Mentoring Is Hot!
The field of business consulting is exploding and many consultants are also adding business mentoring to what they do. If you are on the fence about getting into business consulting or even business coaching or if you already call yourself a consultant or coach, it’s time to shift to become a business mentor.
Let’s discuss why I recommend adding mentoring to your business coaching or business consulting practice. Before I do that, let me give you my mentor definition and tell you what is a mentor and then I’ll share some stories of my own mentors as well. A business mentor helps their clients improve their overall businesses through their guidance, coaching, consulting and expert advice, having already done what their clients are trying to accomplish. So, a mentor is more experienced than the clients who hire them and is someone the clients trusts to help them achieve their business goals by showing them the ropes having already been there – done that.
The growth of the business coaching and business consulting industries is huge. The incomes are excellent as well with many consultants earning over $150,000 to start. So, you might wonder, why not just solely do business consulting and or business coaching and be satisfied? Let me answer that important question. Why mentoring, yes? That is usually what I am asked… here goes…
As a business coach, your income is generated by using coaching skills to help your clients discover their answers. This means you don’t necessarily have specific skills or knowledge of the industry and typically are paid less. As a business consultant, you are paid a lot more money because you bring in solutions and are paid for the solutions you implement and deliver. You are part of an industry that generates more than $30 billion in annual revenues. In both cases, you are working in industries that are expected to continue to expand as companies continue to need help navigating their success goals.
Consultants usually need to be on site with clients and trade time in exchange for income. Coaches might work virtually and/or on site and also exchange time for money. Here is where mentoring comes in. Whether you do coaching or consulting or have a hybrid model you add the service of business mentoring and you do this with executives and managers and CEO’s through workshops, trainings, webinars, courses and materials that are automated and on-line and run without you being there. You add to these offerings direct phone or Skype mentoring services to guide people, based on your experience, to achieve greater success with your assistance.
Of course, you can speak with these clients individually and mentor them. I actually teach my clients to optimize and leverage their businesses, so I have them add the mentoring service in group workshop format by automated webinar, with additional short phone calls and ask me anything calls and email check-ins. Let’s say you are a business consultant and you have a client who is paying your company $200,000 for consulting and now you sell the additional mentoring service you provide showing the massive value this will bring to the consulting project. You can charge $2,000 or even $10,000 per month for this mentoring on top of what you are already receiving. Add up that additional income over the course of a year and soon you will realize you could (from only one client) add in $24,000 to $120,000 or more! And, you aren’t trading time for money because the mentoring is an automated process of webinars with very limited individual contact.
Mentoring brings huge benefits to clients because clients get to have someone to help them shift their ideas, their beliefs and to take different actions to get the outcomes they want. Mentoring enhances the consulting.
If you are a business coach, you should also think about adding mentoring. You might be coaching and individual or team by phone (or in person) and now you add on the mentoring with a lot of automation and decrease your trading time for money and add in passive income.
My Results Due To My Mentors
I have hired many mentors over the course of my career, which is why I believe I am so successful. My first mentor was a coach who added in a mentoring service. She took me under her wing and showed me all the things I needed to know so I didn’t make costly business mistakes and she shared her expertise and experience with me. She paid for herself instantly when she mentored me to land a six-figure corporate contract.
My next mentor helped me get much higher paid speaking gigs like he was getting. He also taught me how to close sales from the stage and I’ve earned massive amounts of money with his mentoring. I realize I can sit here talking about so many of my mentors from Zig Ziglar, Dr. Joe Vitale, Joel Bauer, Mark Victor Hansen, and so many more! What I can say, hands down, is in every case the investment I made in mentoring paid me back big time.
How to transition and add mentoring to what you are doing… easy! Create a mentoring program that will be very high value to your clients. Help them through your background, talent, and skills and experience to guide them and bring them to where they want to go. Develop a signature mentoring program with your unique processes and methods that deliver a very valuable result that your clients need and want. Create a name for your mentoring program and then put together a mentoring program that is mostly automated so you don’t trade your time for money. Then offer this additional service to past clients, current clients, and all prospects. Show them the additional value they will get when they add this service to what you are or have delivered. And then, roll out your mentoring service and allow more income to flow in.
If you aren’t sure how to do this or you have questions about your career (or want a career) as a business coach, business consultant or business mentor, apply for a strategy session here. We don’t sell you on a session. We help you see more profits fast and then if working with us for more help resonates we can chat about that and if not, you leave with information you can apply on your own. Why do we provide a free session? We love giving back, and frankly, many people who we share our expertise with do decide to hire us. No strings. No pressure. No obligation and for sure no selling. Apply now.