Sharing economies have grown at an unmatched scale post-2008 recession and have fully integrated into our day to day lives. The concept is that assets already exist and multiple people can benefit from their shared usage when the incentives are aligned. We have spoken in our previous blog, that how this is arguably the most under-utilized, abundant, and enormously valuable asset in the world. And since it is an asset, it basically means that it has a market value and users stand a chance to get compensated for the same with conditions applied.
Below are the reasons why great mentors, who share wisdom and drive an impact on someone else's life should be compensated:
Acquiring Insights: By booking a session with a mentor, you are essentially paying them for deeply sharing their expertise/insight with you and helping you apply to your situation in a very contextualized way.
Tremendous ROI: While mentors might only end up spending a few hours with you individually, don't forget that they have spent years building that intelligence & insights, which they are sharing with you. So you are buying several years of hard work with a few hours of mentoring fees.
Demanding task: As opposed to what some may believe, mentoring & giving guidance takes a lot of effort for the mentor, as they are not just narrating what they understood or experienced, but fully comprehending your situation and coming up with highly personalized solutions based on what they have learned in life.
New perspectives: How invaluable new perspectives are when it comes to solving the same problems. You are not just learning alternative approaches but also how the same problem could be solved with much less work.
Save Time: Decision making and imagining new ventures end to end can often take a lot of effort and time. Why not save time & efforts, with a relatively small investment of learning from someone successful or who has first-hand experience solving the same problems.
Save mistakes, embarrassment & money: Along with the same note as Pt.5, you are buying certainty by gathering wisdom from professionals who have Insights built through experiences. Making mistakes can cost you money, time, self-confidence, and brand positioning as an Individual or an organization. It definitely seems unwise to risk all of that for some fees & early advantage.
Opportunity Cost: The mentor most likely is occupied with other priorities in life and they are taking time out of their schedule to help you out, voluntarily. It is only respectful and fair for you to compensate them for this time, which they can never get back and could have used it to make progress for their other priorities.
Expanding Your Network: Great mentors not just guide you into making the right decisions they also add you to their network and possibly help you by making introductions and introduce you to other strategic benefits that could be hard for you to acquire otherwise.
What you pay is what you get: This is a market adage, but the best things in life are some combination of Art & Economics. When was the last time, you got a great theater pass or test results, or even get a cab ride back home for free? Great mentors are more precious as their time is finite and they are offering something highly personalized to you. It is infrequent to get great support absolutely free with no strings attached unless it is coming from family & friends!
We hope this makes it sufficiently clear for you why as a great mentor you should be compensating yourself or why you should be paying fees if you have partnered with a great mentor. Most things in life can be a win-win, sustainable & symbiotic relationship, and compensating mentors fairly is just a small step in this promising direction. Come see, how we approach mentoring fees at Headstrt.com.
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