Hi velmalws! I find that tutoring is still much needed by many nursing students. The biggest challenge is finding a format that pays you what you're worth as a tutor. Obviously, most nursing tutors don't do it only for the money, but we've got to eat too! And as you've probably guessed, the average nursing student has a cash flow problem. I would suggest focusing on business models and even products that help keep costs down for students while still earning enough to make it worth your time.
For example, offering small group tutoring would allow the students to pay less per person, while still giving you a reasonable hourly rate for an experienced specialty tutor (3 students x $20/hr = $60/hr). Other options include coordinating with local schools to offer optional review sessions, and charging students $5-10/student to attend. If most of the class decides to attend, then you'll do pretty well for a 1-2 hour review session. That's just some examples of how you can "think outside the box" to provide tutoring but still get paid enough. Even this model makes it tough (or impossible) for tutoring to be a full-time job, though, because it's still very time intensive and you're still going to be limited by what your local nursing students can afford to pay.
NCLEX and/or HESI review classes are also an option, and students are usually willing to pay a bit more for those.
I chose an online model for my tutoring business (you can see my website link if you go to my profile). When I do individual or small group tutoring, I use video conferencing software (which is cheap or free, depending on your needs, and easy to learn how to use) so I can be available to any nursing student in the world. That definitely opens up my tutoring market so it's easier to find students who are able to pay my rates.
But I also want to provide services that are more affordable, so I created and recorded an 8-week class teaching students the best ways to study and how to learn to think like a nurse. Now students can sign up and start anytime they want, and I can charge a lot less per student because I have to spend less of my time with each student (I still provide great customer service and unlimited email support for questions, so the class isn't completely automated and they still get a "personal touch").
I think my best advice before you proceed with a business like this is to answer two questions for yourself:
1) Are you doing this to earn money, or more as a public service?
2) If you are doing it to earn money, can you develop a business model that will actually earn money?
Question #2 is where most potential nursing tutors get stuck, so think about it carefully. Of course, if you decide that you want to offer tutoring more as a public service, then #2 isn't as important (although I DO find that some students are more committed if they pay, even if it's just a token amount). When you're answering #2, make sure to remember that tutoring is more than just the time you spend with the student...it's also any prep time you need, time spent creating worksheets, writing practice NCLEX questions, talking to students via phone or email in between tutoring sessions, advertising your services, scheduling your sessions, and travel time. You can see how something like $60/hr might SEEM like a lot for tutoring, but when you take into account all the time spent outside of the actual session then it's actually not that much
Hope that gives you some more ideas to think about as you work through this planning process. Feel free to ask me any questions or run any ideas by me...I love talking business, especially tutoring business!