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Reasons You Should Have a Business Mentor

As the head cheerleader of a start-up, it is important to note that most of the largest businesses began from the point of mentorship. Someone believed in the business proprietors. They were somehow motivated by an individual who believed in their area of specialization. Like the American business author Zig Ziglar said, any successful man will admit to having been mentored by someone along the way.

As a young business professional looking forward to reaping high profits someday, you need guidance from someone who believes in the same business. While you may have many brilliant business ideas, here are some reasons for needing a mentor:

Gain the Unwritten Experience

Experience is a vital element in running a business. While books offer notes on experience and knowledge related to businesses, the unstated truth is that authors hardly ever reveal their situations in books. Gaining a personal experience from a mentor can help you in running your business. Intimate experiences offer guidance on how to deal with actual business experience regarding challenges. Mentorship guarantees real experience from an individual.

The more people you have on your team, the better your chances of success

The more people you have on your team, the better your chances of success

Higher Chances of Succeeding

You are likely to achieve much in your business with a mentor by your side. The benefits of having a mentor complement the experiences acquired from college and your natural abilities to perform in business. A mentor offers new insight through sharing existing knowledge in the market. The key is having the humility to ask questions regarding new strategies for your business. If you begin from that point, your mentor will understand your interests in succeeding. Rest assured, you shall have opened a box of answers to your questions regarding business.

Entrepreneurial Networks

Networking is a fundamental element in successful businesses. Good entrepreneurial networks promote business. With a good mentor in place, your business has better odds for success because you can tap into referrals from his or her existing network. A good mentor will allow you to rub shoulders with their networks in search for better business ideas and strategies.

A good business mentor will help keep your business performance aligned with your original goals.

A good business mentor will help keep your business performance aligned with your original goals.

A Mentor Keeps You in Check

A mentor keeps you in check by encouraging you. Many at times, start-ups fail within the first three months of operation because of the hurdles involved during set up. An experienced mentor can help you walk through everything, from the starting a business through the daily operations.

A Mentor Develops Your Emotional Intelligence

As a young entrepreneur, emotional intelligence helps you to deal with situations in a sober and mature way. With a mentor, you will always have a sophisticated angle of dealing with situations in business. This is an important virtue when it comes to success in entrepreneurship. With a mentor in place, rest assured to be able to check your attitude and temperament when trading with other business associates.

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Five Things Every Entrepreneur Should Know When Starting a Business

You have your product and supplier lined up, you’re conducting the last round of interviews with potential employees, and you’ve got an SEO strategy ready to go. You should be ready to open your business in the next week or so. But before you do, there are some important things you must consider before you get started. Here’s five of them.

1. Trademark Your Name

You’re going to invest a lot in the business name you use as you build your brand. That’s why you must register it. Start by going to the United States Patent and Trademark website to get the proper forms, according to Forbes. If you don’t register your name, you risk losing a lot of money, especially if someone else is using it. And don’t think the name’s not being used because you can’t find it online. Get an attorney to be on the safe side, as he will know how to better research the name if it’s in use.

2. Factor in Living Expenses

Whether you’re working a part-time job or diving into a business full time, factor in your living expenses when creating your business plan. Living expenses include things like rent or mortgage costs, groceries, and utilities. Intuit recommends that you keep six months of reserve cash on hand for living expenses when starting a business.

3. Test Your Promotions

Since the degree of your success is contingent on your marketing and promotions, track all your advertising. If you’re running a direct mail campaign, use a department number or a key for each mailing so you know from which mailing a response was elicited. Other effective ways to track ads include using a special phone number for respondents to call, including a coupon in the ad or creating a landing page for your website for each ad, according to Target Marketing. Study your sales and profits from your advertising. Invest more in the ads that pull in responses or orders and drop the duds.

4. Know Your Local Laws

If you’re starting your business from home, your city may have certain zoning laws, especially if clients come to your house. Check your local city administration office to better understand zoning laws. You’ll also need to know which licenses you’re required to procure before you open your doors. You may need a state license and permit or even a federal license, depending on the products you sell, according to the U.S. Small Business Administration. Make sure you fully understand which forms you need to fill out to avoid getting penalized.

5. Deduct All Expenses to Which You’re Entitled

It’s great if your sales are taking off, but controlling expenses is another way to maximize your bottom line. Therefore, make sure you know which business expenses you can deduct. Generally, you can deduct 100 percent of all supplies, advertising, postage, copies or anything that’s directly related to conducting business. If you operate out of your house, make sure you take the home office deduction. Use IRS Form 8829 to account for this expense.

 

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