PAÚLA’S ADVICE FOR SMALL BUSINESSES
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.