So, how do you do ‘due diligence’ anyway?
If you move in entrepreneurial circles like I do, you’re
sure to hear two words over and over again: ‘due diligence.’
These words refer to the process of scrutiny and
analysis you’re supposed to go through before you
invest in any business opportunity.
Sadly, however, the words themselves are far more
known and used than the actual vetting process itself.
People talk about ‘due diligence,’ but fail to do it.
That is, I think, because they just don’t know what
to do. Let’s change that right now.
Here are 8 steps you can use the next time you’re
thinking of joining any business opportunity of any
kind.
1) What will the company actually share with you?
‘Due diligence’ is professional analysis. But it can’t
work until you have meaningful intelligence to
review. Just what does this company provide? Be
careful when you consider this point because ‘more’
doesn’t mean ‘better.’ What you want to know is
how long they’ve been in business, details about its
leadership (are its executives known and respected?),
the value of its products, its competition and place
in the market,etc.
2) How easy is it to get this useful information?
Where are these data? How easily can you access them?
How clear is the presentation? If you have to jump
through endless hoops getting the details you need
BEFORE you enter the company, imagine how difficult
it will be AFTER!
3) Can you talk to a LIVE person? Lots of so-called
‘opportunities’ make no effort to understand why
people like you and me need to talk to real people before
plunking down our hard-earned cash. People, in short,
like their questions answered and concerns dealt with
by other people, not just by posted messages. Is a real
person available to you, and just how difficult it is to
reach this person?
4) Are they a Better Business Bureau member? The
BBB is a well-known organization that’s in business to
make sure both consumers and businesses get timely
help. All businesses get complaints. The question is
how the company deals with them. A business’ file
and overall record at the BBB can be very helpful in
your research. And if the company you’re researching
isn’t a member? Caveat emptor.
5) Do you understand how money is made in this
opportunity? Every business hires good copywriters
like me who are skilled at exciting prospects. We can
do it in our sleep. That’s why you need to get past the
motivating language and see what you actually have
to do to make money. Until you are clear on that, you
shouldn’t join ANY opportunity, no matter how wonderful
it seems.
6) Do you have the skills, desire, aptitude and
experience to follow the steps which are necessary
to succeed in the opportunity you’re reviewing? This
is closely related to Point 5 above. Don’t assume –
whatever the company says — that anyone can make
money in the opportunity, that you don’t need any
particular skills, and that even a child can profit.
Be candid with yourself before so that you don’t
lament after.
7) Will anyone help you succeed? The sad fact is,
the average opportunity offers no help beyond a few
printed guidelines. That isn’t help; it’s lack of help!
Be direct with the company’s representative you’re
talking to (you are talking to someone, I trust) about
how you get help, the level, frequency, means of
getting it, etc. Everyone needs help; be clear on
how you get it and necessary training from the folks
you are considering joining (and paying).
Does what the company say make good sense?
My father used to say there is nothing less common than
common sense. Here, however, is where you need it.
When you look past the hype and marketing promises
(and remember, high-priced marketers like me are
experts in dishing it out), does what the company say
ring true… or are they just making one ‘pie-in-the-sky’
promise after another? You need to be cautious,
conservative and thoughtful here to avoid crying
in your beer later.
Conclusion
Lots of folks give nothing more than lip service to
due diligence. Yes, it’s necessary, but who has time
in these busy days? The truth is, the amount of time and
effort you expend on your due diligence is a direct
reflection on how serious you are about business success
and any individual opportunity in particular. In short,
it’s essential.
Last piece of advice: print out this article and file it
away. It could be well a lot of money and piece of mind
in all your future endeavors!
Resource Box
A good place to look for affordable interactive options
is Worldprofit. This well-known company offers a Free
Membership. Use it to review your options and,
because they’re interactive, talk to real people about
what works best for you. Start here
About The Author
Harvard-educated Dr. Jeffrey Lant is one of the best-
known marketers on earth. Dr. Lant’s free online webcasts
draw people worldwide who want to profit on the Internet
every day. If that’s your objective, go to
http://www.BuyersBizChoice.com and attend today’s
program as Dr. Lant’s guest.
July 5th, 2010 by Violeta | No Comments »
I found a directory of wholesale suppliers, manufacturers