How to Find the Best Business Opportunities

by Jim Mcdonald - Date: 2007-07-25 - Word Count: 750 Share This!

Are you on the lookout for a new business opportunity? Business opportunities offer the chance to add to your income. If things go really well, you might even be able to fire your boss and provide completely for the needs of yourself and your family. There is a huge variety of business opportunities available to match almost any interest and working style. They can be found in the real world and on the Internet. What they have in common is that business opportunities have streamlined the creation of a business by providing a product, a service or the equipment you need to get started.

In most cases, a "business opportunity" is talking about a system that can be repeatedly sold to different buyers, not the sale of a single business. Once an independent business is sold, it's not available to anyone else. The buyer can do whatever they want with the business they've bought and there are usually no continuing transactions between the buyer and the seller of the business.

Business opportunities are usually a package deal. Most come with a specific product designed to meet a need. If people need a product, that means there's a "market" for the product. It may seem obvious, but you should be sure that when you look at business opportunities, you should consider whether there is really a market for the product or not. Even if people need the product, there must be a way to let them know it's for sale. Many business opportunities include a marketing program of some kind.

Let's consider some of the advantages of business opportunities. They usually cost a lot less than a franchise to get started. But, like a franchise, business opportunities help you learn from the experience of others by using a repetitive system or proven product. Some business opportunities include a complete training program and one-on-one consultation. You can join with others in cooperative advertising and marketing, and leverage the power of a larger company.

You should be aware of some of the disadvantages connected with business opportunities. First of all, it's your responsibility to investigate all aspects of the business opportunity. The company providing the business opportunity makes their money by selling you the opportunity. See if you can find out what their support is like after the sale. Is there anything that might make it difficult for you to compete (like exclusivity clauses or territorial restrictions)? How's the business health of the business opportunity provider? Calculate the impact on your operations if they happen to go bankrupt.

Speaking of the company, how long have they been offering this particular business opportunity? Do they have an unblemished reputation? Are they conducting business in a way that's compatible with your own ethics and standards?

One of the best ways to evaluate a business opportunity is to talk to someone who's tried it out in the past. Find out if they were able to be successful with it. If not, what were the obstacles?

How much knowledge do you really have about the service or product connected with the business opportunity? If it's something new to you, will the company provide information and training to help you get started? Also, are you sure that there's a profitable market for the product or service being offered? Remember that interested people and interested buyers are two different things. Just because there's a buzz about something doesn't mean it will sell.

How much income can you reasonably expect from the business opportunity you're considering? One the one hand, you want to make sure that your potential income is not limited. On the other hand, you need to beware of claims that you can become fabulously wealthy in a short period of time with no work required.

Before you jump into a new business opportunity, spend some time evaluating yourself as well. Do you have the financial freedom to invest in something new? Are you passionate and excited about making it work? Keep in mind that business opportunities will still take a significant amount of time, even if they've done a lot of the groundwork already. How much time do you have and are you free to spend it on this new opportunity?

Business opportunities are everywhere, so it should be possible to find something that you can do. But don't make an emotional purchase and then try to justify it later. Carefully consider what's available and choose what's best for you. Real business opportunities should be around long enough for you to make the right decision.

Related Tags: selling a business, buying a business, business for sale

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