“Faith is essential in your success. Faith is needed in almost every area of our lives: work, projects, and small business endeavors,” – Alex Cook
Have you thought about starting a business this year? It is a daunting task, but certainly, one that is exciting albeit challenging. Definitely, a task you shouldn’t be doing alone! Get God’s help, He knows how to begin and start a kingdom business, sustain it, and scale
What is a “kingdom business”?
Simply explained, “It is a business that is managed God’s way by God’s steward, for God’s purpose in the world.”
It is a thrill to create a sustainable enterprise with an ever-sufficient partner… GOD. This is the dream. And with His help and limitless resources, a big reality.
However, given that the failure rate of business start-ups is so high, it is critical to carefully plan your initial budget and cash flow. While the first few months could be very difficult, having a plan gives you the leverage to know and prepare for what’s ahead, and when to scale.
Create a detailed list of all the start-up costs to get your business to finally launch. List as many items you think you will need first, then prioritize what you will actually need for your first month of business. These could be, as an example, any capital equipment, virtual or standard services, government permits and fees… and so on. Take your time to list and prioritize your pre-launch expenses. It would be wise to get an experienced friend to volunteer and consult with you or help you think at this stage.
DO NOT HURRY.
So, you’ve finally launched the business, congratulations! The next few months are likewise critical as this sets the business growth momentum you would like to achieve. You should encounter a few surprises, naturally, but you should be unfazed. PLAN the next 2-6 months thoroughly. Your plan should help you know budget/spending priorities, allowing you to predict bumps that can slow you down, or worse, pin you down.
The big question is, will your business run at a surplus or at a loss? Almost all businesses start out as loss-making as they seek to build their revenue. The challenge is to get the business to profitability as soon as possible.
Typical expenses to include in the budget:
➢ Office or factory rent
➢ Phone and communication costs
➢ Motor vehicle expenses
➢ IT expenses
➢ Insurances
➢ Marketing and development expenses
➢ General office expenses
➢ Inventory
Next level budgeting. It is the net level of cash your business receives or disburses at a specific period of time, how your money moves in and out of your business’ bank accounts as it receives income/revenue; and as it pays off raw products received, or services rendered, to keep the business and production running.
Complex, time-consuming, but necessary.
Your cash flow plan is a powerful tool to:
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