Exploring Business Opportunities -
The 7 Question Test to Determine If an Idea is a Winner

By Matt D Hamilton

Before jumping into a new business opportunity, how do you decide if the idea is a good one for you and your current situation? If you are like me, I'm sure you've found yourself quickly going down the wrong path on more than one occasion. As entrepreneurs, and people chasing income streams, trying new things is in our blood. It is what we do.

I'm sure most of us will agree that in order to find consistent streams of income, we need to try various business opportunities and see which work best for us. While I certainly agree with this logic, I am also very aware of how valuable time and other resources are as I gain more experience. To help quickly assess if a new idea is worth pursuing, I have put together a list of 7 key questions to ask yourself before diving into the unknown.

Here are 7 questions to ask yourself before starting a new Business Opportunity -

Can the idea be started small with little capital out of pocket? - Since I have a 9 to 5 job, I'm not looking to start a huge business with lots of employees right now. My goal with income streams is to find multiple small businesses, I can do on the side, that collectively amount to a sizable extra income.
Is there big upside potential for the idea? - In question 1, I discussed the concept of starting small. That said, I rarely pursue an income stream if I don't feel that it can turn into something much bigger in the future. I want everything I do to have the potential to turn into something huge. The thought of a big payday down the road helps keeps me motivated.
Can the idea be profitable relatively quickly? - I'm not looking for the one magic bullet idea of income streams. I'm looking for several small ideas that turn a nice profit. I don't have the time or desire to nurture something that may or may not be profitable years down the road.
Are you passionate about the idea? - In my opinion, the people who are the best at what they do are passionate about their endeavors. I don't care what the field is, the best people in any profession love what they do. Passion equals enthusiasm and enthusiasm is a crucial ingredient for success.
Is it in a field where you have expertise or can easily gain expertise? - It may be a good idea but is it a good idea for you? If you are not an expert in the business being considered, do you have the necessary time and desire to become one?
Does it align with your personal values? - Simply put, would you be proud to be in the business you are considering? There are plenty of ways to make money in this world. Make sure you pursue opportunities you feel good about and are truly needed in the marketplace.
Do you have the resources readily available to make the idea happen? - Do you have the necessary capital, support, equipment, knowledge, and etc... to bring the idea to life? If not, maybe the idea is out of reach for the moment but may become a possibility in the future.

When you get your next great money making idea be sure to ask yourself these 7 questions. How does the idea measure up? If you are satisfied with your answers then the idea is definitely worth looking at in greater detail. If not, save the idea in your files as it may make more sense at some point in the future.

Hopefully answering these questions wasn't too difficult. I find them to be very helpful and a good first step in the process of exploring Business Opportunities.

About the Author:

I am a Licensed Real Estate Appraiser and Investor who owns multiple income properties, both commercial and residential. Besides Real Estate, my passion is creating and developing multiple streams of income. I worked in corporate sales for many years and am now enjoying the more rewarding entrepreneur lifestyle.

If you are interested in learning how to make more money either online or offline, please check out my website where we discuss a broad range of strategies for increasing your personal income. I invite you to join in the discussion. Enjoy the Chase! Matt Hamilton http://www.chasingincomestreams.com/