Structure your investments to complement your lifestyle. An establishment like Salon Studio Suites requires very little of Kamilla’s time and she doesn’t have any employees to manage, allowing her to spend more time with her family. On the other hand, if she were a fast-food chain franchisee, she’d have to be there daily and constantly monitor the cash registers and workers. “You’re going to have to pick something that you’re going to enjoy doing every day,” Kamilla says, otherwise you could lose motivation and the business could possibly fail.
Allow your investment to grow. The first three years of a business are critical and even though it may be tempting to pull money out during that time, Tinsley says don’t. “In setting your business up, you definitely want that business to be able to take care of itself and flow on its own merit. Let the cash reserve and the business keep itself going and if it’s growing, it grows out of its own entity.”