Tips for Selecting a Business Opportunity
A Home Business Article Contributed by Elizabeth Fox-Wise
There are Several Things to Keep in Mind When Selecting a Business Opportunity
The Business Opportunity Ad promises that you can make lots of money with little or no effort. It sounds good. But is it a legitimate business opportunity or is it a crook looking to steal your hard earned money?
Don't believe any claims for huge amounts of money being made for no work being done. It is hard work to start and run any business opportunity and no one can predict how much money you will make.
Be cautious of solicited emails, postal mail or phone calls selling a business opportunity. Many unsolicited sales of business opportunities are fraudulent.
Get information in writing before you decide on a business opportunity or commit to any type of an investment. The Federal Trade Commission and Franchise rules REQUIRES that all franchises and business opportunities give you detailed written information about their business opportunity. This is called a disclosure document. They must give you this document at least ten days before you agree to purchase or invest any money in a business opportunity.
Other Things to Investigate When Choosing a Business Opportunity
Talk to other people participating in this business opportunity. The disclosure document must include names and phone numbers of people who have already purchased this business opportunity. Ask them about their experiences with it.
Investigate Earnings Claims. If a business opportunity gives you projected earnings on what you can expect to make, they must also provide written information about the numbers and percentages of people already making this amount of income from their opportunity.
Get professional help. Deciding to start and run a business is a big undertaking, even if the business opportunity offers some support. Have an attorney review all of the information you have gathered on the company and the opportunity. Meet with an accountant to discuss your finances to see if it is a commitment you can really make.
Finally, do Some Research on Running a Business Opportunity to See If it is Right for You
Go the the library, bookstore or Internet and look for publications dealing with running a business. Read all that you can find and learn all that you can learn about running a business. They advantages and the disadvantages as there are many of both. Be sure that you really want to get involved in a business opportunity before making the commitment.
If you are lucky enough to have other entrepreneurs in your life who have already taken advantage of business opportunities, talk to them. See how they feel about running a business. Whether their business is the same as the opportunity you are investigating or different, there are some similarities that all business owners will run into. Find out from this person how much work it takes to run their business. How much work was involved to get it started. Are they realizing the profits they had expected to. Are they happy with their Business decision?
