Surviving the first five years as a newly founded business is a challenge faced by every SME. However hard you work, there are moments when progress stalls and doubts threaten to become overwhelming. Sometimes, having the right person beside you, someone who can say, “I’ve been there. Here’s what worked for me,” can make all the difference.
A 2023 survey found that 70% of small businesses with a mentor survived five years or more, twice the rate of those without one.
But how do you actually find that person in an industry that saw nearly 900,000 new coaches emerge in 2023 to 2024? And what’s the difference between a coach and a mentor?
This guide breaks down exactly where to look, how to approach potential mentors, and how to make the relationship worthwhile. And don’t worry, you don’t need a Richard Branson-level figure to gain real value from mentorship.
How business owners benefit from mentorship
Launching a business on your own, particularly as a solo founder, can often feel lonely. You might devour podcasts, articles, and webinars, yet still find yourself facing tough decisions without anyone to turn to. Impostor syndrome can creep in quickly, and with it comes doubt and uncertainty.
A mentor helps steady the ship. They’ve faced similar challenges, made mistakes, and found solutions. They can help you avoid costly missteps, share what worked and what didn’t, and offer perspective when you’re navigating tough calls.
Unlike a coach, who may specialise in structured goal-setting or mindset work, a mentor is usually an experienced entrepreneur offering practical insights from real-world experience.
Mentorship is often less formal than coaching. It might take the form of a monthly coffee, regular calls, or occasional emails. It’s collaborative rather than transactional — more like a trusted senior colleague than a paid adviser.
There’s another major benefit: networking. A good mentor can open doors, introduce you to key contacts, and expand your professional circle in ways you couldn’t achieve alone.
Where to find a business mentor
A great place to start is by attending networking events within your industry. Industry-specific groups, local business communities, and professional Meet Up events can all provide opportunities to meet experienced founders.
Don’t overlook your local Chamber of Commerce or relevant discussions on LinkedIn. Engaging consistently in conversations can help you connect naturally with people whose journeys you admire.
Another effective way to find a mentor is through coworking spaces. Beyond simply providing a desk, the benefits of coworking spaces for start ups include access to a built-in community, regular networking events, and daily opportunities to connect with entrepreneurs at different stages of growth. In that environment, conversations happen naturally, and what begins as a casual chat in a shared kitchen can evolve into guidance and support.
Some coworking spaces offer as well direct access to structured mentorship. At Freedom Works, for example, our members can explore mentorship opportunities through our partnership with Barclays Eagle Labs.
Finding a mentor may be less daunting than it first seems. The key is knowing how to identify the right person for your business and your goals.
What to look for in a potential mentor
Like any strong relationship, chemistry matters.
You should feel a natural sense of trust and respect. If you don’t genuinely value their experience, or they show little interest in your journey, the relationship won’t thrive.
Look for someone who:
- Has relevant experience and lessons to share
- Listens as much as they advise
- Is genuinely committed to the mentoring relationship
Consider practical expectations too. How often would you like to connect? Monthly? Quarterly? Do you need occasional guidance, or regular input?
You may prefer someone within your industry who understands its nuances. Alternatively, a mentor from a different field can offer broader strategic insight.
A helpful rule of thumb: choose someone two or three steps ahead of you — not twenty. Advice from someone slightly further along the path is often more relatable and immediately actionable.
How to approach a potential mentor
It can feel intimidating to approach someone and ask for mentorship. But remember: most people are genuinely flattered to be asked.
To demonstrate that you’re worth investing time in:
- Do your homework: Research their business, background, and achievements. Be clear about why their experience is relevant to you. Specificity shows sincerity
- Be proactive: Don’t expect them to drive everything. Suggest dates. Prepare thoughtful questions. Show you value their time
- Offer value in return: Mentorship is a two-way street. A simple follow-up explaining how the first conversation with them already helped you can go a long way
How to make the most of mentoring
Securing a mentor is only the beginning. Being prepared, actually taking advice and applying it to your business, and remembering to report back on your progress are all key to getting the most out of having a business mentor. Here are our top tips for maximising what you get from mentoring:
- Preparation is key. When you meet with your mentor, have clear questions and focus areas in mind, and arrive with a proposed schedule for future sessions. Having a simple plan in place shows commitment and respects your mentor’s time. Monthly catch-ups are common, but consistency matters more than frequency
- Stay open-minded. Some advice may challenge your current thinking — that’s often where growth happens
- Begin each session with updates on your progress. Mentors invest their time because they want to see you succeed, so showing results demonstrates respect and appreciation
It’s also important to recognise red flags. A good mentor listens, asks thoughtful questions, and shares both successes and failures. If they frequently reschedule, dominate conversations, or seem disengaged, it may be time to reassess.
Final thoughts
When it comes to having a business mentor, you don’t need a high-profile business celebrity to succeed. You need someone relatable, reliable, and willing to share their experience honestly.
The good news? Many successful entrepreneurs are happy to give back, and genuinely want to share what they’ve learnt to help other business owners succeed.
If you’d like structured support, exploring formal mentorship opportunities can be a strong starting point, and a powerful way to expand your network.
Through our partnership with Barclays Eagle Labs , Freedom Works offers access to experienced mentors, providing guidance, practical insights, and a chance to expand your professional network. Often, the most valuable mentoring relationships begin with just one conversation.
Contact us today. Your next conversation could be the one that transforms your business.
