Evaluating-Business-Opportunities

Evaluating Business Opportunities: 10 Key Questions

 

Running a small business can be incredibly liberating. But there will come times when you’ll need to make tough decisions.

Whether you work solo or with a team, you’ll undoubtedly need to make critical choices about the best places to invest your time, energy and money.

Whether it’s deciding on new inventory or purchasing retail items to add to your product line, how to spend your time on social media, whether to outsource or hire somebody new- you need to evaluate every choice you make and be confident it’s the right decision for you and your business.

Jumping into a bad business opportunity can be incredibly costly. The negative repercussions can affect your profits, time, people and reputation.

Deciding which opportunities to pursue shouldn’t be a guessing game. Don’t be fooled by sales tactics and instead, take some time to evaluate these ten questions.

 

How do you really know a good business opportunity when you see one?

Consider these 10 key questions.

 

  1. Why is this opportunity worth considering?

  2. What are the risks associated with this opportunity? Specifically, what’s the biggest risk?

  3. Do the pros outweigh the cons? Weigh up the advantages versus the possible disadvantages.

  4. How do we maximise the opportunity while minimising the risks?

  5. How exactly will this help our brand?

  6. How will success be measured? What does success look like to us?

  7. Do we have enough control over the outcome?

  8. Do the values of the potential partners align with ours? Is there any potential friction?

  9. If we say YES to this opportunity, what will we have to say NO to in future?

  10. Does this feel right? Does it feel like the right thing to do?

 

Finding a good business opportunity means nothing if you can’t recognise it. But be certain you’re able to weigh things up with a clear mind, so you don’t fall victim to poor decision-making.

 

Over to you… what opportunities have you recently evaluated?

And how did you know you were making the right decision?

We’d love to hear from you in the comments.

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