Mentoring as a Service
Can age 50+ talent build profitable mentoring-as-a-service businesses? Yes, because they are already doing it. And there aren’t enough mentors to address the demand.
Imagine the impact of this vast group sharing their deep industry knowledge, proven skills, real-world expertise, solid communications skills and desire to nurture younger people or peers in their careers.
Of course, most of us think of mentoring as a gift of time and knowledge — the work of generous, successful leaders in their companies or fields. They “take someone under their wing” to advance their mentees’ careers. It’s often the mentor’s way of paying it forward to younger workers or peers out of gratitude for those mentors who helped them in their careers. Perhaps that’s what the majority of mentoring looks like. The key is that mentoring offers big value to mentees across all industries.
For example, studies indicate that most millennials would like to have mentors, to improve specific skills as well as for career advancement guidance. A case in point is that 63% of millennials say their leadership skills need improvement, according to the 2016 Deloitte Millennial Survey. And one of the most effective ways to improve those skills is via mentors due to the personalized counseling and invested relationship. Executives benefit from mentors as well. A Harvard Business Review article revealed that 84% of “…CEOs credited mentors with helping them avoid costly mistakes and become proficient in their roles faster.”
Are millennials, executives, self-employed professionals or employers willing to pay for this service? Yes. Why? Not all leaders or managers want to set aside the time or have the motivation to serve as long-term mentors. There just aren’t enough mentors to go around and in smaller organizations there may be none. It’s often said that you get what you pay for and that paying for a service adds commitment to a business relationship. This has been a contributing factor in the rapid growth of professional coaches and advisors.
By the way, there are differences between mentors and coaches or advisors, even though there’s considerable overlap in what they do. Mentors tend to establish long-term, open-ended, multi-faceted, relationship-oriented connections with their mentees. They focus on sharing their specific industry or work knowledge as the core of their services. Coaches and advisors typically focus on a more prescriptive basis to help with specific decisions, directions, opportunities, skills, challenges, tasks, etc. Coaches/advisors typically offer more general counseling services that are not industry specific. Coaches and advisors are commonly certified and have had training in proven coaching processes. Mentors have powerful work/life experience but often don’t have special training in mentoring.
That said, there is no reason why you cannot build a business mentoring younger people or peers in your field if you’re qualified for it. Mentors can sign up on platforms such as PivotPlanet that charge mentees by the hour for you and HerBusiness that charges multiple session package fees for you. PivotPlanet connects people around the world looking to “…enhance their current job skills with expert advisors working in hundreds of fields.” They offer one-on-one video and phone (VoIP) sessions with the option of in-person mentorship with some of their advisors. At HerBusiness, they’ve developed services “…including finding the right mentors, expanding your network and getting the skills and promotion you need.” Another matchmaking platform called Findamentor encourages its registered mentors who charge for their services to describe themselves as coaches. They position themselves as “…promoting continuing education utilizing the natural human process of mentoring.”
Fees for mentoring services range across the board, from $50 per hour to thousands of dollars per hour for well-known industry leaders. Some mentors arrange monthly retainers which buys their mentees a set number of hours to interact.
Note that matchmaking platforms often charge fees to mentors for making connections with mentees. That compensates them for serving as marketing agents for mentors. By using multiple platforms, you might be able to reduce your marketing efforts. However, personal outreach and promotion within your industry and professional network offers you more control and income potential.
So, there’s no reason why mentoring cannot be a sustainable business. It’s basically the same thing as establishing a consulting business. A big benefit for older professionals is that your age and extensive qualifications can be a big advantage in the marketplace. Your passion for guiding others while sharing your wisdom could pay off with work you love.
Informative resources regarding mentoring trends and observations:
2016 Deloitte Millennial Survey
Mentoring Millennials
https://hbr.org/2010/05/mentoring-millennials
Modern Mentoring is the Key to Retaining Millennials
The Professional Mentor
http://www.theprofessionalmentor.com/
CEOs Need Mentors Too
https://hbr.org/2015/04/ceos-need-mentors-too
The Value of Mentoring
http://www.huffingtonpost.com/ron-culberson-msw-csp/the-value-of-mentoring_b_6857454.html
The Value of Mentoring
http://news.harvard.edu/gazette/story/2014/09/the-value-of-mentoring/
5 Famous Business Leaders on the Power of Mentorship
https://www.entrepreneur.com/slideshow/249233
What’s the Difference Between a Coach and a Mentor?
The Differences Between Coaching and Mentoring
http://www.management-mentors.com/resources/coaching-mentoring-differences
Management Mentors Training
http://www.management-mentors.com/services/mentoring-certification
Should you pay for a mentor? The mentors who charge millions
Note: Inclusion of articles, platforms or services identified in this article does not imply my endorsement or vetting of them. I have no business relationship with any entity identified in this article.
Creative business communications | Writing for interaction | Ghostwriting | Advocate for solo & micro entrepreneurship
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