Assessing a Business Opportunity

There comes a point in most people’s lives where they seriously begin to reflect on their past achievements and make goals for the future. Some people aspire to retire by 40, others want to travel the world, and each one of us has goals we wish to achieve. The focus of today’s blog is to set a framework for assessing business opportunities and establishing whether it is the right move for you.

• Self-Evaluation – One of the crucial steps in assessing any business opportunity is to analyse your own talents, desires and goals. Do you have the drive, passion and will to commit to a new business opportunity? Most small businesses fail due to the owners’ weak management and inexperience in managing resources.

Consider your appetite for risk as well as the amount of time and energy you can devote to a new business opportunity. By analysing yourself in a clear and impartial way you’ll be better placed to assess opportunities and really commit to ones that are right for you.

• Financial Implications – Once you have a clear idea about the level of investment required for a new business opportunity, you will need to assess your own financial resources. A key component of financial assessment includes the amount of personal savings you will add to the start-up investment.

Consider how you will survive financially during the first few months of your new business, while you build up revenue and hopefully profits. Have you managed to secure funding through an investor or the bank? Have you projected your cash flow and can you see any period where you will need an overdraft? Has this been agreed? By considering the financial implications to any new business opportunity, you will put yourself in the best possible position to make the correct decisions.

• Market Research – It is always best practice and prudent to conduct your own market research whilst you are assessing any business opportunity. This will allow you to determine the feasibility of the business opportunity as well as highlight trends, competition and the profile of potential customers.

• Support – Starting any business opportunity puts a drain on your resources as well as the time you have available for family and personal activities. This is particularly evident at the beginning when you will be engrossed with your new business opportunity. How much support will you receive from family and friends? Are they fully behind your latest business decision? By having them understand your situation and vice versa, you should ensure a balance between your professional and personal life.

As we have seen above, assessing any business opportunity requires a lot of time, attention, resources and self-analysis before you can commit for the long term. Here at Eazi-Apps, we try to make this process as seamless as possible by laying the ground work for you to excel in the mobile app landscape. To find out more about joining the mobile revolution and assessing whether our business opportunity is right for you, contact us today.