Find a mentor to help avoid pitfalls when starting your small business

Never underestimate the power of having a mentor in your business. The best way to become successful is to emulate successful people. Find a business that you want to emulate, approach that owner, and start building a relationship with them. Be sure to let them know up front that you are hoping to learn from them so that you can start your own business. This is what we did when we started in business and it was the most valuable thing that we could have done for our business.

I would suggest that you find someone whose business is similar to what you envision yours growing to be. Find someone who is close to retirement. A couple of reasons for this are you won’t be direct competition, at least not for long, and they have been around the block and seen many things. You are probably not stealing work from this contractor since their customers have been working with and known them for many years. The relationship that they have leads to them not shopping their work out.

I volunteered to work for a local contractor who had been in business for 30 plus years. I wanted to gain experience doing the work and the financial side of the business. I had so many questions for him. How much could I expect to pay in repairs and maintenance each month? What suppliers are the best to work with? Are there any companies that you want to avoid working with? What kind of work has the best margins? In each type of work what kind of problems can, and will, arise? How do you account for those surprises in conditions? He provided all of those years of research for me that I could tap into if I just asked questions.

If you are young and don’t have many expenses to worry this is a very viable option for you. Maybe you are saying that I couldn’t do that. I have a wife and five kids to support. You couldn’t possibly use this method and still put food on the table. I would say that is an easy out, but, I was married with five children, the bread winner, and this is exactly what I did. Get used to working long days if you are going to be a business owner. Volunteer for four hours a day with the contractor and work an eight hour day elsewhere. You may only be able to work with the contractor in the evenings or on Saturdays, get creative. Any time spent picking their brains is time well spent.

Your mentor does not need to be your only person that you advise when it comes to the business. I have since created relationships with other business owners in the construction industry. These small business owners have seen some bumps and bruises and are able to advise me on the adventures associated with small business ownership. There is often times when I am doing dirt work for someone and they are asking if I know anyone who does windows or framing. I am able to pass along the companies whose owners I have gotten to know and trust. In turn I have gotten referrals from them as well.

Do not assume that you know all there is to know about the business that you are starting. One of the first things that I do when I am visiting a new area is ask the locals what are the places that I need to visit, restaurants to eat at, or places to avoid. Treat starting your business like visiting a new place. Ask people who have lived in the area their whole life about the town. The wise man seeks counsel. There is a business owner who has found things out the hard way and is willing to share their knowledge. Find them, listen, and grown under their counsel.