5 Things One Must Consider When Looking at ANY Business or Opportunity
Group: Michigan MLM Association
Read More: 5 Things One Must Consider When Looking at Any Business or Opportunity...
When considering any business or opportunity, it's wise to have a system of evaluation to determine how much (if any) opportunity really exists. This 5 point evaluation system is the simplest method I have ever seen to accurately assess any business or opportunity you may come across. (If you have another method, that's simpler, please comment :)
1. Uniqueness or Exclusivity:
The first thing you consider is the product's or service's uniqueness or exclusivity in the market place. Ask yourself: What is it that seperates this, above and beyond everything else that's already out there? If it has a unique or exclusive niche in the market place. Then so far so good.
2. Huge Expanding Market:
Is there a Huge Expanding Market for the products or services being offered? Is it line with current and rising trends? You want something that is appealing to the masses. The larger your market, the better.
3. Highly Consumable:
Is the product or service being offered something that is continually used up, and has to be re-ordered? If it's not, then you have a one and done sale, and all you really have is a sales job, with little to no chance for developing a residual or recurring income. So, you want a product that is going to be continually used up, or a service that has a monthly fee associated with it.
4. Low Unit Cost with an Adequate Profit Margin:
In regards to low unit cost, you must ask yourself: Is it affordable by the masses? If it's not, then your Huge Expanding Market you were looking at in the 2nd step, is reduced in direct proportion to the number of people that can afford it. The more affordable by the masses your product is, the larger your market, and the greater the chance of your success.
Well, low unit cost doesn't mean anything, unless there is an Adequate Profit Margin to go along with it. This is business, and it's about making money. So, it has to have a significant profit margin, otherwise you, and your team will work way too hard to move tons of product to make a little bit of money. This is where you want to beware of programs that don't offer dollar for dollar volume, and use confusing point systems to calculate commissions. For instance, a $100 product moves, you get 35 pts. and make a small percentage on 35 pts.
5. Duplicatability:
This is last, but definately not least. If I had to star one of these five, I would star this one based on experience in this industry. MLM is about leverage, it's about exponential growth. If it doesn't have a simple, duplicatable, powerful business system, then it won't duplicate. If it doesn't duplicate, it doesn't grow, if it doesn't grow, then it doesn't go.
This is where you really want to focus a lot of attention. Ask questions on how the person who introduced you to this opportunity builds their business. Ask yourself if that is duplicatable. Remember, people are not duplicatable, systems are. So, the SYSTEM is the Key to duplication.
I hope this information serves you well, and any comments would be greatly valued, and appreciated by the entire "Millionaires in Motion" group. If you feel this information will serve you well, please take the time to rate this post, and invite all your bright friends, associates, and co-workers to join "Millionaires In Motion."
Thanks, and God Bless
Zeb Olsen
"Helping the Best, Get BETTER"
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