Tag: entrepreneur

A Guide for Small Business Owners: Finding Peace Without Losing Your Drive

A friend commented recently that one of his children had been so content as a young man, he worried it might keep him from achieving all that God intended for him in life.

Contentment—being at peace and satisfied with one’s station—is a valuable quality. People who are content tend to experience lower stress levels and a deeper appreciation for daily life. The apostle Paul modeled this beautifully, writing:

“I have learned in whatever state I am, to be content.”
— Philippians 4:11 (KJV)

But while contentment is healthy, it can become a drawback if it leads to complacency. A person who is too content may neglect personal development, avoid pursuing opportunities, or settle for less than their best. For a small business owner, this might mean missing out on ways to better serve customers, grow the business, or create jobs.

Conversely, unchecked ambition can be equally harmful. The Bible warns against selfish ambition:

“For where you have envy and selfish ambition, there you find disorder and every evil practice.”
— James 3:16 (NIV)

The key is finding a healthy balance—striving to improve your business while maintaining contentment in the journey and integrity in your methods.

How to Balance Contentment and Ambition in Your Business

If you’re a small business owner, it’s important to regularly evaluate your goals, values, and ambitions to ensure they align with your faith, lifestyle, and vision. Here’s a practical process to help you balance ambition with contentment:

1. Reflect on Your Personal and Business Goals

Before you can decide how much to grow your business, be clear about what you want from it. Consider:

  • Do you want to work as a solopreneur, generating income through your own skills without managing employees?
  • Does your business idea require more labor than you can handle alone?
  • Do you want to create jobs and provide reliable income for others?
  • How many hours per week are you willing to work?
  • What type of schedule would you like to maintain?

Example:
If you value evenings and weekends off, a manufacturing or professional service business might suit you better than a restaurant, retail shop, or entertainment business.

2. Define Your Financial Needs

Understand how much income you need to meet your personal and family obligations. Your financial goals will shape your business structure:

  • As a solopreneur, your income depends solely on your labor and the rates you charge.
  • As an employer, your income potential grows with employee productivity and overall business revenue.

3. Develop a Business Plan That Reflects Your Priorities

Once your goals are clear, develop a plan that honors those objectives.

  • Choose your legal structure.
  • Launch your marketing strategy.
  • Build your customer base through personal connections and word-of-mouth.

Remember: The startup phase is typically slow—be patient as customers become aware of your business.

4. Regularly Assess Your Growth and Contentment

Periodically evaluate whether you’re satisfied with your business’s size, revenue, and operations.

Questions to consider:

  • Are you content with your current workload and income?
    • Has demand exceeded your capacity? If so, would you prefer to turn away work or hire help and grow your business?
  • Would expanding your hours, services, or product lines serve your goals—or cause unnecessary stress?
  • Is maintaining your current size better aligned with your personal and family priorities?

There’s no wrong answer—what matters is that your decisions reflect thoughtful, prayerful discernment.

5. Avoid Complacency While Maintaining Contentment

Even if you’re satisfied with your business size, remain proactive:

  • Monitor industry trends and customer preferences.
  • Stay current with new technologies that improve efficiency.
  • Review your offerings to meet evolving customer needs.
  • Keep your physical space welcoming and well-maintained.
  • Stay compliant with legal and regulatory changes.
  • Invest in employee development through training and advancement opportunities.

Final Thoughts

Business ownership can bring both financial rewards and personal fulfillment when managed wisely. But it can also lead to stress and dissatisfaction if you chase goals that don’t align with your values or allow others to pressure you into expanding beyond your comfort zone.

Strive to operate a business that honors your definition of success, serves others well, and allows you to live with contentment and integrity. In doing so, you’ll find a healthy, God-honoring balance between ambition and peace.

📢 I’d love to hear from you!

How have you balanced contentment and ambition in your business? What decisions helped you stay true to your values while pursuing growth? Share your thoughts in the comments!

Checklist for Starting Your Business

Starting a small business can be both exciting and overwhelming. To help guide you through the process, I’ve created a comprehensive checklist covering key steps you need to take before launching your venture.

