Are you about starting a mentoring program business? If YES, here is a complete sample mentoring program business plan template & feasibility report you can use for FREE.
If you have what it takes to mentor people, then you should consider starting a mentoring program. This is one program that if properly harnessed, you are going to make money from it. It is one of the most preferred means of learning and of course walking up the ladder of life.
The purpose of mentoring is to develop the whole person and so the techniques needed to run a proper mentoring school are broad and require wisdom in order to be used aptly.
Even if you don’t have the finance and other requirements to operate a standard mentoring company with loads of professional and certified mentors under your faculty, you can start out as a one – man mentoring company especially if you have been able to achieve reasonable success in a particular profession.
A Sample Mentoring Program Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
1. Industry Overview
According to Wikipedia, mentoring is the informal transmission of knowledge, social capital, and the psychosocial support perceived by the recipient as relevant to work, career, or professional development.
Mentoring entails informal communication, usually face-to-face and during a sustained period of time, between a person who is perceived to have greater relevant knowledge, wisdom, or experience (the mentor) and a person who is perceived to have less (the protégé)”.
Mentoring program is grouped under the business coaching industry and if you are attentive to the Business Coaching industry, you will agree that the industry to a large extent, relies on demand from its largest market, the middle and senior management of US corporations.
During the period where businesses cut back on nonessential expenses, including employee business coaching programs, the industry has flourished. Unfortunately for players in the industry, training budgets diminished as the economy faltered, causing revenue to decline.
Small operators, which represent the majority of industry players, were particularly hurt by falling demand, with some being forced to leave the industry in response to poor operating conditions. But, improving corporate profit and employment rates are expected to increase the number of organizations in the industry.
The Business Coaching industry that mentoring program is a part of is indeed a large industry and pretty much active in most countries of the world and countries like United States of America, United Kingdom, Germany, France, Italy, Holland, Switzerland, Australia and Canada et al are highly profitable destination.
Statistics has it that in the united states of America alone, there are about 51,094 registered and licensed business coaching companies (mentoring program companies) scattered all over responsible for employing about 91,971 and the industry rakes in a whooping sum of $11 billion annually.
The industry is projected to grow at 2.6 percent annual growth within 2011 and 2016. It is important to state that there are no establishments in this industry that has a lion market share.
A recent report published by IBISWorld shows that in 2016, the two largest companies account for less than 5.0 percent of industry revenue. As a result, the Business Coaching industry is highly fragmented, with a large number of small enterprises operating throughout the United States.
The vast majority of operators are non – employers that service only their local area. Non – employing businesses represent more than 85.0 percent of all companies operating in this industry.
The report further stated that there is also a large number of operators that have a relatively small number of employees. 72.8 percent of employing companies have fewer than five employees, while companies with fewer than 10 employees represent 85.2 percent of employing enterprises.
The business coaching industry and mentoring program business will continue to blossom because more and more organizations are beginning to realize that somehow, they would need to enroll in a mentoring program to help them grow in their career path, achieve their goals and live a fulfilled life.
From all available statistics, it is safe to say the business coaching industry is growing steadily despite the competitive nature of the industry.
One thing is certain, if you are well positioned, you have the required business skills, networks and you have a robust assemblage of mentors, motivational speakers, public speakers and professional trainers under your payroll or as partners, you are likely not going to struggle to compete favorable in the industry.
Another reason why people prefer to start a mentoring program business is that you can charge your fee as it suits you. Other factors that encourage entrepreneurs to start their own mentoring program company is that the business is easy to set up and the startup capital is indeed affordable; you can actually start your own mentoring program from the comfort of your house.
2. Executive Summary
Anthony Jefferson® Mentoring Program, Inc. is a licensed mentoring business that is focused towards Organization mentoring, Work process mentoring, Technology mentoring, Industry mentoring, Profession or trade mentoring, Flash mentoring and Supervisory mentoring amongst others.
We will ensure that we adopt different techniques used by mentors according to the situation and the mindset of the mentee. Our business will be located in a business district in Duchess County – New York, United States of America.
