When I tell new people what I do, the first question they tend to ask me is the cost. So, how much does a Business Mentor cost in the UK?
That’s a tricky one.
I always want to answer, “how long is a piece of string?!”
Why?
Consider when you want to buy something, anything. It could be a new car, a washing machine, a meal in a restaurant or even a haircut.
The cost of a product or service is based on so many variables there will never be a one-size-fits-all price. Washing machines can vary in price depending on style, features, the manufacturer and even the colour; the same with cars. There will be a difference in price between a meal in McDonalds as opposed to a Michelin starred restaurant. While the price of a haircut can be influenced by the expertise of the stylist, the location of the salon, the products they use etc etc.
So, let’s take a bit of a deeper look at business mentoring and how much does a business mentor cost in the UK, in terms of what you should expect so that you can compare cost vs value.
Business Mentor Cost vs Business Mentor Value
As consumers, the factors that influence our purchasing decisions are incredibly complex. If we choose to buy an item there are a number of criteria we can use to compare like with like.
From that point, we are able to decide where we should spend our money.
On the other hand, purchasing knowledge and expertise is a bit more tricky. We don’t have a tangible ‘thing’ to take away.
Making value judgements about business mentoring support solely on price will not always help you make the right choice.
Expensive doesn’t always mean better while cheaper doesn’t always mean good value.
So, how much does a business mentor cost in the UK? There are no set costs for business mentoring. This is because every business is different, and every business mentor is different.
But the very fact that we are all different can make it hard for business owners to decide which mentor they should work with, and how much value they are likely to get from the relationship.
All they know is, they need someone to help with their business!
What Is A Business Mentor?
A Business Mentor works with a business owner on a one-to-one basis, mostly on practical, actionable issues they are struggling with.
They will help with fundamentals like planning, pricing, customer identification, branding, and marketing. They will also provide accountability and focus.
It is a fact that businesses that don’t plan tend to fail. A Business Mentor will help the business plan and act as a knowledgeable sounding board for thoughts and ideas.
There is a tendency to associate the word “mentor” with wisdom and experience.
A good Business Mentor will have learned plenty of hard lessons, coming with a wealth of ‘been there, done that’ business experience that will help steer you away from the rocks!
And don’t forget, a Business Mentor should be well-networked, with a bulging contact list that helps them make useful, trusted introductions – whether to a potential client, or someone who can help with essentials like web design or accountancy.
(Now tell me, isn’t all that worth paying for?)
But Wait. Don’t I Need A Coach, Rather Than A Mentor?
While there are definite similarities between coaching and mentoring, coaching tends to focus more on developing personal qualities, rather than working on practical business issues.
A good way to summarise the difference might be to say that a coach helps you develop your personal passions and ideas, while a Business Mentor helps you turn them into a profitable business.
That difference is the reason some people choose to work with both a coach AND a Business Mentor – getting the best of both worlds as a result!
Why Should I Pay For Business Mentoring, When I Can Get It Free?
This is another question some people ask.
You only have to type “free business mentoring” into your search engine of choice, to see that it exists.
But ‘free’ business mentoring tends to come at a different kind of cost.
For starters, it’s not free. It may be ‘free at the point of use’ (you’re not parting with cash directly) but there are costs somewhere; government-sponsored, local authority support, business community interest support, business banking support.
Because you are not paying directly, there may be limitations to the scope, personalisation and timescale of the support you receive.
Rather than helping you work on specific issues, it’s more likely that you will get a one-off helping of general business advice, from someone you aren’t able to build a lasting and trusted professional relationship with.
Then comes the value aspects.
How much do we value things we don’t pay for?
Not paying for advice and guidance means you may be less inclined to take it seriously.
It is also likely that free business mentoring doesn’t include between-session support or a person who is truly part of your team.
Just like most things in life, you get what you pay for.
Why wouldn’t you pay for the kind of knowledge and experience that’s going to help you achieve your business goals, and live the life you dreamed of when you decided to go it alone?
After all, you wouldn’t give away YOUR products or services for free… would you?
Still Not Sure? Why Not Book A Breakthrough Session?
As much as you need to know if I’m the right Business Mentor for you, I need to know that you’re the right client for me, and I need to be sure that I am able to add genuine value to your business.
My complimentary, half-hour Breakthrough Sessions are designed to help us find all that out.
We’ll talk through whatever issues are holding you back, in a relaxed and friendly conversation that I hope you’ll find valuable, whatever you decide to do next.