The Benefits Of A Business Mentor
If you are considering setting up a new business for the first time then you may welcome some advice. Yes, you can talk to your family and friends but will they give you an unbiased opinion about a range of topics? An experienced business mentor certainly will.
Business mentors are available from a variety of sources such as some banks and other financial organisations. You may be able to get some free advice or pay a fixed fee or hourly rate.
An experienced business mentor should be able to offer you advice and guidance about numerous aspects of setting up a business. For instance, he or she will be able to express their opinion on the suitability of the type of business you are considering setting up and whether it is likely to be viable or not and give you the reasons for their opinion. For instance, they will no doubt encourage you to check out how much competition there is for the type of business you are thinking of setting up. They will be able to make some suggestions about how you could market your business and possibly put you in touch with a website designer to help build a business website.
They may be able to offer guidance about finding suitable business premises and whether you should rent or buy such premises.
Unless you are fortunate to have sufficient savings to invest in your business, you may well require business finance whether that is a business loan and/or a business overdraft facility. A business mentor should be able to assist in the production of a business plan, cash flow forecast and projected trading profit and loss account or, if not, put you in touch with an accountant who can. This sort of financial information is likely to be required by the bank or other lender you wish to approach for business finance. A business mentor should be able to help you package a business lending proposition to be submitted to a lender having helped in choosing which lender to approach for finance.
Once your business is up and running, a business mentor should be able to meet up with you periodically to review how your business is doing and make suggestions as how best, if necessary, to fine tune it to either get you back on track or maintain progress. You should be able to pick up the phone to them if you want to bounce something off them relating to your business. You can find out more about business mentors just by typing something like “business mentor” into your browser’s search bar.