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Richard from Smart Tutor is creating a video series on starting a tutoring business, either online or offline, and in this video, he discusses the importance of having a contract. Viewers can request a copy of his contract template for free. Richard emphasizes the significance of having a contract in place for running a tutoring business and encourages customization to suit individual needs. It is crucial to treat tutoring as a business, ensuring clarity and protection for both the tutor and the students.