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To begin the process of establishing an extra source of income, learn to look for opportunities around you. Run the "What if" scenarios through your mind. Seek out services that, if available, would improve your life- chances are it would improve the lives of many others as well.

List ten services that are not available or at least not available in your area. Do not worry about your ability to provide these services - just list them out.

Now estimate the start-up capital needed to launch each of these businesses.

If the numbers are such that they would require you to go into excessive debt, nix those ideas.

For a side-business, it is not very valuable to borrow a lot of cash. You should be able to launch this side-business with your working capital (which is, in brief, savings meant for investment in yourself).

From this pruned list, pick the top 3 based on market need - i.e. how important does the market view these needs. You can conduct informal surveys to make this decision.

Matching Services to Skills

Now list the kind of skills you would need to deliver these top 3 services. List the skills required for each of the services - and then against each skill, rate your own skill on a scale of 0 -5 (with 0 being no skills).

From this top 3 list, pick the service for which you have every skill rated at 3 or above. If there is no such service, then pick the service for which you have a 3 rating on all but one required skill.

If none, then pick a service for which you have a 3 rating on all but two of the required skills. If none, repeat and pick the service for which you have a rating of 3 on all but three of the required skills.

If none - then stop. None of these services are up your alley.

The logic behind this is that it is a difficult task to learn more than 3 new skills in any reasonable amount of time and launch a new service.

However, it is possible to set aside time to learn 3 or more new skills and then launch the desired service and be successful.

This is a generally useful rule of thumb for choosing a source of extra income.

The final goal is to find a service with a market demand for skills that you already possess and can deliver on.

This is the sweet spot of the market for you, and a source of generous profits.

The best method to gain skills and experience is to actually work in a similar business, voluntarily if need be. For example if you plan to open a Pizza franchise that is open only in the evenings(most Pizza sales happen at night anyway), you should work at a Pizza location first, and learn the mechanics inside out. Perhaps even subscribe to its trade journals, like PMQ, to gather ideas for starting and succeeding in that business.

Now that skills and capital are under control, you are set to make a plan for the launch of your extra-income business.

There is still work ahead for you, which we will cover in future tips.

You can view many extra income ideas with steps to get started in them at:
Extra Income Department

We will take leave with the above thoughts and tip for this week and will be back next week, with more tips to help smooth your path to greater riches.

As always, we welcome feedback at shri_ajay@characterandwealth.com