Joshua Long Helping B2B's grow w/better strategy & messaging

For something in that vein, I'd get a case of beer and invite some buddies over and tell them your product idea and that you want as many names for it before the night is over. Then start playing poker or video games and then remind them about the product every 30 minutes and see what comes of it.

My guess is you'll have too many good names to choose from.

I think digital agencies suffer most from not having clearly defined deliverables that prospective clients can say yes to easily.

"Built To Sell" has really cleared that up for my own consulting and a handful of others I've helped get their offering better defined.

http://www.amazon.com/Built-Sell-Creating-Business-Without/dp/1591845823

FYI - I've read gobs of books around business models and positioning (Blue Ocean Strategy, Business Model Generation, Influence, Positioning, Blueprint to a Billion, Lean Startup, Personal MBA, etc) and think "Built To Sell" is one of the most practical and useful on the topic.

This is nit-picky, but I think reframing your question will help you get the result you need.
Having a mentor and figuring out how you will pay them feels like a contradiction since I've never had a mentor that ever asked to be paid for any advice they gave me.
Finding a mentor is a very organic thing in my experience, and definitely worthwhile, but I think the shortest path to getting to a 7 figure revenue rate is to get a consultant that can help you improve your skills and better focus your resources.
You could do this by leveraging them in a group setting, like masterminds, you could retain them monthly, or just about any other format they're open to.
I've got a client right now that is in a very similar spot as you, doing $350k and just needed some guidance to get better focused on what will get them to $1MM. Our arrangement is with a weekly call and he's asked for more help, so we're moving my deliverable work under a profit-sharing agreement.
I'd use Clarity to talk to a lot of different consultant's and see what you find. Just don't jump into an long-term agreements until you know they're a fit and are more interested in your success than their fee.
Practice with me for free if you'd like and I can help you get your questions dialed in better for future calls: https://clarity.fm/joshualong/VIP

I think too many people use crazy work schedules as a badge-of-honor, as though it should be praised.

The two solutions I've found to reducing overwork so I can have time with my young family are:
1. Empty Desk Solutions: A good friend suggested the practice of thinking about how to solve any problem with only an empty desk and a phone. When you don't have a computer to suck your life away, you get creative and find others that are capable and eager to do what you need done. To me, that's the type of approach great entrepreneurs take.

2. Prioritize Like Crazy: Tim Ferriss suggested that lack of priorities (which leads to busy-ness) is a result of lazy thinking. By prioritizing the top 2 or 3 items to do each day (I do it the night before), I get more done in less time than if I just sit down to my desk and take whatever the world throws at me. 80/20 thinking ensues and you start cutting out all the non-essential items that don't move the needle, giving you more of your life back.

Helping determine priorities is one of the things my clients thank me for repeatedly, so hit me up if you would like help with that. Here's a link to schedule a free call: https://clarity.fm/joshualong/VIP

Karan's answer is definitely in the direction I would recommend heading.

Except for the most commoditized markets (ie: phone service, purified water, car tires, etc), there's always an angle to take to go up-market. It requires you to improve your messaging and closing skills (or conversion funnel), but it's definitely worth the investment.

Two books come to mind that are really great at unlocking ventures from the low-price trap:

1. Blue Ocean Strategy: This is a very thorough study on differentiating and the step-by-step process to identifying the variables to focus on to really stand out. It's so good that I used it as the textbook for a semester-long feasibility class at Fresno State.

2. Pitch Anything: This helps you frame your offering in a way that's compelling and not battling over the lowest common denominator items the market thinks are important.

Obviously, this is very general since the market and business model is unknown at this point, so feel free to follow up with any clarifying questions.