EduFire is web 2.0 tutoring site making easier for GMAT test takers to find tutors and learn with them. EduFire started as a language learning site, based on video tutoring and conversations. Say if you are in India and is preparing for GMAT, EduFire has tutors from around the world, it is easy to find the tutor who matches your criteria. If you are a tutor you can make some decent money that your students pay and Edufire collects 15% service fee. Tutors can set their own prices. Other similar tutoring sites focus more on K-12 education, EduFire focuses on the 18 to 35-year-old students.
The tutoring rates for GMAT as of writing this post varied from $12 to $69. The fee is based on hourly rate. After a session (may contain multiple hours) is finished, a student will receive an invoice to pay the tutoring fee. Student pays EduFire, and EduFire send the funds to tutors via PayPal within 48 hours.
How good the service will be compared to that offered by Kaplan or Princeton Review ? My opinion EduFire needs more time to build a database of tutor ratings as students take these lessons. Once this model catches up I feel it will compete strongly against Kaplan, Princeton Review, GMAT Manhattan and Veritas in online GMAT tutoring space. One more observation I have is when GMAT tutors compete among themselves in EduFire then there is a good chance that hourly rates may come down drastically.
Business Model is good that a medium/channel is provide by Edufire to bring tutors and students together. It is just not GMAT they have other tests too — ACT, CPA, DAT, GRE, LSAT, MCAT, NCLEX, PSAT, SAT, TOEFL and TOEICIf it clicks or disappears in vacuum is to be seen.