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New Approach for Rating Home Biz Opportunities |
by:
Roger Staubus |
Copyright 2005 Roger Staubus
Type "home biz opportunity" into Google's search engine and you will get about 10 Million entries. Also, there were 409,212 searches using the search term "home-based business." This new approach to rating "home biz opportunities" is based on 11 objective major criteria and 7 minor criteria. There are no web sites that only rate home biz opps, only those that review some opps only to point you to their specific opportunity.
Each major attribute can earn 7 points, and each of the 7 minor attributes can earn 3 points each. Ratings will be: Excellent, Good, Average, Poor, and Scam. Excellent requires a score of 90 or above, Good requires a score of 70 or above, Average requires a score of 50 or above, Poor requires a score of 30 or above, and Scams get no score at all. The score totals mentioned above are for all 11 major attributes and the 7 minor attributes. The perfect home business opportunity would score a 98 using these criteria. However, there are no perfect home business opportunities, no matter what the promotion brochures say for a specific opportunity.
Some of the many questions or considerations involved in rating a home business are-
How big is this market?
What is the industry trend?
Is the industry expanding?
What is the nature of the product or service?
Is the product consumable?
How is the product delivered to the customer?
Is there a proven business system?
Is there a good support system?
Is the company well respected?
Will you be ahead of or behind the trends?
Are you early or late in the product and industry cycle?
Do the products provide value for the cost to the end user?
Does the company have any exclusivity or patents?
Regarding the competition, who are you marketing against?
Are there good profit margins?
What is the payment or commission scheme?
What are the sales methods involved?
Is the company "On the Net" and are they E-Commerce enabled?
What level of administration is required?
Is training available from your upline?
How great is the potential to make money in this business?
Do you know someone with experience in this business?
Do you have to do all the work or can you earn overrides?
What is your gut feeling?
Will the company train you?
How soon will my investment come back to me as profit?
Can I work this business at my own pace?
How long has the company been in business?
As you can see from just the limited set of questions above, there are a lot of things to consider before you decide to invest your time and/or money in any home business opportunity.
THE NEW OBJECTIVE APPROACH
This system used to rate home biz opps is based on 11 primary considerations and 7 minor considerations. They are-
Primary
1. Product or service
2. Product price and market competition
3. Company
4. Proven business system
5. Available support system
6. Available training and resources
7. Compensation system
8. Profitability
9. Costs involved - both startup and recurring costs
10.Will I have full control over my business
11.Can I work this business at my own pace
Minor
1. How is the product delivered to the customer
2. Does the product/service have an automated delivery capability
3. Is the company "On the Net" and E-Commerce enabled
4. Are you supplied with business tools to make your live easier
5. What level of administration is required
6. Consider whether you will be ahead of or behind the trends
7. How great is the potential to make money in this business
Using these objective factors will save those looking for home biz opps a lot of time and many dollars that would otherwise be wasted.
About the author:
Roger Staubus, CPA
Author of New free e-Book, "Looking for a Good Home Biz?"
http://www.goodhomebizopp.info/index.html
[email protected]
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