PAÚLA’S AD­VICE FOR SMALL BUSI­NESSES

Your Family - - Create A Second Income -

1 Do not spend the money you make, plough it back into the busi­ness! 2 Net­work­ing is crit­i­cal; the peo­ple you meet and re­la­tion­ships you build along the way are cru­cial. 3 Just be­cause you have a cor­po­rate back­ground, it doesn’t mean you know ev­ery­thing. Re­main hum­ble, em­brace the peo­ple you meet, and learn from them. 4 Do suf­fi­cient re­search be­fore div­ing in. Is there a gap in the mar­ket? Work out your re­turn on in­vest­ment (ROI). Does your idea have longevity? Who are your com­peti­tors and what is your unique sell­ing point? 5 Have a plan and set your goals for the first three and five years. Ac­cept the fact it’s go­ing to take a while be­fore you make a profit (this does de­pend on the prod­uct or ser­vice), so you may need to sus­tain your­self for a pe­riod of time fi­nan­cially while you build your busi­ness. 6 Keep it real and eth­i­cal! 7 Lastly, just go with your gut. If it feels right, go for it; if it doesn’t, don’t do it.

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