PEER’S QUESTIONS
1. I’m curious why you choose the age demographic of 16-35 years old? Typically, 16-year-old are still in high school, and the courses you are offering for tutoring are not available in high school. (finance, econ, accounting, marketing, and management)
Answer: Ace Haste Tutorial will just focus on Post-Degree Diploma Courses and Business Courses in College Level. I chose 16-35 years old bracket because there are some students (16 – 20 years old) in the Philippines who are taking economic courses and mathematics/finance in high school which will be included in the online revenue stream.
2. Is this a partnership with Coast Mountain College? You mention that you can apply to be a tutor with the college, but the way you are conducting business makes you seem like a separate entity.
Answer:Â There will be no partnership, as a sole owner, I will apply as tutor in the college, acting in behalf of my business.
3. What platform will you use for online tutoring? You mention your in-person and marketing channels, but not the online tutoring sessions.Â
Answer:Â I will leverage technology like zoom, blue jeans, video conferencing via WhatsApp, or messaging apps.
4. Are you charging the college or students for tutoring sessions? As far as I know the college doesn’t charge students directly for tutoring.Â
Answer:Â I will be the one to charge the students, I will just utilize the college for reference and credibility factor for some students that are not familiar with me.
5. Why are tutoring sessions for marketing, and management $5 more expensive than accounting and finance courses? Wouldn’t it be the other way around, so harder courses are more expensive?
Answer:Â Yes, finance, accounting and economic courses are more complex, but I would like to charge students lesser than marketing and management because I will teach them myself. Latter courses will be taught by my potential employees who I will charge some percentage on service fees.
6. What is your pricing strategy? Is it competitive pricing, industry average, or something else. Be aware that the college pays their tutors $22.50 per hour with an average tutor doing 2-4 hours a week. (you can talk to Jay Bisset for more information).
Answer: I will engage in low-price strategy, because I want my business to focus on student’s progress. Service fees are more likely to cover some opportunity costs and other expenses.
7. How do you plan to attract students from various locations, such as Terrace, Northwest BC, and CMTN campuses, considering you’re offering both in-person and online tutoring?
Answer:Â As part of my marketing strategy, I will bring the tutorial service to the college, I will apply myself, acting in behalf of my business as a sole owner. I will also utilize social media platforms. I have 15,000 followers on Facebook, and 4000 subscribers on YouTube for some promotional strategies. Word of mouth is a helpful way too, as I have friends and colleagues that will help me spread the business.
8. What will make your tutoring services stand out from other platforms or services that cater to the 16-35 age group?
Answer: Firstly, I am flexible, I can provide service based on student’s needs and their preferred styles. Secondly, my price is a little bit less expensive than competitors, and lastly, I graduated as educator and I completed units in teaching so I am confident that I can cater exemplary service.
9. How do you plan to cater to both fast learners who want quick solutions and slower learners who need more personalized attention and support?
Answer:Â I will apply different approaches under my operation plan. I will provide continuous tutorial without interruptions for fast learners and more of excessive tutorial with Q and A for challenged learners.
10. How do you plan to meet your target of enrolling two regular students in each of the five courses by the end of the year, and what steps will you take to retain students long-term?
Answer:Â I am currently doing tutorial for one student right now, and I have 3 potential students in Fall. Through connection and proper advertisement, I am positive that I will meet the target. The important step that I would take to retain the students long-term is through result-oriented approach. Trust can be earned through excellent results.
11. What actions are you taking to build strong relationships with the college, so your business becomes their go-to provider for tutoring requests starting in the second quarter of the year?
Answers: IÂ will apply and show my credentials and qualifications to establish strong reputation. I could also use of referrals from past instructors for specific courses.
INVESTOR’S QUESTIONS
1. What’s your plan for getting new students throughout the year?
Answers: I am planning to bring my service to CMTN to ensure I can get students for my business, and I will ask my previous students whom I did a successful tutor to re-enroll and this time for my registered business and I would also seek for referrals. I will also reach out to my alma mater for some tutorial service opportunity. There are lots of sources to undertake from.
2. How many regular students do you need each month to keep things running smoothly?
Answers: I only need 1 student to sign up for online session (3-5 hrs a week) and 1 student for face-to-face tutorial (3-5 hrs a week) to keep my business going. I will have two students to sign for 8 hrs/week session (1 student) and monthly contract (1 student) at the end of the year. I believe this is a realistic assumption because I don’t want to overwhelm my projections where, in the end, it will negate my financial projections.
3. If you had to take a break from tutoring, what would happen with the business?
Answers: There’s always a plan for hiring commission-based tutors and in fact, I have list of credible colleagues to start, so if I have to do breaks from my tutorials, I would continue in operation through my employees.
4. Are you thinking about offering more subjects or maybe bringing someone in earlier?
Answers: No, my tutorial business will be focused on business courses because I don’t want to do something that is outside of my expertise, however, I will hire employees as commission-based tutors in year 3 for other courses related to business.
5. How much will each class cost, and why did you pick that price?
Answers: My prices are found in Sales & Marketing page under Marketing Mix. I pick these prices, below the industry average, to offer affordability and accessibility.
6. Will you get paid hourly, per course, or monthly? How will this affect your income?
Answers: The payment would be in hourly basis per courses enrolled and monthly for contract-based students. It will not affect my income because it was already included in my financial projections. The only thing that will have a direct impact on my income will be the actual demand when the business is starting.
7. Can you show simple formulas (students*price=income) in Excel? Also, can you give the monthly profit and cost of goods sold breakdown?
Answers: Yes, I will update my excel file to include the monthly profit, but there will be no need to include COGS because I am not selling products, I am offering entirely service.
CUSTOMER’S QUESTIONS
1. How long are the sessions, and what do they usually cover?
Answers: The sessions will depend on the student’s preference, it could be 1 hr, 3-5 hrs or 8 hrs a day at maximum, nevertheless a simple lesson plan would be a great help to keep the session as organized as possible. The coverage will be based on the student’s course syllabus.
2. Is it possible to cancel or move a session if something comes up?
Answer: Yes, for sure, students have the privilege for that arrangement.
3. Do you let students know how they’re doing or give any kind of feedback?
Answer: Yes, the plan is to have an assessment every session, to keep track on student’s progress, and will give feedback right away.
4. Can I switch between online and in-person whenever I need?
Answer: Yes, for sure, the idea of not over projecting with the demand, is to offer flexibility among students who choose my tutorial service. This situation can be arranged and communicated accordingly.
5. Is there a trial session or discounts for new students?
Answer: There is no trial session but it’s on their discretion whether to continue or not, I will use testimonies from my previous students for assurance. I will not be offering discount because my pricing range is below the industry average, but will consider if the business grows for repeat clients.
6. What are the tutor’s qualifications to teach these subjects?
Answer: Of course, the first qualification is the subject matter expertise. Potential tutors should receive at least a grade of A in the course they are applying to teach, and they have a good professional background.