Business Mentoring

[yellowbrick]

Hi There,

Long time follower of UKBF and now I have taken the plunge into starting my own business.

Naturally I have done alot of research into all aspects of starting a business and feel quite confident that I can do it however alot of the guides say that it is wise to have a mentor or adviser to check what your doing with regards to the business.

My question is, has anyone done this and what was the benefit of having a mentor? I don't really know any business owners on a grand scale so I would probably have to go through one of the mentoring websites but I am keen to know if anyone has seen any real benefit and what involvement a mentor has?

Many Thanks

 

[White Man Van]

If you need mentoring you could try Growth Accelerator, the govt programme. I havent used it but it seems a good opportunity to get mentoring (and more) at a v reasonable cost. Ive just looked on their website and seen a few testimonials. I'll be setting up a company soon and will defnitely consider GA. I know 2 guys who offer GA, one around Enfield, the other Rugby if you want to speak to anyone about it? Good luck and all the best.

 

[webgeek]

There's a good number of people giving great advice on the forums here. In fact, the marketing advice in two of the subforums here often makes clear some best practices which have not yet made it into the daily practices and teachings of Business Gateway and possibly other similar 'leaders' repertoire.

As a startup, if you haven't got HR issues then really it's a sales/marketing organisation with an accounting need as well. If you've got those bases covered, you're cooking with gas, whether you've formally got a mentor or not.

 

[Paul_Rosser]

If you need mentoring you could try Growth Accelerator, the govt programme. I havent used it but it seems a good opportunity to get mentoring (and more) at a v reasonable cost. Ive just looked on their website and seen a few testimonials. I'll be setting up a company soon and will defnitely consider GA. I know 2 guys who offer GA, one around Enfield, the other Rugby if you want to speak to anyone about it? Good luck and all the best.

We are currently on the Growth Accelerator program and have found the coaching to be very useful, but a lot of it comes down to which coach you use as some just see it as a way of getting in new fee paying clients.

On the whole though coaching has been very useful and has changed the way we work and will grow in the future.

Happy to answer any specific questions you may have about the GA system or coaching in general.

 

[DuaneJackson]

I've been mentored for years and have found it really valuable. You might stuggle to get on the Growth Accelerator programme as a brand new business.

The best mentors are free - they do it because they want to and they've had enough success to not have to worry about charging for their time and/or do it for the enjoyment.

Get out to local networking events and meet people.

 

[BusinessDeli]

Core to a good mentor is trust. You can't buy that over the internet and you would be better off asking questions here.
Coaching programmes differ to mentoring so really you need to decide what you want to get out of it before choosing an approach.

 

[Paul_Rosser]

I've been mentored for years and have found it really valuable. You might stuggle to get on the Growth Accelerator programme as a brand new business.

We got onto the GA program during our first year of trading, but had already drawn up profit/loss forecasts for the first 1-3 years which helped.

 

[JJHRmsart]

Having a mentor ca be really helpful they can help guide or support you and your business. There are many articles about this around the web. However the skills and knowledge your mentor has is important. Look for some one that has had good reviews or feedback and a good history. Wasted time could cost you money

 

[DexSmart]

It's obvious that you need to start somewhere. Business people are using mentoring, coaching more and more. Is not that people are not used to the business life style, but sometimes the environment can be different, hostile and you can have negative results from. So from my experience, i would say, pay a penny, but pay it wise. Don't make just "a business" to say you have one. Invest all your time, your strengths and results will come!

 

[Carpet Bags]

All depend on what is your industry. Some industries more "mentor friendly", some less. I mean for some businesses just a coach experienced in literally any business could be OK, but for some it must be a person with very specific proven successful experience.

I am in Fashion and here mentoring is very profitable business. I have been offered mentoring for anything between 600 pounds (in a group) to 2500 per month. Do I need to say I have refused those propositions?

But there is always some Government grants, European organisations grants, London Chamber of Commerce, UKTI and others, who have lot of free or very cheap courses, Business Clinics, workshops etc etc etc.

 

[davehayes]

Hi There,

Long time follower of UKBF and now I have taken the plunge into starting my own business.

Naturally I have done alot of research into all aspects of starting a business and feel quite confident that I can do it however alot of the guides say that it is wise to have a mentor or adviser to check what your doing with regards to the business.

My question is, has anyone done this and what was the benefit of having a mentor? I don't really know any business owners on a grand scale so I would probably have to go through one of the mentoring websites but I am keen to know if anyone has seen any real benefit and what involvement a mentor has?

