PROFIT WITH PURPOSE

Make sure you have a goal for the profits you make, otherwise it just ends up in your household spending and you never see the real benefit. Whether you use it to pay debt, start an investment or put it towards your holiday fund, know what you want to do with it.

Nono funded her business from her own pocket initially, but this year it’s finally started to cover its costs and make her a small profit which she uses to pay off debt. “I could take more from the business but right now I’m reinvesting so I can continue to grow it.”

Catherien uses R5 000 a month to supplement the shortfall in her household finances while her husband’s business gets back on its feet. However, any profit she makes above this goes into a savings account towards furniture for their new home.