Buying a Business

Before getting into business you will need to find what type of business you believe you are qualified to run and would enjoy owning. This should be based on your own skills, interests, personality and location (unless it is an online business) but in saying that you should still take an interest in the business overall. Working out this first hurdle will help you determine which type of business will provide you with the life style you desire, and hopefully turn a profit in your new business venture. Finding a business to purchase should be the final step in a process that begins with self-evaluation and a deep financial assessment.

When you have established a budget and the location you would like to be in, you should start searching for businesses for sale in local newspaper advertisements and online websites. In most metropolitan areas, the Weekend papers will have a large 'Business Opportuntiy' or 'Business for Sale' section and you can contact owners directly. Alternatively, you can also place an ad stating that you are looking to purchase a specific type of business.

Some websites these days even allow you to sign up for free and create a business wanted profile or even set alerts for the type of business you are looking for, this can be a great tool when looking to find your business of choice.

You can save your self considerable headaches by buying businesses which are already established, its always easier and safer then starting a business from scratch, not only that a huge saving of your own time.

Statistically a large number of start-up businesses will fail within the first 12 months, with those surviving often being sold to have their new owners make the real gains. So let the hardened entrepreneurs take the risk, develop the market, and find out what works and what doesn't. In buying an existing business you are getting;

(1) History Of the Business

The previous owner has operated this business and will be able to show you it's financial records, it's cash flow, sales and expenses. All this lessens the risk to you and your bankers, showing the companies performance and providing you with a platform on which to build.

Before starting out decide what you want, what your objectives are, and understand your strengths and weaknesses. Plan the process. This can also be found by looking up the businesses ABN using ABN lookup or other online tools

(2) The businesses database

These are the people or businesses that already do business with you. This means cash flow from day one.

(3) Existing products or services.

They have already been developed and accepted into the market place.

(4) Existing employees

Experienced and skilled staff who understand the business and it's customers, most valuable to any going concern. Save time recruiting new members of staff.

(5) Operating Systems

These are key in any business activity. How the business operates, what keeps the customers coming and the cash flowing? This ties everything together. It's your business formula developed by the previous owners; it may be perfect, or it could be in need of major changes.

The Purpose of a Business

When purpose is unknown abuse is inevitable. An understanding of the purpose of the Christian business will help us in our approach to handling and running our businesses.

Many say they have a Christian business, without fully understanding the concept of a Christian business.

The truth is, a business entity is neither Christian nor non-Christian. A Christian business is one run by a Christian, who engages Biblical values and principles as taught in the word of God, in the day to day running of the business.

The key to running a Christian business is a commitment to making decisions on the bases of scriptures and not on situations, feelings or what is acceptable to society.

As we run our businesses in the way of the Lord, we honor God and ultimately bring glory to His name.

This is the purpose of every Christian, in business or otherwise- to glorify God. And this also, is the primary purpose of every Christian business.

"........whatsoever ye do, do all to the glory of God."1cor 1o:31

Our businesses must bring glory to God!

This can be achieved, as we use our businesses to serve God's purposes on the earth.

Early in a business career, the most important thing to the entrepreneur is how to break even and keep the business running. Later it becomes important to make profit and build a bigger business.

And this is why, it is crucial for the Christian business man and woman to have a priority system, that will help to maintain balance. Maintaining balance is important in a spiritual sense just as in a material sense.

If all other functions of successfully running a business organization are neglected in the pursuit of evangelism, the business would run aground.

We must position the business to generate revenue and make profit. God is interested in our businesses making profits. He wants us to prosper in whatever we do.

"Thus saith the LORD, thy Redeemer, the Holy One of Israel; I am the LORD thy God which teacheth thee to profit, which leadeth thee by the way that thou shouldest go."Isaiah 48:17

"And he shall be like a tree planted by the rivers of water, that bringeth forth his fruit in his season; his leaf also shall not wither; and whatsoever he doeth shall prosper." Psalm 1:3

Yet we must not neglect using the business to serve God, as we propagate the Gospel.

Therefore, the priorities really mean what are my goals, and can my goals be balanced to achieve the overall objective of serving God while meeting material needs.

Business as Instrument of Evangelism: When placed side by side, the profit of a business is rather trivial compared to the value of a soul. But if used properly a business can be used to change the lives of countless lost people.

"For what is a man profited, if he shall gain the whole world, and lose his own soul? or what shall a man give in exchange for his soul?" Mat 16:26

An entrepreneur can use his business as a tool to influence people within his sphere of business dealings and operations by helping them to hear the Gospel of Christ. And thereby many are led to Christ.

Financing the Gospel: We can also set apart, a certain percentage of the profits from our businesses, for kingdom work. Sponsoring Gospel crusades, mission work and building worship centers are commendable and laudable things we can do for the kingdom of God, as God helps us to make profits in our businesses.

By this, our businesses are bringing glory to God, as lives are being transformed and impacted.

".....My cities through prosperity shall yet be spread abroad;...." Zec 1:17

Carrying out all these, will not be difficult if we understand that all we have, we received of the Lord.

"For who maketh thee to differ from another? and what hast thou that thou didst not receive? now if thou didst receive it, why dost thou glory, as if thou hadst not received it?"1cor 4:7

Also worthy of note, is the fact that all God has ever done, and He will ever do, will be done for His pleasure.

The business and the profit He gave you, He gave for His pleasure.

Lack of a Targeted Business Plan Causes Small Business Failure

Traditional thought about business plans is that you must have one to be a successful entrepreneur. However, there have been recent conversations by some business professionals that challenge this contention, instead recommending that entrepreneurs should spend their time running their businesses rather than creating plans. This exchange of ideas can only be a good thing, and the debate about the relevance of business plans will probably continue for some time.

Writing a small business plan is viewed as a burden by many entrepreneurs who see it as something that is done and then filed for future reference (actually, never to be seen again). Most of the business professionals who suggest that plans aren't necessary probably fall into this group. However, people who support the need for plans most likely see them as part of a process for business growth and development-a tool to use in truly understanding the business' mission, what needs to be accomplished, and how the business will meet targeted goals and objectives.

The decision to make or not make a plan may rest on how the term is defined. Business plans actually come in all shapes and sizes and meet diverse needs depending on if the entrepreneur just wants clarify about what needs to be done or if the goal is to attract financial institution or angel investor capital. Some entrepreneurs even use plans to create marketing campaigns or to attract stellar employees. All of the priorities listed here will play a critical role in how the term business plan is defined by individual entrepreneurs. Therefore, the idea of a rigid definition of what a plan is and what it does is not very practical.

The title of this article suggests that the lack of a business plan will spell doom for an entrepreneur. Why is this true, especially when many professionals in the business community don't think they are necessary at all? Well, the business plan concept actually represents the belief that an entrepreneur must take a honest, analytic view of her business, its operations and marketing models, and financial stability to determine what needs to be done-both present and in the future-to be success and profitable. It's hard to image this process occurring effectively if there isn't a plan of some kind in place (and in writing) that can be read, reviewed, and changed as needed.

The debate over the usefulness of business plans to entrepreneurs may be more productive if the focus is shifted somewhat away from the idea of having or not having one to a focus on determining how the plan can be shaped to meet the specific conditions, situations, and priorities faced by each entrepreneur. This change in focus would certainly produce greater consensus among professionals that business plans are critical and not having one causes small business failure.