Let me take a moment and share with you a little secret about the modern day consulting business and some seminars you may have recently attended. Most mentors and coaches won’t share this information with you because it reveals what I refer to as a “ cross purpose.”  Here is how it works:

1-      You hear of a seminar that is popular and a friend recommends it.  For this purpose let’s say the seminar is on “ Financial Freedom.” 

2-      You attend this seminar, many times it is a one day intro at a lower cost, and you like what you hear. Based on that and the referral you join it.

3-      Next you attend a full weekend, the seminar is great and you learn a lot.

4-      At the seminar there is a guest speaker, or sometimes several.  This guest expert has a program such as “ New Patients”  or “ Patient Conversion.”

5-      You are invited to attend this speakers boot camp or seminar.

6-      You join this program also.

Here is what you don’t know:

1-      These mentors are inter referring to themselves. It is modern day marketing, or networking.

2-      Most of these mentors give each other referral fees or a piece of the action.  At a minimum the least the benefit to the consultant is a paying client, IE: You.     

The Problem:

1-      You end up joining a host of mentors and consultants all feeding off of you, many you don’t need.

2-      Your overhead and costs skyrocket, offsetting the benefits .

3-      Cross purpose. This is the big one in my book.  You get “sold”, “Closed” or “recommended” product or service, not because you really need it, but rather because the mentor gets a cut of it.

4-      Your mentors make a ton of money off of you, you end up with less money than before.

5-      While some of these programs are actually very good, the combined memberships and cost outlays many times offset the increase or benefit.

It’s a natural desire to belong, and or be social. Attending seminars in my opinion is like putting gas in your car. Having a mentor is also a good idea, one that has experience down the road you wish to travel.  At the same time my advice it to keep your eyes open and hands on your wallet.   Observe this the next one of these seminars you attend, many have a prior agenda for you.  Remember the goal is to keep your money in your bank account, not someone else’s.  Above all else remember your # 1 BUSINESS GOAL in practice is LOW OVERHEAD, HIGH PROFIT.