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As we discussed in
the last issue, a home based business can be an integral part of
your overall wealth building plan.
That's because by
building a business, you begin to position yourself to take
advantage of the leverage we've spent so much time discussing.
So let's discuss
the key criteria that are important to consider when evaluating a
business.
Number 1: Sell a product or service with real value.
Firstly, you must
get over the notion that you do not want to be involved in any kind
of sales. Sales is the highest paid profession in the world,
and every business is involved in sales.
If you aren't
selling something, you are working for someone who does.
Period.
The key is that
the product or service your business offers must provide real value
to those who purchase it. When this is true, you are able to
market the product with full belief personal in the product which is
what enables you to be very effective in your sales and marketing.
Number 2: Find a business with proven, effective systems.
Most businesses
that fail, do so because of either a lack of effective systems and
controls or a lack of capital (or both).
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I'll talk about the lack of
capital another time, but in terms of criteria to use to evaluate any
business opportunity, effective and easy to duplicate systems are a must.
Look for systems that
effectively automate and support administration, marketing, order
fulfillment, and training.
In the absence of well
designed, proven systems, you are left having to reinvent the wheel.
During business start-up,
this will lead you into the trap of spending so much time and energy working
on your business, that you will have little time to be "in" your business.
And of course it's being
in your business that determines your degree of success.
Ensure the tools are in
place to minimize the overhead you must deal with as you are building your
business and be comfortable that there is a demonstrated degree of
duplication present before you invest.
Is the administrative and
order fulfillment process automated? Does the sales system provide
marketing and sales management support? Are there adequate training
systems in place that you can tap into?
All of these are key
questions to which the answer should be "yes".
I'll have more criteria
for you to consider next issue. |