impacting your cashflow. Because it works wherever Mastercard is accepted, you can use it to buy digital ads on platforms like Google and Facebook, and even pay for monthly subscriptions to design portals like Canva and social media management platforms like Hootsuite.
As the owner of a tutoring business, you’ll probably agree that your employees – tutors – are your most valuable asset. Experienced and well-trained tutors are more likely to deliver positive results for their students, and ultimately, help you attract more customers. So if your competitors are poaching your best employees, that’s a real worry.
Creating a great workplace culture and ensuring your team feels satisfied and supported is crucial to retaining staff. With hummpro, you can apply for access to up to $30,000 in finance, which you can use for any business-related expenses, from big investments to small, everyday costs. It’s the perfect way to pay for team-building activities like a cooking course or visit to an escape room, and fun perks like catered lunches and birthday celebrations.
Staying on top of admin
Whether chasing up invoices or forecasting cashflow, staying on top of admin is a challenge in any small business. While a tutoring business may not have the same overheads as a business that has to buy and stock a lot of inventory, you’ll still need to ensure customers pay their bills promptly so you can meet your recurring financial obligations, such as rent and payroll.
The hummpro app makes it easy to keep track of spending and manage repayments. All your purchases from a given month are bundled into a single balance, which you have at least 30 days to pay. But if you find that your cashflow is tighter than expected, you can always choose a flexible deferment option.
Set your tutoring business up for success with a flexible finance option like hummpro.