If you spend any time online, surfing the Internet, or even if you spend any time reading magazines that deal with business topics, you will more than likely run across countless business opportunity offerings.
Business opportunities are in essence, "turn-key" operations, where a major company, or even a smaller company, is offering what are basically franchises or memberships in the company. Any person that joins, becomes entitled to use the company name, company marketing materials, and of course, company reputation. There are, however, as in anything, "pitfalls" and "advantages" to joining any type of business opportunity. Many times, one of the "pitfalls" is the fact that there is a membership price to pay when joining, which depending upon the business opportunity, can be quite a staggering fee. It is wise, then, before paying any fees to join a business opportunity to research and ascertain the following aspects of the opportunity:
1. How long is the business opportunity "in business"? You don't want to join a biz op that's "here today, gone tomorrow", taking your fees with it!
2. How do other members feel about the business opportunity? If you can speak with other members, this would help immensely in any decisions.
3. How much money overall can you expect to make from the business opportunity within the first month? Too much competition with other members will make it difficult to make sales, while too few members indicates that it is not a popular business opportunity, so how can it be sold?
4. How often will you be paid?
5. Are there any "undisclosed" extra fees, such as fees for checks or other payment methods? This will cut into net revenues.
6. If you don't succeed, will the business opportunity supply at least a partial refund?
7. Does the business opportunity supply mentors and marketing materials that can be used? It's easier to start and maintain a business opportunity with these components already in place.
8. How well known is the business opportunity? Whether it's online or offline, some business opportunities are "household" names and are easier to promote and sell as a result.
9. What is the turnover rate in the business opportunity? Those that have a large turnover rate among members are usually poor choices. Turnover means simply the number of members that leave the biz op within each month. You need to be able to comfortably afford the fee of the business opportunity, or you will start out "in the red" which is not a good way to start any home-based business.
If everything is controlled by the corporate entity (the "home" office of the business opportunity, so to speak), your creativity and the way you market may be hampered severely.
There are many business opportunities from which to pick. Everything from larger scale offline ventures, to smaller scale online ventures exists. Research into all the above is necessary when choosing an appropriate business opportunity. Fees are sometimes necessary to cover the costs of shipping and handling, or the costs of the marketing materials. There also exist many free opportunities that cost nothing to join and can be a good way to experiment with marketing and the world of home-based business.
If in doubt, simply research and patiently wait a while.
What to Look for in a Home Based Business Opportunity
When you were younger, did you ever dream about having your own home business?
• 40-40-40 Plan (Rut)
• 40 minutes going to and from work
• 40 hours of work per week
• 40 years of life spent working slaving away for someone else?
When things get unfairly tough at work, do you still dream about your own home business – what you would do, how you would run your own home business, how you would treat your employees, what kind of money you would make, what product you would sell? Then when you decide to make a change in your life, do you look for another 40-40-40 job, putting your dream of your own home business on the back burner again for more of the same?
• 1% are wealthy enough to retire in comfort
• 3% are barely able to survive
• 27% are dead
• 69% are dead broke
The two major focal points when looking for a home business opportunity are ones that will:
• optimize your efforts and time
• produce optimal financial rewards
Below are seven simple criteria to consider when looking for a home business opportunity:
1. Look for a business opportunity that offers a product or service that is, or will be, used daily by every household and/or business…
For example, services such as utilities, communication, appliances, etc., or products such as shoes, clothing, soap, etc.
Now think bigger – a product or service used on a daily basis AND that would represent a paradigm shift. For example, a paradigm shift was created in global communication when Alexander Graham Bell invented the telephone. Before 1885, no one had a telephone, nor had they ever heard the word “telephone”. Make yourself a list of products or services in your house that you can research to consider for a business opportunity.
2. Search for a home business opportunity that offers a product or service that has a global market…
It’s a small world. Plain old common sense would tell you that a home business opportunity with a product or service that has a global market would produce warp speed revenue when compared to one that is only within a local, regional, or national area. For example, the revenue produced from Microsoft with a global market is light years greater than that of a local shoe repair shop.
In addition, as you research this global home business opportunity, you will want to make sure that you are not required to stock products. It is time consuming to order products, receive and send out the products, manage backlogs, etc., not to mention the additional costs out of your pocket for shipping and mailing. You also encounter product changes or upgrades that makes your stock obsolete. So, avoid these types of home business opportunities like the plague.
3. Find a home business opportunity that incorporates leverage in its pay plan…
A business opportunity that incorporates leverage in its pay plan provides the best of both worlds. Leverage is a relatively simple concept. Ray Kroc set up franchises for McDonald’s that agreed to pay him 3% of their profits.
In essence, McDonald’s sits back and collects 3% of the profits resulting from others exerting their time and their efforts. Let’s say, just for discussion purposes, that Ray Kroc sold 100 franchises and each produced profits of $50,000 that year. 3% would have produced $150,000 for Ray Kroc, yet he personally exerted no effort or time himself. What he did do though was brilliant, as he applied leverage by selling franchises, and became quite a wealthy man as a result.
