These 10 tips will guide you towards the business that's the best fit for you.

During these tough financial times, many people will consider starting a business to supplement their income or because of a lay-off. Use these ideas to find a business that fits your passion, experience, personality and lifestyle.

1. Trend Watcher – Stay one step ahead of the competition by researching the types of businesses and franchises that are most popular, and figuring out how to work with them. During the early 90s, my father started a business selling products to the many Mail Boxes, Etc. stores (now owned by UPS) popping up throughout California. He spoke with several owners who told him that after buying a franchise, they didn’t have the capital for the products their customers were requesting. He began selling them pens, key accessories and a few other items on consignment and very quickly built a highly-profitable business.

2. Skill Set – Consider the things you enjoy and are good at and brainstorm ways to turn them into a business. It doesn’t have to be your career choice, but could be a hobby or long-lost passion. If you love throwing parties and are organized, consider offering event planning services. Have a knack for numbers? Perhaps some part-time bookkeeping would be a good option to supplement your income. Try to find a balance between something you enjoy enough to do on a regular basis, and a need for those services or products in the marketplace.

3. Wrong Turn – Just as important to a successful business as knowing what you like is knowing what you don’t like. A friend who loved cooking decided to start a catering business, but after a few months found that the joy of cooking vanished when he was doing it non-stop and making mass quantities of the same dishes. Before throwing your hat in the ring, think through all the steps of a business and speak with people already doing it to make sure it’s for you.

4. Space Bubble – Are you a people person or do you crave time alone to do your work? Most people prefer some of both, but it’s those pesky percentages that can make or break your productivity and sense of satisfaction. If you’re more of an introvert, going into a business where you will be talking to people much of the time like real estate or retail, is not the best choice. Someone who loves activity and the energy of interacting with others would most likely not be happy sitting home alone all day in front of a computer. Find a business that lets your personality shine.

5. Self Control – Be honest about your discipline level and ability to work without supervision. Many friends who’ve tried working from home find the television, personal phone calls, surfing the Net and even that basket of laundry to be endless distractions keeping them from moving their business forward. If you fall into this camp, consider a business outside your home or partnering with someone who will keep you on track.

6. Wish List – Knowing your goals is half the battle towards achieving them. Okay, maybe not half, but as Joe Jackson sings, “You can’t get what you want, till you know what you want.” Of course you want more money but what else will keep you motivated? A flexible schedule? Working from home? Bringing your creation to market? Maybe it’s as straightforward as a new car or trip to Paris. Determine your ultimate goals and put steps in place to achieve them. Place a few images near your work space to remind you of your target, whether it’s a Mercedes C300 or world domination.

7. Business Blueprint – It sounds academic but writing a business plan is one of the most efficient uses of your time before moving forward. Even if you aren’t trying to secure a bank loan, a business plan helps clarify your goals, identify current trends, highlight your skills and how they differentiate you from the competition and much more. Many times, it’s while researching and writing a business plan that entrepreneurs are able to determine either market duplication or the sizzle that helps them stand out. If you’ve attempted this before or it seems too great a task, check out J&J Marketing’s simple business plan in 10 steps in our new eBook, Small Business Tool Kit (www.2jsmarketing.com).

8. Penny Saver – Keep costs down as long as possible. It’s easy to get lulled into the next shiny new thing but most of the time, it will only make someone else rich. What makes the difference is a good idea mixed with hard work and determination, not necessarily a downtown office or new computer. When you’re trying to figure out how to pay rent six months from now, all those saved pennies will add up. If your new business requires a ton of cash and you don’t have it and can’t raise it, it may be time to rethink ways to get your dream off the ground. Sometimes starting small and developing a loyal customer base is the best long-term strategy.

9. Dynamic Duo – Some people fly solo with ease, but others prefer a partner. For those in the latter group, it’s amazing what a difference the right partner makes to your productivity. Take J&J Marketing for example. Jen and I have both worked in many types of environments and with varied personalities, but our “writing separately together” duet allows both of us unlimited freedom, creativity and support. Finding a complementary partner can make all the difference but if you decide to go it alone, make sure you have a support system in place.

10. Worker Compensation – Do you plan to hire employees? Extra hands can be a godsend but the extra work may not be worthwhile to some small businesses. In addition to obtaining an Employer Identification Number (if you don’t already have one), you must get workers’ compensation insurance, withhold payroll taxes, set up employee files and perform a host of other legal requirements. Verify city, state and federal requirements before you take on employees to make sure you’re really saving time and making more money by hiring them. A better option may be to hire freelance workers as the need arises.