As a business owner, it would be one of the questions to ask and the answers can vary widely.

You might be surprised but sometimes it can be free and there are certain schemes, often funded by governments, local councils or ‘not for profit’ organisations, that might provide business mentoring as part of them, and the mentoring to you might be free. Your business might even sponsor a mentoring programme for you. There are also many professional mentors and they may charge quite a wide range of fees from £50 – £1000 an hour for some mentors. Typically you would be looking between £150-£350 an hour.

However, sometimes as business owners we look at ‘costs’ in the wrong way. We look at the cost to ‘buy’ something, but fail to consider the cost of NOT having it. Having run businesses and supported many clients, from both big blue chip global corporate companies and small/medium business owners and even startup’s, it can be obvious when you look at the real numbers with an external perspective, but it’s also so easy not to pay attention to them when you are in the melle of running a business. Inefficient or badly run processes and systems and even the wrong people, can significant impact business performance and their for costs or profits that overshadow any investment in mentoring.

What factors affect the cost of Business Mentoring?

The cost of business mentoring will vary depending on factors that you, the mentee, affect and the situation and work of the mentor.

Variables affecting costs of business mentoring that depend on you

1. What your requirements are?
   • The size of your business and its complexity (e.g. single person business or international conglomerate, or something in between);
   • When you want to be mentored (e.g. during the business week, or only at evenings or weekends or even timezones).
   • How many people need mentoring? If multiple people need mentoring as part of your business it may make sense to have the same mentor across separate sessions. If you want to have group mentoring then fewer mentors will offer that, but whilst the session cost is higher, the cost per individual might be lower.
   • Do you require significant customisation and personalisation of the mentoring program? Mentoring programmes that are tailored to the specific needs and goals of the mentee may cost more than generic or standardized programs.
2. Duration
   • How long the commitment is for? (e.g just 1 session or a block of 5 or 10, or 6 months or 12 months commitment?);
   • The length of the mentoring sessions will affect how much they are. Typically they are 30 mins (short) to say 2 hours (longer). Personally I think around an 1.5 to 2 hours works well.
   • Frequency of Sessions: The more frequent the mentoring sessions, will impact the overall cost but if you do more sessions, the cost of individual sessions may be less.
3. Complexity
   • The size of your business and its complexity (e.g. single person business or international conglomerate, or something in between);

Variables depending on the mentor

1. Experience and Expertise of the Mentor.
   • It can be the case that Mentors with extensive experience and expertise in their field may command higher fees due to the value they can offer. But it is not a fixed relationship as some of the best, may also mentor for lower rates, and some less experienced mentors may charge more, because they can. At the end of the day like any buying decision, you have to get to the point that you feel that you will gain sufficiently to justify what you are being asked to pay.
   • Mentors with recognized credentials or a strong reputation in their industry may command higher fees due to their perceived value and credibility.
2. Scope of Services Provided
   • The range of services provided by the mentor can affect the cost. Some mentors may offer additional services such as networking opportunities, access to resources, or ongoing support outside of sessions, which can increase the overall cost.
   • Some mentors may charge extra for expenses such as travel, materials, or access to specialized tools or resources.
3. Demand and Availability
   • Mentors who are in high demand or have limited availability may charge higher fees due to their scarcity.
4. Location
   • The cost of business mentoring can vary depending on the location.
     • Mentors in major cities or affluent areas often charging higher fees to reflect the higher cost of living or demand. There also may be travelling costs or expenses which may increase overall fees.
     • Should you consider virtual/online mentoring then there are no travel costs or time spent travelling so naturally these expenses are not incurred.
5. Payment Structure:
   • The payment structure can also influence the overall cost, with some mentors charging
     • hourly rates,
     • flat fees per session, or
     • monthly retainer fees.

Top tips: Your next steps to selecting a mentor

1. Get Prepared

Think about what you want to achieve, what factors are important to you, what support you might need, how you want to work with someone.

2. Do Your Research

Look online or use professional bodies like the Association of Business Mentors to identify and select qualified trained professional mentors. When you have identified a few people in your shortlist, then then check the mentees credentials and LinkedIn profile. Are they insured? Are they a member of a professional body? Are they trained?

3. Evaluate and Select Potential Mentors

Contact your prospective mentors to arrange a discussion about your requirements and the support you want. Evaluate the Chemistry, do you feel like it will work with this particular mentor?

4. Get Set Up

Most Business Mentors will then request you to agree to a contract or similar document. Often these are a statement of expectations but may also include terms and conditions including on how things will be managed. Agree frequency and duration of sessions with your mentor. You can alway re-arrange if needed if work or life gets in the way.

Understand that what is discussed is held by both parties as a confidential discussion. This should be explained at the outset by the mentor.

5. Ongoing Feedback

It’s important for you and the mentor to reflect on the process of mentoring you. What is working? What can be improved and how?

In the unlikely event something goes wrong, you are able to stop the process of mentoring. A professional mentor will work with you to terminate in a reasonable way. If your mentor belongs to a professional body, they will adhere to the bodies professional code of conduct. Should you need to you could raise a complaint with the Professional Body.

If you have any questions about selecting a mentor, please Contact Us to discuss it.

Good luck!