Where Faith Meets Entrepreneurship & Businessنموونە

TIME TO PLAN

As a believer and business owner, I understand the importance of doing the spiritual and physical work to match. In the book of James, we read that faith without works is dead. As believers, we tend to talk about the great ideas God has given us, but we put no work behind what He has called us to do. We expect God to do all the work, which is why we are yet to see the fruit of our labor.

Planning for a business launch is no easy task, but God's wisdom will help make it successful. Finances are one of the top reasons most businesses never take off or end prematurely. One of the best ways to prepare is to create a list of the start-up costs and submit the list to God. Ask Him for wisdom on how to go about making each purchase. Don't be surprised if He leads you to sow into other businesses while you're in this process.

We are to be good stewards of the resources God has given us. Once you've consulted with God, set aside the amount needed to get started and use it to open up a business checking account. If your start-up capital is minimal, begin with the lowest monthly maintenance fee-based account. You can always switch to another bank account as your business grows. Utilizing a business bank account will help you keep a record of your spending and income while also giving your business credibility. Most grants and loan applications require a business bank account to receive funds and analyze your business's investment risk. After you've opened your account, make a list of monthly expenses you will have as a business owner. Create a spreadsheet or buy a journal to keep this information handy since things may change over time. This will allow you to track what's necessary and what should be omitted from your monthly expense list. Always keep your personal spending and business spending separate. Being a good steward includes being organized and strategic. Ask God for wisdom on how to do this.