When you’re considering whether you want to join an Internet-based business opportunity there are a host of factors to evaluate. Have you given any thought to formalizing what those things may be, BEFORE you start your search?
This piece borrows some techniques used by all levels of government to assure that it’s getting the “best value” when it buys goods and services. This practice is most commonly referred to as “source selection.”
We’ll use many of these same tactics to stimulate thinking on your part. My desire is that you will use this information to craft a set of criteria that you can actually use to assist you in your “due diligence” efforts.
This process is completely generic. It is not slanted towards any type of business and I have no business opportunity to promote.
Your first step is make a list of the high-level Criteria that are prominent to you. Here is a list of ten that may be relevant to you. Your list may be more simple; it’s really up to you.
- Compatibility (with your interests)
- <Skills Needed
- Income Potential
- Compensation System
- Company Viability
- Business Partner
- Products
- Portability
- Scalability
- Cost
The next part in the process is to put your Criteria in descending order of relevance. That is, ordered from most important to least important. In the interest of conciseness, I’ve done that already with the list above, but your version of this might be different.
Virtually all the professionals in this field will tell you that your top Criteria ought to be to find a business in an area that is of sharp interest to you–something you’re passionate about–and a business that’s compatible with your skill set and experience.
Stephen Wright in his 2006 article entitled “Top 5 Criteria for Choosing an Ideal Home Based Business” said this:
Personally, I have talked with literally hundreds of home based business owners – some who were very successful, others who quite frankly were struggling and failing miserably with their home business activities at the time of the discussions.
An overwhelming number of those who were successful used one or both of Criteria 1 & 2 as the basis for starting their business. Likewise, the vast majority of the failed businesses used neither. Coincidence? I think NOT!
By the way, in case you are interested—-profits and “making money” were the Number 1 criteria most common for the failed businesses.
Criteria 1 and 2 mentioned by Mr. Wright are the same number 1 and 2 Criteria in my list above: Compatibility and Skills Needed.
To view the rest of this post, which includes a spreadsheet to download, go to http://jimrazz.com/EvalMatrix/.
