Three Strategies for Ace Building

1. Do something you know. Make sure you buy stocks of companies you know or understand. The same approach can work well with your Ace. If you're an administrative assistant by day, you could spend evenings and weekends helping small businesses with data processing chores. If you work in public relations, you may be able to promote a few private clients on the side. Just don't take on work that competes with your full-time job, unless you're prepared to be unemployed should the boss find out!

The advantages of building an Ace from your current experience and skills can be numerous: You avoid the learning curve; you can take advantage of those contacts you already have; you know what to charge; you can gauge the workload involved in different projects; and you have a proven track record to show clients. This type of business can often be started more quickly than others, and it may show a profit faster than something brand-new.

The danger lies in burnout: too much of the same old same old. To persevere through the ups and downs of running a small business, you must do something you enjoy. You don't have to love every aspect of it, but you do have to be excited enough to come home from the first job and be willing to put in time on the second one. So if you hate the line of work you're in now, choose another approach.

2. Cash in on a passion or hobby. Imagine feeling more motivated, happier, and richerjust because you're focusing your efforts on one of your real interests. Doing something you love can be tremendously rewarding. Some entrepreneurs find themselves asking, "You mean I can get paid to have this much fun?"

Any hobby can become a business: cooking, flying, fishing, sports, stamp collecting, carpentry, electronics, music, gardening, or art. Some pay better than others, and some are easier to start than others. As long as you remain open-minded and optimistic, you can have fun while you try it out.

Be careful, though. Some people have found that turning their hobby into a profit-making venture quickly turns fun into a burden. The only way to know if that will happen to you is to try it. That's why investing a minimal amount of time and money into your start-up is so important. If you aren't having a ball, you can drop the idea without regret or modify it without too much cost.

3. Try something new. Maybe you've always been chained to a desk, longing for a job outdoors. Perhaps you want to try something more creative than what you're currently doing. Or maybe you're just itching for a change.

While starting a completely different business offers tremendous opportunities for both personal and professional growth, it's obviously harder than staying with something you know. You won't have the advantage of referrals from people who are already familiar with your reputation or talents, and you'll have to do much more research to get up to working speed.

But if you keep at it, you may ultimately develop a brand-new set of skillsand your dream business. Fortunately, we're talking about a low-risk investment. What have you got to lose by spreading your wings a bit and trying something new?

And Now for a Few Don'ts

Don't choose a business solely to make money. You've seen those lists of the best small businesses to start? Or maybe you were roped into a network marketing scheme that sounded lucrative but went nowhere for you. If you're hooked up to the Internet, your e-mailbox has probably been jammed with "golden opportunities." Don't even bother to read those ads that say you can make $5,000 a month parttime selling their product or buying their system. You'd have a better chance with a lottery ticket. Just send that spam to the cyber-landfill.

If you don't have a sincere interest in the type of work you'll be fitting into your evenings and weekends, you'll quit before you've begun. It's crucial to believe that what you're doing is important, but it's more important to enjoy what you do. So use those lists to generate ideas, but think hard before getting involved in a business just because it's hot.

Don't get hung up on the idea that your Ace has to be unique. It can be, but it doesn't have to be. While there's a benefit to doing something better, cheaper, faster, or with a dazzlingly brilliant twist, the only requirement is that you serve a real need at a fair price. There really are very few new ideas under the sun, and many businessessmall and largehave been successful because they provided worthwhile products or services . . . and kept improving them.

That, plus attention to detail and a genuine concern for your customers will put food on your table and pride in your heart. When you do finally sign up some customers, ask them for feedback, thank them when they give it to you, and try to hear what they're saying.

Don't be afraid to ask how you can serve them better next time. If you haven't heard from good customers in a while, call to find out if everything is okay and if there's something you can do for them. If you're genuine and not pushy, they'll appreciate the call.