How does one evaluate and determine which are the best online business opportunities? There are so very many choices, and it is all so easy to get lost in the maze of both good and bad programs, as well as some outright scams.
Let’s spend a few moments today to break down what goes into a good opportunity, as well as what is required to make it work. There are a few essential details to consider when evaluating any opportunity.
It’s Not Only About the Opportunity
There’s a lot which goes into evaluating a business opportunity whether online or offline. But one special ingredient which is so critical to our Success Recipe is ourselves. This reminds me when I was at a professional senior golf event several years ago, and new technology in golf equipment was just emerging. A spectator asked Lee Trevino several questions about how it all works, and finally Lee stopped him with a metaphor which pointed out that it’s not only about the equipment (business opportunity) but the golfer (marketer) has something to do with it as well.
Who are we as a person, and what are interests, strengths, and weaknesses? This is a good place to start, as it gives us an adequate jumping off point from which to progress. Without this info in our conscious awareness, we can spend quite a bit of time jumping from one program to another, and not making a lot of progress.
When we are clear on our purpose and what we really want, then we are in the right mindset to attract the right kind of opportunity. Not everything which comes our way will be appropriate, but we are now in a much better position to evaluate them properly. We have the faith and confidence in making good decisions.
Avoid the Hype
Needless to say there are plenty of marketers out there that spend a great deal of time and money in creating some great promotional pieces that would have Eskimos buying ice cubes. But no matter how good their copy writing skills may be, the essence of their product or service offer is often lacking.
Just to name a few, any offer which promises overnight riches is a definite red flag. Any online or offline business opportunity requires proper planning, time, investment, commitment, and effort over a good period of time in order to bring the desired results. So many offers spend the majority of time showing off screenshots of thousands of dollars per day in earnings with just a few clicks of the mouse.
I really don’t care if they are making that type of money or not, but scaling a business to that level does take time. If it happens quicker than expected, then all well and good. But a legitimate program will not overemphasize the earnings, but will indicate the quality of the product and service, and why there is a current market for it right this moment.
Another red flag is the teary eyed rags-to-riches story meant to draw you in and show you that no matter what your current circumstances are, you can turn things around and get rich. Again, the individual’s story may be true or not, but that does not matter at all. Of course, we know we can turn things around given a good, ethical opportunity, so we do not need the over promotion of rags-to-riches.
Lastly, any program which overemphasizes how easy it is to do, whether it is pointing out that you don’t need much technical skills, or how simple it is to generate tons of traffic, this is another red flag. Even with systems that do not require a lot of technical skills, there is still a learning curve. And generating good qualified traffic to your website or capture page requires time, effort, and money. Free traffic takes longer to generate than many opportunity promoters lead you to believe, and even with paid traffic there is a learning curve and time spent in testing different offers and traffic sources.
So the bottom line is don’t get caught up in all the promotional hype. Get involved with a program which allows you to learn and apply the basics on a gradual basis, reinvest your earnings, and then scale your business to your desired level.
A Few Practical Ways to Evaluate Opportunities
The best way to check out business opportunities as well as evaluate whether your own product or service has value in the market, is to do some research to see whether there is a good amount of competition out there. Competition in this sense is a good thing, as it indicates that there is a desire and market for your product or service, and people are spending money on it.
Then you can ask yourself if this particular business opportunity positions you well in the market to compete effectively, or if it is your own product/service you can determine if you can make a better offer to capture a part of that market. Even when competing against more established businesses, you can still make a significant impact given that you have a quality product or service.
So is this particular opportunity different or better than what is currently out there? Or if it is your own product/service, does it have a unique twist which makes it stand out in the current market?
Much of this required research just involves spending some time on Google. Find out who the competition is. If you’re evaluating a business opportunity, also find out what others are saying by checking out several independent reviews.
When you look at a competitive product you can determine a lot. You can see just how they operate, and if they are making money how they are doing it. Then you can take your own idea and improve on it a bit. So while your are researching, you just want to find out if your competitors are generating good income, and then if you can find a way to make an improvement or two on what they are doing.
A good way to determine whether a business is profitable is by checking their income reports. Larger and more established businesses are more open to publish monthly income reports. Although most businesses, especially your everyday business opportunities, don’t issue these reports, there are a few ways to gauge whether a business is actually making money or not.
With businesses which don’t publish these reports, I would suggest checking reviews of their products or services. Less than ten (10%) percent of buyers leave reviews, so that the more reviews they get indicates that they may be profitable.
You can also use tools to gauge the traffic of their website. This will give an indication whether they are making money or not. One good tool for this is SimilarWeb.
So once you know that a competitor is profitable, you then find out how they solve problems for their customers. To do this read customer reviews, subscribe to their newsletter if they have one, and even purchase their product. Then use this information to create a product of higher value or at least at the same level. You may even redefine the niche by getting more specific in what you offer. This may allow you to be more targeted with your offer.
Now if there is no competition in the market, there is a very high probability that there is no money to be made. Even if you have a unique idea, it is an uphill challenge to break into the marketplace, although it is most certainly possible.
So whether you are evaluating an affiliate opportunity or creating your own product or service, checking out the competition to determine if there is a “buying” audience out there will save you tons of time, effort, and money.
Just keep in mind that not every group or sub-niche online is profitable. Ideally you want to focus on niches with a strong identity, where people are eager to learn or solve a problem. You are looking for groups who have interests which will last and are not just a fad. They should also have a large enough market to be worthy of your time and investment, and also make sure members of this group share the same ideas and perspectives so that your targeting is focused.
By spending the time upfront in determining exactly what our main interests and strengths are, we are then able to be very selective in which opportunities we select, or what type of service or product we create. We are in charge of where we spend our time, effort, and money in creating a profitable stream of income for ourselves.
Once we do our research and find a profitable way to make some money, then it just becomes a matter of duplicating our efforts. Even with all this research, there will be many product launches or businesses we pursue which will not be profitable. But that is okay, since we will have found some that are, and these are the ones which we continue will to build.
There are no guarantees that any specific opportunity is going to work, no matter how much time, money, and effort we invest, or how much prior research we have done. But with the proper upfront work of a good business mindset, adequate research into the market, and a willingness to test out new ideas, we have greatly increased our chances of creating profitable businesses.
Without spending the initial time and effort in preparing ourselves, we easily fall prey to the “shiny object syndrome” and end up jumping from opportunity to opportunity, while spending a lot of time and money with no results. We then may get discouraged and quit.
It does not have to be that way. We all have something valuable to share, around which we can create a profitable business. We determine what our best opportunity is by not leaving things to chance, but by utilizing all the valuable information and tools today to plan our efforts and do the needed research before we begin.
I look forward that this inspired your thinking along these lines so that you can move forward productively in your business career. All the very Best.
To your Success,
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