Things to Consider When You Look for Business Opportunities
June 26th, 2010 | 
Author: Why are the best business opportunities available today greater than the sum of their parts?
A) These businesses include a number of key components that ensure success for those who invest in them.
B) Each component is of the highest quality – there are no weak links – and contributes to ensuring that the company brings considerable value to the marketplace and ensures that the company sticks around even as its competitors fail.
Ensure you look for these 6 main elements when considering the best business opportunities. The company must have:
1) High Product quality and demand, appealing to your Core beliefs
-Expect to be profitable only if the products, the engine of growth for the company, are:
* Of the highest quality
* In demand, capable of satisfying the needs of a market that is both unsaturated and of sufficient breadth – the product line should appeal to and solve the individual problems of numerous market segments.
* Most important – Do you personally believe in the products?- you will need to become a ‘product of the products’ to be able to communicate its benefits to your prospects.
- Not only that, imagine how much easier it will be to sell when you can personally endorse and heartily recommend your products! – Better still, do you have an unwavering conviction that the products will hugely benefit your customers, even change their lives? Such products are a rare find, but so much easier and more fun to sell.
2)Great Leadership/Company management
- Consider the leadership and background of the company’s founders by asking the following questions:
* What is the company’s vision statement and mission? * Do they operate with integrity and transparency? * What are others saying about them – is the general consensus a favourable one? Ask both consultants and customers for their opinion. * Do they have a track record of competence in their industry that will allow them to guide and grow the company through different economic environments and to greater prosperity in the future?
3) No/low debt levels
- A company should ideally have no debt and otherwise a manageable short/long-term debt level and a minimal debt to earnings ratio. Interest rates are at historic lows right now and the only way is up. Going forward it is a question of when not if interest rates rise to the mid-teens. The best business opportunities will not only endure but also potentially prosper by gaining greater market share as the most indebted companies go under!
4) Honest Business Practices
- The company behind the business opportunity must be legitimate and have a track record of at least 3 years. Check the Better Business Bureau and the FTC (Federal Trade Commission) for formal complaints against the company. Ignore everything else – other sources may be unreliable and misleading (sometimes competitors will use scare tactics to reclaim market share from the best business opportunities – particularly on the Internet which is largely unregulated and where slander is common).
5) Support for their Consultants
Is their a great support system in place to lower business risk?
Look for:
* Support system between consultants – are other more experienced consultants/business owners encouraged to collaborate with you and assist you in your business? Study the compensation plan in detail and ask questions.
* Is management committed to and generous in its support of its consultants? Although rare, the creators of the best business opportunities have a passion & vision that leads them to take a direct role in assisting its consultants such as performing 3-way sales calls in the direct sales industry, for example.
6) Business model
Study the compensation plans of the companies you are considering. Be mindful of these points:
* Residual sales and passive income streams should be everyone’s goal but take time – a long-term benefit that you should not buy into today.
Key point: Multilevel marketing pays only those at the top with the biggest teams enough to earn a living. Many fail, meaning you have to constantly recruit new people!
* Models such as the GPT model (Get Paid Today) provide you with high commissions for your own efforts (click here for more information on the GPT model).
Key point: This means that you do not have to rely on the sales of your own team in order to earn a substantial income. Now that is freedom!
* The best business opportunities have a business model that makes duplication possible AND have a compensation plan that pays residuals on your team’s efforts. These residuals are in addition to your commissions from your primary products and pay for your advertising costs, thereby increasing your profits.
