Succeed Better in Your Start-Up Business with an International Business Mentor

20th Dec , 2017

Every day, budding entrepreneurs across the world come up with outstanding ideas for business opportunities that could be the next roaring success. Unfortunately, many of these opportunities fail or do not live up to their promise and fall short of expectations.

To increase your chances of success, you will need good business planning and should actively seek appropriate help from an experienced business coach or mentor who can guide you in critical business areas you are not familiar with. As a wise mentor once said, “We do not know what we do not know.” So why not learn from an International Business Mentor’s broad business skills and practical experience to enhance and develop your own business success?

For example, your business mentor can provide business coaching and help you with your first steps in assessing any new business venture. This necessitates you completing a brief feasibility study followed by a basic business plan including a financial forecast. From these steps, some conclusions can be drawn as to the chance of the venture being commercially viable and worth your investment in time, money and taking the risks involved.

This example above is just one of many common-sense approaches for those experienced in business. However, if you lack experience and have not been taught suitable frameworks for making business decisions, your start-up may not necessarily succeed, like many before. Furthermore, depending on the type of business you start up, you must consider a wide range of aspects, including patents, trademarks, copyrights, security, systems and IT support, health and safety procedures & training, and insurance.

How a Business Coach Can Help

Leveraging their wide business experience and selection for your own needs, an International Business Mentor or coach can guide you through assessing, planning and executing your start-up venture or extending your existing business. From your very first confidential meeting, your business coach’s broad business skills and background can add value to you and your business.

Some key areas you may cover with your International Business Mentor include:

  • Strategy
  • Feasibility
  • Business Plans
  • Financial Performance
  • Marketing
  • Sales
  • Customers
  • Social Media
  • Operations, Systems and IT
  • People Issues, Culture & Organisation
  • Leadership and Your Own Development
  • Key Relationships Management
  • Control & Governance
  • Risk Management

You will also benefit from your mentor’s business coaching approach to develop and enhance your own business skills. Further, by tapping into their business experience, you can avoid many of the traps and pitfalls common in business.

Understanding what’s Important

At any specific time in your business venture, your business coach or mentor can help you better deal with what is most important. This emphasis at any time will depend on the stage you and your business are at, what circumstances you face, and what strategy you are pursuing.

Your International Business Mentor can help you ask the right questions at the right time. These questions may include:

  • What business structure do you need: company, sole trader or partnership?
  • Should you get debt funding?
  • Do you sell direct to customers or go through agents or distributors?
  • Should you cross sell extra services or product?
  • Which products and services do you want to provide?
  • What is the impact of competitor behaviour?
  • How do you make customers more loyal?
  • What profit should you aim for?
  • Can you reduce your costs?
  • What is the right organisation culture and structure?
  • Should you buy a franchise?
  • Can you afford this business?
  • Can you get supply and what should it cost?
  • Should you build this business up to sell it?
  • Do you need legal input?
  • What Image are you striving for in the market?
  • How long will it take to succeed?
  • How will I know I have succeeded?
  • Should you employ staff?
  • Where do you need to be located?
  • What skills are missing in the business to succeed?
  • How do I forecast my cashflow?
  • When should I have a board of directors?
  • What terms do I give to customers on payment?
  • How do I do credit control

An International Business Mentor or coach can guide in asking the right questions at the right time for you and your start-up (or existing business). They can also help you with business coaching to improve your leadership and management skills so that you can better establish and develop your business skills.

To start benefiting from your own International Business Mentor, contact Chris Cartney today by calling (03) 8686 9192.

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