Many Thanks

Hi, I saw this post and decided to offer my advice for what its worth, apologies, if its repeating what others have said, as the thread is quite long.

Dealing with the small business market as I do on a daily basis, I see all sorts of experiences, I certainly believe it is worth having a mentor, to point out the pitfalls that there are, so you can avoid them.

Running a business is complex and bring challenges, which is why, its good to have a mentor, who can see things, that maybe you cant ( a bit like marriage guidance, you would take advice from someone 20 years married, as opposed to 2 years) but the points the same.

Personally, I would avoid using a bank SBA, as they are generally running round bank policies and procedures, whereas a SBA, who is doing it day by day, will be offer all sorts of good practical advice. there are also good programmes run by SBAs, which offer good sound advice.

Hope thats of some help.

 

[yellowbrick]

Hello All,

Sorry for the delay in getting back to you all.

Wow this is all very useful information from experience and opinion. I have looked at the Accelerator programme and has had some brilliant reviews and feedback - This might be something that I look at in the future or after speaking with some more people whom have been on it - as you all have said mentoring is about trust and I am weary of just buying something like that over the net.

I think I will attend a few networking sessions and see how that goes. UKBF is a brilliant source of knowledge aswell in the mean time.

Thank you one and all!

 

[bobreynalds]

There are a number of advantages that having a mentor of some type can provide. Is it necessary to have a mentor? I would say that the answer is no, it is not necessary, but having a guide on any path you choose to walk can always save time in avoiding holes and problems. I once went through the E-Myth program, and it was amazing. The help, advice, guidance, and insight that the program offered was invaluable. I personally would recommend finding a mentor and using them if at all possible, regardless of the cost or price that they ask you to pay.

 

[DavidP2P]

I tend to differ slightly on the word "mentor", as from years of experience I have had "mentors" in different aspects of my small businesses. At the right moment in my business development I have had, or still have, a mentor for:

1) Business Development & Growth
2) Marketing
3) Copywriting
4) Economy
5) Personal Communications, Public Speaking & Branding

Each area has been specialised coaching as my knowledge & business developed. I spent 5 years at Toastmaster, for example, where I gained confidence in speaking to others, which is a necessity if you have a product/service that needs communicating to the outside world.

At the end of each year (just gone) I do a personal inventory of where I am today, and what needs to happen over the next 12 months.

 

[Blood Lust]

Hi There,

Long time follower of UKBF and now I have taken the plunge into starting my own business.

Naturally I have done alot of research into all aspects of starting a business and feel quite confident that I can do it however alot of the guides say that it is wise to have a mentor or adviser to check what your doing with regards to the business.

My question is, has anyone done this and what was the benefit of having a mentor? I don't really know any business owners on a grand scale so I would probably have to go through one of the mentoring websites but I am keen to know if anyone has seen any real benefit and what involvement a mentor has?

Many Thanks

Ten years after startup only 10% of businesses remain. Only about a third of them will be an organisation worth more than £1 million.

The number one cause of failure is cashflow problems not a lack of revenue. You need to make sure you always have the cash free to cover any bills that come in. If its tied down in inventory or credit sales when you need it then you've had it.

Having a friend or family member with a successful business who can mentor you is an advantage as they can pass on tips like the one above.

I would advise getting yourself some business qualifications in the evening too. They'll teach you how to structure your business, how to plan and control its operations, how to keep costs down, how to coordinate all activity, how to motivate staff when you've got them, etc.

It all helps increase the odds of success for you.

 

[prog-net]

I think business coaching could be of great value, provided the mentors are of a high standard. I've met my fair share of them, and while any form of mentoring would be of benefit to your business, only a few mentors I have met have the ability to make a transformational difference.

Some context...

I had the fortune of being referred to a private network that is run by a leading business performance coach, whose clientele are the top 1% (CEOs of banks etc). He charges them in excess of 120k as a yearly retainer, but recently started a group for entrepreneurs, where he charges 2.5k for people that get accepted to the group. Within a couple of months of setting up my business (a web based interviewing tool for software developers), I was able to secure a deal with Amazon.

The skills you get taught by a good coach are invaluable, and more importantly they instil in you the mindset of the 1%. Your approach to your business will be radically different to other startups, and you'll see results very quickly.

My advice - Spend the time and effort to find the right mentor. It could make a world of a difference if you do.

Good luck!

 

[Shorty-AV]

Completely agree with White Van Man, we have had some great feedback from the Growth Accelerator scheme.
Unlike some other schemes, they ensure that all mentors are certified before joining.
As well as this, the Growth Accelerator scheme provides a good level of funding.

Hope this helps!