How do mentoring programs make money

Uow a mentoring program is a great way to get involved and make a valuable contribution in your community. Taking time to plan carefully before the program begins can eliminate a lot of barriers during the implementation process. One way to get additional assistance in both the planning and implementation stages is to reach out to a national mentoring organization how do mentoring programs make money collaborate with other community organizations, schools, businesses, and programs in order to access resources and learn from the experiences of. How to build a successful mentoring program using the elements for programms practice. Skip to main content. Help us learn what works! What does your organization do to authentically engage youth? Click here to share.

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Mentoring — advising entrepreneurs and small businesses — is different from consulting. The mentor advises you but doesn’t make the final decision and is not responsible for implementing any recommendations. Mentoring programs are available free, at low cost or from consulting services on a paid basis. Finding the right mentor may give your small business just the boost it needs to become more successful. SCORE, the Service Corps of Retired Executives, is a nonprofit organization that provides mentoring services to small businesses and entrepreneurs on a no-fee or low-cost basis. Other free or low-cost mentoring services include the Small Business Development Centers, as well as state- and city-supported business development offices, such as the Arizona Small Business Association. Often chambers of commerce provide classes, seminars and consulting services. The presenters and participants in nonprofit mentoring programs do so to generate paid consulting work, as well as to give back to the community. While nonprofit mentoring programs don’t make a profit, they do make money through government funds, membership fees and corporate sponsorship. Internal mentoring programs funded by resources within a business make money by attaining the goals set for the program. The mentoring program is developed and directed by members of your management team. The mentoring program you implement in your own business may pay for itself. For example, employees who call in sick cost the business money; the employees are paid even though no work is completed. A mentoring program with a goal of decreasing sick days may focus on efforts employees can make to improve their health through diet, exercise and stress reduction. Other mentoring programs could be aimed at increasing sales, improving employee retention and helping employees acquire new skills. The for-profit mentor charges you an hourly fee for his services. The fee and number of hours are agreed to in advance. The mentor’s program might be through phone calls or live chat every Tuesday and Friday for one hour or through weekly lunch meetings. Another alternative requires your company to buy a certain numbers of hours a month and then to use the hours at your discretion whenever the mentor is available. Choose the program that fits in best with your business schedule. Internet marketing is an industry where membership-mentoring programs are prevalent. The mentor provides you with access to workbooks, seminars, conference calls, forums and one-on-one mentoring sessions. The mentoring sessions may be included in the program or be in addition to a membership monthly fee paid to access the program. If one-on-one sessions are included, the number of members who seek one-on-one support is important. It may be difficult for you to schedule your mentoring time when it’s convenient to you in a large mentoring organization. Video of the Day. Ideas for Corporate Philanthropy. Share on Facebook.

Starting a Mentoring Program – A Complete Guide

So you want to start a youth mentoring program? You have come to the right place! Whether you are exploring the idea of starting a program in your area, conducting a needs-assessment to see if there is a need for a mentoring program in your community or are already in the process of establishing a program, the following steps can help you find the resources and tools that you need to develop and implement a quality-based mentoring program. Before undertaking all of the steps required to build a quality mentoring program from scratch, we encourage you to investigate the prevalence of mentoring already happening in your community. You might also find key allies to partner with that are serving the population of youth who you want to mentor or that are addressing the same needs you are targeting. The Mentoring Connector tool can help you identify what services are already being offered, and by whom, in your community. If you determine that there is a need for new mentoring services in the community, the remaining steps below can help you build a strong program. They work collaboratively to mobilize their communities to action by equipping program managers, training mentors, galvanizing leadership and promoting our national quality standards. Structuring your mentoring program to adhere to the Elements will greatly increase your ability to ensure that the young people served by your program experience positive outcomes as a result of being mentored. Click here to access the Elements online , as well as the companion Checklist , Toolkit , and introductory webinar to help you apply its standards and benchmarks to your program. This E-Learning experience was developed to provide you with the knowledge and tools to build a solid foundation for a quality mentoring program.

