I don’t know about you but I am presented with at least one opportunity everyday. Sometimes I look for them, sometimes an idea simply pops into my brain. Increasingly, people reach out to share an idea, a product or a business that they believe I would be interested in. It is one of the things that I love about being an entrepreneur. There is a creative side to business that is truly exciting. I also love to network and get to know more people. It is just fun! So opportunity frequently comes my way. But it leads me to this question, when opportunity knocks, how do we respond and how do we decide what we should do next?F
Perhaps you are familiar with the acronym POOR: Passing Over Opportunities Repeatedly. Many people do this and are paralyzed when something great falls right into their lap. They fail to act and the net result is a life of disappointment, frustration and that constant feeling that we are missing out on all that life has to offer. Many others make the opposite mistake: they get caught up in the hype of the money, or excitement of a line of products. A LOT of people act on a whim….thinking that because one thing fell into their lap….everything else will work out.
This is the criteria that I use to evaluate an opportunity and it is paying huge dividends. I believe that this will help you as you decide what your next “right” step will be. Here are 10 KEY components considering a New Home Business Opportunity.
The OPPORTUNITY Checklist
First, is the opportunity consistent with who you are? Any business opportunity has to be consistent with who you are as a person. Your values, your ethics, and all of the things that are important in your life. How do you see yourself and how do you want others to see you? Most successful people in home businesses are those who deeply understand this concept.
Second, are you passionate about what you’re doing? Let me ask you this question: what does it feel like when you are involved with any activity that represents the best side of you? The answer should be that you can’t wait to jump out of bed every morning EXCITED for the new day. One sign that you are being your authentic self is when you are truly passionate about what you are doing. If you are passionate, then you are excited and can’t wait to get your day started.
Third, do you enjoy a team culture or do you prefer working by and for yourself? One of the great struggles in life is believing that the important people in your life truly believe in you. We build our businesses in partnership with others. Is there support, a ‘family” feel? Does your upline (or those important people in leadership) truly care about your success? Make sure that you are connected to a team culture that appreciates you and your success as well as look for you to celebrate the success of others. Partnerships matter!!
But what if you don’t like working with others? Some people prefer working by themselves. And that is okay. Owning a business and working for yourself may not be the best idea. You must know what your preferences and either being willing to adapt and find a style that best fits you.
Fourth, you should ask about what types of training options are available? Getting started in business should be exciting. It will also feel daunting and overwhelming at times. Individuals that succeed align themselves with companies that have really good training systems. Company websites frequently have the basics to get you started and most offer comprehensive learning platforms. Can you duplicate what is being taught. Are there live company events? If you can, then you have a solid foundation on which to build.
Fifth, you should ask yourself can you make money right away? I found that most people starting a home based business have no idea what a rate of return is and how to calculate it. One of the great benefits to home based businesses is low the start up costs (and financial risks). But you still want to know how quickly you can make money and how soon you will be profitable. I suggest that you look for companies that offer “quick” start programs that have both residual sales commissions and bonuses on rank advancements. You should consider those companies where you can make you initial investment back quickly, as you build your long term recurring income.
Sixth, you should know how to (or being willing to learn) get the most benefit from the Internal Revenue Service (IRS) tax laws. The 2018 changes to the Federal Tax laws is significant and the recent amendments make owning a business (any type of business) a vital part of a personal financial strategy.
Seventh, ask yourself is there recurring or residual ordering and what are the requirements? Some companies have very high minimum standards for monthly ordering. It is not unusual that you must purchase more than you are able to use in any given month. I suggest looking for companies that have reasonable thresholds and that you purchase those products that you are likely to consume each and every month. Your customers will love it because they will only be purchasing what they need and will be willing to come back every month.
Eighth, ask yourself is the product in demand by everyone? For example, everyone brushes their teeth on a daily basis. If the company that you are partnering with sells toothpaste, then what makes their toothpaste different in solving a large scale problem? Timing and Trends is critical in understanding your opportunity. Ask yourself these questions. Does this business opportunity solve a major, global problem. Usually companies that are first to market and create a new market niche dominate that niche. Does your opportunity accomplish this? Next, ask yourself, are the products consumed on a regular (perhaps daily) basis. If the answer is yes, then you know that people will be ordering product on a regular basis.
Ninth, How does your marketing plan and products work in a down economy? And, in a down economy will people still need your products? Travel tends to decrease in a bad economy. The compensation plan may be great but who will purchase or consume your products? Network Marketing THRIVES in a Recession. Network marketing companies also do well expanding economies.
Tenth, Do you have a marketing strategy and is your marketing plan “supported” by the popular media? The truth about home based business is this: you must market your products and your business opportunity. You have to have a plan. Most companies offer strategies and support. However, there are some emerging markets whereby the mainstream media is talking about the global problem that your company is positioned to address. They are already talking about the need and even promoting some solutions. If you ( Are they talking about your industry NOW?! Do people KNOW it’s important?)
What Do You Do Next?
Utilize this Opportunity Checklist to help you make your decision. The more check boxes that you can click, the more likely that you are looking an excellent opportunity. Take action and make that decision with confidence. You are as good as gold! You are set up for Success and should be able to dominate your home business. Just remember to be consistent and take the small but necessary actions for your business EVERYDAY.
However, if you’re like 95% of Network marketers, and still have NOT found your perfect “fit” and still aren’t making money….. I encourage you to have a look at what we’re doing. Our team, our products, our company, our vision, offer a unique once-in-a-lifetime opportunity.
Whatever you choose to do….only YOU will know what’s right! Follow your GUT…. and not someone else’s vision for YOUR life! Don’t get caught up in HYPE….make well thought out decisions….and once you have that perfect fit….go ALL OUT!!
If you’re looking for a Home Business opportunity that WORKS, with 24/7 training, tools and support in addition to opportune timing and an industry that is forecast to grow by $60 Billion dollars over the next 5 years, be sure to call or text Thom at (248) 943-2052.