Knowing exactly how you want your mentors to help you move forward can help you find the motivation to find these mentors, as well as give you the fire you need to ask your potential mentors for help in a compelling way.
Here are the five ways an internet marketing mentor can boost your online business.
How to Structure Your Business
Most online entrepreneurs don’t spend a lot of time thinking about how to structure their company. Some don’t even have a company to structure! Yet most mentors will insist on making sure you have your business structure correct right from the start. They’ve made structuring mistakes in the past and paid for it, you’re learning from their experience.
Do you have a solid options plan in place? Do you have iron clad operating agreements between all your partners? Are you operating with a legal entity that minimizes your personal risk and reduces the amount of taxes you need to pay? These are all basic structuring questions mentors can help with.
Avoiding the Mistakes Others Made
Internet Marketing Mentors will be able to tell you about mistakes that others in your industry have made, they are real savvy people and they have their finger on the online pulse. They’ve been around the block longer and know the pitfalls well, through experience.
Learn to Hire the Right People
Building an A-Grade team is one of the most important factors to success in business. Sarah, my blog coach recently lead her team to a third consecutive year on the Forbes top 100 websites for women, she attributes the success of her blog to surrounding herself with good people. But how exactly do you do it? How do you lure employees from lucrative jobs to come work for you? How do you build a business culture? How do you inspire and motivate people?
Mentors can help you with this elusive aspect of your online business.
Investments & Exits
Investments and exit strategies are some of the trickiest negotiations in business. Without someone experienced to guide you through the process, there’s a very good chance you’ll make big mistakes. I work closely with Piers Mummery at High Five when it comes to planning and investments, he’s a great start-up mentor. Let me know if you’d like an introduction.
- How should you value your company?
- How important is it that you get some liquidation preferences?
- If investors want the right to hire an outside CEO, what should you say?
- With acquisitions, how important are the terms versus the raw price?
- How do you value non-cash acquisitions, such as equity deals or performance based deals?
- What kind of earn out plan is fair?
Most first time online entrepreneurs simply can’t answer these questions without outside help. Having an experience mentor will help you through these important processes and help you connect the dots.
Think Big no, bigger than that (with apologies to Michael Port)
Mentors can help you think outside of your regular box, in fact they will throw away the box and you’ll learn a new way of thinking! . If you’re regularly only thinking at the $100,000 a year level, mentors can help you think at the $1 million a year or $10 million a year level. They help you level up. When I started working with Sarah (blog coaching) I wasn’t achieving my goals and I liked the results she got, she swiftly turned my blogging around and I am now getting over 250,000 page views a month. In 6 months. I needed someone who knew what blog success was to help me achieve it.
If you’ve never tasted success, it’s hard to imagine or plan for massive success.
Mentors on the other hand can help you see and plan that far ahead and draw on their extensive experience. I started up and closed down many businesses, I have a wealth of knowledge to draw upon and connections to introduce to you. That’s one part of the mentoring relationship that I excel at, I have a huge network to leverage for my mentoring clients.
These are some of the many reasons to get an internet marketing mentor in your online business, but the best reason would be because you no longer want to be alone, you want to be part of a winning team.
Do you have a mentor? What do they bring to your business?
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