Leveraging your home business will minimize your time and effort while maximizing your financial rewards. In a relatively short period of time, your home business will take on a life of its own, and you will be on the fast track to healthy wealth.
To find a home business opportunity that will rocket you into financial freedom, the company should incorporate leverage, not only in their business plan, but also in their financial rewards, preferably on a weekly, monthly, and annual basis – one of which should be residual.
4. Search for a home business opportunity with a company that has live 24/7 support available…
The frustration even compounds when there is a deadline involved for a continuation of service.
Repeat customers comprise 75% of businesses, and satisfied customers will be the main reason for their repeat business with you and your product or service. Even in this automated society, the person-to-person contact is preferred, at least by the customer. Therefore, your success is dependent upon a home business opportunity with a company that has live, warm bodied live support 24/7 – whether it is support you may need, or support your customer may need.
Another important aspect of a home business opportunity with a company that offers live support 24/7, is the global perspective. To be honest, I am hard pressed to think of an international company with live personal support.
5. Seek a home business opportunity with a company that has a proven success record…
A lot of people, and a lot of companies offering their business opportunity, will tell you anything they think YOU want to hear in order to separate you from your money. When you talk to someone about a home business opportunity – turn the tables. Don’t be afraid to ask the hard questions like what they are making on a weekly, monthly, or annual basis with their home business. Ask them how long they have been running their own home business. Find out how many hours a day, week, or month they spend working their business. Ask them to give you examples of how they market their home business. Especially important is to ask if they have to spend additional money for items such as business cards, advertising tools, etc.
An example of a company with a proven success record is Xerox. Although Xerox is not a home business, it has a proven success record. In fact, they were so successful that their name is not only an icon, but the name “Xerox” is synonymous with the word “copy”.
6. Look for a home business opportunity with a company that incorporates training from experts and other professionals…
The majority of people on the Internet do not know how to harness the power of the Internet and turn it into wealth machine for themselves. Most people do not know how to market a home business. Therefore, a home business opportunity with a company that incorporates professional, expert training, taking you from the basics thru the advanced stages of a marketing system, including how to use software programs, marketing tools, etc., is a virtual gold mine.
Since the majority of people on the Internet are not savvy with how to harness its power, a home business opportunity with a company that incorporates professional expert training is a definite requisite for success.
7. Look for a home business opportunity where the company works as a Team.
When you have a business opportunity where the company works as a team, then your weakness may be a team member’s strength. For example, you may be detail oriented and have a harder time conceptualizing or seeing the whole picture. Combining your strengths will optimize your productivity.
If you have your own home business, you need to be upbeat and project a positive outlook at all times.
Business opportunities are in essence, "turn-key" operations, where a major company, or even a smaller company, is offering what are basically franchises or memberships in the company. Any person that joins, becomes entitled to use the company name, company marketing materials, and of course, company reputation. There are, however, as in anything, "pitfalls" and "advantages" to joining any type of business opportunity. Many times, one of the "pitfalls" is the fact that there is a membership price to pay when joining, which depending upon the business opportunity, can be quite a staggering fee. It is wise, then, before paying any fees to join a business opportunity to research and ascertain the following aspects of the opportunity:
1. How long is the business opportunity "in business"? You don't want to join a biz op that's "here today, gone tomorrow", taking your fees with it!
2. How do other members feel about the business opportunity? If you can speak with other members, this would help immensely in any decisions.
3. How much money overall can you expect to make from the business opportunity within the first month? Too much competition with other members will make it difficult to make sales, while too few members indicates that it is not a popular business opportunity, so how can it be sold?
4. How often will you be paid?
5. Are there any "undisclosed" extra fees, such as fees for checks or other payment methods? This will cut into net revenues.
6. If you don't succeed, will the business opportunity supply at least a partial refund?
7. Does the business opportunity supply mentors and marketing materials that can be used? It's easier to start and maintain a business opportunity with these components already in place.
8. How well known is the business opportunity? Whether it's online or offline, some business opportunities are "household" names and are easier to promote and sell as a result.
9. What is the turnover rate in the business opportunity? Those that have a large turnover rate among members are usually poor choices. Turnover means simply the number of members that leave the biz op within each month. You need to be able to comfortably afford the fee of the business opportunity, or you will start out "in the red" which is not a good way to start any home-based business.
If everything is controlled by the corporate entity (the "home" office of the business opportunity, so to speak), your creativity and the way you market may be hampered severely.
There are many business opportunities from which to pick. Everything from larger scale offline ventures, to smaller scale online ventures exists. Research into all the above is necessary when choosing an appropriate business opportunity. Fees are sometimes necessary to cover the costs of shipping and handling, or the costs of the marketing materials. There also exist many free opportunities that cost nothing to join and can be a good way to experiment with marketing and the world of home-based business.
If in doubt, simply research and patiently wait a while.
What to Look for in a Home Based Business Opportunity
When you were younger, did you ever dream about having your own home business?
• 40-40-40 Plan (Rut)
• 40 minutes going to and from work
• 40 hours of work per week
• 40 years of life spent working slaving away for someone else?
