Four reasons why business mentoring is a no-brainer

Business

Find out how business mentoring helped make Talented Ladies Club profitable, and four reasons why it’s a no-brainer.

Three years after starting Talented Ladies Club, we were stuck. We were making money but had no consistent income, were not making enough to pay ourselves (or anyone else), and had no plans in place to change this. 

So I made a decision that changed everything – I found a business coach/mentor. 

This was a significant decision. The coaching required an investment of £800 a month, which was more than we were consistently earning each month at that time. 

Luckily we had some business reserves saved up, so we could afford to invest for a few months. And I was confident that by the time the funds ran out, we would see positive changes in our business profits – which is exactly what happened! 

The chart below shows when we started coaching (the red arrow), and our profits growing over the next couple of years:

Since then we have continued to grow year-on-year, while actually working LESS; today I work part time four days a week. I dread to think where Talented Ladies Club would be today had I not taken a risk and invested in the right expertise. 

Gratifyingly, I’ve also seen the same pattern of results in the people I have mentored myself over the past few years.

Four figures that show business mentoring works

And it’s not just me and my mentees who have seen these kind of dramatic results. Here are four statistics that demonstrate the power of mentoring:

  1. In a UPS survey, 88% of business owners who had a mentor said they considered their relationship with their mentor to be invaluable.
  2. According to a report published by the mentorship organization Mowgli, entrepreneurs who receive guidance from an experienced mentor increase their annual revenue by an average of 83%. However, entrepreneurs who don’t have mentors only increase their annual revenue by an average of 16%.
  3. 92% of small business owners in one US survey said their work with a mentor directly impacted the growth and survival of their business. 
  4. A study conducted by the Small Firms Enterprise Development Initiative found that 70% of small business owners who receive mentorship made it through the first five years successfully. Thats twice as many as business owners who didn’t receive any mentoring.

Get me as your business mentor this September

So why am I telling you this now? In September we’ll be re-opening the doors to the Easy Business Club, a 12-month mentoring and business training course, and I wanted to share with you the power of mentoring, in case it is something you are considering. 

As your business mentor, I will use my experience to guide you in running and improving your business. My goal is to help you build the kind of business or freelance career you want, just as my early business mentor helped me. 

If you’d like to find out more about how mentoring can help, you can read the stories of some of the women I have mentored here:

If you’re ready to see growth in your business or freelance career with me as your mentor, watch out for opportunities to join the Easy Business Club in September.

Author: Hannah Martin is the founder of Talented Ladies Club. She’s a highly experienced business mentor with a background as an award-winning copywriter and qualified psychotherapist.