Skip to main content

Top 6 Conditions To Consider In Choosing A Good Business




1) Does the business idea have a USP (unique selling
proposition)?
Essentially, why will this business'products/services be better than any of the other competitors out there?
If you're evaluating an affiliate program or MLM, be sure that the product / service you'll be reselling has a USP. 

You also need to make sure as the reseller, that you can position yourself with your own unique selling proposition as to why the buyer should buy from you rather than another
affiliate or distributor.
2) Is there a market for the business idea?
Can you identify the people to whom you will be selling the products/services of your business? Is it a sizable marketplace? 

Make sure that the business has a large target audience base.
3) Is there a demand for the business idea?
Do people want the product/service you will be selling?
Keep in mind, want and need are different. 

While you might think people need your product, e.g. it saves time sorting spare change, if it is not something people want, it will not sell. 

Make sure people WANT what your business will be offering.
4) Will the business idea make money?
Will the profit margin on the items you're selling cover expenses. Beyond the actual product / service cost, you have to consider the multitude of miscellaneous expenses like rent, phone, employees, internet, ect.. 

And your biggest expense will likely be marketing - you need to determine when you advertise will you generate enough sales to cover expenses and make a profit.
5) Can you afford the costs involved in starting up?
Most business ideas require an initial investment of either material, equipment, programming or time. Do you have the money and time to invest in the project? 

You also will need to be able to sustain the new business for several months and in some cases even years before it actually becomes profitable. 

Make sure you have the money and are ready for the necessary sacrifices.
6) Will you enjoy the new business idea?
In reality this question is the most important of all I've listed and should be answered first. You must, and I repeat must, make sure you become involved in a business you enjoy. While you might think money will be enough of a motivator, it is not.
You will never stick with a business you dislike when times become tough. And, even if the business becomes a huge success if you dislike it, it will drag you down and you will eventually quit.
So, make absolutely sure you like the business idea and
that you really WANT to do it. 

It's essential that you enjoy what you do!
Labels:

Comments

Post a Comment

Popular posts from this blog

Want To Build Your Passive Income Empire? Use These Tools

Passive income -- money you make on the side with little effort -- is the hottest way to build wealth, and for good reason: Millionaires, entrepreneurs and the average Joe all understand that passive income makes it easier to compound your overall returns even further. Generate enough passive income, and suddenly you have the chance to become truly wealthy. But, wait: nothing is ever that easy; And, there's no such thing as 100 percent passive income. Building passive income actually requires hustle and an investment of time upfront to get your money off the ground and growing while you eat, sleep and play. Maintaining that growth means making sure that you're using the right tools and strategies to automate the work for you. Here are five recommended passive income tools to help your build your wealth. 1. Streamline your systems Whether you run a business or hold investments of any type, the money, time, teams, technology and ...
Post a Comment
Read more

It Is Never Too Late To Start All Over

At age five, his Father died At age 16, he quit school At age 17 he had already lost four jobs Between 18 and 22, he was a railroad conductor and failed. He joined the army and washed out there. He applied for law school but was rejected. He became an insurance sales man and failed again. At age 19 he became a father At age 20, his wife left him taking their children with her, because he couldn’t hold a job. He became a cook and dishwasher in a small cafe. He eventually convinced his wife to return home. At age 65 he retired. On the 1st day of retirement he received a cheque from the Government for $105. He felt that the Government was saying that he couldn't provide for himself. He decided to commit suicide, it wasn't worth living anymore; he had failed so much. He sat under a tree writing his will, but instead, he wrote what he would have accomplished with his life. He realized there was much more that ...
Post a Comment
Read more