subject: How To Assess If A Home Business Opportunity Is Right For You [print this page] Following is a mini-exercise to help you evaluate your feelings about any business opportunity you're considering, from the cost of running the business, to the appeal of the products, to the compensation plan.
Most people fail to research and plan for starting a home business, and therefore often find themselves disappointed and discouraged very early in the game.
Use the following exercise to assess and evaluate ANY business opportunity you're considering. Look at the specific business model of any company you're thinking about as you go through this exercise.
Directions:
Begin by drawing a chart with 5 columns across and 16 rows down.
Label the 5 columns "Biz Opt 1", "Biz Opt 2", etc.
Label the 16 rows down with the following categories:
Start-up Costs
Monthly Fees
Compensation Plan
Business Appeal
Inventory
TrainingGrowth Potential
Supply & Demand
Profitability
Support
Marketing System
Track Record
A Perfect Fit For You
Ease of Operation
Product Appeal
Quotas
TOTALS
1. List the name of each business opportunity you're evaluating across the top of the chart under "Biz Opt".
2. For each business opportunity ("Biz Opt") across the top place a ranking number (between 1-10) for the side categories in the rows going down. Make sure you have one number for each category.
Here's the ranking scale:
1= "uh oh" - too bad", not good
5 = "hmmmm interesting", not bad
10 = "wow - impressive, a real winner
[NOTE: You may use any number between 1 and 10, but again make sure you put one number in each column you're using for each side category.]
3. Do further research if you simply don't have enough information to assign a ranking number for a given category.
4. Don't over analyze. Trust your your "gut feeling" as you do this.
5. When you've completed the ranking, total the columns down and circle the high number.
6. Now it's time to interpret the results and articulate any implications you feel from the exercise. Only you can do this.
Use the following questions to assist you:
* What immediately grabs my attention as I look at my ranking chart?
*What do I find surprising? What's exciting? What bothers me?
* Which of the side categories are the most important to me? Why?
* Which side category really doesn't matter to me? Why not?
* Based on my ranking chart, what are my next steps?
* What have I learned about myself from this exercise?
A huge key to success in any business opportunity is doing your due diligence BEFORE making the leap to get started.
You want to make sure that you are in complete alignment with the business opportunity in all levels from your beliefs and values, to your emotions, your financial situation, to your personal life.
Taking time to evaluate the business opportunities you're considering up front can save you many headaches and much grief later on!
by: David Lazear
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