Use What You Know to Make Money

The following guest post is by Don Miller.

I answer e-mails and have conversations every day from people who want to start their own home based business. Usually the dialogue includes an idea about purchasing a franchise, and MLM opportunity or an internet marketing possibility. All legitimate, all potentially profitable. The question is they a good fit for the business. The majority of the time the answer is no. Why?

There is no shortage of opportunities that we can agree on. Usually start up cost on these ventures exceeds what most people are willing or capable of investing. Therein lies a problem. Starting any business not properly financed sets a course for failure from the start. There are exceptions to the rule but those a few. I started my first business at age 21 with $6,000 borrowed form a banker with a tender heart for a person with a dream and motivation, but I knew about my business. For the next 15 years I never missed a paycheck and eventually sold the business.

Today I talk with many people willing to risk all they have on business’s they know nothing about. Years ago I read a book authored by Peter Lynch, One up on Wall Street.

Lynch was named head of the then obscure Magellan Fund which had $18 million in assets. By the time Lynch resigned as a fund manager in 1990, the fund had grown to more than $14 billion in assets. He applied a very simple principle that should parallel your home business venture. Invest in what you know. Since most people tend to become expert in certain fields, applying this basic “invest in what you know” principle helps individuals with a desire to begin a home based business.

We all know something about something. Perhaps one of the best opportunities in our world today is becoming an infopreneur. Become an “information entrepreneur.” An “infopreneur.” Basically, monetize what you know. Remember the man who was featured on this site that made his fortune being a handyman? It is important to note he did not start a business about internet marketing, affiliate programs or for that matter, invest his resources in a fast food chain. He invested in what he already knew. Anyone with brains and motivation can do the same thing.

I would advise you to discover your passion, your knowledge, your skills, and you abilities. Your natural instinct will be to suppress them because you have seen what others accomplish in their respective area of expertise. Start you research on starting your home based business with you. Are you a nurse, a computer programmer, plumber, auto mechanic, work at home mom? All of these have the potential to be successful home based businesses. It’s so simple. Not “easy” (real business takes some work), it’s simple.

Provide information about what you already know and you know to be in high demand.

Become an expert in providing that information. From that point on, you will be on your way.

For the Business Opportunities Weblog by Don Miller of Making Sales Making Money.

Photo by laimagendelmundo.

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