So you think you have found the one business
opportunity that will bring you freedom, fame,
and plenty of profits? Does it meet the 8
simple rules? Before you run out and cash in
your life-savings, stop and separate your
emotions from the small business opportunity.
Emotion and passion is an essential
ingredient to business success, but hold off on
that inner fire until your business opportunity
can pass the 8 simple rules to see if you have
a winner.
8 Simple Rules for Rating A Small Business
Opportunity
1. Beta Test it: As any successful software
developer knows, a beta test gets your
product in the hands of users early for critical
feedback. Do not keep your idea secret. Share
it with a select group of potential users.
Without real-world feedback your business
opportunity will quickly hit the wall.
2. Find the Target: Far too many small
businesses fail trying to be everything to
everybody. Maybe your idea has potential in
multiple markets, but start with one target
with the greatest need. Your business
opportunity should grasp the attention of a
specific and reachable market. 'Female
teenagers who read religious books and
media' is much more definitive group than 'all
teenagers who have spiritual interests'.
3. Apply Protection Armor: A new business
opportunity is a delicate thing. In order to
protect and nurture your business you will
need to apply some form of protection armor.
This armor will provide assurance that no
companies invade and steal your market
share. Protection armor can take the form of
exclusive contacts, licensing, patents, or the
best location on the block.
4. See What They Want: Ultimately, business
comes down to the simple task of providing a
product or service people need. Simple; yet
often overlooked. Your business opportunity is
rated high if it meets a customer's needs or
wants. There may be an open market for a
new form of toothpaste, but if consumers do
not want another choice of toothpaste, then
success will be fleeting.
5. Play The Money Game: Every small business
opportunity needs to be evaluated against the
cost of building the business. The opportunity
can be great, however, if you are not prepared
to go out and raise the million required for
launch, then this opportunity is not for you.
The best business opportunity is one that
matches your ability to deal with and raise
attainable cash.
6. Bring Your Skills to the Table: A business
opportunity can have an incredible upside
only if you bring the skills required to succeed.
If the business requires you to go way outside
your comfort zone, it might be better to find
something that more closely mirrors your
skills. Ten years of retail experience offers
much more chance of success than an
opportunity based on telemarketing skills.
7. View the Event Horizon: In the near future,
what is the likelihood your business can be
replaced by technology, impended by
government regulations, or made obsolete by
social changes? Perform a quick SWOT
analysis to see how your small business
opportunity will survive. It is not be realistic
to start a music store during the peak of
digital piracy.
8. Use the People Factor: Many business
opportunities will require a motivated and
skilled work force. Make sure you're able to
fulfill this equation or it will be the one critical
success factor which can make or break you.
Remember, good people are hard to find.
Ponder how you will gain and retain them.
Did your business opportunity meet the 8
simple rules? If not, do not despair. It may
just mean you need to tweak the idea into a
marketable, viable form. Once your
opportunity is set in a firm foundation, you
can now apply your passion and fire to lift
your business to the height you desire.

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