Why having a mentor is essential for mortgage brokers when starting up

Starting a new business is both daunting and exhilarating.  When you start a new business, you are the CEO, Marketing Manager, Sales Manager, Customer Services, Technical Support and Mortgage Expert, and sometimes counsellor, all rolled into one – instantly.

There is no halfway setting on the volume dial when starting a business – it’s either all in, or nothing.

And when you consider the steep learning curve you encounter when you start a mortgage broking business: from finding customers, setting up the foundations of the business, building referral channels, learning about credit policies, as well as the technical aspects of what a mortgage broker does, you also have to be a business owner.

And when the challenges look insurmountable, you will be grateful of all the support that you can get – both emotionally and motivationally.

That is when you need someone who has been there before. Someone who you can relate to, who can help you – even if they may not have all the answers, it can be very reassuring to have someone be there to give you support and assistance.

This is when a Mentor is worth their weight in gold.

Increase your chances of success

By engaging and consulting a mentor, this can increase your chances of success. It will help you avoid making critical mistakes. Some of these mistakes can be “mission critical” and a good mentor can help you avoid or minimise the risks.

Having access to honest information and insight will also allow you to make the right decisions quickly. Our roles as mentors is the ability to offer sound counsel, offer the right information and, where possible, introductions to others with specific knowledge and perhaps a different point of view.

It is about helping you and your business by our experience and knowledge.

Finding ways to say “Yes” to ideas.

Some mortgage brokers would say that a great mentor will help them find ways to succeed. Finding ways to turn ideas into action plans will help you produce positive results quicker. It is the ability to find avenues and paths around barriers.

And sometimes it is about the ability to bounce ideas around as you develop your business. Having access to someone who is already in the industry can be very helpful with making the right connections – linking ideas with the right business direction to succeed.

You are not alone

For most mortgage brokers, mortgage broking can be a lonely business. You can be facing customers, negotiating with lenders and handling admin issues all on your own.

Having a mentor can help you gain the social and emotional support of part of a community – whilst still maintaining your business independence.

Having access to advice and support are some of the benefits that you will gain with a mentor, as well as getting the help when you need it with your business decisions.

Learning to improve your business

The ability to network and learn from other successful mortgage brokers will also help you succeed in the long term. Having a mentor introduce you to various people will increase your social networks and provide more opportunities to learn and perhaps generate business.

It will also help you enhance your professional skills and abilities.

A great mentor will also keep you accountable with your goals and actions. It can be like having a boss (without having one), to ensure that you are on-track with your business goals and action plans.

Though honest feedback and discussions, having a mentor is an invaluable asset to any mortgage broker’s business.

The Mortgage Broking Business is more than about mortgages alone

The key benefit a mentor brings is in supporting the new entrant in periods where motivation may lag, especially as they face the tough challenges in growing a business, and through the times when it can be all too difficult.

Paul DeJoe (CEO – Ecquire.com), sums it up: “You learn the most about yourself more than any other vocation as an entrepreneur.  You learn what you do when you get punched in the face many, many times.  You learn what you do when no one is looking and when no one would find out.  You learn that you are bad at many things, lucky if you’re good at a handful of things and the only thing you can ever be great at is being yourself which is why you can never compromise it.

Of all the things said though, it’s exciting.  Every day is different and so exciting.  Even when it’s bad it’s exciting.  Knowing that your decisions will not only affect you but many others is a weight that I would rather have any day than the weight of not controlling my future.