Most entrepreneurs evaluate business opportunities on a regular basis: new offers seem to come at us regularly. The sad thing is, we often wing our responses, and we make more mistakes that way. When you have this simple tool, you will make better decisions and make a lot more money. And also save yobs of time.
What you had better have ready before evaluating the next opportunity is a list of buying criteria. The average millionaire has seven income sources, and they will come and go over time. Choosing the right ones every time you replace one or add a new one is critical. So let’s get this checklist ready, right now.
- What DON’T you want to do? e.g. Attend meetings, violate your values and beliefs, sell stuff you don’t believe in, work with people you don’t like or trust, sell lotions and potions and miracle mixes, lay down a lot of money up front (how much is too much?), recruit, rely on others, wait for payment, etc.Different things will apply to different people; some love attending meetings and others believe in selling magic diet mixes, and that’s just fine. What don’t YOU want to do? LIST THEM.
- What INCOME are you looking for from this particular income source? Minimum? What kind of potential should it have?
- What are your strengths? This is an important list, because we make more money when we do what we’re good at.
- What are your WEAKNESSES? Also very important.
- What are the resources you have access to that you could apply to a new opportunity? Connections, time, money, training ability, speaking prowess, sales skills, credit, groups you have access to, newsletters, etc.
- Will this new opportunity CONFLICT with anything you are presently doing? Like representing two companies that both sell gold – real stupid.
- What is your income time pressure? Do you need a certain amount within a certain amount of time? How much? By when? Is it realistic that this business can conservatively deliver that?
- Is the source (the person offering this business) someone you would want to do business with?
This simple, one page checklist can help you make more informed, profitable decisions. Like looking at a menu – you know what you like and don’t like… If you’re looking for additional income sources, ask me what I presently have on offer, if you like. These are my testimonials.
Robin Elliott LeverageAdvantage.com