Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Business Opportunities to Own
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Want more sales? Need to grow your business? Use the top 7 methods to generate more leads!

If you read Friday’s blog, you know that one of the best ways to increase sales is to generate...

Are sales down? Do you need to boost sales? Check out our latest tips and tricks to increase sales fast!

Let’s be honest, if sales are low, business and moral are low. Low sales over a period of time can lead to a business shutting down. With online retail giants, like Amazon,...

To help you get inspired, we’ve collected success stories from some of the top mom entrepreneurs of 2017, or mompreneurs.

There is no question that starting your own business is tough. It requires a lot of time, dedication, effort, and money. You’re putting your financial stability, job security,...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Promotional Products Home Business
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
Hurricane Recovery Resources for Business Opportunity Owners
in the wake of a crisis of this magnitude can be especially maddening, DisasterAssistance.gov is good place to start...
How Many Leads Does It Take To Close A Sale?
This article is now live on our blog and I know could be very insightful for many. Read On
Residual Income Business Opportunities
Residual Income is the way that you work once and get paid multiple times—sounds great!... Read On
Productivity Hacks — Our Top 50
Productivity Hacks will help you make more from less this 2016. Here at BusinessOpportunity.com we want to... Read On
Top 7 Reasons to Consider a CMS
The internet loves obscure abbreviations. You can skip over most of them, but not CMS. What is CMS? read on...
The Ideal Length of Everything Online, Including Social Media Posts
When one of your busiest marketing channels limits you to 140 characters, you know that the internet sets its own rules.
It Takes a Hot Voicemail to Land a Warm Lead
If you're a successful entrepreneur who provides others like you the chance to follow in your footsteps... Read On
Low Cost Business Opportunities to Own
Are your right for a Low Cost Business Opportunities to Own? The desire to own your own business... Read On
Sales Hack To Increase Your ROI and Productivity
Sales Hack to make you more money! Sales Hacks are not new, but how you use them is. We receive lots of emails.. Read On
The Top 10 Reasons to Buy a Business Opportunity or Franchise
Starting your own small business is part of the American Dream, right up there with owning your own home. Read On
7 Keys to Leading Highly Effective Sales Conversations
Most people's sales conversations could be better. Not a little better, significantly better. Read On
How Many Leads Does It Take To Close A Sale?
This Featured Article is live on our blog and I know could be very insightful for connectivity and ROI.
I Want To Buy a Business Opportunity or Franchise
Who are the types of people who buy a business opportunity or small franchise? According to people in... Read on
 
Resource Center > Article
Buying a Business Opportunity as a Side Business
Share this Article:

Today’s uncertain economic climate has many people interested in buying a home-based or other type of business opportunity, licensee opportunity, distributorship or franchise, all in the hopes of subsidizing their regular full-time income.  If you are one of them, that’s a very reasonable plan as well as expectation.

However, having a second job or even a third presents a whole range of exceptional challenges when it comes to managing your time, let alone your life, whether you are working for yourself or someone else.  And when it comes to owning your own operation in particular, it’s a whole different ball game than if you were just showing up to punch somebody else’s time clock.  That’s for sure.

The trick is to be certain you know in advance what it is exactly you’re getting into and to do your due diligence to ensure to the greatest extent possible that you’re making a solid investment as well as a good move.  Here are the most crucial questions you should be asking yourself about owning a side business long before you part with any serious money:


  • Is the business I’m interested in buying legitimate and does it have a proven track record of success?

  • How long has the parent company been in business?

  • How will they support me at start-up and in the future as I grow?

  • Is the product or service I will be selling one that is in demand?  In general?  In my specific market area?

  • Who is my competition?

  • What are my financial goals with respect to this new side business, and can I realistically achieve them in the necessary timeframe?

  • Is my home set up to handle a side business with respect to such things as office space, the necessary technology and even inventory?

  • Are there any covenants or local ordinances that may preclude me from operating this side business, either out of my home or from any other specific location?

  • Can my personal life handle the changing dynamics that come as a result of being a new business owner and one with two jobs to do at that?

  • Do I have the necessary experience to operate this new business or is there a significant learning curve, one that I can master?

  • Do I have a business plan and a marketing plan, both of which are critical to the viability of my new business not only at the outset but well into the first few years or so?

  • Have I asked enough questions with regard to just how much of an up-front investment I will need to make in this new enterprise?  How about ongoing fees or royalties?

  • Do I know what my options are for securing start-up capital, such as a bank loan, a U.S. Small Business Administration (SBA) loan, a state-sponsored small business lending program loan, a credit card or even family and friends?

  • Can I realistically obtain the start-up funding I need from one or more of those sources and not put my personal financial health in too much jeopardy by doing so?

  • Am I prepared to take the critical steps to protect myself and my side business, which includes setting up the right kind of venture from a legal standpoint (sole proprietorship vs. partnership; LLC vs. corporation, etc.) and purchasing the necessary insurance?

  • Have I thought about how I will get paid and pay others, and can I put the processes, procedures and/or services in place to make it happen fairly quickly?

  • Am I clear on what my state and the federal governments expect from me and my business when it comes to everything from naming and branding my new venture to filing taxes and everything in between?


With regard to this last question as well as many of the others listed here, the SBA is a great resource for anyone who is considering owning their own business, whether full-time or part-time on the side.  And because the research you need to do before purchasing a business opportunity, licensee opportunity, distributorship or franchise is considerable, knowing where to begin is half the battle.

Related Blog Posts

Starting a Business? The Best Tools for Business Owners. To help you save your time searching the internet trying to decide what option to pick, we’ve compiled the best tools for business owners available on the market.

With modern technology, everyone is always raving about a new app or website....

Safeguard your Business’s Data and Credit— We’re keeping with the theme of yesterday’s article and discussing how to ensure your business’s data and credit are safe.  We’re...

Best Ways to Store Data - Do you backup data on your computer each day? If so, congratulate yourself! You’re one of the tiny minority that can sleep easy.

Best Ways To Store Data - According to a 2016 survey, fewer than 1 in 3 computer users backup files on a schedule, whether daily, weekly...

Create Engaging Presentations with making very little effort used to be pretty much, well harder than it is now.

The good people at Slidebot know that to create engaging presentations that are powerful takes up...

Small Business Media and tapping into that vein can be a tricky and somewhat slippery slope unless you know some tricks of the trade.  Getting your message in front of the right audience is often the key to success.  So, where are the keys to the kingdom you ask and how can you get your hands on...

 
   

I had the pleasure of chatting with Shawn Pigg, CEO of Hotels Etc. for BusinessOpportunity.com's Podcast series that will be released very soon on our new Digital Platform.  Here is the transcript from that call for our regular RSS feed subscribers who get all of our posts first.

If you would...
Read More


Premium Sponsor