Assessing Online Business Opportunities
It really depends on your particular circumstances, but you can use the criteria that I used when starting out in the world of online business as a guide to assessing online business opportunities that you come across.
- I decided that any online business I would seriously consider, had to have the potential to earn me $100,000 from my first year. I had to be able to see that the commission structure or compensation plan was robust enough that, given my own energy and determination, that figure was realistically available to me. How will you know that you have hit the bulls-eye, if you don't even know which wall the dartboard is hanging on? So, decide what you personally want financially from any online business that you start, as knowing what you require your online business to earn you is going to narrow down your search tremendously.
- I knew that any business opportunity under consideration must have a proper training and support system in place. I was looking for manuals / instruction guides and a phone number that could be called to ask questions and get advice. Ask yourself, do you really want to be the 'fish on the end of the hook' and, when they have 'landed' you, you are left high and dry to find your own way around the maze? Or are you looking for a system of training that will enable you to fast track yourself out of the gate?
- I understood that, particularly in this uncertain economic climate, any business that I was entering into had to be in a growth market, and not a market that was suffering from the vagaries of the so-called 'recession'. In short, I had to feel confident that as I grew, the business was going to grow with me. It is no good trying to trying to paddle upstream if the tide on your opportunity has already turned and is going the other way. All businesses have a period of growth, plateau and then, if a new idea is not launched, they will go into decline. Ask the question: When did the top earners have their best year income wise? This year, last year, 5 years ago?
Evaluating online business opportunities using these criteria served me well, and resulted in me finding some absolute diamonds amongst the unfortunate amount of dross that is out there.
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