Nonprofit Programs

Mentoring programs connect young people to caring adults who can help them overcome challenges and succeed in life. The programs recruit, screen and train adults to serve as mentors. Youth mentoring programs, which are usually operated by nonprofit organizations, require funding to support their operations, including salaries, overhead, insurance, mentor screening and monitoring youth-mentor matches and program activities. Foundations and other funding sources provide grants to nonprofit organizations with demonstrated ability to operate effective programs and manage funds. Apply for nonprofit status to the Internal Revenue Service. Foundations award grants to c 3 nonprofit organizations. If your organization already has nonprofit status, prepare to submit proof to potential funders. Develop a mentoring program plan.

Design Your Mentoring Program

Are you interested in starting a mentoring program online from scratch? We also took it further by analyzing and drafting a sample mentoring program marketing plan backed up by actionable guerrilla marketing ideas for mentoring programs. Creating and starting a mentoring program is a great way of adding value to your society as well as making some good income.

Business mentors are professionals who have a lot of knowledge and experience of the business world and various markets.

They assist both individuals and owners of business to meet their targets and objectives by teaching them what they need to know to move their career and business forward. Basically if you have lots of experience, expertise and have achieved much success in a particular field of business or in various business fields then you can start a mentoring program and make some money.

When you do this, you will receive income for supporting business owners by providing them with quality information and advice, business contacts and top notch political and technical expertise. Before starting a mentoring program business, there are certain factors you will need to put in place that will help make the business run smoothly and they include the following:. Make a decision if this is a business you will like to do on your own or partner with someone or a group of people.

You will have to assess the needs of your environment and find out if there are similar businesses operating already that you can partner with or decide if it is a business you feel confident and competent enough to handle on your. You also have to decide on what the objective of the business is. If you will like to mentor new businesses, small business owners or staff of cooperate organizations. This will enable you create a clear plan for your business and help you achieve it. If you are okay managing the business on your own that is okay but to make your job much easier you can go ahead to hire a program manager.

The program manager will help with the organization of the business and can serve as a link between you, the mentor and your clients mentees. The manager will help to take care of issues such as determining where the mentoring sessions will take place, determine how many times the mentor and mentees will meet as well as the duration of the meetings and develop policies and procedures to support the program. So if you feel handling all these will be a bit too much for you to do, then go ahead and get a manager.

Another aspect of the business is that you will have to try and be flexible as much as possible. Considering that you will be meeting people from different background with different levels of experience and expectations you will have to develop a flexible program to accommodate several people to suit their various needs.

So when starting your mentoring program, identify areas that will need some flexibility and incorporate them into your plans. Starting a mentoring program will require you to be focused and determined.

This will help you in planning properly and making the right decisions and identifying the resources you will need to make the business a successful one and helping individuals and organizations thrive and excel. The mentoring program industry is rapidly growing fast largely due to more people and organizations realizing how important it can be to helping them reach their various goals and targets.

As companies compete with each other on a daily basis in our very demanding and complex economy, they are constantly redefining themselves and developing new methods and strategies to support and equip their staff to be able to meet up with the various challenges of their jobs. Mentoring programs are seen by organizations as a way of meeting their targets and objectives.

A lot of companies have various benefits for their employees and these include mentoring programs to help prepare them for their job and boost their career. Ina survey carried out by Micromentor. In the past mentoring was seen and considered as a relationship between an older and experienced individual who is the mentor and a less experienced younger individual who is the mentee.

The mentor sets out to guide the young individuals through their careers so that they are able to make good decisions and achieve their dreams and aspirations. Over the years and with modern times this arrangement has changed and has led to various business opportunities created. We now see different types of arrangements and innovative methods being made by individuals as they develop several techniques for their mentoring programs to suit the needs of individuals and organization making the industry very vibrant.

In the past mentoring programs were seen as a long term relationship between mentors and their mentees or clients. These days due to the fast pace of the business world, people changing jobs and careers and organizations needing immediate results, a mentoring program on a long term basis may not be needed. This means operators of mentoring business programs are able to have more clients over a shorter period of time which goes a long way bringing more income for the business.

Also it was normal to have people have a particular mentor at a time throughout their career which is quite rare to have these days as people engage more than mentor at a time. There are individuals and organizations that have more than one mentoring program to take care of their various specializations.

