WalletRehab - Ways to save money

Do what you love

Perhaps the most important and challenging problem an entrepreneur has to face is the question, “What kind of business will I start?” Most writers and places of authority tell you to “Do what you like?” or “Follow your passion.” Now these things sound very nice and even may motivate you a little bit. You can do what you like, and make money at the same time? That sound great! But after walking away from the book, seminar or television ad, you find yourself wondering what that actually means.

“Do what you love?” I love watching television and eating pizza. Should I start a business where I eat pizza and watch television? Yes, there are actually people who are doing this, and possibly making a living. But just because you enjoy something, doesn’t necesarily mean that you should go into business doing something. Your interests will define the setor in which you will start your business. You like television? You like pizza? Great. Your business will be in the field of television OR pizza (maybe fast food).

Be your own best customer

But that won’t define exactly what kind of business you will have. It won’t define exactly or specifically what kind of business yuou will have. You need to look at yourself again, and try to determine your own spending habits. You are your own best customer. If you can’t see yourself buying from yourself, then you’ve chosen the wrong business model.

Products or Services

Are you the type of person that spends most of their disposable income on products? WOuld you rather buy a DVD than watch a movie in the theater? How about going to a restaurant versus buying a new gadget to cook at home? Is it easier for you to buy tools or hire a plumber? The difference between these two things is very important, if not pivotal in deciding your own business.

There are people who just want other people to do things for them. THey want people to cook, clean and drive for them. These are the folks that go to the spa or spend more on a haircut than most people, because they enjoy the extra bit of pampering.

And on the opposite end of the spectrum has those who are products people. They like buying gadgets, and books, and clothes. It’s more important that they have physical things around them.People who like buying gadgets are an example of this, especially those who are early adopters and need to buy the latest and greatest tech toys, cell phones, digital cameras, etc.

If you’re a service person, then you should think about providing a service. Likewise, if you’re a product person, you shuold look into selling a product. Or even more ambitious, creating or designing your own.

Fred Smith - A case study

Back to our example. In our example, Fred Smith is a man who likes eating pizza and watching television. He realizes that he mostly is a service sort of guy, living alone in his studio apartment with secondhand furniture. It’s nice, and serviceable furniture, but secondhand nonetheless. The only thing he has splurged on is his television, a one time purchase. Most of the time, he orders pizza and delivery and rarely eats out.He’s a service person, who’s interested in pizza and television. With television, he could write television reviews on the internet. Believe it or not, there are a number of people who are writing reviews of television shows and other related issues and making a living doing it. Television is tough, because there are a lot of people who want to get into show busines. I suppose he could act, or write a television show, but these things really aren’t reasonable possibilities. Pizza offers different things. He could of course be a food critic, but again, that’s not really reasonable. He could start a catering busniess or a restaurant. Maybe work out some sort of delivery system. Review and/or advertise restaurants in his area and make a living that way.