Anthony Jefferson® Mentoring Program, Inc. is a client-focused mentoring business that provides broad – based mentoring approaches at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will ensure that we work hard to meet and surpass all our clients’ expectations as it relates to their personal, life and career goals.
At Anthony Jefferson® Mentoring Program, Inc., our clients’ overall best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hire professional and certified business coaches and trainers with various skill sets who are passionate about helping our clients achieve their life, personal, career and business goals within record time.
Anthony Jefferson® Mentoring Program, Inc. has a robust network of professionals who are ready to work with us to mentor people. We will at all times demonstrate our commitment to sustainability, both individually and as a business, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our clients’ needs precisely and completely.
Our overall business goal is to become the leading brand in the business coaching industry in the whole of Duchess County – New York, and also to be amongst the top 5 mentoring businesses in the United States of America within the first 15 years of operation.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are confident that Duchess County is the right place to launch our mentoring business.
Anthony Jefferson® Mentoring Program, Inc. is founded by Anthony Jefferson and he will run the business some partners. Anthony Jefferson has a Bachelor of Arts in Psychology from the University of Arkansas; Master’s Degree in Personal Management from the University of Tulsa.
Anthony hails from Duchess County, New York and he is a member of The European Mentoring and Coaching Council, also called the EMCC, a leading global body in terms of creating and maintaining a range of industry standard frameworks, rules and processes across the mentoring and related supervision and coaching fields.
3. Our Products and Services
Our intention of starting our mentoring business is to help our clients achieve their overall life, family, career and business goals and also to make profits from the industry. In view of that, here are the different mentoring techniques we will deploy;
- Organization mentoring technique
- Work process mentoring technique
- Technology mentoring technique
- Industry mentoring technique
- Profession or trade mentoring technique
- Flash mentoring technique
- Supervisory mentoring technique
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective mentoring program that will become the number one choice for individuals, Social enterprises, NGOs startups and corporate organizations in Duchess County – New York.
- Our mission is to provide affordable, professional and highly effective mentoring services to a wide range of clients.
- Our overall business goal is to position Anthony Jefferson® Mentoring Program, Inc. to become one of the leading mentoring program in the industry in the whole of Duchess County – New York, and also to be amongst the top 5 mentoring brands in the United States of America within the first 15 years of operation.
Our Business Structure
Anthony Jefferson® Mentoring Program, Inc., is a mentoring program business that intend starting small in Duchess County – New York, but hope to grow big in order to compete favorably with leading mentoring companies in the industry.
We are aware of the importance of building a solid business structure that can support the world class business we want to own. This is why we are committed to only hire the best hands within our area of operation.
At Anthony Jefferson® Mentoring Program, Inc., we will ensure that we hire people that are qualified, hardworking, creative, passionate, result driven, and customer centric and are ready to work to help us build a prosperous business that will benefit all our stake holders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff/partners and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Principal Partner/Chief Executive Officer
- Office Administrator
- Program Coordinator
- Marketing Executive
- Client Service Executive / Front Desk Officer
5. Job Roles and Responsibilities
Principle Partner/Chief Executive Officer:
- Grows management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Answerable for fixing prices and signing business deals
- Accountable for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for overseeing the smooth running of HR and administrative tasks for Anthony Jefferson® Mentoring Program, Inc.
- Regularly hold meetings with key stakeholders to review the effectiveness of the organizations’ Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily activities of Anthony Jefferson® Mentoring Program, Inc.
- Responsible for sourcing for suitable mentors for mentees
- Responsible for ensuring that we adopt different techniques according to the situation and the mindset of the mentee
- Responsible for continuous review of mentoring program that covers areas such as organization mentoring, work process mentoring, technology mentoring, industry mentoring, Profession or trade mentoring, Flash mentoring and Supervisory mentoring amongst others
- Monitors the progress of mentees that enroll in our programs
- Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies
- Documents all customer contact and information
- Represents Anthony Jefferson® Mentoring Program, Inc. in strategic meetings
- Helps to increase growth for the organization.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- In authority of administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Anthony Jefferson® Mentoring Program, Inc.
- Serves as internal auditor for Anthony Jefferson® Mentoring Program, Inc.
