Every entrepreneur is looking to grow their business, but how do you actually get there? Finances, marketing, and logistics are all problematic areas of the company to deal with when you have no previous experience - with mentorship, all of those concerns may go away.
This article will share some of the most common roadblocks around business owners and how mentors have helped overcome them with their experience.
THE FEAR OF UNKNOWN NUMBERS
What happens when you don't pay enough attention to those nasty but essential numbers in your business? A young entrepreneur in Africa ran a dentist clinic for more than 3 years without ever knowing if the company was improving year to year. His thought process?
"Well, if I have enough money to pay my employees every month and some left for myself, it must be that things are going great! Right?"
When he first contacted his mentor using the MicroMentor platform, the reality of his financial status came to light. And it turned out he had a great business! Healthy, and was making a more significant profit with each year that passed.
He was making money, yes, but also wasting many opportunities by not investing that money correctly. His mentor quickly caught on to this and implemented a system to keep track of what exactly was going on behind the curtains. In over three months, they collaborated and kept a close eye on his numbers.
They were able to cut down on unnecessary costs dramatically, find new ways to source materials for a lower price, and take the business to a lean operating model. This meant that profits became bigger overnight, and with that, new opportunities arose.
It is still simply amazing to consider what a clear understanding of the numbers can do for your business. Mentorship can provide you with the guidance and teaching you need to get there.
THE MYTH OF INSUFFICIENT CAPITAL
Most entrepreneurs seek investment and capital because they believe that there is no chance for growth without it. If you do a quick google search, you'll see that capital is one of the top obstacles entrepreneurs perceive.
By working closely with a mentor, you can better assess the current status of your business's financial needs.
Do you genuinely need a capital injection? Could you bootstrap the whole thing for a while? Or is it just totally unnecessary?
These are questions that are too often forgotten when business owners are thinking of aggressive growth. Business development takes time, and capital is not a one-word solution that'll make your business successful. But what if you and your mentor work together and honestly believe that capital is the answer?
That's when the power of mentorship can work for you in ways that few entrepreneurs are aware of. In simple terms, mentors bring legitimacy to your business. Loans, peer-to-peer loans, angel investors, and banks will all assess your risk profile in conjunction with whomever you are in business with. That is to say; if you have an influential, experienced mentor by your side, they will look at you with different eyes.
HOW TO DO MARKETING LIKE A PRO
Suppose you have a glance at our mentor forums and Q&As. In that case, you'll see that digital marketing is a crucial point of interest to our community.
Eric, a US-based entrepreneur, sold premium quality tailored-made clothes for a high price tag. With his profits declining each month, he decided to reach out to a mentor for a second perspective on what could be going on.
Eric knew how to make showstopping, eye-grabbing ads, videos, and pictures that showcased the beauty and style of his products. But there was a huge problem. Even though he got lots and lots of clicks, people were bouncing off his website without purchasing. Was it the ads? The landing page? Where people discouraged by the high price tag?
He spent weeks tracking and compiling data with his mentor to locate the seemingly elusive problem. It all came down to one thing only, targeting. Eric's targeting was all over the place. To reach as many people as possible, he was wasting precious advertising money on empty clicks.
He and his mentor quickly started thinking of a strategy. This time it would be different. He would pay more for acquiring a customer, but those clicks started turning into sales.
Just like Eric, thousands of entrepreneurs could revamp their marketing efforts to make more sales with a couple of modifications in their structure. When you want to grow your business but don't know where to start, we often recommend entrepreneurs go for a marketing mentor who can revise their marketing strategy.
OPENING DOORS & CONNECTIONS
Moving on, have you ever wondered, how do I get partnerships? You know, those sweet prices some people get because they "know the right guy"? Yeah, you can have them too. It's all a matter of your network. Don't limit yourself to only thinking about capital and finances, but instead thinking about partnerships, agreements, and deals that could genuinely take your business to the next level.
We've seen it multiple times, and the MicroMentor platform is an excellent place for networking. Mentorship is a symbiotic relationship, which means that both the entrepreneur and the mentor win by enlarging their network with new individuals who could be critical assets in the future.
HOW TO FIND A MENTOR
There's a lot of ways to get a mentor. The traditional route is to find someone in your field and ask them to spare some time weekly to help you in your journey. But hey, we know that takes time, and well, a lot of luck.
That's precisely why we built the Micromentor platform. To give every entrepreneur a chance at connecting with a successful mentor entirely for free. Think about Facebook only for entrepreneurs and mentors.
You can easily browse the network, search for your industry, or look for specific topics you may be interested in. After that, all that's left is connecting. With a simple click, you can send any mentor a message requesting their help.