October 28, 2020

$250,000 in mentor payouts!

dqmonn @dqmonn

It's a bit crazy to even think about, but I ran the numbers today and had to get into some pretty old payment accounts – but looks like with this month we are hitting a quarter million dollars that we paid out to our mentors over the past ~2.5 years!

That's the result of 1,700 mentorships, 8,200 registered users and the amazing work of over 500 mentors!

If you would have told me even just a year ago that this would look like that today, I wouldn't have believed you, but things are speeding up and every month we are processing another $30,000 or so.

I guess I should also give an update on what things are going on on the business side right now:

  • My search for marketing channels had paid off and I am starting to find scalable channels in paid and organic marketing that work great

  • I've gotten help in customer support. People are happier, because issues are resolved quickly and often in their interest

  • After two years, I am very, very close to finally leaving PayPal behind. Fingers crossed!

  • We just signed with another team to provide a few months of hands-on mentorship!

Just shows the value of persistence, like I'm always preaching it! This didn't come over night, not even really over a year. So if you're a bit down or unsure about your idea, keep at it – as long as you believe in it!

  1. 2

    Congratulations on that! And a great platform indeed! I was thinking of creating a consulting service and try it out if that would work. And I saw this in the Indie Hackers email.

    Yesterday, I applied as a mentor. Today, I got approved in the morning and by the end of the day I got my first mentee. Amazing!

    1. 1

      That's amazing! So, so happy to have you on the platform

  2. 2

    Nice work! Is this true mentorship, or is it consulting?

    Reason I ask is I see a few folks out there with similar products calling it "mentorship", when really they are creating consulting marketplaces.

    I mean no disrespect whatsoever with my question - just truly curious.

    Cheers and keep up the good work!

    1. 2

      Super valid question. The lines are blurry, that's for sure. Where does mentorship end and consulting start? The big difference is definitely that our mentors would NEVER consult at the price they have on the platform, they also often don't have the time. So, it's just about managing expectations for customers that come in and expect full-time hands-on service.

      It's a little easier to call it consulting other platforms charging on a per-minute basis.

      1. 1

        As a mentor and now consultant, this answer describes me exactly. The only reason I really charge for mentorship at all is so the mentees have something on the line and aren't gonna waste my time (as happened when i did it for free).

      2. 1

        Very good framing, thanks for the info.

  3. 1

    That’s amazing. Congratulations!!

  4. 1

    Hey, congrats!

    Looks like a fantastic platform, and it appears you're providing real value on both sides of the marketplace.

    I'd be interested in signing up as a mentor (you can see some of my recommendations and reviews here - https://neilcocker.com/toughquestions/ , but couldn't work out how to do that.

    Assuming it's an invite only thing to keep quality high?

    Keep up the great work!

    1. 1

      It's definitely hidden by design – we rely a lot on invitations and referrals :) But it's open to anyone here mentorcruise.com/mentor/

      1. 1

        Amazing! Have applied. Intrigued to see how you guys work. Impressed by what you've built!

  5. 1

    I listened to your interview here a while back, and it's great to read about your progress. Keep up the good work :)

  6. 1

    Congratulations! This sounds awesome. Would you happen to document your marketing channel strategies and efforts? It would be super helpful as I am now looking for ways to get the word out for my product in the making, and would try to have a concrete plan instead of aimlessly shooting to every direction :)

  7. 1

    Congratulations. Indeed a great achievement!!

  8. 1

    Congratulations dude. Keep up the good work!

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