A mentor is someone that has been there and done that already and knows the steps to take to get your new venture planned and off the ground.
Businesses that received 3 or more hours of mentorship reported higher revenues and increased business growth as compared to the competition that didn’t get mentored. That is according to a study by the U.S. Small Business Administration, and it is especially try when you are looking to start a new business.
A mentor can help you with creating a business plan, a marketing plan and knowing about all the paperwork and forms that the various government agencies want you to fill out as well as what skills are critical to the success and prosperity of your new business.
Start A New Business Today
If you have a great business concept—or even just a general idea of the kind of work you would like to be doing for yourself—a mentor can assist in hammering out the details of how to bring your ideas to fruition. If you have not yet created a business plan, a mentor can walk you through the process of doing so, bringing to the table years of real world business experience and having helped numerous other entrepreneurs get their ideas off the ground as well.
If you are not sure exactly what shape your business will take, the process of creating financial projections like pro forma income statements and profit and loss statements will give you insight into the results of several different scenarios before taking the financial and personal plunge. These financial statements can seem daunting to the uninitiated, but with a mentor with financial expertise at your side, you will be able to navigate them with ease. Having a clear picture of the financial potential of your business concept will let you know if it truly is feasible or needs to be further refined in 2013.
You can see the full post from the SBA here.
If one of your aspirations and goals for this year is to start a new business, then I’d love to help you. Check out some of the other resources available here on my website and post a comment below with your questions.
I’d appreciate a Like and a Tweet about this post too so your friends that want to start a new business can learn too.
Have A Prosperous Day!