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 consider 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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