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How to Make a Good Living Running Your Own Business: A low-cost way to start a business you can live off by Robin Bennett

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5. Reflections

Recommendations for small business ideas and lost causes

Basic Strategies

  • Service industries tend to work best as a small business idea. Particularly the ones where investment in staff and machinery is non-existent to begin with. Take on freelancers on the mutual understanding that you have to get paid before you pay them. This will keep your cash flow positive. But make sure you’re upfront with them from the start about this arrangement.
  • Selling knowledge beats anything, even property development. Just look at how many consultancies own shiny new office blocks in big cities. They sell advice and there’s nothing as notional as that, even insurance.
  • If you are creating a high-end brand, don’t even attempt it on a budget. ...

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