subject: Business in a Time of Scams: How You Can Survive and Make the Right Online Business Opportunity Choice [print this page] You should be careful about choosing a business. After all,
investing in an entrepreneurial venture can make or break
you. It can ruin or make your reputation, place a big dent
on your bank account or enlarge it and do something to your
self-esteem that a therapist cannot. So when faced with an
online business opportunity, should you make a go for it or
should you run in the opposite direction? Here, we try to
make sense of what makes a good online business opportunity
and how you can decide for yourself if it's right for you:
Online means just that.
A unique characteristic of online businesses is that they
offer the logistical and geographical advantage that more
traditional forms of businesses can't. If you're selling
health supplements door-to-door, for example, you will be
severely limited by your ability to physically cover an
area. If there's a potentially big client in another state,
you will have to pack up and travel just to meet with them
and present your samples.
With an online business, you virtually have the world at the
end of your cursor key. Regardless of where your clients
are, you can reach them, communicate with them and close a
potentially lucrative deal.
However, the very nature of online businesses makes them
vulnerable to unscrupulous practices, fraud and hoaxes. If
you're not careful, it would be easy to fall for false
promises of instant wealth. Think about it: if all these
promises were true, we'd all be living like the Donald and
Paris Hilton. This is why you'll have to be well informed
about the risks of grabbing an online business opportunity
you have no prior knowledge of.
Protect yourself.
Never sign up for an online business opportunity that you do
not fully understand. So what if your best friend has
signed up and is bragging about his thousand-dollar-a-day
earnings? It might be different for you.
Instead of signing your soul and bank account away, ask for
proof. If the business is legitimate, they should be able
to provide you with documentation that they do indeed offer
a real opportunity. If there are claims to a specific
income for members, ask who these members are or at least
how many of them achieved that income and what the overall
percentage of top earning members is. Your right to
complete information is protected by the law, so use it.
Get claims and promises in writing.
Of course, no business opportunity can guarantee 100%
success. There is no such thing as a fool-proof venture.
Whether you succeed or not will depend on a lot of factors,
such as your ability to sell, the type of market you have,
trends, the relevance of the business, the quality of your
products and the strength of your competitors, among others.
If the company offering you the opportunity claims a certain
amount of earnings, have it in writing. It must be backed
up, particularly if the business will cost you $500 or more.
Always ask for the information about the earnings as part
of your information pack. It's not a guarantee of how much
you yourself will earn but it will show you how much income
you could potentially generate.
Take your time to study the agreement.
Certain online businesses should have a disclosure document.
If you buy into a franchise, for example, the law
stipulates that this document be provided to you. This will
outline important information about the company and whether
or not it has had problems about litigations in the past.
Get in touch with other franchisees to learn more about the
business. Again, it's your right to know.
When in doubt
Consult someone, preferably a disinterested party. If the
investment capital is considerable, talk with an accountant,
lawyer or a business coach. Don't be forced into buying an
online business opportunity just because high-pressure
tactics are being used on you. It's your money, your effort
and your future you have to secure.
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Business in a Time of Scams: How You Can Survive and Make the Right Online Business Opportunity Choice
