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There is almost no daytime work unless you do schools. I worked for Kent music school part time and taught a few schools privately.
You lose a lot of money in school holidays.
Group lessons are great money earners but much harder to teach.
Plan lessons and keep a file. They quickly come round again. The more you have the less you do in the future. Make a study path for students. Know where you are going with them. Set goals and targets.
Think of ways to keep it interesting. I did a lot of recording and composting stuff for lessons I taught at home.
I got together with a local drum teacher and a vocal teacher. Between us we put on end of term gigs which parents loved. Kids loved and helped with getting material.
Don't cram stuff down people's throats. Concentrate on small amounts of info and lots of ways to practice it.
Adults often screw you around. Charge a short notice cancellation fee. I did 24 hours or lesson fee had to be payed.
Don't get stuck on trying to play a piece perfectly unless it's a grade. But also don't gloss over.
I never made great money just teaching. It was 2000 to 2005 and in a good year it was 10k. After that I topped up with gigs and studio work. One year I hit 20k and it burnt me out. Gave up completely after that only playing again in 2011
In any case you have to start small to get a reputation and see if you like it. IMO
Finding a school you can spend a day in seems quite important, unless you can do something else during the day.
My band mate teaches guitar, bass, and piano in schools a couple of days a week. He still has a part time office job as well, though music pays considerably more per hour it is based around term time and there's no guarantee how many students he'll get. Being a multi instrumentalist helps a lot in schools.
The singing teachers our singer uses are £40-50 p/h and booked up weeks in advance, I don't think guitar commands the same price and there's probably more competition
I do it as a side thing so that I have time for other stuff [band, movie trailers etc]
more than the money, for me the big thing is seeing them grow..
one of my students came to me 2 years ago and couldn't play anything at all
in his last lesson he played Thin Lizzy: Don't Believe a Word [including the solo] from Live and Dangerous..
he's come so very far.. it makes me smile so much to watch him play..
I use Logic Pro as my main teaching aid. Each student has his own Logic project which contains his specific repertoire and backing tracks.
also, in the Axe-II, each student has his own preset so that I can save the metro's tempo for their warm-up scales
What i will say is that you cant count on everyone turning up every week.....there can be quite a few cancellations for various reasons....iff your relying on that money it can be a problem...you can do block lessons paid up front that would maybe work ..i dont do this cos i still work so iff they dont turn up there isnt any problem
You could look into working tax credit ...its on the CAB website ..depending on your situation and hours working you can get them that will act as a cushion iff need be ...the are assessed every year...
Iv found that all students are different ...i know there are books like RGT and rockschool ...some this will apply to ...others just want to play a few sings ..others want to be Steve Vai....so to me there isnt a set procedure..each one needs approached differently...
For a while I only had two regular students, although it's rather snowballed in only the last couple of weeks and now I'm looking at possibly four or five regulars. I'd quite like to keep building it up, especially as I'm graduating soon and will need to be bringing in as much money as possible - ideally from music, of course.
Think about your rates - I tend to charge £30 an hour, which in some cases is split between two pupils - younger kids who can only really manage half an hour each before they lose focus completely. I charge less for mates and fellow students though - £20, which is less than I'd like but is a much more attractive price, of course. When I started out, I charged £25, which I felt was fairer given my inexperience. There's one student I still teach from that period, and I still honour my initial rate for her.
If you're prepared to travel then great - lots of students prefer it. I don't teach anyone from home, come to think of it - I drive to my students, especially as most of them are back in Buckinghamshire where I lived until recently, rather than London where I live now.
@Teetonetal's advice is great. I've been screwed about by one parent in particular a couple of times - but then she's also my most regular employer for lessons, and I've had a function gig from her as well. I don't even particularly enjoy teaching her kids - they aren't progressing especially fast, their attention span wanders like all hell, they're clearly not interested and don't apply themselves. You might find this with younger kids whose parents are pushing them into it - I do the best I can with them, but it can be a little disheartening sometimes. Sounds cynical, but I need the money and she's happy to keep paying me - I wish the kids would work harder on it, and I stress the importance of practising, but they're clearly not that fussed. What can you do...
Based on what I remember of your playing, I would strongly consider having some lessons from you myself when I have time.
* Advertising is tricky as 'Free Ad' vendors don't allow free insertion for 'services' - ie Gumtree etc
* There will be tens and tens of 'Professionally Qualified' tutors saturating your area ie every man and his dog! So is a lottery if they come to you.
* Do not be tempted to offer half hour lessons - by the time they turned up/tuned up/discussed reasons whey they not got time to practice, will be time to go... ie - you will be judged as not making any significant improvement in their ability!
* Offer them chances to look into their music styles - even if it is Sweet Child 'O Mine on their old Dad's Woolworths acoustic!
* you may spend an hour with them but to that be ready to add to that an hour working up the lesson and an hour following-up the lesson with support material
* Be prepared for 'no shows' right up to the last minute!
* Get no thanks for all your effort and commitment to getting them further up the line!
* It wears your gear out!
* Get a good website sorted but it will be at least 5/6 years before GOOGLE ranks it
BUT - Upside though - You HAVE to knuckle down and get to grips with stuff you too find excuses not to play properly!
Good luck!