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Business Opportunity Information Packet “How-to’s”

12 Dec, 2008  News

 

It’s December (I know - where did the year go?), and this is typically the time of year many folks start investigating the potential of starting their own business.  Couple this with the current difficult economic times (under-statement of the year), and many forward-thinking people are needing and looking for an extra income source, or may be considering for a career change altogether through a business opportunity.

If you’re in the process of checking out a potential business, you need to thoroughy 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 not be taken lightly.

Here are four quick and handy tips on what to look for, and potential pitfalls in evaluating your business opportunity information.   

1) Don’t be pressured.

While there are deadlines in life, this should be a process working on YOUR time-frame - not someone else’s.  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.

2) 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.
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.

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