Tips for Business Opportunity Seekers
1. Be picky, but realistic. You may never find the perfect opportunity if you don’t keep your mind open for change.
2. Do your due diligence before joining, buying or starting a new business. Determine exactly what features you want in your new business and which ones are the most important to you.
3. Examine your financial situation and determine how much you are prepared to spend. Always know exactly what your set-up and carrying costs will be in your new business, and if there are any hidden costs involved.
4. Evaluate Business Model of the opportunity. Use our Pros and Cons of Business Models presentation, in order to evaluate Value, Uniqueness, Timeliness and Ease of use of the Business Model.
5. Think Long-Term. Are you looking for a quick turnaround, or something to be in for a long period of time?
6. Determine residual value of the business. In other words, how much is it going to be worth over time? Ask yourself some questions, such as “Is it a sustainable model?” “Will it last for a long time?” “How soon would I be able to get return on my investment?” and ”What kind of profits should I expect – daily, weekly, monthly, annually?”
7. See if you can create Legacy. Will this business allow you to create affiliates, raving fans, dedicated apprentices? Can you pass this business to your children, your grandchildren, your grand-grandchildren?
8. Use your Brain – not your Emotions! Never make any impulsive business decisions. Always address all pros and cons first – and only then decide. What does it do for you? It will save you time, it will save you money, it will help you avoid costly mistakes.
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The Future is Bright. Keep Smiling!
/Val Slastnikov, Business Models Expert/