What To Look For In A New Business

The recession is creating more and more people who suddenly find themselves out of work.


That being said there are more people than ever before looking for jobs that just are not there.
One option that some people are considering or should be considering is home based businesses or Network Marketing.

These new entrepreneurs can find any number of ideas for self-employment. But not all of these ideas will prove to be a good business opportunity. Evaluating what we call in the industry the "3 M's" of a business can weed out those that may fail from those that have a good chance to succeed.

The first M.

Is there a Market?
The first step is to determine if there are enough customers willing to buy your product or service for you to make a living. Learn what the Trends for the product is, Seek advice from people who work in the industry. Learn as much as you can about your potential customers. Get to know your competition's strengths and weaknesses. Focus research on how well they are meeting the needs of the customer. It should be a product that needs to be renewed or refilled to keep your customer base ever expanding.

The second M.

Is there a Margin?
Even if there is a market for your business, you still need to determine if it can earn you a living. The second step for evaluating an idea is to understand the basic economics of the business and the Compensation plans. How much will the product or service sell for and how much will you make on the sale of it, also what is the growth potential?
Don't get bogged down in trying to understand the compinsation plan fully, but try to get some kind of an understanding of it, so you can at least explain it to the new people you will be recruiting into the business.

And the final M.

Is this for Me?
The final step is to figure out if the business is a good fit for you. Is your WHY big enough that it will carry you through the challenges of your new business. And it is your experiences, knowledge and skills that increase the chances of successfully launching and growing your new business.

Evaluating the "3 M's" behind each idea for a new business will help increase your chances for success in that new business.

Although you may feel that you need to hurry replace lost income or are about to loose your income, take time to ensure that the new business you are looking at will truly provide a real opportunity.

Yours In Prosperity
Bob Adams