When you’re trying to decide what business to start, ask yourself these 3 questions:
What are people willing to pay me for?
What do I have a passion for?
What work fits my skills and talents?
Providing a product or service that you know people are already paying for—like cosmetics, house cleaning, website design, or music lessons—is a smart way to limit the risk of starting a new venture. Without an existing market for what you sell, you might have a fun hobby—but you won’t have a profitable business.
You also need to have a deep interest in the work because you’re going to spend a lot of time doing it. That passion is how you’ll maintain your enthusiasm for the business while you make sacrifices like watching less TV, getting up earlier, or working on the weekends.
Taking advantage of your existing skills and talents can also ensure your success in a new business. For instance, if people are always telling you that you’re really patient and good at explaining things, you might be an excellent tutor.
Think about what you already get paid to do or have been paid for in the past and whether you can turn it into a business. Or do you have a hobby that has the potential to be a home-based business, like photography, writing, or building furniture?
- See more at: http://www.quickanddirtytips.com/money-finance/saving-spending/tips-make-extra-money-home?page=all#sthash.tVnIYDN9.dpuf
