Last week’s blog was about asking questions to uncover your dreams, vision and mission. This week, I thought it might be important to cover questions to ask when looking for a business of your own.
There is so much opportunity out there but as we read in the papers or hear on the news, there are often less than ideal opportunities out there. Here are some questions that you can ask when evaluating a business.
1. Is the business ethical, legitimate, trustworthy and actively working to protect the earth and make the world a better place?
2. Has the overall infrastructure of the company been in place for over 25 years? What is its performance track record in economic down times?
3. Does the income include both immediate and sustainable residual components? Does it include expense paid trips? Does it include a company car?
4. Does the product line meet the following criteria?
- Consumable – used on a daily basis
- Innovative and trend setting – unique
- Superior quality
- Strong focus on research & development
- Money back guarantee
- Have a unique distribution channel
- No stocking of inventory or deliveries
- Is there a strong market demand – filling a need?
5. Is the company international?
- Is it experiencing explosive growth?
- Are there any territorial restrictions?
- Is the company in more than four of the fastest growing consumer markets?
- Is the company adequately capitalized for future growth?
6. Is there free, in-depth, replicable training provided and adequate team support to enable you to reach your dreams, as well as help other team members reach their dreams?
7. Is there time flexibility? Can you create your own hours either part-time or full time? Can you work at your own pace?
8. Is the initial investment reasonable…under $500?
9. Are there impressive tax advantages? No payroll?
10. Is it open to all adults, male or female, with any educational and ethnic background?
11. Can the business be passed onto your family? How many generations? Can it provide for your retirement? Can you sell the business?
12. Does the business “fit” you and your goals for the future? This is probably the most important factor in deciding whether to start your own business. There will undoubtedly be tough times and if you were to own a business that does not give you any satisfaction, then you are probably not going to make it when things get tough.
If a potential business can answer many of these favorably, then you probably have a great opportunity to thrive. Number 12 is the most important condition to match with your dreams, vision and mission. So remember to pay attention to your “gut feeling” around this decisive factor.
Here’s to your success!
I appreciate getting feedback on my post. I enjoy hearing from you and if you would like to find out more about the next Thinking Into Results program, I would love to discuss how we could transform your dreams…into reality, your goals…into achievements and your thinking…into results.