Client Service Executive
- Welcomes clients and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s services
- Manages administrative duties assigned by the principal partners in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels/documents for Anthony Jefferson® Mentoring Program, Inc.
6. SWOT Analysis
In order to continue to maintain our overhead and continue to make profit for the business, we must position the business to scale – up our income on a regular basis.
In view of that, Anthony Jefferson® Mentoring Program, Inc. engaged the services of a professional in the area of business consulting and structuring to assist our organization in building a well – structured mentoring business that can favorably compete in the highly competitive business coaching industry in the United States.
Here is a summary from the result of the SWOT analysis that was conducted on behalf of Anthony Jefferson® Mentoring Program, Inc.;
Our strength as an organization is tied to our team; our workforce and faculty. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in mentoring and business coaching.
Aside from the synergy that exists in our carefully selected team members and our strong online presence, Anthony Jefferson® Mentoring Program, Inc. is well positioned in a community with the right demography and we know we will attract loads of clients from the first day we open our doors for business.
The fact that we are starting our mentoring program from the scratch might be one of the weakness that we will have to confront. This is because it is easier for a franchise mentoring program to leverage on an already built momentum from their parent company.
Without a doubt, the opportunities in the business coaching industry is massive considering the number of individuals, startups and corporate organizations that want to achieve their life and business goals. As a standard mentoring program business, we are ready to take advantage of any opportunity that comes our way.
A few of the threats that we are likely going to face as a mentoring program business operating in the United States of America are unfavorable government policies that might affect our business, the arrival of a competitor within our location of operation and global economic downturn which usually affects spending/purchasing power especially as relates to the kind of services we offer.
7. MARKET ANALYSIS
- Market Trends
One thing is certain, the trend in the business coaching industry is such that if you want to be ahead of your competitors, you should be able to acquire as much certifications as possible and you should be able to have loads of testimonies from your clients. The truth is that if your clients experienced huge difference in their life, career and business as a result of hiring your services, then they will be compelled to help promote your organization.
New enterprises and establishments are leading to higher employment and industry profit margins are expected to increase. External factors such as Corporate profit and Per capita disposable income in the Business Coaching industry will definitely impact the overall performance in this industry.
Another notable trend in this industry is the influence of technology; the advent of technology is responsible for the increase in income generated by industry operators. With technology, it is now easier for mentors to mentor clients that are thousands of kilometers away from them. Tools like video calling/Skype, YouTube, DVDs and Webcast et al are being used by operators.
8. Our Target Market
The target market for a mentoring companies is all encompassing. Anthony Jefferson® Mentoring Program, Inc. is a professional mentoring business that is specialized in helping her clients achieve their personal and career goals. Our target market as a mentoring program business cuts across people of different class and people from all walks of life.
We are coming into the business coaching industry with a business concept and company profile that will enable us work with the clients at different learning stages. Below is a list of the clients that we have specifically designed our mentoring services for;
- Corporate executives/career people
- Sportsmen and sportswomen
- Young couples
- Young parents
The business coaching industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can help them achieve their life, personal, career and business goals. It is the practice for operators of mentoring programs to partner with highly successfully and respected people in the society; it is part of what will make them stay competitive in the industry.
We are quite aware that to continue to scale up our incomes and to be highly competitive in the business means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
Anthony Jefferson® Mentoring Program, Inc. might be new Duchess County – New York, but the management team and the owner of the business are considered gurus in the industry. They are professionals that can successfully build mentees with zero proficiency to 8 or 10 on a scale of 10 within a short period of time. These are part of what will count as a competitive advantage for us.
Aside from the robust experience of our mentors, we can boast of the ability to customized our mentoring program via different mentoring techniques as suitable for a mentee. So also, we have a very strong online presence that will enable us mentor clients in different parts of the world from our online portals.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Anthony Jefferson® Mentoring Program, Inc. is established with the aim of maximizing profits in the industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. Anthony Jefferson® Mentoring Program, Inc. will generate income by offering the following mentoring programs;
- Organization mentoring technique
- Work process mentoring technique
- Technology mentoring technique
- Industry mentoring technique
- Profession or trade mentoring technique
- Flash mentoring technique
- Supervisory mentoring technique
10. Sales Forecast
One thing is certain, there would always be individuals, corporate executives and entrepreneurs who would need the experience and push of a mentor in other for them to achieve their goals in their career and organization. This is the major reason why the services of mentoring businesses will always be needed.
