So, it was December 2019 when I hired my first coach, mentor, and/or paid advisor – whatever you want to call it. I was at a place in my career where I was tired of doing this thing called entrepreneurship alone and ready to think bigger, expand my network, and reach the momentum phase inside my business as fast as freaking possible. This person showed up at exactly the right time for me, funny how that happens, right? As I’ve seen my trajectory LAUNCH, I’ve noticed many other entrepreneurs, founders, and business owners reluctant to bring on help. Let’s explore how much it costs to bring on a coach, mentor, or paid advisor.
If you’re reading this, it’s no secret to you that founders of early-stage ventures face many challenges when trying to get their business from inception to startup to momentum phase. The biggest factor for me was that I was alone. It’s definitely true that starting a business requires a significant amount of capital and resources, and founders may feel that investing in mentorship or coaching is not a priority, especially when they are trying to conserve their resources.
However, what founders should realize is that the impact of mentorship and coaching on their business can be significant and should result in a 10X return on their investment. This is because mentorship and coaching can provide the following benefits:
- Improved leadership skills: Early-stage ventures are often led by founders who are still developing their leadership skills. Mentorship and coaching can help them identify their strengths and weaknesses, and provide guidance on how to improve their leadership style. This can lead to a more effective and efficient business, as well as a more engaged and motivated team.
- Access to a network of industry experts: Mentors and coaches often have extensive networks in their respective industries. They can connect founders with potential customers, investors, and partners, helping to accelerate business growth.
- Improved decision-making: Early-stage ventures are often faced with a multitude of decisions that can have a significant impact on the future of the business. Mentors and coaches can provide a fresh perspective and help founders make informed decisions based on their experience and knowledge.
- Increased confidence: Starting a business can be a daunting experience, and it is not uncommon for founders to feel overwhelmed and uncertain. Mentorship and coaching can provide a supportive environment where founders can discuss their concerns and receive guidance and encouragement. This can help them build confidence and resilience, essential qualities for success in business.
- Improved communication skills: Effective communication is crucial in business, and mentorship and coaching can help founders develop their communication skills. This can lead to more successful negotiations, more productive meetings, and better relationships with customers, employees, and investors.
- Opportunity for personal growth: Mentorship and coaching can provide an opportunity for personal growth and self-discovery. Founders can gain insights into their own strengths and weaknesses and learn how to leverage their strengths to achieve success.
Investing in mentorship and coaching is not just about improving the business, it is also about investing in the founder’s personal and professional development. This can have a positive impact on the future of the business, as well as the founder’s career.
So, what options are available and how much do they cost? Here are the types of programs I’ve seen:
- Group Coaching
- Depending on the size of the group, these programs can run from $100 and up per month for a “class” type structure where you learn one principle per session. There may be weekly or monthly sessions – depending on the host.
- One-On-One Coaching / Mentoring Sessions
- These sessions can run from $2,500 per month to well over $5,000 per month for one-on-one access to your host. You’ll typically get between 30-60 minutes of access to the Coach per week and many will offer real time access to their community for help.
- Mastermind Program
- These programs are designed for the founders ready to make a phase shift in their careers… I’ve seen these programs running between $100,000 to $300,000 per year for access. These programs are designed to give you access to an exclusive group of high performing leaders that meet monthly and quarterly throughout the year.
In whatever you chose, remember the goal should be to to get a 10X return on your investment as a founder.
I can say that in my experience, the return is significantly higher…
For more information on investing, coaching, and early stage ventures, visit me online on all social platforms at AndySmithLife and online at www.AndySmithLife.com.
Andy Smith “The BlackSmith”
Founding CEO of BlackSmith Ventures