How Do I Find a Business Mentor in Australia?
Tristan Wright
We help B2B service based business owners that are chained to their desk learn how to grow and operate their business without requiring their daily input.
If you're an entrepreneur or a small business owner in Australia, working with a business mentor can be a game-changer for your success. Business mentors are not just for businesses that are suffering, even if you are doing well (or actually - especially if you are doing well), a mentor can bring in changes that make your business great and move you rapidly to the front of the pack.
If you’re sceptical, I get it. I was a Doubting Thomas too, way back in my 20s I thought I knew it all and I was invincible. I had the business success to prove it...until I didn’t. Turns out that the market isn't on a steady upward run, so when the dollar tanked completely, leaving me high and dry, I would have lost it all if I hadn’t turned to a mentor for help. I took their advice on board, put in some proper systems and risk evaluations and boom! My business bounced back better than before earning me seven figures instead of the six I was bringing in on my own.
I want that for your business too. As well as making your business stronger and more successful you’ll get more time off to avoid burnout and start living the lifestyle you actually enjoy.
In this article, I’ll provide some practical tips and strategies for finding a legitimate business mentor right here in Australia. By the end of the page, you'll have a clear idea of how to find a business mentor who can help you achieve your goals and take your business to the next level.
What is a business mentor?
A business mentor is not unlike executive coaching. It’s someone who has the experience and expertise to guide you through the challenges of starting and growing a business. They can help you avoid costly mistakes, provide valuable insights, advice, and networking opportunities that all go together to help you develop and grow personally and professionally.?
Are business mentors worth it?
I wouldn't be writing this blog (or doing what I do) if I didn’t truly believe in what mentoring can offer. Business mentors can be invaluable for entrepreneurs and small business owners. Seeing what it did for my business, pulling a phoenix out of the ashes, I knew this was what I wanted to be doing, helping other business owners avoid mistakes and rise to their full potential. A good mentor is an experienced professional who can provide guidance, support, and advice to help you overcome challenges and reach your business goals.?
For me, it’s also essential that a mentor has owned businesses in the past or currently that gives them the ability to actually walk the talk, instead of just reeling off stuff they’ve read about other people doing. To really understand what a business owner is facing, you have to be in business and face those struggles yourself.
Get the right person to guide and support you and the benefits come rolling in.
Benefits of having a business mentor
The benefits of having a business mentor won’t be exactly the same for everyone. Each mentor will offer different skills and each business owner will be looking for different answers. For example, some of my clients have a good-yet-patchy strategy while others have no idea what a business strategy is which means very different levels of work and training. How much you get back also depends on your willingness to learn and make changes (hint: if you are not willing to take advice on board, you probably aren’t going to get many benefits from mentoring).
Overall some of the benefits you can expect from mentorship include:
Experience and knowledge: A good business mentor will have a wealth of expertise and experience in a certain area. When you match their knowledge with your goals and challenges you’ll be able to work with them to avoid mistakes and navigate difficulties more effectively.
Accountability: A mentor can hold you accountable for your goals and provide motivation and support to help you stay on track. It gets you out of bed and ready to work because you set certain milestones that need to be reached before your next session.
Networking opportunities: Mentors can introduce you to valuable contacts in your industry, expand your professional network and encourage you out of your comfort zone to create new business bonds.
Emotional support: Starting and running a business can be stressful and overwhelming. A mentor can provide emotional support and encouragement when you need it most. No matter how good or bad your business numbers are, it’s your emotional stability that determines where you go next.
Real-life success story
So you’ve heard my real-life success story of working with a mentor and recovering what was a massive debt into significant growth. If you have followed my blogs I talk about this a lot because it was a major tipping point in my life, my career and my business, but there are countless other stories out there.?
I’m an audiobook kind of guy. I can learn a wealth of new knowledge and perspective on my commutes or in waiting rooms just by plugging my headphones into a podcast or E-book. One example of an entrepreneur who credits his success to having a business mentor is John Lee Dumas, the host of the Entrepreneurs On Fire podcast. In an interview with Inc.com, Dumas talks about how his mentor, Jaime Masters, helped him achieve his business goals, providing him with the accountability, support and guidance that helped him stay focused on his priorities. The result was he grew his podcast from zero to over a million downloads per month.
I really liked him acknowledging that support and putting it out there, you don’t have to credit your success to your mentor, in fact, lots of people don’t and in a way that’s fair because as the client, you do the work and put in the effort to make your business better. But I do think that keeping mentors secret is part of what creates the myth that it’s so hard to find a mentor.
Why is it so hard to find a mentor?
Okay so mentors are great but how do you find one? I admit that finding a mentor can be challenging. For starters, there are several myths and misconceptions about mentorship that can make the process seem daunting. One common myth is that mentors are hard to come by or that they only work with a select few. There are qualified mentors out there, eager to share their knowledge and expertise but like I said, their clients tend to keep them secret, they don’t want to lose their best asset so hush-hush.?
If you can’t find a mentor you might like to consider a business coach to see the worth of their program before upgrading to a mentor.
There are a few myths and misconceptions about mentorship that can stop most people from even getting out there and giving it a go:
Myths and misconceptions about mentorship
You have to know the right people: While networking can be helpful and a really successful way of finding a mentor, it's not the only way to connect.
Mentors have to be older and more experienced than you: While it's true that many mentors are older and more experienced, it's not always the case. Some of the most effective mentors are peers or even younger than their mentees - remember it's about expertise in a certain field - not a lifetime of wisdom.
Mentors are only interested in helping you if you have something to offer them in return: While it's true that some mentors may be looking for mentees who can offer them something in return, many mentors are happy to help simply because they enjoy mentoring.
How do I find a Legitimate Mentor?
