Paying a Mentor

I was just reading the thread on paying for mentor who guarantees income. (It was just closed, not sure why...)

(And yes, I understand that a coach/consultant is different from a mentor. But in business/IM, the terms are often used interchangeably, so let's just go with it. Coaching/consulting is a very valid business model and way to make money.)

As others stated, the only way a mentor can guarantee income is if they do they work themselves. I'd view any mentor or coach who guarantees income VERY skeptically. No one can guarantee your income if they're not doing the work FOR you. Too many factors come into play: the time and effort put in, skill level, knowledge/understanding, commitment, etc.

As the saying goes, you can lead a horse to water, but you can't make him drink. Which is why a mentor can't guarantee your income!

I understand the fear of getting "taken." Been there, done that. Which is why there needs to be a high level of trust between you and your mentor. You not only need to trust that they know what they're talking about and have gotten results for themselves. You also need to trust that they care about you and your success. That's why integrity and genuine care/concern for your clients is so important.

I'm currently in a 6-month coaching program I paid $7K for. It's the most I've ever paid, but I've been in her programs before (at $3K) and really liked them. I also like her and have a HUGE respect for her both personally and as a businesswoman.

A lot of people worry about getting taken in a mentoring/coaching program. But before you pay someone, be very clear about what you expect. There are no guarantees in business OR life. Understand that you may very well NOT recoup your investment before then end of the program. But look at it as a lifetime investment and ask yourself: Is what you're learning worth the investment over your business life?

For me, what I'm learning from my mentor IS worth the investment over my business life. So I went in with the full understanding that I may NOT make my full investment back at the end of the 6 months. In fact, I don't expect to, simply due to the fact that I'm in startup and startups take time to gain momentum. But her guidance and help for 6 months is still worth the $$$$.

I also wouldn't pay so much money for very basic business skills. I prefer to learn that on my own, mostly through self-study home study courses. You may do better learning basic info with someone to guide you along the way. That's fine. Just understand that and accept it. Don't look at it as "wasted" money.

Realize that any skill you learn you now own -- FOR LIFE. And no one can take that away from you. Ever. So it's very valuable.

Years ago, I learned a very specific plan to manage my personal finances and get out of debt. And I DID get out of all debt! So I KNOW it works. That's a skill I now own -- for life. A very valuable skill. And I'm very grateful to the woman I learned it from.

Now I'm applying that same principle to business. Because it's business and I'm in startup, it's taking longer. But I'm doing something much bigger than paying off debt. So I understand and accept that. The skills a mentor/coach teaches you are worth FAR more than they charge over your business life.]

I rarely look at the price tag of a coaching/mentoring program and say "It's too expensive." I either have the funds at that time or I don't. That's life. But it's rarely "too expensive."