Have you considered generating passive income for teachers? If yes, here is the good news! Tutors can generate more money without having to change their profession.
Luckily, today due to digitalization, there are many options that enable teachers to earn passive income. It has become easier for tutors to add extra bucks into their bank accounts without leaving their homes.
Also, if you are hardworking enough, you can earn more than just a few bucks; it all depends on how much time and effort you dedicate to creating an extra income source.
Here we will learn about some practical passive income for teachers. But before that, let’s have a glimpse of what a passive income source actually is.
What Is Passive Income? 💸
“Passive” as its meaning is something that is not consistent, but it still exists. Passive income simply is an income that is generated from time to time and may not be regular. For example, part-time jobs and freelancing are two example sources for generating passive income.
Another example is selling books whether online or offline; whenever an author sells a book, he earns some commission from it. The book might not get sold regularly, but it generates some money for the author whenever it does.
Similarly, being a teacher, you can generate a passive income that will be an add-on to your regular income.
How To Teach Online Courses & Make Passive Income👩💻
No more are those days when students used to rely on physical classes to learn something. Today everything is completely digital, and the same applies to teaching.
According to market research, the digital education industry is expected to reach USD 45 billion by 2026, estimated to be USD 11.5 billion in 2021.
The same brings an answer to how to earn money by teaching online. Tutors can create online courses on virtual learning platforms and create an additional source of income.
As a tutor, you can sign up on virtual learning platforms and upload your tutoring sessions. This would allow you to make money by selling online courses whenever learners purchase your courses or videos.
Such platforms provide you with an LMS or Learning Management System with all the necessary tools for virtual teaching and learning. Examples of features that an LMS-integrated platform brings you are class recording, multiple content formats, certification, exams, course management, etc.
Let’s now find out the different ways in which tutors can earn money
Earn Money From Teaching – Create An Online Channel 📈
The first step toward tutoring online is to create an online channel. Various platforms nowadays let content creators create a channel for themselves where they can post regular content.
This content is then streamed by the audience, and every time it is streamed, the content creator gets to earn.
Platforms like Udemy, Coursera, and Skillshare allow teachers to earn by letting them create online tutorials and tutoring online.
By using an online tutoring channel, you can do the following:
- Conduct live sessions and teach students in real time.
- Upload tutorials that students can stream whenever they want.
- Teachers can share notes in different formats and let the students download them.
- Teachers can also enable live sessions to record so the students can watch later as well.
Once you have started uploading the tutorials, you can choose a monetization option.
Monetization is the method via which content creators earn money whenever their audience streams their content.
There are various ways to monetize your content:
- AVOD – Ad-based revenue system which lets you earn by running ads on your videos.
- SVOD – Subscription-based revenue system where users pay the subscription fee and stream the content.
- TVOD – Rental-based revenue system where users pay for a particular piece of content, such as a course, and can access it for a limited time.
Selling Online Courses for Passive Income
Besides creating e-learning tutorials and letting users stream them, tutors can also create separate courses. Using the same channel, you can pick one subject, create many tutorials about it, and pack it into one separate course.
This way, students interested in learning that particular course would purchase it. For courses, you can use the rental-based monetization method as well. Students will be able to rent the course for a particular period or a lifetime; it depends on the revenue model you choose.
Likewise, you can create many courses and provide them to the learners on rent or for a one-time fee.
When students would pay for the subscription as well as the rental, it would aid you in building passive income for teachers. In addition, many platforms allow a hybrid monetization method where you can earn from more than one revenue model.
Sell more by adopting pre-sell. Here is how:
As online tutor who wants maximum success with their courses, they need to learn the concept of pre-selling. This means that you need to sell your course even before you have developed it.
Publish your course online even when it’s not ready, sell it at a huge discount, and see how many students show interest.
However, always be clear about your intention while pre-selling. Let your students know that you will prepare the full course soon, and this is just a pre-sell stage. Offer a huge discount to those who show interest in buying that course; this is how you would know how many people you would attract for the course.
Such kind of practice saves you time and money and tells you about a specific course’s potential.
Additional Ways To Generate Passive Income Online As A Tutor 🎁💸
Other than creating tutorials and selling courses on different streaming platforms, there are more ways to earn as a tutor. All these methods allow you to earn additional income while being in your space of comfort.
Let’s explore these additional ways to earn
Create Online Test Series
There are many websites that let you create online test series. The test software enables you to add questions about a particular subject. You can also arrange these questions in the same format as competitive exams and add a time limit to the test.
This would help students utilize your test series as a demo which would prepare them for their actual competitive exams. Once created, you can then upload this test on your channel and let your followers know about it.
You can set the pricing for such tests where you get paid every time a student purchases it.
Sell Your Teaching Resources
A teacher creates hundreds of teaching resources in their overall career. These resources can immensely help students who dream of excelling at different subjects.
Many online websites allow teachers to sell their resources and earn money at the same time. These sites value the resources that tutors have to sell, and they pay great prices as well. You can try websites like Teacherpayteachers, Etsy, and Issuu!
Podcasting
If you are more enthusiastic about recording your audio rather than putting your knowledge into texts, podcasting might be a great way to start.
Here you need to have some budget-friendly equipment, to begin with. Purchase a basic mic, headphones, recording software, and an audio interface. You can also purchase a mount, pop filter, and lighting; however, these are completely optional things.
Virtual Assistant
As a teacher, you might want to try your hands on writing, editing, managing podcasts, or some technical support.