Organizations and individuals at different levels of their career take part in more than one mentoring program to be able to obtain different advices and opinions which can go a long way in helping them make the right decisions and take their careers and business to the next level. People no longer look only towards family members or close friends for advice for their issues and are ready to meet professionals to guide them into making the right choices and this has led to the business expanding and making it more viable.

Another factor that has led to the growth of the industry is that more people realize that mentoring is not only needed for junior executives or new and small businesses as more experienced and older executives and top businesses realize that mentoring is needed at any stage of their career and business.

Older people change jobs and businesses need to expand and seek the services of mentoring programs to make the right. The incentives and factors that make a person start this business it that apart from contributing and helping people and organizations grow their career and business they also have a great chance to make and earn a lot of profit from the business. The demographic and psychographic composition of those who require the service of a mentoring program vary and cuts across various sectors of the economy and involves people from all walks of life.

Below is a list of the people and organizations that need the services of a mentoring program. The level of competition is quite high as more people realize the economic potentials and benefits they can derive from starting and setting up a mentoring business program. For you to therefore compete favorably in this type of business you have to know what you are doing and be on top of your game and be knowledgeable and experienced in your field to be successful.

As an entrepreneur just starting out you need to plan your business properly to be a success especially if there are established companies in the industry. Therefore ensure you acquire the resources you need and make the relevant contacts by introducing yourself to people and let them know your plans and what you intend to. There are well known brands in the industry that offer mentoring services to several individuals and organizations to help them meet their goals and objectives.

Below is a list of top and well-known brands that offer mentoring services in the United States of America. Setting up a mentoring program business is a serious affair therefore there is a need to do a proper economic analysis to mitigate the threats and other risks involved in starting this business or putting your investment in the business.

If you want to set up a mentoring program business in the United States, your concern should not only be on how to get the space needed for an office, equipping it or getting the best hands in the industry, you should also have a roadmap for getting the clients that will patronize your business. Even if you decide to partner with other individuals having an office space may not be needed immediately, especially as you just are starting as you can adopt the principle of meeting people at their places and venues.

Another important factor to consider is that whether you are starting on your own or as a group it is important you have adequate knowledge and experience in your field of interest to adequately cater to the needs of your clients. This largely depends on your goals and objectives. This is a business you can start on your own and decide the way it operates especially if you believe in your expertise and capabilities.

For example you can decide the niche you will offer your services and the type of organizations you will cater to. You can also decide to partner with other people to join ideas and run the business. On the other hand, if your aim is to enter the business and hit the ground running avoiding teething problems normally associated with startups then you can go ahead and purchase a franchise from a well-known and successful company as this will easily give you access to clients immediately and save you the problem of trying to develop a clients through contacts and referrals.

Despite being a rewarding and profitable business running a successful mentoring program faces several challenges that need to be taken care of to ensure the smooth operation of the business. A challenge of the business is time. This occurs when a mentor has to deal with several clients and sharing available time between them equally and sufficiently could be very difficult.

Also there are situations where individuals and organizations interested in participating in mentoring programs do not create enough time for the program and this leads to the mentor having to do a lot in a short time which can be quite demanding and difficult.

Another challenge for the business is the issue of compatibility between mentors and mentees. Even if mentors have a lot of experience and are knowledgeable in the areas needed by individuals and organizations if there is no synergy between them and those they are mentoring then problems could develop.

In such a situation where you or your partners do not get along with your mentees a change or switch will have to be made by bringing people who understand and get along with each other to ensure the program goes on. When mentoring young children or youths, mentors could have problems with their guardian or parents which could affect the delivery of services. Parents may feel that their children are not making progress the way they expect and could believe that the mentor is not giving his or her best making both parties to clash.

Parents how do mentoring programs make money some cases may also end up getting jealous of the mentor because they feel their children are closer to their mentors than. Their children look up to their mentors for advice and may not consult their parents anymore when making decisions that affect their school and career.

Another challenge is that mentees may not be satisfied with what you and the program has offered and delivered. There are times when mentoring sessions and meetings are over and participants leave feeling dissatisfied with what they have achieved. This is why it is very important to spell out in clear terms what the objectives of the program are and what participants will gain before starting so that everybody will be on the same page and know what to expect from each. Before starting your mentoring business, there are several legal requirements you need to consider.