Before you start your business:

  1. Define Your Business Concept.
    a. What products or services will you offer?
    b. What business name will you use?
  2. Evaluate Your Business Potential.
    a. Estimate monthly revenues
    b. Estimate monthly expenses
    c. Determine if your business can operate profitably based on revenues and expenses.
  3. Develop Your Business Plan. This may involve writing a formal business plan, or it may involve creating informal lists. Your plan should include:
    a. Mission, Vision, and Values
    b. Target Customers
    c. Marketing Ideas
    d. Operational Plan
    e. Job Descriptions
    f. Pricing Structure
    g. Customer Policies
    h. Competition Analysis
  4. Choose Your Business Location
    a. Will your business be home-based or in a commercial space?
    i. If commercial, how much space do you need?
    ii. Will you lease space or purchase a space?
    iii. Identify the desired space and sign an intent-to-lease agreement. Please make sure you secure ALL necessary financing before signing the lease agreement.
  5. Estimate your start-up costs.
    a. Consider the following expenses:
    i. Equipment, furnishings, and fixtures
    ii. Lease space build-out
    iii. Lease and utility deposits
    iv. Inventory
    v. Insurance deposit
    vi. Website and marketing
    vii. Legal and professional fees
  6. Determine your financing needs,
    a. Total start-up costs minus your personal investment in the business. Then, you should plan to inject 20% or more of that amount into the business.
    b. Arrange for your financing needs from investors or lenders.
    i. Investors will typically receive some ownership in the business.
    ii. Start-up loans require monthly debt repayment, typically for 3 – 7 years, at a rate of interest a few points higher than the prime interest rate.
    Licensing and Registration Requirements:
  7. Register your business with your state’s corporation commission.
    a. Registering your business gives you exclusive rights to use your business name in the state.
    b. Business registration is required for the state in which you will operate.
    c. Some business owners register their business in state’s with no state income tax. However, this is generally not a wise idea, as you will still have to register in the state where you operate the business.
    d. Remember that you must pay income tax in the state where the income is earned.
  8. Obtain a tax iID number for your business through the IRS portal.
  9. File an initial beneficial ownership information report with the U.S. Treasury’s Financial Crimes Enforcement Network at fincen.gov/boi
  10. Write an operating agreement for your business. This establishes ownership.
  11. Open a business bank account. It is essential to keep business income separate from personal income.
  12. Complete local requirements for your community, including obtaining a business license and zoning permit.
  13. If you will sell retail products, you must register with your state’s Department of Taxation to collect and remit retail sales taxes.
    a. Creating a sales tax account obligates the owner to file regular sales tax reports.
    b. A sales tax account will allow the owner to purchase items for resale tax-free and, likely, at wholesale prices.
    c. If you sell exclusively online through a Marketplace Facilitator, such as Etsy or Amazon, they will collect and remit the sales tax for you. You may still need to create an account in order to make wholesale purchases.

Conclusion

Starting a small business is a significant but rewarding journey, and having a clear, organized plan is essential for success. Use this checklist as a practical tool to guide you through each crucial step of the process, from defining your business concept to meeting licensing requirements. By following this checklist, you can ensure that you cover all your bases and set yourself up for a successful launch.

Please print out this checklist and keep it handy as you embark on your business journey. It will be a valuable reference to help you stay on track and manage your tasks effectively.

Get in Touch!

Do you have questions or need further clarification on any of the steps? I’d love to hear from you! Feel free to leave your questions or comments below. Whether you’re looking for more detailed advice or just need some encouragement, I’m here to support you in your small business venture. Don’t hesitate to reach out—your path to success is just a conversation away!

Small Business Success: Build Your BAIL Team

In the world of small business ownership, assembling the right team is crucial for success. Whether you’re launching a startup or expanding an existing venture, a core support team is indispensable. Enter your BAIL team – Banker, Accountant, Insurance Agent, and Lawyer.

These professionals form the cornerstone of your business’s foundation, offering essential guidance, resources, and connections to steer you toward success. Forming a relationship with a professional from each category before you start your business can also help you avoid costly mistakes.

Banker: Establishing a business checking account is pivotal from the outset, safeguarding your personal assets from business liabilities. Cultivating a rapport with a banker early on is key, positioning you favorably for future financial needs and potential loans. Their insights can prove invaluable in assessing financial health and preempting any looming threats.

Accountant: While some small business owners possess financial literacy, most benefit from the expertise of a dedicated accountant. From navigating tax complexities to optimizing financial structures, their role is pivotal in ensuring fiscal compliance and maximizing savings. Moreover, they can offer strategic advice on transitioning business entities for enhanced benefits. Remember, skimping on professional financial advice can lead to costly errors down the line.

Insurance Agent: Shielding your small business from unforeseen risks is imperative, and an adept insurance agent is your ally in this endeavor. Whether it’s safeguarding physical assets against disasters or mitigating liabilities arising from accidents, their counsel is indispensable in crafting comprehensive coverage plans tailored to your needs.

