Is Hourly, Monthly Or Yearly Classroom Rental The Best Way To Provide Economics Tuition?

Economics tuition has been increasing in popularity in Singapore. Increasingly more students are getting economics tuition in Singapore. As a result, the market for economics tuition has been expanding. This has increased the incentive for many economics school teachers and economics graduates to enter the economics tuition industry. However, there are many economics school teachers and economics graduates who want to provide economics tuition but do not know how to go about doing it. The question is, is hourly, monthly or yearly classroom rental the best way to provide economics tuition?

Hourly Classroom Rental

The economics tutor can rent a classroom on an hourly basis. This means that they will pay certain amount per hour of classroom rental. In Singapore, the hourly rate for classroom rental ranges from $25/hour to $50/hour, depending on the sitting capacity, the location and the availability of a projector. With a duration of two hours per lesson of economics tuition, this works out to be between $50 and $100 per lesson. This is an easy way to provide economics tuition. There are, however, some disadvantages to this method. As the economics tutor pays an hourly rate for the classroom rental, the operator of the classroom is not obliged to reserve any time slots for the tutor. The implication is that if the economics tutor wishes to start new classes at a later time, they may not be able to get the time slots that they want. Furthermore, the economics tutor will not be able to conduct consultation with their students in the classroom, unless they get the consent from the operator which often comes with extra charges.

Monthly Classroom Rental

The economics tutor can rent a classroom on a monthly basis which means that they will pay certain amount per month of classroom rental. The monthly rent for a classroom starts from $1000/month to $1800/month, depending on the factors stated earlier. There are several advantages and disadvantages to this method of providing economics tuition. It may be more or less costly than hourly classroom rental depending on the usage of the classroom. If the economics tutor conducts many classes, they are able to make fuller use of the classroom and therefore it is likely to be a cheaper way to provide economics tuition. However, if the economics tutor conducts only a few classes, this method is likely to be more costly. One advantage of this method is that the economics tutor is able to provide consultation to their students as they have the whole use of the classroom. There is, however, a big disadvantage of the method which also applies to hourly classroom rental and that is lack of certainty. If the operator of the classroom decides to stop renting the classroom out, the economics tutor will have to vacate the premises and find another classroom elsewhere. This can be pretty challenging as some of the students may not be able to move to the new place.

Yearly Classroom Rental

The economics tutor can rent a classroom on a yearly basis. This means that they will pay certain amount per year of classroom rental. The yearly rent for a classroom in Singapore ranges from $12000/year to $21000/year. Yearly classroom rental can be more costly than hourly and monthly rental. The reason is that the economics tutor is unlikely to be able to make full use of the classroom in the months of November and December due to the external examinations and year-end holidays. This method, however, has an advantage over the hourly and monthly classroom rental which is certainty. The operator of the classroom is not allowed to stop renting the classroom out in the middle of the contract. This means that the economics tutor is able to conduct a full year of economics tuition without any disruption from the operator of the classroom.

Christopher Lau

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