When things get unfairly tough at work, do you still dream about your own home business – what you would do, how you would run your own home business, how you would treat your employees, what kind of money you would make, what product you would sell? Then when you decide to make a change in your life, do you look for another 40-40-40 job, putting your dream of your own home business on the back burner again for more of the same?
• 1% are wealthy enough to retire in comfort
• 3% are barely able to survive
• 27% are dead
• 69% are dead broke
The two major focal points when looking for a home business opportunity are ones that will:
• optimize your efforts and time
• produce optimal financial rewards
Below are seven simple criteria to consider when looking for a home business opportunity:
1. Look for a business opportunity that offers a product or service that is, or will be, used daily by every household and/or business…
For example, services such as utilities, communication, appliances, etc., or products such as shoes, clothing, soap, etc.
Now think bigger – a product or service used on a daily basis AND that would represent a paradigm shift. For example, a paradigm shift was created in global communication when Alexander Graham Bell invented the telephone. Before 1885, no one had a telephone, nor had they ever heard the word “telephone”. Make yourself a list of products or services in your house that you can research to consider for a business opportunity.
2. Search for a home business opportunity that offers a product or service that has a global market…
It’s a small world. Plain old common sense would tell you that a home business opportunity with a product or service that has a global market would produce warp speed revenue when compared to one that is only within a local, regional, or national area. For example, the revenue produced from Microsoft with a global market is light years greater than that of a local shoe repair shop.
In addition, as you research this global home business opportunity, you will want to make sure that you are not required to stock products. It is time consuming to order products, receive and send out the products, manage backlogs, etc., not to mention the additional costs out of your pocket for shipping and mailing. You also encounter product changes or upgrades that makes your stock obsolete. So, avoid these types of home business opportunities like the plague.
3. Find a home business opportunity that incorporates leverage in its pay plan…
A business opportunity that incorporates leverage in its pay plan provides the best of both worlds. Leverage is a relatively simple concept. Ray Kroc set up franchises for McDonald’s that agreed to pay him 3% of their profits.
In essence, McDonald’s sits back and collects 3% of the profits resulting from others exerting their time and their efforts. Let’s say, just for discussion purposes, that Ray Kroc sold 100 franchises and each produced profits of $50,000 that year. 3% would have produced $150,000 for Ray Kroc, yet he personally exerted no effort or time himself. What he did do though was brilliant, as he applied leverage by selling franchises, and became quite a wealthy man as a result.
Leveraging your home business will minimize your time and effort while maximizing your financial rewards. In a relatively short period of time, your home business will take on a life of its own, and you will be on the fast track to healthy wealth.
To find a home business opportunity that will rocket you into financial freedom, the company should incorporate leverage, not only in their business plan, but also in their financial rewards, preferably on a weekly, monthly, and annual basis – one of which should be residual.
4. Search for a home business opportunity with a company that has live 24/7 support available…
The frustration even compounds when there is a deadline involved for a continuation of service.
Repeat customers comprise 75% of businesses, and satisfied customers will be the main reason for their repeat business with you and your product or service. Even in this automated society, the person-to-person contact is preferred, at least by the customer. Therefore, your success is dependent upon a home business opportunity with a company that has live, warm bodied live support 24/7 – whether it is support you may need, or support your customer may need.
Another important aspect of a home business opportunity with a company that offers live support 24/7, is the global perspective. To be honest, I am hard pressed to think of an international company with live personal support.
5. Seek a home business opportunity with a company that has a proven success record…
A lot of people, and a lot of companies offering their business opportunity, will tell you anything they think YOU want to hear in order to separate you from your money. When you talk to someone about a home business opportunity – turn the tables. Don’t be afraid to ask the hard questions like what they are making on a weekly, monthly, or annual basis with their home business. Ask them how long they have been running their own home business. Find out how many hours a day, week, or month they spend working their business. Ask them to give you examples of how they market their home business. Especially important is to ask if they have to spend additional money for items such as business cards, advertising tools, etc.
An example of a company with a proven success record is Xerox. Although Xerox is not a home business, it has a proven success record. In fact, they were so successful that their name is not only an icon, but the name “Xerox” is synonymous with the word “copy”.
6. Look for a home business opportunity with a company that incorporates training from experts and other professionals…
The majority of people on the Internet do not know how to harness the power of the Internet and turn it into wealth machine for themselves. Most people do not know how to market a home business. Therefore, a home business opportunity with a company that incorporates professional, expert training, taking you from the basics thru the advanced stages of a marketing system, including how to use software programs, marketing tools, etc., is a virtual gold mine.
Since the majority of people on the Internet are not savvy with how to harness its power, a home business opportunity with a company that incorporates professional expert training is a definite requisite for success.
7. Look for a home business opportunity where the company works as a Team.
When you have a business opportunity where the company works as a team, then your weakness may be a team member’s strength. For example, you may be detail oriented and have a harder time conceptualizing or seeing the whole picture. Combining your strengths will optimize your productivity.
If you have your own home business, you need to be upbeat and project a positive outlook at all times.
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