We are well positioned to take on the available market in Duchess County – New York and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our mentoring business.
We have been able to examine the mentoring program market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below is the sales projection for Anthony Jefferson® Mentoring Program, Inc., it is based on the location of our mentoring business and of course the wide range of mentoring programs and techniques that we will be offering;
- First Fiscal Year: $240,000
- Second Fiscal Year: $380,000
- Third Fiscal Year: $650,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there are stiff competitions amongst mentoring program operators and similar companies in the United States of America, hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be equipped to meet their targets and the overall goal of Anthony Jefferson® Mentoring Program, Inc.
We will also ensure that our clients become highly mentored to achieve any of their goals; we want to build a standard and first – class mentoring business that will leverage on word of mouth advertisement from satisfied clients.
Our goal is to grow Anthony Jefferson® Mentoring Program, Inc. to become one of the top 5 mentoring program companies in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in Duchess County – New York but also in other cities in the United States of America.
Anthony Jefferson® Mentoring Program, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our mentoring program business by sending introductory letters alongside our brochure to corporate organizations, schools, sport clubs, startups and key stake holders in and around Duchess County – New York.
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our mentoring program business
- Post information about our mentoring program business on bulletin boards in places like schools, libraries, and local coffee shops.
- Placing a small or classified advertisement in the newspaper, or local publication about our mentoring program business
- Advertise our mentoring program business in relevant educational magazines, newspapers, TV and radio stations
- Attend relevant educational expos, seminars, and business fairs et al
- Engage in direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and private clients in the whole of Duchess County – New York which is why we have made provisions for effective publicity and advertisement of our business.
Below are the platforms we intend to leverage on to promote and advertise Anthony Jefferson® Mentoring Program, Inc.;
- Place adverts on both print (community – based newspapers and magazines) and electronic media platforms
- Sponsor relevant community – based events/programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Duchess County – New York.
- Engage in roadshow from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- List our mentoring program business on local directories / yellow pages
- Advertise our mentoring program business in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our personal mentors and staff members wear our branded shirts and all our vehicles are well branded with our organizations’ logo.
12. Our Pricing Strategy
Mentoring businesses bill both per hour and flat fees on a weekly or monthly basis. As a result of this, Anthony Jefferson® Mentoring Program, Inc. will charge our clients flat fees except for few occasions where there will be need for us to charge special clients on hourly basis.
At Anthony Jefferson® Mentoring Program, Inc. we will keep our fees below the average market rate by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our clients at regular intervals.
- Payment Options
The payment policy adopted by Anthony Jefferson® Mentoring Program, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Anthony Jefferson® Mentoring Program, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines (POS Machines)
- Payment via check
In view of the above, we have chosen banking platforms that will enable our client make payment for enrolling in our mentoring program without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
Starting a mentoring business can be cost effective because on the average, you are not expected to acquire expensive machines and equipment. What you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
However, this is what it would cost us to start our own standard and world class mentoring business in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees we intend employing for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
- Equipping the office (computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- Launching an official website will cost – $500
- The amount needed to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5,000
While a mentoring program business might not have to incur all these expenses but going by the above report, we will need an average of $150,000 to start a medium scale but standard mentoring program business in the United States of America.
Generating Funds/Startup Capital for Anthony Jefferson® Mentoring Program, Inc.
Anthony Jefferson® Mentoring Program, Inc. will be owned by Anthony Jefferson and other business partners. They are the financiers of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $50,000 (Personal savings $35,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Anthony Jefferson® Mentoring Program, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our mentoring program services and advisory and consulting services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Anthony Jefferson® Mentoring Program, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing a standard office facility in a good location plus reconstruction: In progress
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the school: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the mentoring program in Duchess County – New York: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress