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Issue 4 > How to make the most of a business mentor.

How to make the most of a business mentor.

Megan Hills riffs on 'people helping people'.

What could be more fun, and potentially profitable, than bouncing your business dreams around with someone who can help turn them into reality?

I recently enlisted the help of a business mentor and am already meeting goals previously laden with dust. My business mentor has a penchant for marketing and is reminiscent of a female Gandalf, but without the beard.

Here are some tips on finding your own business Gandalf and how to make the most of their sage wisdom.

1 What kind of business mentor do you need? Jot down some ideas about where you are now, where you want to be and what the missing links might be.

From this process, it may become clear that having a mentor from your own industry might not be the most useful step. You may be better off seeking out someone with a financial planning bent or a great networker. Or just a person in business at the level you want to be.

2 What's your commitment? It also helps to have a gauge on the amount of time and money you want to devote to being mentored.

Not just for the first couple of meetings—we're talking six months, maybe more. Really sink those incisors into it. If you don't commit, it won't work.

3 How do you find business mentors? Find the Gandalf for you through:

• Google-searching to see what you can find.
• Business networking organizations.
• An appropriate industry association.
• Asking friends, relatives and colleagues.

4 Be clear about expectations. Once you've identified potential business mentor candidates, openly discuss expectations at the start.

• Will financial costs be incurred? If yes, how much?
• How much time can either of you afford to commit?
• What sort of advice and guidance do you need?
• Who's buying the chocolate mud cake?

5 Be clear about privacy. Chances are you will be discussing confidential aspects of your business. So before kicking off, consider signing a confidentiality agreement with your new business mentor.

This document can help clarify what needs to stay private before anything commercially sensitive is shared. In short, you will both be on the same page.

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