Money of course!: How much money will I make with this business? The very thing many entrepreneurs are looking for when they purchase a business is their return on investment (ROI). They want to know what to expect in profit.
Investment: OK! Now, how much money do I have to invest up front? If you are limited in resources, you might need to start small and build the business slowly. Or, maybe you are able to dive in and launch your business in style, with the latest in technology, equipment, furnishings and plenty of products in stock.
A Good Market or a Unique Niche: Another very important thing to consider is the product or service. Is it a fun novelty now, soon to lose popularity? If the business is successful because of a unique niche, how long will there be a demand for your product? Will it be easy to phase in an alternate product or service?
Consistent Growth: You might be looking for a business that has been around for a while and shown consistent growth over the years. Rapid business growth means there is a market demand for the product. Different products and services have experienced different rates of growth during different generations of time.
Risk of Failure: Certain industries have a greater risk of failure than others. Is there too much competition in the area? Is there a demand for your product? Or, has something better been introduced to the market? Are there issues about the business that you didn't find out before the purchase? Do they have a bad reputation with vendors, customers or both?
Obligation: How much of your time is the business going to take? Do you need employees? Will you be able to manage the business so you can have some time off, or will the business end up managing you? You will want to choose a business that fits your lifestyle.
Choosing a business takes time and research. There are a lot of things to consider including the profit compared to the financial investment; the rewards compared to the challenges, and the amount of potential risk compared to the potential return.
© Bill Bartmann
About the Author:
Bill Bartmann is a self-made billionaire who went from homeless at the age of 14 to
becoming a billionaire, going bankrupt, then bouncing back to do it again! Bill has had his self-doubts and even bouts of depression; he wouldn't be human otherwise. However, when self-esteem is strong and you're clear about your values, then you can bounce back from the lows; each time, you bounce back just a little bit higher.Visit Bill Bartmann's website
http://www.billionaireu.com
No. of Times this article has been viewed :
165
Date Published :
Mar 4 2009