How to research a business opportunity

[adeelghazanfar1]

Hello, I needs information about researching a business opportunity. I would like to know that if I found a business opportunity then how should I research it before joining? I have searched on google about researching a business opportunity, but I didn't find any satisfactory results. Please tell me how should I thoroughly research a business opportunity before joining it? Thank you.

[JoeSpirit]

There are a number of different things you can look at.

First I would consider the person who introduced me to the opportunity. What kind of experience does he have? Is he trustworthy and helpful in your opinion? Listen to that person's explanation of how the business works and what benefit potential is there. Decide if the explanation makes sense and if the opportunity feels like a good fit for you.

Next, I would seed to interview other members of the opportunity to get their opinions. Many opportunities today have FB groups where you can find opinions. Here you want to study both good and bad review results.

Then study the opportunity. If you don't get a warm and fuzzy feeling it probably isn't right for you.

If you decide to try it be sure you're dead set on giving it your best efforts and time to see that it works. Many people stop just short of success. If you can't do this the opportunity, again, isn't right for you.

[breakdown]

Maybe it will be easier if you say how we can distinguish the scammers?

[SamanthaClarck]

I think that you need to get a special education. It will help you to meet a lot of influential people. Start attending EMBA events, conferences etc. It all will expand your knowledge about business in general.

[JoeSpirit]

Originally Posted by breakdown

Maybe it will be easier if you say how we can distinguish the scammers?

I believe I did that. If you follow the advise I presented in my post above you'll get a good feel as to whether an opportunity is legitimate or not.

Any time you get bad vibes about any part of an offer I suggest you simply walk away.

[breakdown]

Okay, thank you for the tip!

[julianaray]

Whether you're starting a small business from scratch or purchasing an existing company or franchise, you need to take steps to evaluate the business’s potential and your abilities to make it work. According to the Small Business Administration, your investigation must be thorough, analyzing the risks and benefits of the opportunity.

There are 5 steps which you can use:

- Self-Analysis
- Financial Components
- Market Research
- Risk Assessment
- Support

[surveysitereviews]

Researching a potential business opportunity is a must before you invest any money into it. Unfortunately, I had some relatives get scammed out of thousands of dollars because they fell for get-rich-quick internet scams.

My favorite resources to research a potential business opportunity:

RipOff Report - This is one of my favorite consumer review sites. If someone has every been ripped off by a company, you can almost bet they will post about it on RipOff Report.

The Better Business Bureau can provide you with good information about established businesses.

Google - Even a quick online search can yield reviews about potential business opportunities.

After you establish that a business opportunity is indeed legit, you need to make sure that it can be profitable. If you are familiar with cash flow forecasting, you can create an Excel Spreadsheet to forecast the potential Net Present Value of investing in a business. However, if you are not a financial expert, I recommend hiring someone to crunch the numbers for you.