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How to Evaluate Business Proposals
1. Is it legal?
Do they have a product? Many programs on the net are simply "money
movers" with no real products. If this is the case then it's probably
illegal simple as that. If you are
serious about developing an online
reputation for quality and reliability, then don't even entertain the
idea of quick easy money. It will catch up with you!
2. Does their product have value and advantage?
Is the product something that people want with the potential for
repeat sales giving value for money at a competitive price? Do your
homework. Search the net for equivalent products and do a price
Does it offer a marketing advantage of some kind? What are
the selling benefits of the product over their competitors? If they
don't have a marketing advantage why would anyone buy their products?
Business Proposal -
Work Breakdown Structure
3. Is it residual?
The best opportunities are the ones that have a growing industry and
ideally repeat sales. Make sure if you are marketing a product that you
benefit of the repeat sales.
This is called residual income.
you are expected to find customers but only get the benefit of the first
sale, this is unethical and unfair. It is a good idea to evaluate what %
is paid back in commissions for the cost of the product or service. All
good opportunities pay back an absolute minimum of 20%. Decide you are
worth at least that much to them.
4. How long will it pay?
where will the product be in 12 months, 2, and 5 years down
the track? This is particularly important for digital and information
products. Ask yourself the same about the company. Are they around for a
quick buck or do they have a plan to establish long term commerce? Will
they develop or keep up with new technologies to maintain a competitive
edge? If this information is not readily available on their website, ask
them. If they are not planners then they will not survive.
5. How long will it take?
Take a long hard look at their compensation plan and compare it to
your own goals.
Is it cost effective on an hourly basis for the final
outcome. You may have to
make a decision by balancing time for outcome.
You may consider it worthwhile putting in 20 hours work over and above a
regular 40 hour job for a small return initially, if the final outcome
is say 10 hours per week total for a 5 fold income.
Of course you will
have to decide first of all exactly how much time you are willing to
work on the proposal then ask yourself is their program sufficiently
automated to be worth your while?
6. Do they want your success as much as their own?
What is their commitment to you in terms of training and support? If
they are not willing to train and support you for your success, are you
willing to carry the responsibility of training yourself and dealing
with product problems? In my opinion you must have online support and
training for whatever you need to do for the mutual success of both you
and the company. This can be in the form of email support, forums and a
FAQ (frequently asked questions) page on their website.
7. What are the hidden costs?
Ask yourself, "What do I need over and above their proposal in order
to achieve my goals", then factor this in to your decision-making
process. In this you should include things like further study, tools,
web hosting expenses, stationary, travel expenses, accommodation etc.
is also important with some businesses to find out if you have a minimum
purchase requirement, frequency of compensation and the time period
between sales and commission.
All these will affect your
cash flow. You
should then work out exactly what it takes to firstly break even, then
become profitable and finally achieve your goals.
8. Is their a lead generation system?
What assistance is given for approaching potential customers through
to closing the deal? This is often non existent with you left to do it
all. The best opportunities are fully automated for efficiency but
flexible enough to have the essential personal touch. It can be hard
work sifting through the opportunities to find your "Ticket2Success".
Proposal Manager Toolkit - Cost Breakdown
9. Do they have a money back guarantee?
Whether the product is digital or hardware people will expect a
guarantee. Are you able to return and refund products quickly and easily
with out problem? Is it clear who handles the finances and complaints in
the event of an unhappy customer? You don't want to be left with egg on
your face after creating a good online reputation!
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