As my MBA start date draws closer, I’m starting to think in more concrete terms about finances. Happily, scholarship grant money is covering tuition and fees, but I’ll still be giving up my salary and savings aren’t going to cut it. I’ll probably be taking out a Stafford loan in the near future, but my goal is to pay it back as soon after graduation as possible. Towards that goal, I intend to work while in school.
My plan is to do parlay my test scores and higher ed experience into an SAT tutoring and admissions consulting service. In the back of my mind though, I’m wondering if I can turn that service into a full-fledged business: after all, I will be studying entrepreneurship – my own test prep company could basically serve as a risk-free laboratory for those studies. I have a few preliminary ideas:
- I believe Princeton Review and Kaplan are both overpriced and bloated in terms of tutoring. Their study materials, however, are excellent, and I wouldn’t want to try to compete in that arena, at least initially.
- PR & K don’t pay their teachers all that well. This partly explains how Manhattan GMAT cut into their market share so significantly.
- I’m trying to figure out a way to incentivize score increases. In other words, pay the most effective tutors more, measuring effectiveness by how many points a student gains from one test to the next. This is more complicated than it sounds, because not all students start at the same place, and some students are more difficult than others. But I think the principle is solid.
- I think tutors should have control over their time. This is one of the things I loved about teaching piano lessons – I controlled my schedule. Plus, the idea of a Results-Only Work Environment is still pretty fresh in my mind.
- I have lots of concerns over colleges’ use of the SAT. Though that’s not the issue I want to spend my life tackling, I do think it’s possible to mitigate some of the problems through SAT prep. One idea I had was to train new tutors by assigning them low-income students who are good candidates for college, who would pay only a token fee for the service.
The plan right now is to obtain a few clients with some craigslisting and some targeted flyering. Since I only want to work part-time while I’m in school, it’s probable that I’ll fairly quickly reach the point where I want to think about bringing others on board.
If anyone out there has done any test prep, I’d love to know the things that really helped you or things about your job that you really didn’t like.