Build Your Own Business (Part 4 – Essential Building Blocks)

If you have lost your job and cannot find work or if you are battling to make ends meet, consider taking the bull by the horns, becoming a go-getter, and starting to BUILD YOUR OWN BUSINESS.

Today, I want to look at 7 ELEMENTS OF A GOOD 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. (one-page)

Last week, I suggested if you can answer 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?

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

7 ELEMENTS OF A BUSINESS PLAN

Let’s examine two simple BUSINESS PLAN TEMPLATES…

Available here.

While no two business plans are the same, your business should include these seven key elements:

1. Executive summary:

• What are the aims and objectives of the business?
• Mission statement 
• Who are the leaders? Who works for the business?
• Where will you be based?

2. Company description: 

• Vision 
• Company name
• Business structure
• Who is your target market?

3. Products and services: 

• What is your product and service offering?
• What benefits do you offer?
• Pricing? 
• Research: Who are your competitors? Are you competitive? What differentiates your product or service from your competition?
• What about production and manufacturing processes?

4. Market analysis: 

• Your business needs to understand its industry.  
• What plans have you come up with to add value? How can you compete in your sector? What makes your business different? Why will prospective clients use your product or service? What sets you apart?
•  What are your strengths?
• What are your weaknesses?
• Who is your target market? Is there a demand for the product or service?
• You need to do your research (what sales have been generated in the industry? Is your service and product cost-efficient, or is your value add worth the extra cost?

5.  Marketing strategy: 

• How does your business plan to attract new clients?
• What can you do to retain customers and up-sell them?
• Do you have a clear distribution channel? 
• How are you doing to advertise effectively?

6. Financials: 

• What are your business financial projections? 
• Look at the best and worst-case scenarios (the high road and the low road)
• What is the minimum you need to do to turn over a profit to make the business work?
• Create monthly financial statements:
  • Balance sheet: showing your ASSETS (what you OWN) and your LIABILITIES (what you OWE)
  • Income statement: showing your INCOME (money flowing IN) and EXPENSES (money flowing OUTt)
• Targets: What is your monthly minimum target? (Keep a close eye on your targets. Daily bring these figures up to date and compare your sales to the previous month’s results) 

7. Budget: 

• You need a budget.
• Keep a close eye on expenditure.
• Watch your cash flow carefully.
• Don’t just spend money. 
• What is needed for stock, tax, advertising and marketing, operating expenses, and staff costs? 

If you can measure your business, you can manage it.

Available here.

Next week, we will look at HOW TO MARKET YOUR BUSINESS (PRODUCTS AND SERVICES) EFFECTIVELY…

In the weeks to follow, we will look at…

• Examining who your potential clients are
• How to effectively build your brand
• Build a network
• Managing your cash flow well

Above all, 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. 

Work hard:

“Hard work brings profit, but mere talk leads to poverty.” (Proverbs 10:23)   

Run your business with integrity:

“The LORD detests dishonest scales but delights in an accurate weight.” (Proverbs 11:1)  

Wisdom:

“If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you. But when you ask, you must believe and not doubt because the one who doubts is like a wave of the sea, blown and tossed by the wind. That person should not expect to receive anything from the Lord. Such a person is double-minded and unstable in all they do.” ( James 1:5-8)

Trust in the Lord:

“Trust in the LORD with all your heart; do not depend on your own understanding. Seek his will in all you do, and he will show you which path to take.” (Proverbs 3:5)

Commit your plans to God:

“Commit your work to the Lord and then your plans will succeed.” (Proverbs 16:3) 

“Commit everything you do to the Lord. Trust him, and he will help you.” (Psalm 37:5)

Put God first:

“Seek first his kingdom and his righteousness, and all these things will be given to you as well.” (Matthew 6:33) 

Can you use your qualifications, skills, experience, and unique gifts and talents to set up a business that provides a service? You could start small and work from home to cut costs. 

Why not consider becoming an entrepreneur and starting a business or side hustle? 

May God open doors of opportunity, give you wisdom, and take you on an adventure as you build your business. May God bless your business.

You may be on the brink of a new business opportunity allowing you to add value to others while earning an income doing what you love.

You may even be able to provide a few job opportunities to others through your business venture in the future.

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.