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How to find the right small business mentor

Useful and actionable advice is priceless, especially when it comes to your small business. If you feel like you bit off a little more than you could chew, consider finding a mentor to help you overcome obstacles.

find the right small business mentor

Why you should get a mentor

Mentoring has proven to be advantageous to the mentor and the mentee (you). According to a recent study, your business is twice as likely to see a lifespan past five years should you find a mentor. Moreover, you could increase revenue by 83%. If you’re an employee of a small business, you’re five times as likely to raise your pay grade with a mentor.

Due to the nature of your relationship with your mentor, he/she is emotionally (and possibly financially) invested in seeing you succeed. Advisers see mentoring as a gratifying experience and find that it can help them in their own careers, leading to more promotions.

You can find the perfect mentor for your small business in eight easy steps. Remember, your mentor should be someone you already have a professional, and possibly personal, relationship with. Here, Fundera gives 8 Steps to finding the perfect mentor.

Define your goals – For a greater chance of achieving success through your mentorship, write down your objectives.

Identify who you admire – Your mentor should be someone you know, but also someone whose qualities you want to mirror.

Ask questions – Ask about details to improve your likeability.

Assess the fit – Analyse how well your mentor’s experiences align with your business goals.

Establish a Relationship – Meet with your mentor often to foster trust and friendship.

Be genuinely interested – Demonstrate your appreciation and personal interest by actively listening to their advice.

Ask the question – Pop the question in person to set goals and expectations.

Offer something in return – Help your mentor test and carry out their own ideas.

Multiple mentors

It’s possible that you may need multiple mentors to get your small business off of the ground. There are many different components that come into play when starting a business, and you probably won’t have extensive knowledge on all of them.

Of course, Google and YouTube can prove to be valuable resources when you need to learn about something. Podcasts are also a good avenue for guidance. However, nothing can top the in-depth, one-on-one structure of an in-person meeting with a mentor. Except maybe that relationship with multiple mentors.

For example, your chosen mentor may excel in client communication and marketing, but lack a background in technology. In order to figure out the technological aspects of your company, you should seek out another mentor that has expertise in IT. If you’re selling goods, you might even need a third mentor to advise you on production and distribution logistics.

Famous Mentees

There is absolutely no reason to feel embarrassed or ashamed that you need assistance from a mentor. Well-known billionaires sought advice from their aspirational figures before they achieved fame. Oprah Winfrey, Bill Gates, and Steven Spielberg, to name a few, were all mentees at one point.

See the infographic below for more details regarding finding the perfect mentor for you.

How to Find the Perfect Mentor

More on getting a mentor for your small business and growing your business.

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