What is a mentor? the simple google definition – “an experienced and trusted adviser.” Whether in a formal capacity through a paid program, work placement, or just saying hey you are my mentor or in an informal capacity – mentors are what keep the people going as Kayne West would say. The emphasis here is on trust and having a trusted advisor.
The conclusion starts with what you should hire and the resounding noise around hiring a mentor, coach, or consultant.
I truly believe that most forms of coaching and consulting have mentor baked into it. But for the sake of clarity – let’s explore these thoughts further
A coach is clearly defined as “teach (a subject or sport) as a coach.” if you are thinking teaching vs advisor it could be through the lens of “this is what worked for me, and here is how I would do it” There is no prior requirement for experience but if you are teaching someone it could be a nice touch.
so what about a consultant?
A consultant is clearly defined as “a person who provides expert advice professionally.” So they have all the same base meaning if you look at it. It’s teaching, giving advice, and trust.
For the sake of this blog post and the topic we are talking about investing the term mentor is carrying coaching, consulting, and mentorship.
So why does everyone start shopping in q4 or the end of the year for mentorship? Q4 is typically the largest or second-largest quarter for business. It’s a natural change of closing one year and moving into the next which causes a moment to pause and reflect. I find business owners are asking themselves
“Did I make the money I want?”
“Was I supported the way I wanted?”
“How did I feel about this year?”
Across the board – this year was the harder year for business owners. In February, I watched a large creator walk away from her business, and it was a reflection based on how I felt in my own business when I walked away in 2021 because of burn out.
The interesting stuck out to me in her own blog post is how Vanessa Lau talked about her business
I found myself squeezing my life and relationships around the demands of my business…
Instead of building a business around the life that I ultimately want to liveVanessa Lau, I’m going on a sabbatical.
This is a place where most business owners find themselves., their COVID-19 business turned three and then on a random Tuesday the CDC declared it over.
So if this year didn’t go the way you wanted to and you are actively reflecting on what could have been better, there is a two-part series on the podcast breaking it down for you.
So what are the options in 2023 – what are not the options are better questions at this point. With diversified offers, you have more options. It’s not the traditional track that used to be course >> group program >> mastermind >> 1×1
The online course space has gained its own popularity as a way to be able to generate income and teach students. With a MASS of teachers leaving the class room, there has been a rise of course consultants.
The course space and online education market is expected to reach $325 billion by 2025. Even inside of the corporate sector, 80% of the workforce will require personal development or tech skills.
So short answer is the course space is not dead in the way you think it is. Micro learnings are on the rise so more niche-specific courses versus everything and the kitchen sink is the shift that you will see.
Micro programs are a kitchen sink term in the online space. There is no clear that this isn’t in the micro program this isn’t because it’s new. What I have seen are live calls and Q+A around a niche program.
This is the rise of breaking apart some of the massive courses and going deep with someone over 1-4 weeks.
My honest thoughts: It’s a great experience for someone to test out a mentor, and learn a topic they don’t know about but not be in a whole program. It’s targeted towards adult learners to be able to cherry-pick what they learn about.
On the other side – it feeds into the perceived problem that the ideal client is experiencing and may not be the solution. A really good example of this is when I thought I had a sales problem, I kept investing in sales programs but my results were plateauing. I had a marketing problem and when I fixed that, I saw the results
The customer is autonomous meaning they want to be in control. They want to buy the things they want and learn the things they think they need. This is explored more in Using Behavioral Science in Marketing, but one thing that stuck out with me with the microprograms is below.
Harhut, Nancy. Using Behavioral Science in Marketing (p. 91). Kogan Page. Kindle Edition.
Micro programs are good if you are an established business coach with revenue coming in since this is more of a pop-up. This is a really good place to experience a mentor without making a high ticket investment.
For the sake of clarity, defining a high ticket is anything above $1,000/month or a $12k investment in a year. With the rise of group programs, there is an all-access option for people to be in all the group programs and have access to the trainings. It’s a good option for someone who creates ALOT of educational content, but can be overwhelming for the client.
This is a good option if you loved the LARGE group programs of 2020, and are someone who loves long-term commitment. High ticket memberships can create their own gap because of so much information and lack of implementation.
It is up to the consumer to take action, show up to the additional Q+A calls and post in the community (if that is an option)
If you are an early-stage business owner – you may need a place to ask questions ad get customized support. You may not have the knowledge to connect or apply to you YET (that is okay when you are starting out because you will gain the skills and knowledge)
Low ticket memberships are popping up where bundles, mini-courses, and smaller ticket offers exist. There is a big pull with the community and having a place to come once a month at a lower cost than your average trip to Target.
I currently run a low ticket membership so I have a positive bias towards them, but for the sake of this blog post – let’s explore it from the lens of investing.
Do you have to spend lots of money to get the best ROI ever? No, in fact, I bought a $27 template from Sara Dann and was able to make thousands of dollars from my Facebook group using their system, and I still use it today for my free community.
What I would expect from a low ticket membership is:
I wouldn’t expect it to replace traditional coaching, a group program, or a mastermind experience. It can be a good thing to add to your product suite to add low-ticker recurring passive income.
My favorite membership I joined this year was :Demi’s Strategy Subscription
I currently run a monthly membership focused on sales, marketing, and business planning: Salesy
Group programs can be a mixture of course and weekly calls, it can be live teaching. There is no rule on how you can create a group program. There has been a shift from having 60-100 people per enrollment to smaller more intimate containers. While many people want to blame the recession, it’s a shift in the buyer.
