Many new entrepreneurs think success is all about developing a great product or service, but actually it's all about selling it. Before you spend tons of time and money developing your product, make a prototype or develop a clear and concise description of what it will be, and do some market research. Figure out who your prospective customers will be, and go talk to them! Ask questions. Find out what they'll pay. Consider their feedback and modify your design accordingly. Look at other companies that are selling similar products or services. Find out what they charge, how they market and what their competitive advantage is. Go into their stores and watch their customers. Find out what they are doing and why, and how customers respond. Once you think you have a clear understanding of what market wants, then move ahead with your product or develop your service.

You'll also need to decide what kind of company structure will best fit your plans (S Corp., LLC, sole proprietorship and so on).

If possible, work out of your home for awhile or rent minimum space and equipment necessary to run your business. It's important to keep your overhead as low as possible, at least until things start to take off. Resist temptation to rent a nice office and fill it with furniture and equipment. I used to think that was impressive, but I came to realize it was just expensive.

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You must be very aware of risks before you get involved. As with any investment or business, you can lose money. If, by nature, you are a timid, cautious person, then it is definitely not for you. But if you have some money to play with, and aren’t risk adverse, then financial spread betting is one of best possible ways you can make a great deal of money completely tax free… and there are clever ways of limiting your losses so you never lose more than you can afford.

Unlike most businesses, it is possible to get involved with an absolute minimal outlay and take a position without buying a single thing. You do have to ‘back’ your position with a certain amount of cash, but this is ‘insurance’ money, NOT stake money.

The best thing is you can try it for free without any risk at all. You can ‘dry trade’ with ‘monopoly’ money until you get a feel for how it works and are confident enough to start using real money.

Financial spread betting has become so popular primarily because of relationship between risk and capital. It is highly leveraged and you can make huge profits with only a limited amount of capital and risk. The fact that there is (unlike with most investments) no stamp duty or tax also helps make it extremely attractive.

So if you are of right temperament, spread betting can be a very lucrative way of making an amazing income in your spare time. But be warned, if used recklessly or without correct knowledge it can result in large losses.