Building a Business With Purpose: 5 Tips

Have you started your own business but lost momentum, motivation and seen growth slow down or stop altogether? If you are like some entrepreneurs, you may have started many different businesses over the years, but never really experienced the kind of success you desired. In this article, I’m going to discuss an important principle to get clear about before you start or grow your business – that is building a business with purpose.

When you build a business with a purpose that is larger than your own success, you will find it easier to maintain motivation, momentum and growth. Building a business with purpose means that you have examined your own gifts, strengths, weaknesses as well as the needs and wants of your target audience and put together a business plan that aims for the greater good of all involved. Dare I take it a step further and say that when you build a business with the goal of bettering a corner of the world or with helping humankind have a more enriched and beautiful life, you will find your deepest satisfaction and success.

There is an encouraging trend in the marketplace. More business owners are recognizing the fact that their business must have a bigger purpose than to simply generate profits. More and more individuals are starting businesses that are “heart-centered” or others-centered rather than self-centered. More and more people are recognizing that life provides more joy and satisfaction when we are aiming to help our fellow-man/woman. Many businesses that have fallen prey to greed and self-centered pursuits are failing. We see example after example of this in the past several years of economic turmoil.

In light of this, I want to offer up some tips to guide entrepreneurs to build a business with purpose (not just any purpose, but a “greater-good” purpose). Before you launch your business (or re-create your business) consider these concepts and sit down with pen to paper and write out your creative thoughts in response to these tips:

1. Start by asking yourself what your own unique purpose is as an individual. Are you great with animals? Do you have a burning desire to invent an alternative form of energy? Do you have an artistic streak? Start getting in touch with your own unique traits and gifts and jot them down.

2. Pray a little prayer and ask the Creator to reveal to you why you were put on this planet at this moment in time. Don’t question your thoughts, just jot down what naturally pops into your mind.

3. What need do you see in the world that captures your attention and makes you want to help improve things? Start writing about what kinds of solutions you would like to provide for that particular need.

4. Write out a mission statement for your life.

5. Write out a mission statement for your business as it relates to your mission statement for your life. When you are able to start a business that integrates your gifts and strengths, your desire to contribute to the greater good, and match it up with real needs in the world, you will have a strong foundation from which to build.

When you build a business based upon bettering human-kind in your own unique way, you will find it more easy to stay motivated when you meet the challenges that are inevitable in operating a business. You will need to remember all your “whys” when the going gets tough. And yes, one of the “whys” is to make a profit or generate income, but think about it more specifically than that. Answer the question, “why do I want to generate more income or make a profit?” More than likely your answer will relate to spending more time with your children, or being able to step out of the daily grind long enough to see more of God’s beautiful world, and to be able to contribute time and money to organizations that help humans or animals in need.

Keep that bigger picture in mind all the while as you start and grow your business of purpose. Your vision for your business can provide significant help to our hurting world.

Your Business Plan Is A Blueprint For Success

When you begin to contemplate starting your own small business enterprise, a well-considered business plan is the first step. You can access detailed information and templates online to give you the right steps to formulate a successful business model. There are many things you must consider. What form should your business take? Where should it be located? What kind of licenses do you need? Should you retain an attorney?

An experienced business attorney is an invaluable resource for the entrepreneur. You must protect your company’s rights as well as your own. This is what attorneys do and you need this kind of advice so you do not make critical mistakes in planning, organizing, or licensing your business. There are established protocols to follow for getting a business venture ready, and your attorney provides detailed information for your benefit. A small misunderstanding can have unintended consequences, so it is best to spell out any agreements in writing to avoid errors of interpretation. An attorney supplies guidance to successfully launch your enterprise. You may need legal advice, contracts may be needed to be drawn up or interpreted, or you may require assistance for company corporation.

There are three basic types of businesses – the sole proprietorship, the partnership, or the corporation, of which there are many types. If you wish to incorporate, it will provide protection from personal liability and allow you to raise capital for your enterprise if needed. You will lose some measure of control, however. This is an area where the services of a lawyer are strongly indicated. The decision to incorporate requires three important steps.

1) The planning and promotion stage is very important. You must make important decisions about whether to start from scratch or buy an existing firm. There are advantages to either approach. You must decide what products or services you will sell in your new enterprise. You must also determine your capital needs and how you plan to meet them. A corporation can be limited or can be public, allowing anyone to invest.

2) Once you have your business plan, you must file for incorporation status. You must decide where to base your company and file the necessary documentation with the appropriate authorities. Once the paperwork is filed, you will be issued a certificate of incorporation. This entitles you to commence business operations.

3) The final stage is really the beginning, since business is an ongoing affair. You will need to find a location for an office or store, furnish it, hire employees and develop a marketing plan to promote your new business. There are important legal considerations you must consider on each of these steps.

An experienced business lawyer will help expedite all your decisions. He or she can draw up or review contracts, help with incorporation, negotiate leases, and help you file for any required permits or licenses. They can also help with financial agreements and review your business plan from a legal standpoint.