Jesus taught that each of us must plan before commencing a significant endeavor. Luke 14:28-30 - “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, ‘This person began to build and wasn’t able to finish.’
From an entrepreneur's perspective, this scripture highlights the need to plan and prepare before we start our business.
In this era where many believe success comes quickly, it can be easy to forget that we must slowly build a solid foundation for any business that is expected to provide the services customers need as well as bring in profits.
Then there are some of us who believe that with prayer, God's grace will do the heavy lifting, ignoring the fact that the Lord has promised to bless the works of our hands (Deuteronomy 28:12). That means prayer without the works of our hands could prevent us from experiencing the grace we seek.
We've previously discussed the need for a spiritual foundation when beginning a business in Kingdom Keys For Your Business. These include prayer, fasting, studying the Bible and more. Now, let's talk about the non-spiritual elements needed to build a solid business. What does that mean to you? For one person, that could mean beginning with research and/or a business plan. For another, it could mean sitting down to figure out their network and how to leverage it for their potential enterprise.
If you've got a business, what were some of the first steps you took to get started? If you're still in the planning stages, please share some practical tips based on what you've done or learned. And even if you're still thinking about starting a business, what thoughts do you have about potential first steps?
Before we begin our discussion, let's invite the Lord to be present with us.
Heavenly Father. Thank You for this opportunity to gather as believers who get to share what we know and learn from each other. We know that all good things come from You and so we ask You to please guide our discussion and reveal the things You want us to now on today's topic and anything else. All by Your grace and to Your glory, IJMN, Amen.
Amen!
Amen, Amen!
Thank you for this lesson. I also try to keep James 2:26 in the forefront of my mind when it comes to trying to build this business.
Some of the first important steps for me include:
-Market research on the area of business/product I would like to launch. I gather information about the product service, potential customers, product/service demand, competitive advantage etc...
-After deciding that I have a viable business idea, I put pen to paper and come up with a plan. it doesn't have to be formal right away. I jot ideas down in my iPhone note app lol but you need to have some kind of visible blue print/road map aka a lean business plan. For me this includes product service info, suppliers, manufactures, sales channels/revenue stream (e-commerce, wholesale, retail etc), cost structure, value proposition, target market etc...
-Figure out how I will fund the business and how much capital I will need
-Pricing strategy - so many new businesses make this mistake and end up underpricing their product/service thus end up struggling to turn a profit once expense are paid (for small business product's I recommend the pricing software Price-O-Matic)
-Researching IPs. Do I require trademarks, copyrights, patents?
- Researching/deciding on a legal business structure. LLC, Sole Proprietorship, Partnership etc..
These are some of the steps that I have taken. May Abba continue to guide us in all areas of business and career and bless our ideas and entrepreneurial endeavors for His glory. In Jesus' Name, Amen
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