Does Investing in a Business Mentor Guarantee Business Growth?
Kathy Ennis, LittlePiggy
Sadly, there’s no such thing as a cast-iron guarantee for business growth.
(If there was, we’d all be millionaires!)
But there IS plenty of evidence to show that investing in an experienced Business Mentor will increase your chances of growth and success.
Research from the Federation of Small Businesses shows that 70% of the businesses that work with a Business Mentor survive for five years or more. This is double the rate for non-mentored entrepreneurs.
A survey by SCORE also found that 30% of entrepreneurs reported increased business growth after only one session with a mentor. This figure rose to 43% after five or more sessions.
This is why, with my Monthly Mentoring package, I start with six!
Oh, and if you thought the world’s most successful high-flyers achieved greatness all on their own, think again. Bill Gates was mentored by the billionaire investor Warren Buffett, while Facebook founder Mark Zuckerberg was supported by several high-profile mentors, including Steve Jobs.
Why Is Working with a Business Mentor Important?
A Business Mentor provides knowledge, support, and experience-based guidance that helps business owners make big decisions.
Unlike the business owners they work with, Business Mentors offer an objective view of the business. Meaning? Potential opportunities for growth and success don’t get missed.
This can be particularly important for solopreneurs and side-hustlers, who are ultimately responsible for everything. It’s hard to step back and see the bigger picture, when you’re so focused on keeping all the plates spinning!
What Should a Business Mentor Do?
Your Business Mentor should act as a trusted sounding board for your ideas, as well as helping you create a clear, achievable plan that helps you reach your objectives.
A good mentor will also challenge your perceptions. They will hold you accountable for your goals. In other words, they won’t do the hard work for you!
But they will also offer plenty of support, championing your talents and boosting your confidence on the ‘down’ days every entrepreneur faces from time-to-time.
What Qualities Should You Look For In a Business Mentor?
Luckily, you don’t have to fly half-way around the world to convince Warren Buffett to drop everything and be your mentor!
The best mentors are simply experienced people you can learn from.
For this reason, you can have more than one ‘mentor’. Some mentoring relationships are more informal – so much so, that you may not realise you are being mentored at all.
Think of those coffee catch ups with your ex-boss. Maybe the lunch date with a networking connection, or the call with a colleague you admire. Chances are, you’ll be offering some form of advice and guidance to one another, based on your own knowledge and experience.
But if you are looking for a more formal Business Mentoring relationship, you should start by finding someone who has walked in your shoes.
For example, solopreneurs and side-hustlers should look for a mentor who has plenty of experience setting up and running a business on their own.
Not only will they understand how it feels to be responsible for everything, but they’ll also have been there, seen it, and done that…
This means they can help you avoid all the mistakes they once made!
Then, consider the skills you value or want to learn, and what you’d most like your business to be known for. Can your chosen mentor offer knowledge and guidance in those areas?
Why Paid Mentoring Gets the Best Results
There are no set costs for business mentoring in the UK, and as we all know, ‘expensive’ doesn’t always mean ‘better’.
RELATED POST: How Much Does a Business Mentor Cost? You Know You Want an Answer
If you really want free mentoring, it’s certainly easy to come by… just type ‘free business mentoring’ into your search engine of choice, and you’re away!
However, it’s worth thinking about the level of value you are likely to receive from this type of mentoring.
Free sessions are unlikely to be personalised to you or your business, and you probably won’t be able to choose the person who offers you what may only amount to cookie-cutter, one-off advice.
By contrast, paid-for Business Mentoring puts you in control. Not only do you get to choose exactly who you’ll work with, but you can also address specific issues that are important to you and your business, with valuable support in between sessions.
Ultimately, you’ll have the opportunity to build a lasting, trusted professional relationship with an experienced mentor who both cares about and is properly invested in your business.
Need any more convincing about the value of paid mentoring? Just think about the reasons why people pay for your products or services.
Giving them away for free, would they have the same value to the ‘customer’?
Next Steps?
Check out my Business Mentoring packages. Which one would suit you best?
Alternatively, if you would prefer to talk with me about how I can help grow your business, book a complimentary Breakthrough Session.