If you're struggling to find a mentor, there are several things you can do to open up some doors and get talking to the right people- remember that it’s okay to have a conversation first and suss them out. If a mentor isn’t right for what you are aiming for they may be able to recommend someone that’s a better fit. Here are a few tips:
#1. Identify your goals and needs: Before you start looking for a mentor, identify your specific business goals and needs. This will help you find a mentor who is a good fit for you and the direction you want to go in.
#2. Look beyond your industry: Don't limit yourself to mentors within your industry. Sometimes, mentors from other fields can offer valuable insights and perspectives. Ask about their experience and what they’ve learned to get an idea of what might be relevant.
#3. Attend networking events: Networking events can be a great way to meet potential mentors, and a bunch of other people who can help build your business too. Be sure to come prepared with business cards and a clear elevator pitch - they’re expecting it, you're at a networking event!
#4. Use social media: Social media platforms like LinkedIn can be a great way to connect with potential mentors. Don’t send polite cookie-cutter greetings, give your messages some personality (specifically your personality) and explain why you're interested in connecting.
#5. Join community groups: online networking can be helpful too. You can chat with business owners and entrepreneurs just like yourself and ask them about their mentoring experiences and recommendations (hint: our Facebook group The Business Evolution is a great place to start!).?
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How much should you pay for a business mentor?
The cost of a business mentor is going to vary depending on several factors, like:
Here are a few things to consider when determining how much you should pay for a business mentor:
Factors to consider when determining the cost of a business mentor
Level of experience: Generally, more experienced mentors will charge higher rates, but that doesn't necessarily mean that higher rates equate to better quality, ask about their experience and what results they have helped previous clients achieve.?
Also getting the very best mentor who isn’t a good fit for you, either in personality or business approach, is going to cause frustrations that might hurt your results.
Type of mentorship: One-on-one mentorship may cost more than group mentorship or online mentorship. Knowing your budget in advance will help you pick the right approach or you can try out group mentoring to get a feel for things before you commit to one-on-one sessions.
Time commitment: A mentor who meets with you for an hour each week may charge less than a mentor who meets with you for three hours a week.
Industry and specialty: If mentors have specialised expertise in certain industries or areas they may charge higher rates, especially if their experience comes with an award, certification or publication.
Location: In some areas, the cost of living or the demand for mentors is higher, which can impact the cost you’ll be asked to pay.
So, how much should you pay for a business mentor? The answer will depend on your specific needs and circumstances. Some mentors charge a flat fee, while others charge hourly or have project-based rates. It's important to do your research and compare prices before committing to a mentor and talk to them first so you know what you are getting for your money. One thing I will say is that paying a good price for mentorship can really ground your accountability. Because you have made a financial commitment and want to see results, you will put in the work to earn that money back in higher profits for your business (or whatever your mentoring goal is).
Consider factors like the mentor's level of experience, the type of mentorship you're looking for, and the amount of time you'll be spending with your mentor to determine a fair and reasonable price that fits your budget and business goals.
Finding a business mentor in Australia can be challenging, but it's well worth the effort. A good mentor can provide you with valuable guidance and support as you navigate the ups and downs of entrepreneurship. By following the steps outlined in this article, you can increase your chances of finding a mentor who is a good fit and get the big results you are looking for in your business.
How do I find a business mentor in Australia? - Key Takeaways
Business mentors can provide valuable guidance and support to help entrepreneurs succeed.
With the right mentor, you can gain the skills and knowledge you need to take your business to the next level, but remember, the mentor-mentee relationship is a two-way street. While it's important to find a mentor who can provide guidance and support, it's also important to actively seek feedback, be open to learning and respect your mentor's time and expertise - they’ll be doing the same for you.
How do I find a business mentor in Australia? - FAQs
Q: What is a business mentor, and what do they do?
A: A business mentor is an experienced entrepreneur or business professional who provides guidance and support to a less experienced entrepreneur. They may offer advice on everything from strategy and operations to marketing and sales.
Q: Are business mentors worth the investment?
A: Yes, a good mentor is definitely worth the investment. They can help you avoid common mistakes, provide you with guidance and support, and open doors to new opportunities.
Q: How do I know if a mentor is the right fit for me?
A: It's important to consider factors like experience, industry knowledge and compatibility when choosing a mentor. You should look for someone who has experience in your industry or niche, shares your values and vision and has a personality that complements your own.
Q: How much does a business mentor cost?
A: The cost of a business mentor can vary depending on factors like their level of experience, the scope of the mentorship and the duration of the mentorship. Some mentors may charge an hourly or per-session rate, while others may charge a flat fee for a longer-term mentorship.
Q: Can I find a mentor for free?
A: While it's rare to find a mentor who will work for free, there are many mentorship programs and initiatives that offer free or low-cost mentorship opportunities. It’s about being brave enough to ask when you see the right opportunity.
Q: How often should I meet with my mentor?
A: The frequency of mentorship meetings will depend on the mentor's availability and the scope of the mentorship. Some mentors may meet with their mentees weekly or bi-weekly, while others may meet monthly or on an as-needed basis. It’s up to you to define what you need and agree to a plan together.
Q: What should I expect from a mentorship relationship?
A: A mentorship relationship should be based on trust, respect, and mutual benefit. As a mentee, you should be prepared to listen to your mentor's advice, be open to feedback and criticism and be willing to put in the work to implement suggestions.
Q: How do I end a mentorship relationship?
A: If you decide to end a mentorship relationship, it's important to communicate your decision respectfully and clearly. You should thank your mentor for their time and support? and explain your reasons for ending the mentorship. If possible, you should try to end the mentorship on good terms, as you never know when you may need their guidance again in the future.