The word portfolio originally comes from a flat case in which papers or artwork was stored in to those people. These items within the case where the best pieces of an artists work. These days the word has transformed into something quite different since we have entered the digital age. But the principle of a place to showcase your best work remains intact, or it should anyway.
When you are starting out, your best work may be a hodge-podge of things, and it may be of the same subjects. These two things however are something you want to stray away from. What do you want your portfolio to contain then? Let's get started.

1. Within a Niche
First off, I would highly advise to choose a niche (here's why you should) and then build your "portfolio" around that. Sure, you can have as many different personal pictures outside of that niche as you want, but the body of work that you present forward to say, "this is my portfolio" (presumably on your website) I believe should be in a specific niche to be the most effective.
At the beginning of my career my "portfolio" contained everything from people to landscapes, to abstract pictures. I didn't catch a whole lot of clients that way. Just because I loved the pictures and was proud of them, doesn't mean they were want I needed to be presenting to clients.
2. Variety of Subjects
A mistake a lot of photographers make is not having enough variety in their subjects. They put up a photography website, and then put up a portfolio that is filled with three photo shoots they have done. Take the time to build your portfolio more before you present it. Not that you can't have a few of the same images from the same shoot, but only if they are absolutely stunning images you are most proud of, and it you have plenty of other images to surround them.
3. Cohesive Style
With that said, while you want a variety of subjects, make sure that you have a cohesive style. Often photographers in the early stages are experimenting with how they like to edit. Make sure that your photos don't looked like 5 (or 10) different photographers edited them. As you are building your portfolio, experiment with style and editing to figure out what fits you best, and then let your portfolio reflect that. And as you grow as a photographer, if that changes, then switch up your portfolio. But a portfolio full of images that are all edited different, (or even that all have drastically different lighting) doesn't portray experience and confidence in your work.
4. Technical Excellence
Don't want to look like a newbie who doesn't know what they are doing? Make sure each photo in your portfolio has technical excellence. And by that I mean spot on lighting, exposure, focus points, light balance, no unintentional motion blur or camera shake and intentional composition. Sure, every photo you ever take won't fit that bill (we all have our off days) but make sure the ones you are pushing forward to attract clients are.
5. Creative Images
Last but not least, make sure you have images in your portfolio that are creative. That people don't look at and go, "Oh, I could have stood there and taken that". It doesn't mean that you need to go crazy, of that every single image has to be dripping with creativity... But make sure you've got images that will make you stand out, and display your work as an artist. That will speak for themselves, "This is why you should hire me, because look what I can bring to the table."


I realize it takes time to build a portfolio like this, but even if it takes a little while longer, take the time to carefully craft and build a portfolio before you claim one. This doesn't mean you can't have a flicker or facebook account where you upload your favorite shots. But when it comes down to, "This is my business, this is my work as a photographer and therefore why you should hire me"--Make sure that reason is a good one.


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