Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Your Free Business Opportunity Resource Is Easy To Use
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

Find Great Business Opportunities - Book-of-the-Month - Author David Alford maintains that “opportunities come everyone’s way,” but few people know what to do when they find one. And in fact, few people actually know how to find the best ones.

That’s why he wrote

Optimizing Your Business for Mobile - Not too long ago, your business would be considered tech savvy if your website was easy to read on a smartphone and employees could access their emails on the go.

But, with how quickly the digital world is moving these days, this is just the beginning...

Conversion Rate Optimization - Every business owner knows the importance of a good online presence to increase a company’s visibility in a crowded and competitive marketplace. But getting more visitors and broader publicity is only half the story.

By improving conversion rates, you can give...

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
Kaeser & Blair Promotional Products
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
 
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
17 Apr 17 Posted by: Sally Keys
in Running Your Own Business

Effective Project Management - Managing projects effectively to keep them on track, on time and on budget is critical to every business. However, it is particularly so for a small or fledgling business where resources...

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...

Business Opportunity Apps to make your life easier was the best title I could think of today my friends.  This is especially true if you work with images or you are a graphic designer.

Business Opportunity Apps and Sites have been on my mind as late.  Recently, I've been focused on image optimization...

The Business Franchise Opportunity Sales Tips 7 Part Series was an idea launched by Keith Shaffer Director of Personal at TheLocalProject.net two weeks ago after a coaching session.  The credit goes to him for this...

Getting More Out Of Life: Buying Getting More: How You Can Negotiate to Succeed in Work and Life was an easy choice. When you read that Google used it to train 30,000 employees, you gotta figure it’s got something going for it. I’m always on the lookout for helpful books and negotiation...

 
   

Entrepreneur Exchange is our forum where we interview the Influencers, CEO's, Author's, Business Owners Of All Types, Shapes and Sizes.

Entrepreneur Exchange: Today, we sat down with Marc Winkelman, CEO of
Video Spotlight

Become a Dealer For Our Portable Self Loading Forklift! We Want To Talk With You. Call Us Toll-Free for Additional Information at 1-866-924-LIFT (5438) Today!


Premium Sponsor