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7 Tips for Avoiding Bad Business Opportunities

By Meaghan Montrose

There are many business opportunities available on the internet. Since each company or organization claims to be the best choice, how do you know which one to choose?
There is no one right answer to this question. Everyone has their own unique needs and skills and therefore not everyone is suited for the same job. I can’t give you the magic answer to tell you which business opportunity is the best for you, but I can give you some advice on the ones you should avoid.
Here are seven things to keep in mind when you are considering a new business venture.

1. Don’t fall for a “get rich quick” scam.

All legitimate business opportunities require work and time. There is no magic job that will make you rich instantly. If there was, we would all know about it. A good business should promote money-making potential while still being realistic.

2. Beware of companies that expect you to put up a large sum of money upfront.

You shouldn’t be breaking the bank in order to make money. If the upfront fees are reasonable and will provide you with training and resources to succeed, then it is something you should consider. If you are asked to pay a steep price just to be a part of the organization and there are no helpful benefits that come with it, then it is something you should pass on.

3. Steer clear of Multi-Level Marketing (MLM) organizations.

These are systems that are designed to fail. The bottom line, MLMs are pyramid schemes. The “big money” is made when you hire other employees to sell the product or service. The truth of the matter is, in most cases the product you are selling is not really valuable. The whole premise of these companies is to make money by “tricking” other people to give you money in order to be a salesperson to sell the product and then they find other people to give them money to sell the product and so on. A legitimate business will make you money by selling their products or services. The job shouldn’t require you to enlist someone else to sell the product in order to make money.

4. Avoid business ventures that have unclear descriptions.

Don’t agree to any job if you do not completely understand all of the details. Some companies just focus on all of the money that you can make or how little time you need to spend working, but they leave out the description of the job. Before you sign up or pay money, be sure you know exactly what is expected. Determine if there are additional or monthly fees that will pop up. Check to see if there is a time commitment and if there is a “back-out” option if you change your mind. You need to have a clear understanding before you make a decision.

5. Look for businesses you can trust.

The best option is to choose a company or organization that has a well-known and positive reputation. Do some online searches to find reviews and references for the business you are considering. There are many forums in which people discuss positive and negative business experiences that they have had. Check the Better Business Bureau to see if there have been complaints.

6. Check for contact information.

A legitimate business will have contact information such as names, email addresses, mailing addresses, and phone numbers. This should connect you to a live person who can answer any of your questions. Before agreeing to anything, make contact with someone to clear up any concerns you may have and make sure you won’t be left in the dark if you are having trouble along the way.

7. Trust your gut.

If something just doesn’t feel right, it probably isn’t. There are many job opportunities available. Don’t jump into something if you aren’t comfortable. Keep looking and find one that is a better fit.

Topics: Starting/Running Your Tutoring Business, Work from Home | 3 Comments »

3 Responses to “7 Tips for Avoiding Bad Business Opportunities”

  1. KaitlynM Says:
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    These are great tips and all very true. I would also get references- ask to speak to other employees or members of the organization.

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