5 Steps To Fast-Track Your Business Through Mentorship
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Being a business owner means the work you put in, the opportunities given, and the paths you take are all on you. Sometimes, being a business owner can feel like you are all alone, left with the heavy task of figuring out how to succeed. But you are not alone! Every business owner goes through the same season. We all start somewhere. With that in mind, we have the opportunity to use others who have been down our same road and learn from them. Mentorships are powerful tools that we all can use right now. Here are five steps we can use to fast-track our businesses through mentorship:
1. List Your Inspiration
Who’s that person who is farther down the road than you in your line of business? Who is that woman or man that is just crushing it and you dream to be in their footsteps? Start writing a list of names. Think of your connections local and nationwide (Zoom calls, people!). If you haven’t talked to this person in years or maybe ever, stop fearing what could go wrong and start asking what could go right.
2. Tax-Deductible Cup of Joe
Once you have a good list of who you want to connect with, offer to buy them a cup of coffee or a glass of wine. A welcoming offer like that can set the tone right. Plus - don’t forget, this is for your business. You bet you can deduct 50% of the bill from your taxes! Express to them their expertise would be valuable as you are trying to deepen your knowledge in the field. Never underestimate the power of buying someone else a $3 cup of coffee.
3. Prep, Prep, Prep
Before you meet with your new-found mentor, develop a list of questions you want to ask. Some good financial questions to keep in mind are what unexpected expenses came up while growing their business? What is a realistic prediction of income growth? What area of their business did they invest the most time and money into? Having a list of questions ahead of time keeps you on track and makes sure you are getting the most possible value out of your time with this expert.
4. Vulnerability and Advice
Don’t be afraid to ask for advice. Maybe you are stuck between investing more money and energy into advertising or into in-person networking. Maybe you don’t know which direction to take next. Whatever it is, don’t be afraid to be vulnerable and ask for their input. Remember, they were once in your shoes too. Even if there isn’t one hill you are stuck on, ask for a piece of general advice from them. Their wisdom and mentorship are too good to pass up.
5. Let the Motivation Take Root
After your meeting, your mind is probably going to be running a hundred miles an hour. Different ideas and sparks are going to be all over the place. Don’t let that go to waste! Grab a piece of paper and pen and let the thoughts flow. There is something about getting all your thoughts on one piece of paper and from there, you can start to digest each to figure out which direction to take. Ignoring the motivation defeats the purpose of the mentorship meeting. Accept the motivation and let it come rushing out.
Anthony Douglas Williams once said, “Knowledge comes from learning. Wisdom comes from living.”. Mentorship gives us the opportunity to gain knowledge from a wise individual. Surrounding ourselves with people we want to be like will often point us in the right direction. We all can use the tool of mentorship to fast-track our business to where we want it to be in the future. Listen, live, and learn. And maybe, when you get to your future self, you can be a mentor to someone else. We are in this together.
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Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.