How Much Do Business Mentors Cost in the UK?

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Ever wondered how much business mentors cost in the UK? The immediate answer is more complex than you might think. Business mentors in the UK can come at various price points depending on the experience and expertise of the mentor, the industry you’re in, and the services you require.

Who is a business mentor?

We regularly encounter the question, “What is a Business Mentor?”. A business mentor is a person who works with fellow mentees to evolve and improve their business ideas and strategies. Business mentors are commonly proficient and successful individuals who provide their mentees with sound advice and counsel to operate a successful business. 

A business mentor is someone the mentee has confidence in and can turn to when they need to make decisions, presenting constructive comments that will motivate and assist in moving forward on your journey to business success.

Business mentoring is essential in entrepreneurs’ journey if they genuinely wish to grow their businesses. 

As a business owner, it is your sole responsibility to help your business grow and the day-to-day functioning of your business and also develop the company to its full potential. 

Cost of hiring a business mentor in the UK?

The cost of a business mentor in the UK can vary depending on various factors, such as the experience level of the mentor, the duration of the mentoring sessions, and the type of mentoring services provided.

One-on-one pricing

One-on-one business mentors offer a package deal that includes a specific number of sessions or ongoing mentoring support over a set period. These packages can range from a few hundred pounds to several thousand pounds. On average, mentorship programs cost about £500 per hour.

One-on-one mentoring sessions are usually the priciest on the list. However, you are getting the full attention of an expert for the duration of time spent with him or her. These mentors are usually very experienced and have a good track record and reputation, making their charge worthwhile.

Package-mode pricing

Below is the pricing package of a business mentoring firm in Lancashire, United Kingdom.

These packages are priced differently because of the difference in services each offers. They are often designed to offer payment flexibility and help mentors get creative with their services, ensuring they serve their clients better.

Group or Subscription-based pricing

Some mentors also offer group mentoring programs, which can be more affordable than one-on-one mentoring sessions.

The subscription pricing model is also common and is relatively cheaper than one-on-one mentorship. Many subscription-based mentorship programs have add-on perks and benefits that may not be available with one-on-one programs. For example, this program below adds events & learning programs, tools and resources and even access to financing to their mentoring program.

Why hire a business mentor? Is it worth it?

While the cost of a business mentor may seem high, it’s important to remember that they can offer invaluable guidance and support for your business, helping you to avoid costly mistakes and accelerate your growth. Think of it as an investment into your personal and business growth.

Here are some reasons why hiring a business mentor is worth every penny:

• A great quality business mentor increases your chances of business success. 70% of businesses with a mentor make it beyond the five-year mark.

• A business mentor helps you grow and develop personally and professionally.

• 97% of business owners and managers who have used a mentor say they are an invaluable resource.
• A business mentor provides a shortcut to making good decisions.

• Mentors have been in your shoes before and have the experience to guide you.

• A business mentor is a trusted and impartial ear to help you offload challenges. You are no longer alone as a business owner once you have a mentor by the corner.

• Business mentors have a well-established network of connections to help you grow your business.

While hiring a business mentor is important, you must also consider the quality of the mentorship. I’m talking about the mentor’s ability to provide valuable advice, his/her expertise and experience. Do your due diligence to research your mentors and request recommendations from past clients to certify they possess a performance history of success.

Whatever the pricing model you choose, it’s up to you to weigh the costs against the benefits and decide on what’s best for your growth.

Looking beyond the UK market

As the world today becomes more connected, it might not make much sense to seek out mentors only in your country. The world is teeming with successful entrepreneurs willing to show you how they accomplished their success.

That’s where Prowpel comes in – a mentor-matching platform that connects you to world-class business mentors worldwide. You no longer need to look for mentors within your locality, Prowpel connects you to the best of them, all from the comfort of your home or office.