Running your own business can be challenging, hard work and lonely. You are the top of the tree, so who can you turn to when the going gets tough? A business mentor can be a great way of solving your problems and helping you to grow more quickly. But, “How much does a business owner cost UK?”. Let’s take a look.
I have been a business owner mentor since 2003, although you can add to that coach, consultant and, I hope for many of my clients, a friend too.
However, business mentoring runs through every one of these services.
Having helped countless businesses to move to their next business milestone, I am always mentoring my clients, removing obstacles and fast tracking their path to success.
So, onto the main question, how much does a business mentor cost?
How Much Does A Business Mentor Cost?
I am going to go through the ‘it depends’ options in a moment, but I know that you have come here for an answer to a specific question, so here it is:
From £250 to £25,000
That is quite a big variance, isn’t it, but I know from experience of working with and speaking with many business mentors over the years that it can vary that much.
Let’s take a look at what makes the difference in business mentor charges based on a range of factors, but let’s start with the most important one.
No one wakes up in the morning and decides to hire a business mentor simply for the fun of it.
They generally decide to hire a mentor because they have a specific problem to solve.
Therefore, if you want your problem solved quickly, surely you want a business mentor who has already achieved the results or the outcome that you are looking for a million times over?
If that is the case, you can expect to pay a higher price for their mentoring services, think around £750 to £2,500 a month for most mentors in this category.
If you operate in a specific niche service area, a business mentor who specialises in this sector is likely to be more useful to you and, therefore, is going to charge more for their services.
However, when you couple this with ‘Results’ above, you are surely going to be happy to pay higher fees if your results are going to arrive more quickly, aren’t you?
I have spent tens of thousands with different mentors over the years, for these reasons:
- I want the results they can provide
- I am prepared to pay for them to achieve them more quickly than if I go it alone
- I would be a complete hypocrite if I sold consulting and mentonring services yet didn’t invest in them myself.
That last point seems completely obvious to me, yet I meet so many mentors who do not invest in themselves, which does not sit well with me.
Does anyone, ever, really stop learning?
I don’t think so, and I have a lot of grey hairs…..
3. How They Deliver Their Mentoring
The method of delivery of the mentoring will also effect how much they charge for their mentoring services.
For example, you can access my mentoring services through a private, online one to one mentoring portal, from as little as £175 plus VAT per month. The reason that this is so reasonable is because I can deliver the service to many people at the same time.
However, my one to one mentoring or mastermind group mentoring will cost from £1,000 a month upwards.
4. How Long They Have Delivered Their Mentoring Services For
A business mentor who has just begun their business mentoring journey is going to charge less than one who has been doing it for many years.
They will not have the results from point one above to prove that they can achieve the outcomes that you are looking for, so they may well charge an ‘introductory rate’ to their mentoring clients so that they can obtain the results which will allow them to charge more for their mentoring services further down the line.
You might get in on the ground floor of an excellent business mentor, yet only pay £500 a month so that they can prove they know what they are doing.
5. The Environment In Which They Deliver Their Mentoring
From experience, mentoring coupled with the environment of a mastermind group will achieve the best and fastest outcomes for you.
You have the experience of the mentor, but also the experience of other people who are going through (or have gone through) the same challenges that you are experiencing now.
In addition to this, you are far more accountable to a group than you are to just one person.
Standing up and tell 6 people you have not done what you promised to do at the last mastermind group meeting is much harder than just telling one business mentor.
Therefore, mastermind groups always attract a premium.
Think anything from £8,000 to £25,000 a year.
But don’t just think about the cost.
Hopefully, I have given enough food for thought for you above to know that business mentoring is all about the outcomes that you are going to achieve!
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