Do you have set criteria that help you evaluate a business opportunity? This past week I ended up, entirely by coincidence, talking to 4 separate business owners about a business opportunity and whether to say yes to it. In each case the opportunity was going to require a significant commitment of time, and a lesser commitment of money. There were definite pros for increased visibility and credibility for the business owner. But the resource commitment was cause for concern.
I use these 7 questions to evaluate a business opportunity.
- Are the attendees or participants I'll come into contact with my market?
- Given that the time commitment seems pretty heavy what would I have to move off my calendar to accommodate this and what is the cost of removing those activities?
- Do I have the personal time and energy to do this?
- How could I use this opportunity to get specific offers in front of this market, and what do I think the ROI would be for the estimated time involved?
- Gut check – do I have any interest in doing this? Will it be a nosebleed or some fun?
- What's the worst and best that can happen if I do it? If I don't do it?
- If I want to do it but the timing is really bad for me would this opportunity be available again at another time?
You might have other questions you ask yourself when evaluating such opportunities. If you do, please share your questions here – I'd love to see them and it would add to the business wisdom shared. Thanks!
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Great checklist! This would be a big one for me: do I have any interest in doing this? I would start here and then look at ROI
I would also want to make sure that the other person/people involved would be a good fit for me, my values and goals.
The most important question I have my clients answer is:
“Are you staying on your track for the goals you have defined for your business? Or is this opportunity so great you are willing to re-examine these goals and adjust them to new ones?
These are great questions to ask ourselves, Sue. I have a few projects that I will use this list to evaluate whether to continue with or not.
Sue, this is an excellent check list. We as business owners are constantly drawn into requests and not all of them will benefit us/our business.. I often just sit down and make a pro and con list when faced with any major decision. Thank you!
This is a great checklist for deciding if a business opportunity is a good fit or not, especially for those of us who like to keep our plates full of opportunities. 😉 The only thing that I might add is making sure that you are aligned with the values and personality of the person/business/organization offering the opportunity.