- Business and Employment»
- Small Businesses & Entrepreneurs
How To Find The Perfect Income Opportunity
Why Are You Looking Anyway?
Many people may stumble upon this article because they are browsing the web for money making ideas. There is a huge body of people that want to earn more money than their regular job gives - or alternatively may want to swap their day job for their own business. Generally there is a desire to start a business without a lot of capital, otherwise they would be looking at "businesses for sale" or "shop premises to rent" etc.
Some people genuinely want to supplement a meagre income and some may need to just earn something to live - but this article is directed at those unsatisfied people looking for an entrepreneurial way to make a lot of money.
There is a massive industry mostly based on the Internet these days trying to sell you money making programmes and it should be noted that if it was as easy as buying a business in a box then everybody would be working from home and our offices and factories would be empty.
What Sort of Business?
There is a wide variety of business opportunities advertised but in fact most are variations of only a few different business ideas. For example, countless people and organisations are trying to sell methods for making money from the Internet. That is to use the Internet as a tool for making money. Yet all the programs that are being advertised are variations of the same theme - web site promotion.
If you can get a web site ranked well with the search engines and can get a lot of traffic as a result - you can make money from affiliate advertisements, pay per click adverts and selling products as an agent or even as principal. Such a business however it is dressed up is a marketing operation - if you can get the right product in front of the right audience at the right price then you will make money. Therefore, you will not be successful by simply buying the best Internet Marketing "how to" programme - you will also need to develop a feel for marketing. You will need to understand the products and ideas underpinning the sales being made and be able to fine tune your approach to suit.
This is as true for sourcing and selecting goods from China to sell in Europe as it is to setting up a web site for your hobby in the hope of achieving masses of Adsense revenue. You might set up a very interesting fishing web site and manage to build up a healthy traffic stream - but find that all your visitors are looking to read your interesting articles and therefore are not interested in clicking on adverts! On the other hand a health related site with articles on a narrow area may attract visitors looking for therapy that they can purchase and be more willing to click on any advertisements you place on the site.
So the first things to decide are the parameters you want to work within. Is it going to be work at home or will it need a shop front. Will it be a low capital service based business or will you be converting stock to sales? Will you be interacting with people or do you prefer to work alone?
By shortlisting the criteria that you regard as essential for your business you will be able to discount many ideas and advertised programmes that you come across during your research.
Research, Research, Research
The only way to ensure that the idea and methodology that you choose for your business opportunity is sound and viable is to do your research. As noted above you must narrow down your field of search initially but then there is still a lot of hard work to do! Income opportunities will only work if you make them work and the only way this will happen is not if they possess some magic formula but if you apply skill and perseverance in making them work.
This means that you can pick any business - and if you apply yourself you can make it work. The trick is to find a subject area that you will find satisfaction with.
Do You Mean Any Business?
Around twenty five years ago when I was first looking for an income opportunity in order to start a business I remember getting very frustrated because I could not find that route to riches that I was seeking. I considered one idea after another, I can't remember how many business plans I wrote, how many revenue projections I built and how many franchise information packs I sent for.
I distinctly remember saying to my wife that I must have been looking too hard. I should simply pick one idea, doesn't matter what, and get on with it. I used an example of an idea that I had considered but discounted as I did not think the market was big enough - picture framing. Suffice to say that within another year or so every high street had two or three framing franchises which had suddenly grown into big business!
The point is that anything can make you money - how much will depend very much on you and how you apply your business development skills. It is not an easy option to pick a hobby and try to make money in this way. Take stamp collecting - who would think that you can turn this into a lucrative business. But you could source and import stamp albums from Asia or seek dealers of bulk supplies of franked stamps in diverse countries. You don't have to think of a small dusty Dickensian shop as the limit of a philatical empire!