Lawyer: Legal intricacies are an inevitable part of small business ownership, underscoring the need for proficient legal guidance. Before embarking on your entrepreneurial journey, engaging an attorney to vet contractual agreements is prudent. Their expertise becomes instrumental in navigating complex contracts and resolving disputes as your business evolves. Remember, legal missteps can prove far costlier than retaining a skilled attorney from the outset.

In addition to your BAIL team, assembling a group of business professionals tailored to your specific needs is essential. From web designers to marketing experts, their collective expertise bolsters your small business’s online presence and outreach efforts. Moreover, outsourcing tasks like payroll management and administrative services can streamline operations and enhance efficiency.

Most business owners can benefit from creating a networking team.  This team will consist of non-competitive businesses serving a similar clientele to yours.  Those on your team will be business owners whose work you trust so that you are comfortable referring them to your customers; hopefully, they will return the favor and recommend you to their customers. Here are some examples of teams that might be useful for different types of businesses.

  1. If you are a wedding and events planner, you will want to form relationships with event venues, limo drivers, caterers, florists, bands, DJs, and photographers.
  2. General Contractors need the services of skilled laborers (HVAC, plumbers, electricians, painters, roofers, etc), real estate agents, home stagers, lawyers, and interior decorators.
  3. If you own a handyman service, you will want to form a referral network with carpet cleaners, power washers, landscapers, painters, and residential cleaning companies.
  4. Retail store owners want to form relationships with other store owners in their proximity. These partnerships can attract customers to your shopping area.  A florist might partner with a chocolate store and a tea shop to offer gift baskets for Mother’s Day; a restaurant might partner with a massage therapist and a carriage tour to create “date night” packages.

Irrespective of your small business niche, leveraging the expertise and networks of fellow small business owners is instrumental in fostering growth and long-term success. By cultivating strong relationships with your BAIL team and strategic collaborators, you’re prepared to navigate the world of small business ownership with confidence and resilience. Don’t forget to save this blog and create your own checklist using these four cornerstone professionals – they’re non-negotiable for your small business’s success.

Do You Have What It Takes to be a Small Business Owner?

Many Americans have a dream of owning a business. According to a survey conducted in 2022, more than 40% of Americans aspire to start or purchase their own businesses. This is a positive thing since small businesses are the backbone of the American economy. In fact, 99.9% of all US businesses are small. More than 33 million small businesses employ over 61.7 million workers, per the SBA’s Office of Advocacy. Yet less than 7% of Americans are small business owners.

If you are considering starting or buying a small business, you need to ask yourself if you have what it takes to become a small business owner. Several vital attributes are common to successful small business owners. Read through the following list and score yourself one point for each attribute that applies to you. The higher the score, the more prepared you are to be a business owner.

Attributes of Successful Business Owners:

