Creating a Business of Your Own

The majority of people who have a home business started from scratch. Creating a successful business requires that you ask yourself "What will people pay for?" Market research will help you find out, and that can be as simple as asking prospective customers what they need and investigating whether you can compete on price, service, quality, variety and ease of use.

With these considerations in mind, here are six possibilities for finding the ideal business for you. You can:

• Turn your favorite hobby or interest into a business

Find a need you can fill that's related to your interest. Example: Someone nearing retirement and interested in helping other senior citizens remain active could create a counseling business, advising on how to enjoy retirement.

• Turn your existing job skills into a business.

Accountants, communications specialists, graphic artists, salespeople, teachers -- people from all walks of life -- can take their skills and reinvent them. Examples: A secretary could start a secretarial service; a personnel director could set up telecommuting guidelines for companies.

THE RIGHT BUSINESS FOR YOU

• Solve a problem

People will pay to have someone do tasks they find unpleasant or need help with. Examples: Errand runners help thousands of people take care of their daily tasks; someone who's dealt with a disease and recovery could provide information and teach classes on coping.

• Use a hidden or latent talent

Take notice of the talents you use without thinking. Example: A great hostess never thought of being a party planner until she threw a party for a friend. The friend said, "That was so great, I would have paid for it."

• Use technology and other resources you have around the house

Many people have created successful businesses with equipment and technologies they already had around the house. A sewing machine can be the key to an exclusive dressmaking business. We even know two women in Texas who use their washing machines to run a laundry service for the crews of ships that dock in the local harbor.

• Put what you know to work

You can turn virtually anything you know into a business if enough people want to know it too. The author of 1,000 Adorable Names for Your Cat sold enough copies of his book to start a pet-oriented mail-order company.

Good luck.