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I spend an enormous amount of time researching home business opportunities and counseling would be and current small business owners on how to run a home based business. Some of these entrepreneurs already have had a small business, and others are still looking into them. One question that many never really completely do – Due Diligence.
I mean REAL “Due Diligence”. Not, “ I went to the Internet and did a “search” and looked at the comments”. Now that can be very valuable, but at the same time you need to understand that sometimes the person you are reading their comments on has an ulterior motive….like get them into their business rather than the one you are looking into.
I'm always asked, "Well how do I do proper due diligence?"
Can your business opportunity survive a background check?
Here's a list of things to consider:
Web Presence
It doesn't matter what your opportunity is. In today's world, you need to have a web site where people can find out about the business. When I perform any due diligence, the first thing I do is check out a company's web site.
Executives Listed
One of the “red flags” for me when I’m doing research on a business opportunity is to first go to the web site and find out who the founders are, the executives and any board members. If I don’t find them listed and I find it very difficult to find out whom they are – I ask myself, why are they not? It is a standard business practice.
Business Phone Number
I can't tell you how many times I have called a company’s business phone and it's been answered with the family's answering machine or simply by someone saying "Hello?" This is incredibly unprofessional. What do you think when the phone isn't even answered in the business name?
Business Address
Some businesses rent a mailbox at the local shipping store. You know, these are the stores that have 200 mailboxes in them and give you a "suite number".
E-mail Address
This tip goes hand in hand with having a web site. Do they have a e-mail address that matches the site. It should always be in this format:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. For example,
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. This adds to their credibility. How serious is someone if their business address is @hotmail.com or @gmail.com? Most people view these e-mail addresses as disposable. Do you want them to consider your business disposable?
Professional Looking
These days, it is amazing to me that some of the companies that are launching don’t spend more money on designing their websites to be more professional. If they aren’t and look like they have been built by a person in an hour on godady…well there is a sign.
If you do have concerns. Look up their website to see where it is located, who owns it, and how long it has been registered.
Research
Research take time but it can be well worth the extra hour to make sure you are not pulled into something that isn’t a great opportunity for you.
Two quotes come to mind –
“Most misfortunes are the result of misused time” – Napoleon Hill
“If you lose money, don’t worry…you can get more money. If you lose time, be concerned…you can’t get more time” - Donald Trump
Take some extra time to find trusted source to research your opportunity – there are some great ones out there…but in my experience of looking at over 4000, there are only a few that make the cut.
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Education 
