Have you ever wondered if you picked the wrong path? Did you start climbing the corporate ladder only to find it was leaning against the wrong wall? Many people are not happy where they are, but if you just look, you will see you are surrounded by opportunities.
There are millions of people looking for a different opportunity right now, you may be one of them. The problem is not finding an opportunity, but determining which one to choose and which one best suits your passions and skill sets. If you are looking to supplement your current income, considering network marketing (multi-level marketing or mlm), evaluating a different career or simply looking for the right home-based business there are many options to choose from. You need to determine how to evaluate an opportunity so that you don’t waste time and money pursuing an idea that is destined to fail or that does not fit your personality.
There are many factors to determine if an opportunity is real or just a facade. Your analysis of an opportunity, whether it be evaluating a mlm product, becoming a fitness instructor or buying a franchise should start with a few simple areas:
- Would the product be viable without a compensation plan behind it?
- If the product were on a store shelf would it sell based on a real value proposition? MLM often gets this point very wrong. If it requires a compensation plan or earnings schedule to motivate people to buy your product, eventually the product and the company backing it will fail.
- Is there a market opportunity?
- Does the current market support a new or improved product or service?
- Does the product have long-term viability?
- Are you joining a team of people that will help you learn this new venture?
- Does the team you are joining have integrity? Have they said one thing and done another? It is amazing how much you can find out about people by searching Google.
- Does the team making the product or service have a history of success selling this kind of product or service?
- Is somebody going to patiently step you through your new venture until you can make it without them?
- Can you create a successful team of people that will help you market this product or service successfully?
- Can you make enough money with the compensation plan of the opportunity to be worth your time? If not, don’t quit your day job.
- Do you have enough money to make this work or do you need to find capital?
- In network marketing (MLM) do you have an upline that is actually going to help you or can you find someone that will spend time getting you to a point where you can do it yourself and mentor others?
- Is the company well-funded?
- Is the company growing and stable?
- Do the rewards outweigh the risks?
The Tools or a System
- Is there a system in place to help you succeed? McDonald’s hamburgers are the best tasting, they are just backed by the best system.
- If there is not a system in place, can you build a system to become profitable?
- Do you have a sales funnel?
- Do you know what a sales funnel is?
- Do you know how to sell?
The Competitive Advantage
- When adding the other four factors together, do you have a competitive advantage over other similar companies?
- Is your industry a winner take all? If so, you better be pretty sure you can win.
- Is this opportunity unique enough to attract attention?
- If the opportunity is not unique, is the product offering compelling enough to drive sales?
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How to Evaulate an Opportunity
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