Have you considered the competition before starting a new business venture?

Scripture: What king, when he sets out to meet another king in battle, will not first sit down ad take counsel whether he is strong enough with ten thousand men to encounter the one coming against him with twenty thousand? (Luke 14:31).

Today’s Thought: The biblical principle of “counting the cost” applies to business situations as well as spiritual decisions. When launching a new venture or expanding a current business, it’s wise to first evaluate existing competition, as well as those who might join the battle later.

Here are some key questions to answer: Do I have enough capital to launch and sustain my business? Do I understand my product’s niche in the market? Can I weather the competition? Can I deliver the necessary quality and level of service? Can I carry the selection my customers will demand?

Each circumstance will be different, but every new venture requires a careful analysis of your own capabilities and the realities of the marketplace. Don’t be caught short. Counting the cost before you begin can help to avoid an expensive mistake.

For by wise guidance you will wage war, and in abundance of counsellors there in victory (Proverbs 24:6)

Counting the cost before you begin can help to avoid an expensive mistake.