What to Look for in a Business Opportunity

Have you started looking at a business opportunity during these troubled economic times?  Many of us are looking for that perfect home based business or a way to invest some of our money that seems to be dwindling every day in the stock market.

For the purpose of this article, let’s assume you want to start a home based internet business.  The principles for making a success of a home based business are really the same as operating any other business.  It has to start with a vision and with that vision, you have to ask yourself some questions.  Why do I want to start my own business?  What are the goals for my business?  Do I have the expertise to run my own business?  Do I have the resources to invest in my own business?  Do I have the time to start my own business?

Why do you want to start your own home based internet business?  For most of us, we see an opportunity that offers a way to supplement the income we already have.  Others see an opportunity to grow their business into something to take the place of their current job.  Some, like me, know someone that has been wildly successful with a home based internet business.  The answers are probably different for everyone and it is something only you can answer.

What are your goals for your business?  It constantly amazes me how few people actually take the time to write out their goals.  Most people seem to have some vague idea of their goals, but few take the time to write them down.  Take the time to really think about your goals.  Write them down.  Constantly review them.  Write them as if you had already achieved them.  Make your goals a living document.  Write down your long term goals and then write a set of short term goals for each long term goal.  Be specific!

Do I have the expertise to run my own business?  Few people really know everything they need to know to run their own business.  However, there is some good news.  The internet is full of people that can and will help.  You don’t have to reinvent the wheel.  You just have to be able to copy what other successful people have done.  Follow their blueprint.  You will be amazed how much free information you can get.

Do I have the resources to invest in my business?  Any new business requires an investment.  The key is to find a business that is affordable to you and offers a good return on your investment.  The right business, set up the right way can pay huge dividends.  You might want to consider a loan against a 401K or cashing in part of a stock portfolio to help you get started.  In this article we are talking about a home based internet business.  There are some good opportunities out there that can be started much less expensively than a brick and mortar business.  Also, many home based internet business require little if any inventory.

Do I have the time?  Only you can answer that.  Many home based businesses can be started with just a few hours a day.  However, do not make the mistake of thinking you can get rich by just working very little.  Any business requires work and dedication.