  1. Is your spouse supportive of your plan? If you’re married, it’s crucial that your spouse is supportive of your decision to start a business. In the beginning, starting a business will consume a significant amount of your time and energy. Having a spouse who feels neglected or unheard can add unnecessary stress to an already challenging situation.
  2. Are you willing to put in long hours to get your business up and running? During the initial stages of your business, it is essential to focus on raising awareness about your company’s existence while catering to the needs of your early customers. In the beginning, you may be the sole member of your company and will need to work long hours both within and on the business.
  3. Do you have money to invest in starting your business? It’s important to remember that no lender will provide the entire amount required to start a new business. You need to save up a substantial amount of money to invest in yourself and your company. Generally, 15-25% of the total start-up costs are required.
  4. Is there other household income to support your family while you launch your business? Some business owners can start their business on a small scale while maintaining their full-time jobs. This is ideal, but it is only realistic for some people. You may have to give up your secure paycheck to start. It is helpful to have other sources of income to pay the bills until your business begins to generate sufficient revenues to make a profit. Other sources of income might include your spouse’s wages or salary, retirement, disability, investments, and rental income.
  5. Did you operate a lemon stand or paper route as a child? Having experience owning a business before can prove highly beneficial when taking on bigger and more complex ventures. The lessons learned from prior business ownership can help you better understand the importance of strategic planning, financial management, and effective communication with stakeholders. Additionally, you have gained valuable insights into building and maintaining successful relationships with clients, employees, and other partners in the business world. Overall, prior business ownership provides a wealth of knowledge and experience that can help you navigate the challenges of entrepreneurship with greater confidence and success.
  6. Do you have close relatives or friends who are business owners? Experienced business owners are typically happy to share their keys to success and the lessons learned from their mistakes.
  7. Have you worked for and been in close contact with the owner of a small business? If so, you may have witnessed their decision-making processes and experienced times when you disagreed with their decisions.
  8. Have you had management experience in any business? The responsibility of making decisions and guiding employees helps prepare you for owning and running your own business.
  9. Have you had various functional work experiences, such as accounting, finance, or marketing? In your own business, you will have the ultimate decision-making authority for every aspect. Having some experience in many different areas will help you be better prepared.
  10. Have you been frustrated by having your work-improvement suggestions rejected by those in management above you? Those who note inefficiencies and problems in the workplace are naturally inclined to want to run their own businesses and test their solutions.
  11. Are you a person of action rather than a dreamer? While the idea of owning a business appeals to many, it takes a great deal of hard work and determination to turn that dream into a reality. Unfortunately, only a small fraction of those who dream of business ownership are willing to put in the necessary effort and dedication to make it happen.
  12. Are you a risk taker? Starting a business is risky. It requires you to leave the comfort of a reliable, steady paycheck for the uncertain possibility of great success and satisfaction. But it also involves the possibility of failure.
  13. Do you enjoy working with other people? Owning your own business will force you to interact with many different groups of people, including employees, networking partners, lenders, business development leaders, and competitors.
  14. Are you able to delegate effectively? Running your own business will require you to let go of many tasks so that you can focus on the tasks that only you can do. You will have to train your employees and then trust them to do the tasks assigned without constantly looking over their shoulders.
  15. Do the employees you supervise in your current job respect you and work hard for you? It is important that your employees see you as the leader and take direction from you. This does not mean that you become a dictator. Listen to your employees and let them share their ideas. Ultimately, however, you will make the final decisions, and your employees have to respect that and follow your directives.
  16. Are you someone who can adapt to new situations easily and is comfortable with change? As soon as you start to feel relaxed, things will change. Change comes from many sources outside of your control, such as new competition, inflation, and new regulations. You must be flexible and adapt to changes you cannot control.

If you are seriously considering taking the plunge into business ownership, join me over the next few months as I continue to share what I learned as a business owner and a full-time small business consultant.

Six Questions to Ask Yourself Before Starting a Small Business

Are you one of the millions of Americans considering opening a business? Before taking the plunge into business ownership, ask yourself these questions and answer them as honestly as possible.

Am I comfortable taking risks? Risk is an inherent part of starting a business. If you’re considering leaving your current job to start your business, you’ll be giving up a steady income. There’s also the risk of depending on your business to provide for your family’s needs. If you’re uncomfortable with risk, starting a business may not be the right choice for you.

Do I have money to invest in starting a business? Financial planning is a crucial aspect of starting a business. We often meet with people who don’t have any cash to invest in starting a business and expect to be able to borrow 100% of the startup costs. This is not a realistic expectation. A lender will expect the business owner to have 10- 20% of the startup funding needed. If you don’t have the capital to invest but you really desire to start a business, consider options that require little or no investment. Such enterprises include consulting services or virtual services you can do from home using only your computer.

Do I have time to devote to running a business? All businesses require time to work both in and on the business. Many business owners tell us that they work 40 or more hours in their businesses each week and work another 10 – 20 hours on the business. Working on the business includes marketing and networking efforts to find customers, invoicing, bill paying, scheduling, and many other necessary tasks that do not generate revenue.

Am I comfortable making decisions? A business owner makes many important decisions every day. These decisions include which jobs you want to bid on, the proper price to charge for your services, how you will market your services, and whether you should hire (or fire) an employee. If you are hesitant to make these decisions, business ownership may not fit your personality.

Do I have the expertise to do the work and run the business? We often encounter individuals lacking the skills to perform the tasks required to start their desired company. They plan to hire the appropriate individuals to complete the job. For instance, a non-chef may open a restaurant with the intention of employing a talented chef. This approach may prove successful until the hired chef departs for another position. Prospective business owners need to have some training and experience in the services they will offer so they can do the work themselves when necessary. They also need to be capable of recognizing when an employee is not doing the job properly or well.

Does my family support my decision? Running a business is hard work. It requires working long hours and committing family financial resources to succeed. You need the support of those in your immediate family. You should reconsider if those closest to you do not support your decision.

If you answered yes to these six questions, you may be ready to move forward with starting your own business. This series of blogs will give you more valuable information that you need to be well-prepared for success.