6 Steps to Planning a Successful Business
Step 1: Start with an examination of who you are What are the skills, abilities
and resources you have to start a small business? Pray and ask God to lead you
in the process. Step 2: Decide what type of business YOU WANT TO DO You want to
start and what types of products or services you will provide. Decide how much
income you will need from that business. Seek God in prayer as to how you can
fulfill His purpose for you in business. Step 3: Do your research Gather the
facts about the type of business you want to start. Discover who your customers
will be and approach some of them with the idea of starting your business. Find
out from them what it is they will expect from your business. Discover who your
competitors will be and find out how well they are doing in the type of
business you want to start. Also, find out what legal obligations you need to
fulfill in the business. Be careful not to make assumptions. Confirm that your
assumptions are valid. Ask God to lead you to the right people who have the
right information that you need. Step 4: Decide how much money will be needed
To start the business and what your operating expenses will be. Decide how much
you will be able to contribute and how much money you will need to borrow.
Research potential friends, family and financial institutions that can finance
your business. Expect the unexpected. Ask yourself; "What could go
wrong?" and then plan for it. Develop a contingency so that you are
prepared Pray that God will provide for your needs. Step 5: Set realistic goals
For the number of sales you will make the amount of income you will receive and
the overall development of the business. Be sure to take into account the risks
of inflation, bad debt, competition and other risks. Your Goals must be SMART:
Specific, Measurable, Achievable, Realistic, and Time Limited. Break these
objectives down into specific tasks in order of their priority. Pray that God
will give you a sober mind and will guard your steps. Step 6: Develop a written
business plan That covers the information you have discovered after the first
five steps. Present your written business plan to your family or friends for
their advice and comment. Have them pray with you and commit your plan to God
so that He will lead you as you start your business. Do an evaluation of your
written plans after a period of time and see whether or not you have
accomplished your objectives. If not, why not? "Plans fail for lack of
counsel, but with many advisers they succeed." (Proverbs 15:22).
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