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Evaluating A Home Business | Dr. Timothy Lawler

Evaluating A Home Business

In today’s economy, getting extra cash is a good thing.  Heck, getting any type of cash is a good thing.  It means that you have a job, and again, that is a very hard thing to come by these days for some people.  So, in either case, you have decided to make a new leap.  You have an amazing idea or came across a great business opportunity in order to make some extra money from home.  The only problem is that you have zero (as in the big goose egg) in the way of business experience.

But guess what…..that’s ok. DON’T LET THAT STOP YOU!!!

My goal today is to give you some solid criteria to use when evaluating a home business venture, no matter what type it may be.  And trust me, there are a ton of them out there….everything from an internet based marketing avenue to consulting of all shapes and sizes.    No matter what you choose, these 5 steps will lead you down the right path.  So here we go…

1.  Make A Decision

Believe it or not, this is probably the hardest part.  Yeah, not kidding with you.  “No Tim, this is supposed to be the easiest part.”  Sorry, it isn’t.  Everything after this point is a cake walk.  Once you decide what it is that you want to do, THEN start the due diligence of your research.  Whether it be a franchise, or home consulting, or an online focused business, you need to choose an industry/field.  The second you have the industry/field picked out, move on to step #2.

 2.  Talk To At Least 6 People Already Doing It

This is a biggie too.  98% of the people trying to start a business venture won’t do this either.  They think that they are experts, or are self righteous “know-it-alls”, or just plain lazy.   The reason that I say six is because it will give you a sample of people that will be able to share both the good and bad of the industry/field.  If you just talk to three or four, you could get unexpectedly schmoozed over.  That fifth or six person is bound to tell you like it is.  Doing any business is hard work, but you only want to do something that you are comfortable with AND is fun/interesting.  If all of a sudden you get the real story that you have to work 80hrs per week at your new online marketing biz, then you may want to think twice before pursuing that area.

 3.  Make A List Of Pros And Cons

Obviously there is a ton of research that you need to do before reaching this point, but when you have done a good amount, the pros and cons list needs to be made.  It needs to involve everything from the financial issues to the stress on your lifestyle.  If you make the list, and it seems as if they pros outweigh the cons, then you keep on going.  I had to do this with my home business before I could ever make any real final choice.  I was very glad that I did.

 4.  Research The History

Yes, even if you are the first of the your type of business, you need to look at the history of your field.  Are you just breaking into it?  If you are, you have about a 70/30 chance…that is, 70% chance of failing and 30% of making it big time.  Otherwise, I would look at the track record of the company that you are looking to join.  For the most part…the longer it has been around, the better.  Also take a look at the Better Business Bureau, and see if your company or business idea is listed.  This is just more of a third party validating source to make sure that you are on the right track.  Plus, it will help expose if your opportunity or idea has encountered any blemishes along the way.

 5.  Commit To It

Once you have done all the leg work, make the decision to go for it.  And I’m not talking about trying this for a month or two and then giving up.  You need to have at least a 5 year game plan in place.  Yes, I said five year.  If you don’t have a 5 year business plan, then you really aren’t trying to do a home business.  You are just looking to do a hobby or a get rich quick scheme.  Don’t be like the thousands of others.  Stand out from the crowd, and be smart about your approach.

I hope that these general steps (and I do mean general) have helped lay a basic ground work of what you need to do when evaluating a home business.  It is never an easy task.  Please feel free to put more steps or suggestions in the comments section below!  

Until next time….

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