I believe the best time to approach investors is when you have working a model; as far as closing a deal.

However, it's good to run your ideas by investors and let them ask you questions that you're not ready for. That way you can continue refining your idea and your approach.

Does your idea have traction? Are there users or customers? Are people getting excited about what you're doing?

All things to factor in when determining the best time. At the end of the day, when in doubt pitch now. What's the worst that could happen? I'd recommend before you start pitching investors to start pitching entrepreneurs who are strangers and see what you get.

Hope this helps.

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