Financial Freedom Series – Build Your Own Business (Part 3)

If you are unemployed or struggling to make ends meet, why don’t you consider becoming an entrepreneur and starting your own business?

The graph below shows the unemployment rate in SA over the past 24 years. In 2008/9, it was at its lowest level, just under 22%. Currently, the official unemployment rate is 32%. 

This graph shows that even at its best, 2 out of every 10 people looking for a job in SA have been frustrated and disillusioned.

You cannot depend on the government or the private sector for a steady job. I suggest you take action and consider starting your own business.

To start your own business, you will need to work hard. You will need to be self-motivated and have a basic understanding of how business and money work. You will also need to know how to build your brand, market your business, and learn how to manage your money and time well.

Today, I want to outline the essential building blocks you need to BUILD YOUR BUSINESS.

To Start Your Own Business, You Will Need to…

Step 1: Find the right business fit

• You need to find a business opportunity that not only has the potential to be successful but is something you are passionate about. 
• It helps to do something you are skilled and experienced in. 
• Use your gifts, talents, and abilities to make a difference or make someone else’s life a little easier. People will gladly pay for a service or product that adds value, saves time or money, or improves life.
• Being an entrepreneur or starting a business is hard work, but it will be a pleasure if you do something you are good at and care about. 
• If you can match a good service or product to add value to others, you can build a profitable business over time.
• God made you one-of-a-kind. No one is quite like you. Find your fit. We are all different. You have unique skills, passions, and gifts. Find the right business fit.

“For we are His (God’s) workmanship, created in Christ Jesus for good works.” (Ephesians 2:10) 

Step 2: Develop the right skills and knowledge

• If you are feeling sick, I am 100% sure you will not see a plumber for advice on getting better. Similarly, if your car needs service, you will not go to a doctor; you will go to a mechanic. 
• In the same way, you must ensure you are qualified in your field. If you need to further your education, then get the necessary education.  
• Make sure you have the proper skill set and expertise to run the business you are involved in.
• You also need to have a basic understanding of business. Can you budget? Do you know how to price your product or service? Do you have a marketing strategy?
• If you are starting a new business venture, do your homework, seek advice, sit down with respected family or friends who can mentor you, chat with other business owners, join a network, and seek professional advice. 
• Sharpen your skills.
• Please ensure you get the appropriate licenses and compliance in place, if needed, to ensure you can run your business legally. 

“Fools think their way is right, but the wise listen to others.” (Proverbs 12:15) 

Step 3: Set up a business plan:

• Before starting your business, you must develop a basic business plan. 
• Many people do not set up a plan and just run wild. 
• I can assure you that having a business plan will help you to improve your chances of success. 
• Your business plan will help you summarise your objectives and help you formulate a strategy for achieving your goals.
• A basic business plan will help you gain clarity, focus, and confidence. 

I want to give you a simple-to-use template to assist you in designing your business plan.

Keep your business plan simple and concise (create a one-page business plan)

By answering the following questions, you can build your BUSINESS PLAN…

• What is your business idea?
• Describe the problem your clients have.
• What is your solution to this problem?
• How will I make money?
• Who is my customer? How many are there?
• What gives me a competitive advantage?
• Who is involved in the business? 
• What will I need to start?
• What are my projected income and expenses?
• What are your goals and strategy?
• What steps must I take to make my business work?

“The wise are cautious and avoid danger; fools plunge ahead with reckless confidence.” (Proverbs 14:16)

“Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.” (Proverbs 21:5)

Next week, we will drill deeper into creating your BUSINESS PLAN.

We will also be looking at…

• Examining who your potential clients are
• How to effectively build your brand
• How to market your products and services
• Build a network
• Manage your cash flow well

Above all, you need to keep God at the center.

• God is interested in you. He wants to see you excel. He also wants to walk the journey with you. 
• Yes, work hard, but also consult God. 
• Be honest and run your business with integrity. 
• Ask God for wisdom. 
• Trust in Him. 
• God can lead you in the right direction and open up doors of opportunity. 

Next week, we will continue to INSPIRE you and give you PRACTICAL TOOLS and INSIGHT to help you BUILD YOUR OWN BUSINESS to attain FINANCIAL FREEDOM while HONORING GOD.