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Assessing a home business opportunity – Step 7 – Low capital and low risk?

taylor — Tue, 01 Dec 2009 03:48:22 +0000

Home Business opportunity – How much capital do you need and how much risk is there?

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities.

The seventh step is to understand how much capital you need and how much risk is involved.

So what we need to be thinking about is whether the opportunity allows us to get involved. Starting your own physical business often requires $000’s of capital investment.

This is one of the appeals of internet businesses, although I can tell you from personal experience that costs can creep up pretty quickly in the land of internet marketing.

So what you need to be thinking about is whether or not the opportunity is going to be accessible to you in terms of the following questions:

What is the initial capital required to get involved?
Are there ongoing costs involved?
If you decide to stop what is the risk? What is the worst situation you can be in if it doesn’t work out for you?

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Home Business Opportunity – capital and risk

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Assessing a home business opportunity – Step 6 – Support and Systems

taylor — Mon, 30 Nov 2009 03:31:37 +0000

Home Business opportunity – How good is the support and systems?

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities.

The sixth step is to understand how good the support and systems are to enable YOU to be successful.

If you have a good business vehicle and an effective front end methodology, the final element is YOU.

The ideal business opportunity would make YOU less critical, by allowing the average person to be able to achieve success. We don’t want to have specialist requirements as it becomes too hard and limiting.

To bridge the gap between YOU and your chances of success, the business opportunity should provide you with effective and proven systems and a high level of genuine support.
I would encourage you to explore the following:

How much face to face support will you get
What will you get in terms of tools / materials / techniques.
Are the best performers sharing their approaches or keeping it close to their chest?
What other support will you get in terms of motivation?
What incentive is there for there to be a sharing culture?

If you ticked all these 6 steps then the opportunity is looking really strong, but is are there barriers to entry that mean you just cannot get involved. I am sure Richard Branson gets great opportunities presented to him, but he has $millions to poor into business opportunities. Step 7 explores this further

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Home Business Opportunity – Support & Systems

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Assessing a home business opportunity – Step 5 – Can you make money?

taylor — Fri, 27 Nov 2009 03:18:35 +0000

Home Business opportunity – Can you make money?

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities.

The fifth step is to understand the money making model and whether it is going to reward you well for your efforts:

To understand if you are going to make money in the businesses, you need to understand the financial model. Robert Koyasaki’s famous book “rich dad. Poor dad” is great book to read if you are new to these concepts.

It involves a paradigm shift for most people as we have been trained since day to exchange our time for money. We get paid “by the hour” . What this means is if you want to increase your income you have to either earn more $ per hours or work more hours. Is it any wonder with this model why many people work long hours. It is the only lever to pull for many people.

Worse than this is that when you stop working, you stop earning and start going backwards. Help!! Welcome to the crazy prison we have created for most people.

And in the whole it doesn’t work too well. The % of people who are broke when they retire is astonishing. The amount of time people can last if they lost their job is frankly scary. People are working longer hours until they are much older and stress is rampant. We have no time for ourselves, friends, family and social mechanisms are falling apart
Not real crash hot.

The way to escape this if to have mechanisms in place that create income INDEPENDENT of your physical time, otherwise known as PASSIVE OR RESIDUAL INCOME. If you can repeat this in a duplicable way then you have the ability to create LEVERAGE.

So you need to look at the following:

The business model
How you get paid
Evidence and stats that support the fact that people are making money
Support of the model from credible business experts
Proof that there is an effective lead generation process
Proof that there is an effective lead conversion process
Proof that the process is duplicable
Proof that the process generates residual and passive income streams

So, once you have definitive proof that the business vehicle allows people to achieve life changing income. The next question is can YOU achieve life changing income?

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Home Business Opportunity – Can you make money?

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Assessing a home business opportunity – Step 4 – Company Integrity and Solidity

taylor — Thu, 26 Nov 2009 03:07:32 +0000

Home Business opportunity – Company Integrity and Solidity

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities.

The forth step is to understand the company, the way it conducts business and how solid it is as on ongoing concern:

This is a real big ticket item for me as I have personally have had bad experience with companies who do not conduct business in the right way In fact, I am so passionate about that it is has become one of our clubs’ core values. Here are some of the things that bug me:

Poor communication
Failure to deliver on the promise
Generally dodgy behaviour
Any feeling I get that the $s will take precedent over everything

In my mind, it is absolutely mission critical that the company is professional, acts with integrity and of course is robust and will be around. If I am going to invest my time and be associated with a business, I do not want to be let down, period!

