Business talk (extra income?)
I’ll not bore you and go into details of what my business is but rather share with you some thoughts about it and things to consider before you do.
First of all, I started mine to learn my way around, to build self confidence in dealing with other people, how to invest, get interest and roll my initial investment. I’m a newbie so I’m in no way an expert on this matter but my experiences might help some.
Pray about it
Always consult God with every plan, business or not. This I did piously for weeks before an opportunity became available to me. I wanted something I could do at home, with the available resources I have. When the answer came, it was perfect.
Your business partner
Do you want to start something on your own? Are you ready to take on all the responsibilities and investing alone?
With a partner – Do you trust the one who’s getting you in the business or the one you’re convincing to go into it with you? Do you know him/her personally? I’m in a retailing business and my boss (technically, the one who got me into it. My dealer) is my cousin and church mate. I wouldn’t have tried it if it were some stranger who just approached me
With a company – Make sure the company, corporation etc. you’ll be working under/with the business is stable and has a good track record.
Your business
Learn it well yourself first, don’t employ or get someone to do the work for you. Know the tricks and trades, know what you’re getting into
Your Capital
Can you afford it? Start small, with minimal investment so that if ever (God forbid) it doesn’t work your loss would be minimal or if you find it’s not what you think could work for you long-term, at least, you’ll only have to work on getting back your minimal initial investment and once you have, you can quit it and move on to another. Do not invest your life saving or loan big on your first business venture.
Your customer
Customer satisfaction is important whether your business involves products or service. Bad customer relation and service is a BIG NO! You want more customers not less. If service breaks down, you need to have it fixed right away (I had that and it’s a pain!).
Your investment
Like I said, I’m not an expert yet but here’s one trick I’m learning to apply and was in the plan from the start, so if you haven’t gotten into any home business yet, you might want to consider this:
Once you get your initial investment (like I said, start small) back, don’t spend it, if you find you want to continue with the business, use the same initial investment, just keep it rolling. Save the interest. Once you’ve saved enough of the interest, split it – 50% will be saved and 50% will be added to the initial investment.
Ex.
Initial investment - $10
Interest - $ 1
Keep the investment at $10 for a month and keep saving the interest. Let’s say for a month you made $10 interest, spilt that (Add $5 to your initial investment and save the remaining $5) This way you have savings (you can use for back up in case business goes bad) and also be able to invest more each month.
Growing investment/capital = more products/service = more customers = more interest
NOTE: Like with love, there’s always a risk involved. There’s no guarantee if your business will succeed or how long it will last. You may get your money back or not. Whatever happens don’t give up until you’ve found your place in the race.
Well, I hope that made sense and help. For more professional advice, see a business consultant.
Further readings:
John 3:16 - For God so loved the world that He gave His one and only Son, that whoever believes in Him shall not perish but have eternal life.
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