Guest Post: Needed--Faith Based Entrepreneurs

          The Need for Faith-Based Entrepreneurs, by Colleen Stewart

Maybe you woke up from a dream or had a conversation with someone you didn’t know. Whatever the reason, you’ve been left with the feeling that God is calling you to get involved in your community by sharing your talents with others. Now, you are ready to start your own business so that you can answer His call and also support your family.

Here’s a bit of insight on things you have to keep in mind if you plan to start a faith-based business in your community.

Define Your Vision

First, you have to know what you want to do. This means you have to reflect upon yourself, your strengths, and your purpose. For example, if you want to open a childcare facility so that you can provide a nurturing, Christian environment for vulnerable members of your community, you must first know that you have the patience to be with children for up to 10 hours each day. The Start Anew blog also suggests putting together a team whose morals and values align with your own.

Choose a Business Structure

There are a number of options available when structuring your business, including sole proprietorship, partnership, and LLC. Each type comes with its own set of pros and cons, depending on factors like financing, personal liability, and tax liability. When it comes to forming an LLC, this structure is often seen as one of the best choices for businesses that need legal protection but do not require additional financing. An LLC offers all of the same advantages as a traditional corporation – things like limited legal liability for owners and the ability to issue stock – without many of the associated drawbacks. And by registering your company properly with the proper authorities, you can gain access to important benefits like lower tax rates and faster accrual accounting methods.

If you’re wondering about LLC registration, the registration process typically takes five steps, including naming your LLC, creating an operating agreement, and applying for an EIN.

Share Your Faith

When you’re running a business, your marketing efforts are really an opportunity to share your faith with your customers and community. There are many ways to do this, including through social media and by sponsoring local events, like car seat safety checks or toy drives. You should also make sure to have some physical products that you can pass out at these events or to people that you meet throughout your day.

Business cards are one great example, and there are plenty of templates online that allow you to align your design with your message. You can even add a prayer or passage to your cards to serve as a reminder of God’s love. Outerwear is another promotional material that your customers will love and that will help spread your word by being seen an average of 6,100 times, according to Delta Marketing.

Tackle Other Business Tasks

There are many different tasks that you’ll have to handle as a new business owner. One of these not to let slip sit on the back burner is deciding whether you’re going to work from your home office or if it makes more sense to rent an office space. If you choose to work from home, make sure your office is located in a quiet area of your home that’s away from distractions. If you need to make any modifications to set up your office, document any work you have done as certain updates can increase the value of your home.

While the choice might seem clear-cut, especially if you’re on a budget and you are already paying for your home, there are some benefits of a rented space, including fewer distractions and being in closer proximity to foot traffic.

Another task to check off is to find the right accounting software. A robust software package for running accounting makes it easy to organize and store documents so you can get the most deductions come tax time, while remaining compliant with the IRS. It'll also give you insights on cash flow so you can run your business more smartly and efficiently.