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The main principles:
The main benefits:As the old saying goes: "it's not what you know but who you know that counts". Whether you are seeking mentoring or offering to advise others, the rewards to be gained from being involved with this type of network (or "forum") can be substantial.
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Here is classic case scenario: |
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The opportunity: Dave is a highly skilled tradesman who can put his hand to almost anything: plumbing, extensions, decorating, carpentry etc. but he has no experience of building a business beyond what he himself can achieve in a 45 hour week. He knows there is a substantial demand for additional services but has no capacity and is nervous about taking on employees. The mentor: George is a retired landscape gardener who had also owned a small chain of garden centres. He faced the same issues as Dave some years ago when he went from being a sole trader to establishing six stores over a twelve year period. Now that he's retired he finds himself almost busier than before but this tends to be in non-remunerative community activities and interests. He misses the "buzz" of business and is seeking a low-risk low-commitment opportunity. The dynamic: George is familiar with all aspects of being an employer and has plenty of experience to assist Dave. They spend just a few hours together each week and after six months, having consulted with the Board of Advisors, George decided to invest in new equipment in order for Dave to add a texture coating service. It was a natural progression. Dave had already been spending a lot of time on exterior decorating and repairs but had insufficient funds for the cost of either the equipment or the training required. George advised Dave on various aspects including marketing, how to "open and close" clients and to oversee a team of workers. Within 18 months Dave divided his time 50/50 hands-on/management and was now running two additional teams of decorators. He trebled his income and George, who had invested £15k for a 20% stake had gained equity and bolstered his annual pension by £12k. This may not sound like much for a millionaire, but it paid his daughters Uni fees and gave him interest & satisfaction! That's integrity, accountability, generosity and mutuality in a nutshell.
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>> Rules of Bosham Business Network
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