The health and wellness industry is rapidly growing. With multiple facets, we often find ourselves nudged into several roles. These roles can leave us exhausted and wondering how we are to do everything it takes to make our business or our career survive. Something will get lost in the mix of all that is required for success. Insight from others who have more experience and who can guide you is invaluable. Seeking mentorship is not only important, it’s quite possibly the most necessary move that you as a professional can make in your career. Those who have at least one mentor, whether in or outside of the industry, generally have greater success rates.
Just a few of the benefits of mentorship include networking, insight on technology and business trends, opportunity to learn from experts, exposure to fresh ideas, accountability and having a trusted person with whom to brainstorm new ideas.
Mentorships can range from $49.99 a month to $10,000+ per month. Do your research and seek out what is best for you and your budget. Remember, you generally get what you pay for. Here is a standard formula for expected return on investment (ROI) to give a clearer understanding of the real benefits of mentorship. This formula is an average of mentorships globally.
The basic formula for calculating the return on any investment is (proceeds – cost) / cost. For example, $100 in proceeds from a $75 investment drives ROI of (100 – 75) / 75, which equals 33%. The 33% is at a minimum. Some resources claim a 1000% return on their investment from mentorship.
The truth about ROI with mentorship? You will absolutely grow your business if you are committed to the mentorship in which you participate. The unmeasurable return is the invaluable relationships you create and the increase in personal growth.
Whether insight on lease negotiations, business canvas structures, margins, navigating balance in life and work, or leadership development, here’s the kicker: You have to be able to see and experience the value in any mentorship you belong to and it will cost you in dollars but the dividends pay out in more than your bottom line. It doesn’t matter if you are a solo trainer or a big box owner, all of us need coaching. Reach outside of your box, city or state and meet people who make a living coaching others to be better. You won’t regret it!