Assessing Income Opportunity Home Based Business Ideas ECommerce Articles | January 9 Mike Piazza Jersey , 2007
With literally thousands of opportunities available to entrepreneurs, it may seem difficult at times to decide which idea you should focus on to develop and nurture into a fledgling business. Many people spend too much time developing an idea, only to find out that there is some significant weakness that is preventing them from being successful.
Having a set of quick assessment criteria to apply to every idea can save a great deal of time and allow you to focus on the high potential winners.
Everyone's assessment criteria will differ since their objectives and personal requirements will vary. In addition your list will grow and also be fined tuned overtime as you gain experience with it. Sometimes learning what you like to do and don't like to do will also cause you to make adjustments as well.
So what sort of criteria should be in an early assessment criteria list for assessing home based business ideas? The standard items for everyone should include the following: what are the revenue opportunities; what will the cost be to operate and produce whatever it is you are selling; what will it cost me to market and sell my products or services and who are my competitors? Can I make a profit and can I make a living from this home business? These are not insignificant questions. A great deal of time can be spent on each one Darryl Strawberry Jersey , however at this early stage of assessment, you should merely spend a maximum of an hour on each one to make your assessment. If the idea makes your short list then you will spend more time analyzing these opportunities.
There are other criteria that are of a more personal nature that should also be considered as well. Sometimes these are very easy to assess, however they can have a huge impact on what you do. For example Keith Hernandez Jersey , if your new idea involves a skill that you do not have, how long will it take you to learn or develop this skill? Should you subcontract this skill out to others?Criteria such as skill sets required; equipment; space in your home; support of your family; bylaws if applicable; power; communications; access to shipping and raw materials etc are all items that you may want to also add.
One of the most difficult things to do when making your assessment is to separate the emotional assessment from the business assessment. Many people get caught up in the excitement of the moment and before they know it they have invested time and money that they may not recover. Spend a few days completing your assessment, talk to others about the idea and above all avoid making an emotional decision. After all you are operating a business!
I'm sure most of you have heard of, and perhaps read the book "Rich Dad Max Kepler Jersey , Poor Dad" by Robert Kiyosaki. If you haven't read it yet, I highly recommend it along with his book "Cashflow Quadrant." Both of the books are simplistic and introductory by design. But there are some important concepts that Kiyosaki highlights that are fundamental to accumulating wealth. Here are a number of Power Affirmations that I have created based on studying his material.
One of the reasons I prefer creating power affirmations instead of just notes is that they focus my mind on the positive application of the knowledge and not just the knowledge itself. By conditioning my mind to take positive action on what I learn, positive results eventually follow.
Here some of the affirmations:
My financial intelligence is now increasing everyday. Financial intelligence is more important than money.
1) I now create regular Byron Buxton Jersey , positive cashflow. I create money.
2) Through controlling cash producing assets whose cash exceeds my living expenses, I am on the Fast Track to unlimited abundance.
3) I don't work for money, I make my money work hard for me.
4) I regularly study accounting and investing.
5) Today I choose to be wealthy. I choose to use my ideas and money to create ever increasing wealth and abundance.
6) I study and learn about money from people who are already wealthy.
7) When I come across an investment worth making Nelson Cruz Jersey , I ask myself "HOW can I afford it?" I am a possibility thinker.
8) My thoughts create new wealth generating opportunities everyday.
9) I study so that I can find good companies to buy.
10) I increase my wealth by following strategies to manage risk.
11) I pay myself first. I always pay my bills, but I pay myself first.
12) I am financially self-reliant. Through creative intelligence and planning, I now create new wealth far beyond my personal needs.
13) I write strong and sound business plans that create successful businesses that create jobs for others. I create wealth for myself and for other people.
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