What is a business mentor and how do you find one?

Key points

• Mentors can play an important role in helping to shape your business by providing new perspectives and insights.
• Some of the benefits of having a business mentor include expanded networks, learning the benchmarks of success and receiving ongoing support.
• You can find a business mentor online, in person or through a mentoring program.

Having someone to turn to for business advice can make starting and running a business less overwhelming.

Experienced mentors can be sounding boards for ideas, a guiding light through stressful times, or that dash of encouragement you need to pursue an opportunity.

But what exactly is a business mentor? And where can you find one? We’re going to cover the business mentoring basics so you can find your perfect mentor match.

What is a business mentor?

A business mentor is someone who will work with you to help grow your skills as a business person.

A mentor can share insights and provide feedback support or guidance on any part of your business. For example, they might help you refine your business operations or improve your marketing strategy.

Another great thing about business mentors is they can help you set business goals or expand your network and connections. Having like-minded business owners in your professional network can open you up to exciting new opportunities such as finding suppliers or collaborating with other businesses.

While some business mentors have general skills they can support you with, others specialise in specific areas of business, like human resources. Or, they may have experience with your business type such as eCommerce or hospitality.

What to look for in a business mentor

When choosing a business mentor, think about why you want one. This can help you narrow down your options and identify the type of mentor to suit your specific needs.

For instance, if you have a goal you want to achieve – like expanding your business into a new industry – then it pays to choose a mentor with the skills and expertise in that area. Or, you might want to apply for a grant. Working with a business owner who has successfully secured business grants in the past would likely give you an advantage in the application process. 

It's also important to find a mentor you can communicate with. And, it makes sense for you and your future business mentor to share similar values – and work ethic – so that you’re aligned from the start.

What are the benefits of having a business mentor?

There are many benefits to having a business mentor including:

• Developing new ideas and strategies to help you hit the ground running with a new business or grow an established one. A mentor can help hone your decision-making skills or get you thinking outside the box.
• Getting a new perspective on your business by asking for advice on specific situations. Sometimes an outside perspective can help identify operational problems within your business that you may not be able to identify yourself.
• Learning the benchmarks of success from someone who’s done it before. Your mentor may be able to teach you how to set, analyse and report on financial and non-financial success indicators, such as understanding your break-even point and measuring marketing metrics. Regular check ins with a mentor can help you to analyse data and adjust your strategy accordingly.
• Developing essential business owner skills – think leadership and stakeholder management. This can help you improve your business operations and relationships, setting you up for long-term growth.
• Supporting you with mental health and wellbeing when your business goes through a rough patch, can help to ease the pressure.
• Growing your network with professional contacts in your industry. Your mentor could help with introductions or suggest events you could attend to make new connections.
• Identifying programs and grants you might be eligible for and giving you guidance when you apply.

How do you find a business mentor?

There are lots of options for finding a business mentor and a great place to start is online.

Use social media and online platforms

LinkedIn is a popular way for business owners to look for mentors. Search for hashtags like ‘#careeradvice’, ‘#businessadvice’ or ‘#mentorship’ to locate potential mentors. If you find a business mentor who resonates with you, send them a short message to see if they’re willing to chat.

If you’re not comfortable navigating LinkedIn, that’s okay. Try looking for a business mentor through the Small Business Mentoring Service (SMBS), an online mentor-matching platform. Use the directory to quickly find a mentor with specific skills and industry experience.

Attend networking events

Networking events are a great way to get to know others in your industry, make new connections and identify a potential business mentor.

To find a networking event near you, use websites like Eventbrite or the SMBS event page.

To get the most out of networking events, strike up a conversation with other attendees. If the chat goes well and you’re keen to talk more, exchange contact details. If the timing isn’t right, you can always follow up with an email or a LinkedIn message after the event to gauge their interest in mentoring.

Sign up to a mentoring program

There are plenty of mentoring programs you can sign up for and some of them are free. Check out the programs on offer through the NSW Government, Victorian Government and Queensland Government.

Also, consider joining an industry association, which can be a helpful resource for networking and searching for your future business mentor.

How do you ask someone to become your business mentor?

It doesn’t have to be daunting. Here’s how to prepare for popping the question:

• Do your research: Once you have a mentor in mind, familiarise yourself with them – their business, experience, interests and motivations. With the right information, you can tailor your request and increase the chances of getting a ‘yes’.
• Get clear on the ask: What do you want them to contribute? For example, are you asking for an hour of their time per week, or do you want someone to adopt a more formal role as an advisor for your business?
• Make a time to put forward your request. If you’re after a successful business owner to be your mentor (why not aim high!) they’re bound to be busy. Be respectful of their time and flexible to fit around their schedule. The easier you make it for them to say ‘yes’, the better your chances.
• Give them a reason to become your mentor: Remember, you’re asking them for a favour, so it will go a long way if there’s something in it for them. There could be an opportunity for your businesses to collaborate on a product line, or you might have a unique skill you could offer in exchange for the hours they spend helping you. If in doubt, as part of your pitch, ask your potential mentor how you can help them.

Next steps

You’re ready to meet your mentor. One of the first things they’re likely to ask for is your business plan. Don’t have one?  Download our template to get the ball rolling.