Passing on your gift unto others is one of the greatest feelings and motivations to success you can ever accomplish and feel. You may be experienced in the world of business, and especially setting up and running an independent business. Seeing businesses that have asked for your help transform into something quite special, is what it’s all about. Mentors have been around for centuries and centuries in countless different forms. They are the mist that drifts through society, correcting mistakes before they happen, and putting people on the right path to success. From generation to generation, skills and experience need to be passed down, so that the future of business and the economy are in safe hands. However, nobody is superhuman, and we all can be blindsided. Your advice is one of a kind, and you need to find ways to protect it because realistically, it’s your unique selling point.
Image by – Leon Roberts
Protecting your advice
Nobody truly knows the future, and things that have worked in the past may not work in current times. Equally, if a financial crash hits again, and you have advised a client to move their business forward in a certain direction, they might want to hold you responsible for any losses. Get civil liability insurance, so that your clients cannot blame you for damages or loss of earnings due to your service. Your advice and years of knowledge is simply a blueprint and an advanced understanding of the particular industry or business type you’re mentoring for. However, clients who mistakenly take your word as gospel may want to punish you for decisions which they entirely made themselves. It’s a tactic used to recuperate losses that entrepreneurs and seasoned business owners make when they misuse information and end up hurting their business.
Make a terms conditions contract
Those who want mentoring from people who have previously been in their field of expertise will be willing to go to lengths to receive it. However, nothing is truly set in concrete, and before you go any further with a contract for a service, you will provide, letting clients know your position is vital. If you have any particular privacy concerns, you can form your own terms and conditions contract, which can force your clients into not sharing any advice you personally give them. You may teach them savvy techniques for improving business, which you have learned the hard way and you know for a fact they work. Not protecting your information is like not protecting your commodity. Equally, you may want commitments from the client, for example, that they won’t copy your mentoring tips and advice and sell it off to others.
Even through mentoring as a business concept, has been around for a long time, only recently has it took off. The millennial generation is keen to know the ins and outs of complicated business ventures. The e-commerce industry relies on young professionals to know what they’re doing because they are heading into multiple forms of business and technologies. Mentors can help anyone to run their business more efficiently and plan for the future. However as the fees have gone up for such valuable knowledge, the stakes have also gotten higher with sometimes vindictive clients wanting to sue their mentors.