When you’re starting a business, there’s more to running it than just doing the work people pay you for. A publisher has to do more than sell books, a lawyer has to do more than work on cases, and the baker has to do more than bake. Making something new is super hard, as seen by the failure rates for new businesses. So, you need a mentor.
There are several types of mentors: Virtual Mentors, Coaches, and Resources. The more you have access to, and utilize, the better of you’ll likely be.
Virtual Mentors
Virtual mentors are people you can call or facetime with. You engage in conversation with them, but they might not see everything you do, or work side-by-side with you in person. They are great for answering questions. I recommend the same thing with virtual mentors that I do for all other kinds: choose people who have succeeded at what you’re trying to do and have a life you want to emulate. These can also be available to DM through social media, which is a smaller ask than hourly training and possibly more helpful when still deciding whether to enter a new business. You’d be surprised how many current business owners in your niche are willing to share info with you.
One great place to find such people is to search for people selling courses in making certain types of businesses work. The course offerings may not be cheap, but then again, neither is business failure.
Coaches
Coaches can be virtual as well, but specifically I’m referring to people who physically come into your business and/or walk you through the processes of what you’re doing. In-the-moment feedback and analysis is what you’re looking for with coaches. Some of the best coaches are people who have already run the business you are running or, better yet, you can buy a business with the provision that the current owner stays on to mentor you for a specific period of time. If someone has a cash printing machine that already works, spending three months being coached how not to break that machine is invaluable.
Resources
These are everyone and everything that’s not giving you feedback in real time. Books, podcasts, training videos, Udemy courses, etc. They give you information, but it might not 100% (or even 60%) apply to you. Still, these resources are great as a litmus test to determine: Do I even like this industry? What is important to people running this business? What separates good advice from bad (or at least conventional from unconventional)?
You could argue that an independent bookkeeper is one of the best kinds of mentors. Not only will they tell you good decisions to make in tracking your finances, but they’ll track your finances for you! Personally, I invested in a robust bookkeeping and accounting mentorship program that has been valuable to me. I personally know several bookkeepers and CPAs outside that mentorship program who also are great to turn to for advice. Your business is too important to be built alongside people unwilling to ask for help. Schedule a call with me to discuss taking your time back to the tune of 80+ hours per year, and maximizing your deductions while lowering your expenses.