There are more and more home based and franchise opportunities coming along every day. You undoubtedly have been confronted with at least on over the last few month. Here are a few helpful little tips of how to effectively evaluate any opportunity.
First you always, ALWAYS want to evaluate the five key areas, which is the criteria Harvard Business College developed:
1) Company– How long has it been around, and does it have the capacity to withstand the test of time.
(Many people seem to think that all the money is made when a company starts or is at ground floor, this is not the case! A ground floor industry, with a rock solid company is a more efficient way to look at it)
2) Need in the Market Place– Is the product of service you will be offering filling a need? Will people live truly be better because they have what you offer, or will they just be storing a bunch of product to maintain their autoship?
3) Product- Must be something you can confidently put your name behind. You must become a product of the product. It is your testimonial that will attract attention, not the artificial excitement you have to been instructed to display.
4) Compensation- Obviously you want to get paid, but make sure you are building for longevity. If there are caps on your income or forced retirements why would you decide to put your sweat, blood, and tears into something that will only be temporary?
5) Timing- Timing is to business what location is to real estate. It is no longer if you are in the right place at the right time, it is now if you are the right person in the right place at the right time. YOU ARE THE KEY FACTOR!
If you have recently gone to a presentation that sold you on your dream for the first 40 min and presented the “opportunity” to you for 20 it is more than likely not a solid opportunity. Don’t allow people to excite you into a business. Allow the product or service to excite you. Get yourself a testimonial and then you have an exciting story.
Think of it this way, if there wasn’t an opportunity attached to whatever product or service you will be offering would you just purchase it if it was offered to you? Just be cautious to not letting the opportunity sell you the product, let the product sell you the opportunity.
And last but not least is duplication, how easy is it for you product or service to be duplicated? Will Wal-Mart be able to offer it once it sees some profit to be made? The ability to duplicate a product or service is what determines the longevity of an opportunity.
Please utilize as many of these tips as possible before making a final decision to invest time and money into your potentially amazing future. It is all up to you. YOU CAN DO IT!!!