Since it will be a virtual job, you don’t have to leave your home and can easily fit it in with your existing teaching job. Upwork and Fiverr can be your go-to platform for finding jobs related to virtual assistants.
Can Anyone Deliver An Online Course Or Class?
Creating online courses doesn’t need you to fulfill a specific eligibility requirement. Anyone with knowledge of a specific subject or skill can create an online course. However, the success of your course depends on the quality of your content, your teaching skill, and how well you put yourself out there in the market.
Also, the depth of a course depends on your knowledge or how well-versed you are in a particular subject. Whether you want a beginner-level or advanced course depends on you. Moreover, you can also provide certification to your students on course completion.
Types Of Online Learning
When we talk about online learning, we also talk about the ways in which the classes or sessions are delivered. There are two ways in which tutors can deliver their sessions; these are known as synchronous and asynchronous online learning.
Below we will have a brief overview of these two popular online learning mediums:
- Synchronous Online Learning
Synchronous online learning is one in which sessions are delivered in real time.
Some examples of synchronous online learning are webinars, live events, and Zoom workshops. However, this kind of learning is not very much preferred by the students since it is a one-time opportunity leading to our second type, asynchronous learning.
- Asynchronous Learning
As you can comprehend, asynchronous learning is the opposite idea of synchronous learning. This learning presents you with pre-recorded videos; you can stream them whenever you want.
Students prefer asynchronous more as they can watch the sessions per their own schedule, and there is no time restriction. On-demand videos on VOD platforms, podcasts, and e-learning modules are examples of asynchronous online learning.
Best Money Making Ideas For Tutors In 2023
Tutors can consider various courses and start making videos and running the channel. It always works best when you create courses that are in demand and you are passionate about.
Students or professionals who want to upgrade their skills take such courses and step up their game. Let’s have some ideas about these money-making courses you can try creating.
Health And Fitness
People are becoming conscious of their health more than ever and hence taking steps toward maintaining themselves. However, most do not know where to start; they are unaware of the right diet, exercise, and overall routine for a healthy lifestyle.
So if you are a tutor who enjoys giving information in the health and fitness niche, this is your catch! Most people refrain from going to physical gyms; that is where your courses can be the most helpful.
Business And Entrepreneurship Courses
This is the era of entrepreneurs where people want to establish something on their own. Gone are the days when everyone was dependent on 9 to 5 jobs; now, people are more inclined toward creating an idea and building something beneficial out of it.
For the same, they are looking for money-making courses, and entrepreneurship can be their greatest inspiration.
If you enjoy giving tips on entrepreneurship and helping others to build their businesses successfully, you can start your channel. Ensure you have the proper knowledge of the topic you create lessons on; a person who has studied business is the most suitable for such course creation.
Finance And Investment
Investing is an essential decision in everyone’s life; the more wisely one invests their money, the more positive returns they get.
Nowadays, there are various investment options than the traditional ones, and cryptocurrency is the best example. Young people look for something easier and quicker; they don’t want to wait decades to get the returns.
The stock market, for example, is an interest of many, and if you are someone who can share tips about investing, you can guide your audience on how to invest the right way.
Art Courses
Do you have experience in some kind of art? Can you sew or paint? Or perhaps you can sculpt or play guitar? Art never grows old, and there is always demand for an artist.
So if you are really good at what you craft or create, expand your horizons and create a fanbase. Start your channel and let the world see your artistic potential. Be popular, start earning, and set yourself on a bright voyage as an artist.
Photography And Videography
The next one in the money-making courses is to teach photography or videography skills. Many people want to be better photographers but don’t have time to attend physical classes or don’t have that much budget.
You can be a boon to such an audience and help them refine their camera handling abilities. If you have a professional diploma or degree in photography, you can create courses about the same.
Checklist to consider before developing your online courses:
- Start a course only if you have expertise in it.
- Utilize your certifications and create courses on that subject.
- Always calculate how your viewers would benefit from your course; know how your course would be different from other tutors.
- Teach something you are passionate about, and you really enjoy teaching.
Final Thoughts
Those who have a passion for teaching or are already a tutor can create additional sources of income without leaving their profession. Since the world has become digital, it also brings you many sources to earn extra income without being dependent on traditional ways of earning.
Today, if you want to earn as a teacher, you don’t have to teach students via physical classes. There are streaming platforms that allow teachers to upload educational content and monetize it using their preferred revenue models.
Tutors can build online courses, upload tutorials, become virtual assistants, sell teaching resources, etc.
There are all kinds of side hustles depending on your preferences and which skill you have experience and interest in.
Teachers can earn extra income by tutoring online, creating courses, selling eBooks, freelancing, etc.
One can earn passive income digitally by teaching online, selling digital courses, selling teaching resources, selling digital eBooks, etc.
It is the income that is generated irregularly. The frequency of this earning might not be at fixed intervals; such income is known as passive income.
Online courses are one of the best ways for anyone to make money. They need you to put effort in the beginning, and then provide you with a decent income.
On an average, tutors can make $200 per month; this might exceed according to their dedication and time given toward building their virtual learning channel.
As an educator myself, I can’t stress enough the importance of finding ways to generate passive income. Teaching is not only a fulfilling profession but also a demanding one, often requiring long hours and immense dedication. Therefore, exploring opportunities for passive income can be a game-changer, enabling teachers to secure financial stability and even achieve a greater work-life balance.