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Home::Advertising
INTERNET BUSINESSES | BEWARE THE BUYER
Author : Michael Brooke
The 80/20 Rule is alive and well in Internet business that you
may chose to join. In fact, the Rule is probably more like
90/10. Only 10 percent of those who register with an business at
any given stage will be active a year hence.
The reasons are not too hard to find and some main ones are
provided below. These are not necessarily mutually exclusive or
comprehensive. They are based on the observation and personal
experience of the author. In addition the author provides you
with a list of the questions or statements that you MUST answer
before you commit to an Internet business. It is a big
undertaking even though the investment may not appear large.
Like any new business it should not be entered into lightly.
Problem Areas
These are some of the main areas which are the roots of the
problems. Undoubtedly there are others.
1. INCOMPATIBILITY between you and the business. Consider the
nature of the work, the commitment, the product, the other
associates 2. YOUR FINANCES. Inadequate startup funds;
inadequate cash flow, unexpected expenses 3. FALSE ADVERTISING
BY COMPANY . Exaggerated claims of financial rewards; Failure to
provide full picture of benefits and expenses. 4. YOUR
KNOWLEDGE, SKILLS AND EMOTIONS. Over-optimism, gullibility,
ignorance, immaturity, inexperience, bad decision-making
ability, inappropriate or lack of knowledge and skills. 5.
INADEQUATE RESEARCH by you of the company, its claims, its
critiques, other member reps 6. NO NEEDS ASSESSMENT. i.e. no
game plan. You have given little thought to the kind of business
you want to work in. Your sole objective is to "make a lot of
money", not, will I be successful and will you enjoy the work.
People seeking a business have to proceed in a methodical and
systematic manner, unemotionally and rationally. They need to
set out their requirements; a shopping list of what they want,
what they need, and an indepth look at what the business under
scrutiny have to offer.
You require two Excel spreadsheets or Word table,
1. In the first spreadsheet you should consolidate your fields
(items0 on the vertical plain. Horizontally you should write
your answers; 2. In the second spreadsheet, you would have the
same vertical fields . On the horizontal you would have all the
companies you are considering. In each block you could use
truncated text and a numeric score on a 1-10 scale where "1" is
poor or inadequate and "10" is excellent"
Give yourself lots of spreadsheet room as this should be a long
document if you plan on doing things right.
· Personal Characteristics. o List your strengths? (e.g. good
communicator, good sense of humor, gregarious, unemotional o
List your weaknesses (e.g. short tempered, lazy, untidy,
disorganized, unfriendly)
· Professional Characteristics. o List of strengths? (e.g. team
player, good public speaker, organized, stress proof o List of
weaknesses? (e.g. not a team player, dislike other people, lazy,
disorganized)
· Your Commitment, Interest, Knowledge and Skills in and for
this particular business. (After completing 1 and 2 answer this
one honestly. Don't kid yourself or it will come back to haunt
you) o What kind of a commitment is expected of you, and can you
make it? o How much active interest is necessary? o Do you need
any special knowledge and skills?
· Personal Compatibility. o Are you going to get on with the
owners, other associates? o Are you interested in the product? o
Are you going to enjoy the new activities, responsibilities
which could become a life style?
· Finances. o What start-up money do you have (Don't say none.
Likely it will to be at least $1000)? o What monthly expenses
are you going to need (e.g. license fees, telephone, marketing
expenses, buying leads, advertisement? o Money for further
"hidden" buy-in/upsell essentials o Setting up your office,
buying/upgrading equipment, consultant fees o When is break-even
likely to occur? You are unlikely to make money at the
beginning. Can you carry the expenses for that time?
· Time. o How many hours will it take setting up the business? o
How many hours can you comfortably spend a day on the business
on an ongoing basis? o How many hours does the company say you
need to spend? Are they compatible? o Will you need to attend
conferences away from home? Who will pay? o List your other
personal, professional and social commitments and see whether
you have the time to do this new commitment properly.
· The Company. You may very well have your personal act together
but have you looked very closely at the company. The vast
majority of Internet companies have at least one major fatal
flaw and you are likely to come out the loser if you join up.
Exaggeration at all levels is the biggest problem. There is
big-time B.S. with most of these companies and you have to do
your due diligence researching the company. Of course there are
companies with fatal flaws, with whom you still can make a lot
of money. But the rule "caveat emptor" - beware the buyer-
applies here. Consider the following carefully.
o Who are the owners? What is their background? What other
businesses do they have or did they have? How successful were
they? Can you get arms length testimonials on the owners? o How
long has this company been in business? What is its financial
situation? o How many people have already joined? How many are
still active? o What can you find out about the other people who
join up? o Ask for a random list of people who have joined up so
you can talk to them o Search the Internet thoroughly for
comments on the company o Is there a "money back" policy? Is it
unconditional? o What is the product(s)? Is it for real or
irrelevant? Is it likely to fall out of favour with buyers? o
How do the owners describe the company? e.g. MLM, Network
Marketing o Ask to see the companies policies and procedures
manual, and its strategic plan if they have one. o Who do you
report to if you have questions? o What kind of training will
the company provide?
Too often, people enter into a new business in a euphoric,
heightened emotional state of mind. Regardless of the pressure
to join, give yourself plenty of time to consider the pros and
cons. It is better not to join than to be pressured to join. And
don't listen to all the nonsense about your not having any
courage or not begin able to take a risk. This is sales hype
which you must treat with the contempt it deserves. Remember you
make a mistake, no one will bale you out. Good luck!
The author invites you to review the company that he joined
after much consideration and after making bad mistakes
beforehand. It is www.ehomebiz.org. He considers it close to
perfect.
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