Hello, So i was thinking about offering some mentoring services this month, and it of course would guarantee by signed contract that you will make at least $1,000/M with my methods of teachings. How much should I charge? I was thinking this: Charge the on the front $397.00 to start the mentoring process. By the end of the month they should of made $1,000 at least, and learned how to do this every month, so on the back end charge another $397.00, they wouldn't care to pay it because they made the money plus more. What do you think? Also, is this something people are interested in?? I would allow 10 people into the program, I have done this before, but usually I qualify clients, this time, I'm going to allow anyone to get a chance to get in.
well u offer $1k revenues but how much a person has to spend to make $1000 thts a big question mark your price will depend on that, generally people charge around $49-149 for it not sure if you will get many to go for the offer at this price u mentioned. coz there are even people who claim to people that they can make $500 a day with their guides. so you have to be little specific on what basis the $1000 offering is. also how much time a person has to spend in a month to reach this amount
Hey, Thats interesting, most of collegues charge around $1k-$2k for mentoring. This isn't an ebook this would really be down and dirty, behind the scenes mentoring. It would cost them a domain and hosting, and thats about it. For a full month of mentoring I don't think I could do it at a price for $150, got to think of the time. At least 8 hours per week, thats 32 hours per month, that would mean I would be making $4.68 per hour, per person. lol...i don't think so...
So you want to charge nearly 80% of what they earn that first month? Not likely to fly. Keep in mind... all the time they're putting into your methods that first month to earn that $1000 is time they can't spend earning money with other things. That $1000 might be all, or at least a big chunk, of what they'll earn that month, so asking for 80% is much too high imo. You're also not saying how many hours of "mentoring" will be involved, whether there are any other costs involved (that would lower their net earnings - EDIT: you just mentioned this while I was posting), and how many hours per month they'd have to work to earn that $1000 (which really isn't that much for a full month). If they'd be spending 3 hours per week, the mentoring is going to be worth a lot more than if they'd have to devote 20+ hours a week for just that amount. It sounds like you basically want to do consulting work. Choose an hourly rate you can live with, and let people hire you when they need you.... consulting isn't generally sold "in bulk" like this without some kind of formal structure (like a course) or a retainer-style fee.
You make good points jh, But also keep in mind its minimum $1,000, and keep in mind that after they learn this they can do it over and over again, so technically, I'm charging $800 out of a possible $12,000 and more. The first month is always the longest, but after that once they get the hang of everything, it minimizes greatly, and then they can expand to $2 or $3k per month. Steve
What are your credentials, and why would people choose you as a mentor over any of the other people out there? You only joined this forum 3 months ago, and have 67 posts. It's hard to convince people to part with $1K when we have no idea who you are. If you truly have a good product that you're confident in, offer to mentor 2-3 people on here for a month for FREE. If the program is as good as you claim, those people will make money, and they'll be singing your praises - Soon you'll have all the business you can handle. (I'll be happy to be a guinea pig.. )
Hey Cartman, I have credentials and over 20 people that have handed me testimonials regrading my mentoring... This isn't a first. I wasn't essentially just talking about this forum, I will be alowing the services to my large list as well. As for free mentoring... I have given people opportunitties but they usually slack off because they didn't spend anything to get there. As for as my guinea pig, if I choose to allow some free mentors in, then you be of choice.
I can understand your perspective of long time earnings. But keep in mind the only people interested in earning $1000 / month are those not already meeting those numbers, which again really aren't that much (even though you're saying that's the minimum... keep in mind that's what people are going to see through your marketing). They might not literally be able to get by that first month if they're only making $200 after paying you, again, depending on the number of hours they'd have to put in. People with deeper pockets to start might want to know how to move from that to $3k, 5k, etc., and would fork it over in a heartbeat to learn... so maybe the minimum is too low, or it's not the best market to target. Or maybe a different pay structure would work. You say you'd be making a little over $4 per hour per person. But in reality, that's still $40 / hr. with a much cheaper price. With the price around $800, you're making $250 / hr... big difference. While obviously, that's preferable to you, $250 / hr is pretty high even for most marketing consultants with a decade or two of experience. You could earn $125 / hr (with 8 hrs per week and 10 people in the group - still a nice earning) by charging only $400 for the program, which would be a more realistic number imo for people with that kind of demand. And if you really want to double that, you can accept a larger group the second time around if you think you could juggle it.
Thanks for clearing that up Steve! I don't know about those slackers in the past, but if someone was willing to show me how to make $1K, I'd be sure to put in the effort to make it happen. Good luck!
Hey Jh, You make good sense, and $400 does seem a bit more resonable. Maybe thats a correct price for the program, and then I can also place up sell programs within... meaning After you make $1,000+ for a month or two, learn to make $5k a month with an expansion mentoring.... Something of that sort.
Exactly. Just remember that it's all about supply and demand, and finding a need and filling it within a certain market. If they have the need, you can fill it, and they can reasonably afford it, you're off to a great start. And if you do get them all earning that much, then after a month or two of it being steady, you'd probably have a better chance at selling extra services, e-books, memberships, or whatever else you can provide.
I would need to know more about the type of marketing/sales activities you will be helping with before I could commit to something like this. For example, I have an existing online cable business (I sell network and PC cables). Would your techniques work for increasing my sales by $1,000 per month? Keep in mind that I would not be interested in running ads on my website. Basically, what I am trying to point out is that you have to mention a bit more about what it is you plan to teach someone about.
Hey Jrbiz, Well I wasn't really trying to get people to choose me as a mentor from this thread, just looking for advice on the pricing, however, looking at your site, I would focus the mentoring on different aspects of online marketing. Examples, guerilla advertising, joint venture marketing, forum marketing, squiddo marketing and optimization, etc. So, I guess the mentoring could entail to most people, but I probably wouldn't select you as a person to mentor because it isn' my full expertise, but if you wanted to start a new revenue stream then you would be of selection.. Mainly its starting from zero, no website, no idea, no product, and then making it into $1,000 or more. Then doing that over and over again as many times as you want.
It is a bit hard for me to believe in making $1k in the same month starting from 0, but after all what do i know about that. I would also like to hear more about this mentoring classes you are offering, do they match on most fields, can someone that does not know programming languages (PHP, ASP, JavaScript) be able to handle similar projects. Some one also mentioned (or asked) about how much would need to be invested before one hits the $1k (excluding the $400 for the mentoring classes). All this kinda intrigues me, and i am tempted to give it a try (unless you need another guinea pig).
Cartman puts out few good points. Now let's say you are capable of teaching ppl. What happens if they fail to earn. What are the minimum bare basics they need to know? ~G
Hey so I decided to follow Cartman here and to offer free services to two members... http://forums.digitalpoint.com/showthread.php?t=339762
i would like to know if i am getting instant cash into my account? do you tell me where i can find best and cheapest hosting? can i work when i have time if it's at least 8 hours? how much time does it takes to maintain I'm quiet interrested in what you are offering i just dont have the money to it but i would like to pay you with money i earn if your system works. I hope you notify me with your site when you are finished because i am very interested
thats nice idea to give away couple free entries, also thats a good bit of fact that you are willing to spend time and its not a ebook. so the amount you charge is your professional fees as a trainer i suppose , and rest all cost for business development/ investment has to be beared by the person who hires your coaching. coz it seems fair if you can show results, i have come across people who chare $1000 a day for the same training and advices. if you can prove results way to go. only thing is get lot of testimonials, coz if you can really prove growth $400 is hardly anything there are huge companies which require growth and if you target them u can charge upto $40k a month.