6 Steps to Planning a Successful Business (Part 2)

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).