3. Liquidate luxuries
Franchise owner Natalia Garcia-Vellon said she sold some of her designer bags, which she seldomly used, to jumpstart her venture. “It’s a more productive investment compared to the luxury bags that I used to own. Now, I already have a business and I can still have my share of luxury bags as well,” Garcia-Vellon said.
4. Untouched earnings
Starting only with a travel agency, Xena Joy Lim now also owns several apartment buildings and other real estate properties. All of which she was able to put up by setting aside the earnings of her travel agency. “I just put aside our earnings for almost two years and then used it to invest in apartment buildings. Then the earnings from the apartment was also put aside to be invested in a new apartment building,” Lim said.
One of the basic principles that helped dermatologist Neil Oropeza grow his skin care business was to save all his earnings and used it to expand the business. Oropeza also made sure that the company had savings to ensure a buffer should the need arise.
“It doesn’t really matter how much the business earns, what matters more is how much it is able to save,” Oropeza said. “The business might be earning but if you are spending everything, it will not work.”