Financial meltdowns…Global job losses…Shaky economy – these are the headlines we read today.
Historically, this is the time of year many folks are looking into the potential of starting their own business . Couple this with the noted economic headlines of the day, and many forward-thinking people are searching for an extra income source, or may be looking for a career change altogether through a business opportunity.
If you’re in the process of looking at a potential business , you need to carefully research a business opportunity information packet on the venture being considered. Often referred to as “due diligence”, the process of evaluating a business opportunity should be thorough.
Here are six quick and handy tips on what to look for, and what to avoid in your business opportunity information.
1) Don’t look to be sold or “Wowed”.
Keep in mind you’re in the market to investigate a potential business , not purchase a sports car. Take the emotion of the moment out of the picture. Slick-talking sales people love to try to paint a picture of desperation or “pie-in-the-sky” for you. Don’t allow it – stay focused on the business itself, not the outcome, and how you might realistically succeed with the business plan.
So, how do I make sure I’m not making a decision purely on emotion?
a) Sleep on the information you’ve received so you don’t make a rash decision – especially if there’s a major investment required.
b) Run the information by a trusted, successful business-person – not so they make the decision on the business opportunity for you – but to get their wise advice and non-emotional feedback. Let them talk straight with you about what they think of the so-called opportunity.
2) Don’t be pressured.
Any heavy pressure you’re feeling to “close the deal and get going” in the business should be a red flag. Don’t fall for that pitch. If it’s a great business opportunity today, it will be just as good tomorrow.
3) Is the Business Opportunity Information you’re considering realistic?
“Make $10,000 your first week stuffing envelopes!” should be reason enough to run from this so-called opportunity. See Point No. 1 – don’t look to be sold, look to investigate the true potential of the business for YOU. Franchisors are required by law to provided detailed and accurate income information in their prospectus, however, many unscrupulous companies spout wild income claims to entice opportunity seekers to invest quickly in hopes of overnight riches.
4) Can I be passionate with this business and have fun?
If you’re looking at leaving a job you really can’t stand – you certainly don’t want to start a business you can’t be passionate about, or one that is just plain boring. If your potential business is pet-sitting and you’re allergic to cats and can’t stand dogs – well, let’s go ahead and state the obvious – it doesn’t matter what the income potential is – you probably won’t be long for that business .
5) Can I really do this – is this Business Opportunity for me?
Be realistic with yourself – don’t be overly-optimistic or overly-critical. Do you have the skills to make this a profitable venture, or will there be sufficient training to allow you to meet your goals and succeed?
6) Think Long term
If the business opportunity information you’re investigating appears like a fad, or if it’s something that is “a new global, ground floor opportunity” – is it really going to be around long term? You’re much better off with a viable, somewhat more conservative business model than one chasing the latest fad or gizmo.