7 Critical Questions You Must Ask About Any Home-Based Business Opportunity
By: | Posted: 22nd January 2008
Read this Special Report to Avoid Flushing Thousands Down the Toilet
7 Questions You Must Ask - And Receive Acceptable Answers To - About Any Home-Based Business Opportunity
Ads for business opportunities abound. However, it's also easy for reckless would-be entrepreneurs to lose boatloads of money.
While there is no such thing as a no-risk business decision, asking yourself the following questions will help you look before your leap and avoid costly mistakes. Implement what I've written about to help you avoid costly mistakes in any business opportunity.
1. Is it credible? Many business opportunity ads talk about "automated" ways to make $1,000,000 in your sleep within 8 hours," and so forth. Do yourself a favor - sprint, don't walk away from that! Look for a system that describes a realistic range of results; ; in other words, you want to find out how well the average, or even underperforming members are doing as well as the ones knocking the ball out of the ballpark. Look for other credible evidence, such as believable testimonials showing the range of results, or other forms of proof. No, you can't believe in everything you read or see online, but also know that the FTC regulates advertising and does a decent job policing ads making false claims. So most ads you see that make certain claims actually are fact-based; otherwise, the advertisers would be subject to huge fines and, perhaps jail time.
2. Is the "thing" legitimate - a value? Most home-based network marketing systems train you to sell a product or service. You need to figure out what that product or service is and cast a skeptical eye onto it. Is it a product in a growing industry? Is it something that millions of people need? Does it match up well with predicted business or demographic trends? If the answer is "no" to any of these questions, I'd be concerned.
3. Do they provide training? This is big. Many home-based business advertisers spend all of their time and resources to get you in the door and invest in their product; then, once you're in, the vanish faster than Brittney Spears' credibility?! You should find out what type of training the business offers. Preferably it's convenient, continuous and ongoing. And it gives you a blueprint, or recipe book detailing each and every step necessary for success. If you have a question, how will you get it answered? The best programs provide an overwhelming amount of training, more training than you can ever possibly take advantage of.
4. This question is a little more tricky because it considers intangible factors. What do they "seem" like - what kind of feel do you get from the leaders within the company? I don't know about you, but I'm extremely put off when I hear or see rah-rah, pump you up screaming like a banshee? Remember the late comedian Chris Farley's motivational speaker character, Matt Foley (you know, the one who "lived in a van down by the river?") I'm not saying that a little motivational speaking is bad, but how do the public faces of the company sound to you? Look for positive, motivated guys who have a lot of substance to offer; i.e. a reason for being positive - not smoke and mirrors. Here's the only real reason you should be pumped up - because you're making money using your system.
5. Is the earning potential a match for your goals? Is the plan realistic? This is another question that your gut feeling should help you answer, but you should also use your common sense. If your goal is to earn an extra $5,000, $10,000 or $20,000 per month, what specific actions must you take? Is is something realistic and that you're willing to do? Or, when you break it down, will you need to do something completely unpalatable like make 571 phone calls a day or some other private hell.
6. Is the lifestyle necessary to achieve your goals a good match? This question picks up the previous one. There are many ways to make money. Some of them involve doing things I'm personally not willing to do. For example, cold calling or other forms of chasing prospects. Or having overhead. Or employees.
7. This is the final, but perhaps most critical, question: Is there really a system? Understand what I mean. If you don't automate your business, Henry Ford-style, you don't have a business - you have a job. A system will produce a steady, reliable stream of prospects, and income, day in, day out, without much or any intervention on your part. The more manual labor you must do, the less of a system you have. If you don't have a system, then you will be stuck doing the same tasks and actions over and over, instead of focusing on the important activities, like marketing to bring in more business and income for you. This means you must automate as much of the process as possible.
I hope you keep these questions on the top of your brain next time if you're considering investing in a home-based, network marketing, MLM or other business opportunity.
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Andy Lockwood is a direct marketing business geek who likes making money the "lazy man's" way - automatically, without chasing down prospects. Visit his newest money-making site - it's not MLM and does not involve cold calling or other distasteful activities, either:
http://www.TravelBusinessRiches.com
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Tags: home based business, business decision, ftc, home based business opportunity, based business opportunity, costly mistakes, time 2, risk business, marketing systems, home based network marketing, decent job, jail time, inve