People want to feel like they have a connection to their mentor, they want customized support, and what used to be the rise of the group programs and co-coaches – I’m seeing many coaches move away from this model. While there are still programs sold to you, that are “mentor” leading it and then when you join you get put in a co coach cohort.
Ultimately no – there is a lack of transparency around if they are coaching or the co-coaches are coaching. I had my own season where I co-coached in a program, and had a co-coach in my own program. While I don’t have a co-coaches, It can be a profitable way to multiply your impact as long as the coach is in line.
My first investment was into a $3k program with Madison Tinder in 2019, I recommend most clients start in that group program if they can’t afford the $15k mastermind or $30k 1×1 coaching program. It’s a place to get an education, get customized support and meet other people who you can do business with.
If you are starting out and aren’t hitting $5k months, I host my own 6-month program focusing on that. We’ve graduated over 100 students since launching it as a group program in 2020.
Mastermind went from 10-12 people in a small group as a way to foster connection and work towards a common goal… is turning into a large group program of 20-25 people, and now you are in a sea of people.
In 1925, the Mastermind was coined by Napoleon Hill as a peer-to-peer support group. Informal exchange of business owners working toward the same goal. While business looked very different back then, it was the same concept. And this wasn’t something that wasn’t exclusive to business – the Inklings was the author-based mastermind, home to some names you know like: C.S. Lewis, J.R.R. Tolkien, and Owen Barfield.
When they grew in the online space, it was the same peer-to-peer group but now with a leader who speaks from their experience. Are all mastermind experiences turning into these massive group programs? No.
You CAN ask how many people are currently in there, and what number would they cap at it.
While we talked about this in an earlier blog, high ticket investments CAN lead to higher transformation but it’s not required. There is a THRILL zone that could be activated with a higher ticket investment.
the difference between high risk and reward is that in a mastermind setting you are in a group. There are a couple of psychological things that are to play.
In a study done at the Air Force Academy to test the effective nature of the current lottery system, they changed things up. They allowed peers to hang with similar standings (SAT scores, education ranking, etc)
The lower ranking score students were not willing to hang out with the brainy kids. Without looking into it further, humans don’t like feeling inadequate. The problem is that the insecurity is that it kept them with lower role models and keeping them lower in the class.
Your peers matter. Using a mastermind group, you can be moving into a community of people who are doing what you want to do. This sense of modeling creates a normalization of what you want. This helps you reach your goals SOONER
Further Reading: My mastermind launch failed: here is what you need to know
In my interview with Regan Lumpkins, she mentioned that 1×1 coaching is making a comeback. Here is what I think – we are on a three year cycle that means as the business owners mature and worked through their mentors product suite, it’s natural to be in 1×1.
As mentioned above, there is a huge push to get out of the hustle and bustle of a mastermind and group program and get individualized support. It’s natural to not what education and more context around it. To plug in with someone who has helped you do what you want to do, and to have it applied to you directly.
The problem I see is investing in 1×1 when you don’t have the foundations down or the mentor has another program that teaches your current goals. More attention doesn’t mean better results. There are foundation pieces that are important to your business
If you are someone who wants to invest in customized support, 1×1 is the place to hire. This could come at a greater cost – that is okay.
While it’s hard to right off the bat understand that THIS is your person – this is a big pull for you to hire. Mentorship is very similar to therapy, and how they make you feel is a KEY component of weather or not to hire them. Recently, when I hired a mentor to work with over the summer, the first question I asked “Was how does this person make me feel?
Truth is you will foster a relationship with them, and treat it like a way street. Take time to get to know them, ask them about their lives (what they feel comfortable sharing), and remind yourself – how do they make me feel?
While Mentorship relies solely on what works for me, and here is the same path. Coaching, consulting, and even outsourcing can come from a place of their own results. There is NOTHING wrong with hiring someone based on the fact they have the following, reach, or make the money you want to make.
You can also hire based on the current client results and relationship to want in your own business.
While the online space will tell you no, yes, you can hire based on the money they make. Where to be mindful is creating your own results in your business could look different. Does that mean if you see someone making 1.2 million dollars a year, you can’t hire them because you also want to make that money?
no, you can hire anyone based on the money they make and wanting those own results.
I have had the hardest time finding a community of other women with whom I felt comfortable (which isn’t the full point of a mastermind) but that is my biggest investment next year. My biggest consideration is scaling (without burn out) and being around some badass woman.
I’m a control freak – isn’t every business owner? My biggest thing is working on building operational support with the amount of content that we produce, and the clients we serve, and just working on some internal projects.
Hi, I’m Meghan I took my last $200 and turned it into a $200k online business coaching practice … and then burned that business down I never planned to be in sales, but here I am after 9 years and probably won’t leave.
I didn’t come out of the womb selling but having three older brothers taught me a thing or two about how to get my way. When I graduated in 2017, I thought I would trade my Colorado casual for a pant suit and a growing career. That quickly turned into management and getting fired after 11 grueling months.
But I was on to something when my clients started making more money.. So I ran head out into teaching more sales.
If you are a female entrepreneurs who is sick and tired of being stuck in the same place, unsure how to scale your business, sign clients and enjoy .
I’m teaching you to ditch the sleaze, unaligned, and just flat out dumb sales advice. You in?