It is also important to create a legal structure for your company which can be sole proprietorship, corporation or partnership. Taking a look at this type of business it will be best for you to try incorporating the business especially if you expand greatly in future as you will enjoy limited liability.

You will be a shareholder in the company and will not be held responsible for any debts of the company.

Basically courtesy of incorporating the business you will only be liable for the money you have invested in the company. When choosing a name ensure that it is one that will grab the attention of people and most importantly enable them know what type of business you are doing.

You need a name that can be remembered by people easily and make them patronize you. In a lot of countries around the world including the United States of America it is important to have some sort of insurance policy when operating a business.

You may feel having an insurance policy may not be necessary considering your business is more of intellectual property but this is when you need it most to protect yourself and your business from any unforeseen circumstances especially if you expand in future. Since this business basically entails you sharing your wealth of experience knowledge garnered over so many years it will be advisable for you to file for intellectual property protection before you begin the business.

Intellectual property infringements and issues have become popular over the years and this is why it important you protect all the information connected to your business. If you do this you will protect the name of your company, your programs, notes, documents and other materials you have developed for your business. To file for intellectual property in the United States, you need to file an application with the USPTO and after meeting all the necessary requirements, you will be given the final approval for your trademark.

Despite having years of experience you may still need some sort of professional qualification and training to show that you are good at what you. It may also help you develop other skills that you never knew about and reveal to you certain techniques you can apply when mentoring individuals and organizations which can make your job better and easier.

If you are busy and cannot attend various professional programs physically you can take up the options of learning online when you have the time. Before starting a mentoring business program, you are required have the legal documents requirement for operating the business in the country. These are a list of the legal documents you will need to have to be able to set up a mentoring business program.

When starting a mentoring program, one of the first things to do is to get in touch with experts who can help you create a good business plan that will be good for you. This is important as a good business plan will serve as a template which you can work with to help you run a successful company. When you have a good business plan it minimizes your risks of making mistakes in your business and this will give you a great opportunity to properly manage your business enabling you to deal with problems and challenges that come arise and help you grow and expand your company.

When writing a business plan it should well detailed and should be able to pass a reality test if subjected to one.

Your business plan should consist of figures and facts as well as other indices that apply to the mentoring program industry.

The main reason for writing a business plan is not just for the sake of writing one. The plan is meant for you to actually act on it. The plan is a well thought out document on how you run your business from the beginning efficiently.

The business plan should have in it all the methods and techniques you will use in managing and building the how do mentoring programs make money.

Starting a Mentoring Program – A Complete Guide

Companies are increasingly investing in career mentorship for their employees to boost succession planning, diversity and inclusion effortsand employee retention. Whether you’re a small remote team or a fast-growing global workforce, you need to offer mentorship as an employee perk to hire and retain great talent—because all your employees’ friends work at companies who are investing in their career growth. When I worked at LinkedIn, I started a mentorship initiative for female employees at LinkedIn as a passion project, and it took off. Hundreds of LinkedIn employees wanted to participate in the program, and I realized that companies have untapped mentors at every seniority level. If you don’t leverage these existing resources, you’re leaving so much behind on the table. These mentors and mentees become tremendous evangelists for your company, which translates to them referring their friends to work at your company mentorinng well as giving top-notch experiences to your customers. That said, most mentorship programs fail because of poor program management, lack of executive sponsorship, poor mentor-mentee matching, and lack of structure and resources for mentors and mentees to navigate their conversations. Here are five basic fundamentals to help you build a mentorship program that actually works. Start with «Why? For example, you can email all new managers and help them visualize that by becoming a mentor they can practice their people development skills in a safe space. Or, as mentees, they can get ongoing mentorship from a more experienced manager who knows the company policies and culture. To effectively communicate this to employees, you need to yourself establish your program goals. Do you want to develop managers? Mentofing you want to proactively provide access to mentorship to certain underrerpesented minorities? Do you want to break silo’s and connect employees across different functions or locations? Once you understand the «why», you can then effectively communicate it to your employees and get them excited jow enroll in your mentorship program. I recommend matching employees primarily based on their hod, so that they show up with a sense of urgency and actually follow through otherwise the relationships will fizzle. Goals are very personal and unique, and hence it’s crucial to match people accordingly.