The cost of a freelance mentorship can vary based on several factors. You can expect to spend $62 to $23,259 with an average cost of $12,272. The services a business mentor provides include improving communication skills, recognising abilities and limitations, and highlighting areas for development.
The average cost of running a 100-child mentorship program is significant, with labor-related costs for staff to interview, match, oversee relationships, and run events. There are also background checks, training for mentors, operating expenses, and more.
How much should I pay for mentorship?
When determining the price for mentoring services, consider the mentor’s expertise and experience, the duration and intensity of the mentoring, the skills or knowledge being imparted, and market demand for such services.
Where can I find a money mentor?
Money mentors can come from anywhere—even your own family. Look for relatives, friends, or acquaintances who successfully manage their finances, or use services like Ten Thousand Coffees to connect with experts.
Budgeting for a Mentoring Program
When budgeting for a mentoring program, consider whether you’ll conduct the program yourself or hire a consultant, and think about important steps like selecting and matching mentors with mentees.
Should mentors be paid?
Mentors can be paid or unpaid depending on the organization. Some programs offer stipends or other non-cash benefits like training and resources.
In the United States, mentors earn approximately $36,000 annually or $17 per hour. Many quality mentors offer guidance voluntarily through personal connections or local programs. While fees vary based on factors such as time investment, the value mentoring provides often makes the cost worthwhile.