Business opportunities are plentiful in the marketplace, and purchasers and licensees are always on the lookout for new and potentially profitable ventures. As a prospective investor of a business opportunity, you should know that it involves more than just buying a franchise.
Identifying business opportunities requires a great deal of research and a thorough knowledge of federal regulations. The Federal Trade Commission (FTC) specifically defines what a business opportunity is, and more than two dozen states have laws defining business opportunities and regulating their sales.
Rather than go it alone, you or your company should consider the services of a business consulting firm to identify new business ventures. An expert consultant can evaluate the right opportunity for you or your company.
Types of Opportunities
The most common business opportunities the FTC defines include distributorships, vending machine routes, the sale and marketing of a company’s products on consignment racks, and direct sales and multilevel marketing. Cooperatives, dealerships and trademark and product licenses are also categories to be aware of.
A business consultant can do the research of the venture you or your company is interested in. The consultant can determine if your business opportunity complies with regulatory statutes and falls under FTC regulations.
A business consultant can recommend guidelines that include:
- Researching the company or franchise history
- Honestly evaluating yourself and your abilities in this new venture
- Running the business enthusiastically
- Determining whether the time is right to introduce the product or service to the marketplace
- Checking the training and experience needed to run the business or franchise properly
- Calculating if more hours are needed in this venture to make the same amount of money you are currently making.
Seek Expert Help
You should consider retaining expert advice from a business consulting firm to help you or your company identify the best and most lucrative opportunities. The advice will help you make good decisions on promising ventures that have the potential to be profitable in the long term.[/fusion_text]