So here are some tips and things to look out for:
Who is involved?
What indication is there of financial stability?
Do they talk long term or short term?
Who are the backers?
What are their values?
What is being said about them?
How long have they been around?

Companies often fall over at this point through a simple lack of understanding that people are the foundation of any successful business, and this means how you treat and look after all people associated with your business; your partners, your employees, your suppliers and of course your consumers

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Home Business Opportunity – Business Integrity and Solidity

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Assessing a home business opportunity – Step 3 – Business Lifecycle

taylor — Wed, 25 Nov 2009 01:41:06 +0000

Home Business opportunity – Business and Product Lifecycle

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities.

The third step is to understand where in the business and product lifecycle the opportunity is:

This is a really interesting one. My view on an ideal stage to get involved with a business is when there is enough traction to build credibility whilst having serious untapped markets. Whilst you can succeed in mature markets, it is that much harder.

I have personally been involved in multiple businesses with fantastic products, but an unproven market. The amount of time and effort to educate the market was incredible and in some cases the market was simply not ready for this ‘great’ new product.

With very mature businesses, you enter into high degrees of competition, margins get pressured and you have to work so much harder to maintain ground let alone grow at a fast rate.

Another area to look is the product innovation. New and innovative products being launched creates new lifecycles in existing markets.

I did a lot of research into successful companies when I was consulting with TTP and there was a proven trend that those companies that invested in R&D and innovation and R&D were the ones that achieved the most long term success.

So look carefully at the lifecycle of the business as well as its product innovation funnel.

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Home Business Opportunity – Business and Product lifecycle

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Assessing a home business opportunity – Step 2 – The products

taylor — Tue, 24 Nov 2009 01:29:25 +0000

Home Business opportunity – The products

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities.

The second step is to understand how compelling the products are:

The product you offer HAS to be compelling and good quality otherwise you will not be able to build a sustainable business.

Remember, we are not looking for a quick buck but a long term vehicle to generate passive income.

Here are some key areas to look for and explore:

What is the market position and brand offering?
How differentiated is the product to other offerings in the market?
How do you rate the quality of the product and the packaging?
What is the strength of the consumer value proposition?
What specific needs of the consumer does it address?
How good are the testimonials and market feedback?
Is the product a consumable . i.e. one customer would reorder multiple times. If so, what level of reorder rate is there?
How protected are the products from competitors entering the space? Look at patents, copyrights?
Do they come with strong guarantees to increase consumer trust?
Is there market acceptance and real data supporting their market strength or is it just unproven hype?
Is it premium product with high margins and or a commodity product that competes on price?

Let us look at the last point in more detail as it easy to overlook this. You want a high margin business. High margins mean more profit mean more to give out. Commodity product business are typically going to be a constant price battle scenario. Look for something that has real value for customers.

Of course, whilst not essential, it is going to be an advantage if you are personally excited by the products of the business you are involved with.

The next key question is around the status of the company and product lifecycle.

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Home Business Opportunity – The products

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Assessing a home business opportunity – Step 1 – The market

taylor — Mon, 23 Nov 2009 01:05:53 +0000

Home Business opportunity – The market

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities.

The first step is to understand the market in which they operate.

Growth is vital in terms of the longevity and future passive income of your business. Remember the ideal business has a long term passive income and this will be impacted by the market in which you operate. What does passive income mean? It means income is generated without you having to work for it.

You can get a handle on the market by looking at key population trends linked to their areas of interest.

As large populations e.g. baby boomers move through their cycle their interests will change creating new expanding markets.
Another example is with westernisation of Asian markets creating expanding markets as demand for Western products increases.

Look for data and stats about the industry you are looking at to confirm trends and growth prospects.

So, the first checkpoint is to assess whether the business is in a compelling market? Of course you need something to offer to this market, so the next check is whether or not the business has compelling, differentiated and high quality products.

Click here to access your FREE expert downloads

Click here to look at a LIFE CHANGING business opportunity

Home Business opportunity – The market

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