A reader wrote:
How do I find the business opportunity that’s right for me?
Unfortunately, not all business opportunities were created equal. Some businesses opportunities are better than others and you may be better suited for one, more than the rest. How do you decide which business opportunity is right for you? Ask yourself these questions about each business you review:
1. Does the seller give you enough information about the business? How many business opportunities have been sold, and how many are in operation? Can you contact some of them? Does a Google search for the business return anything other than webpages selling the bizop, like negative reviews, or other people running the business? Do you have enough information to fully evaluate the business opportunity before you purchase it? Does it sound too good to be true?
2. Are you passionate about the business? If not, your focus may drift as you continue to look for something that does truly interest you, and you’ll never be successful with this business opportunity. Don’t settle for a bizop just because of the profit potential.
3. Is the business viable? Will someone actually give you money in exchange for the business opportunity’s product or service? Remember, until you sell something, it’s not a business, it’s only a hobby that costs you money. If there are other people operating the business opportunity, can you visit with them and help them sell for a few days to see how real customers react to the product?
4. If you started the business opportunity, what kind of competition would you have? Don’t be fooled into thinking that the business has no competitors. Every viable business has competition. If you can’t find any, look harder. If you still can’t find any, worry. No competition is a very bad thing.
5. Is it worth it to purchase the business opportunity? Will your return on investment be worth the risks involved? Will you make more money than investing in something less risky, or a different business?
Photo by Tracy O.
Matt- CapForge.com on March 25th, 2008 at 3:53 pm
Two great points here:
1) Will someone actually give you money in exchange for the business opportunity’s product or service? I would add- will it be profitable if you do sell it?
2)Is it worth it to purchase the business opportunity? Alternatively- could you do it on your own, for less money and with better results?
Excellent advice overall. Hopefully people are paying attention! :)