“I have a business idea. When is the best time to come to you for mentoring?”
Updated: Sep 1, 2021
This is a really common question I get asked.
The answer depends on whether the person asking is:
A) pre-revenue and is looking for help with testing the feasibility of their idea
B) they are already committed to proceeding with their idea.
If testing feasibility... the answer is that I can assist people with knowing the right data to gather and right questions to ask. I can link them with resources and guide them on where to look and how to objectively interpret the data they’ve found. So, if it’s a feasibility test that someone is wanting, then they should come to me the sooner the better, to work out whether there is an objective business case to proceed with their idea or not.
If someone already has a business idea they’re committed to then I would assume they’ve already established feasibility and done their homework. I can help them source branding and the right premises and get these set up. But if they are already past that then they are better off coming to me once they have a little trading history that we can analyse. 12 months trading history is good as a minimum.
For anyone wondering about the basic first steps in going from post-feasibility study to business setup – my best advice is to enter or follow a basic business start-up program. These government or tertiary education supported programs will skill you up on how to register a business in your jurisdiction, how to set initial pricing and channels to market, the insurances and book-keeping basics you will need, as well as an intro to marketing fundamentals. Just search “Guide to Starting a Business” and look for reputable government and/tertiary education supported websites to help you on your way.
You can always reach out to me if you find yourself stuck!