Balancing Time and Money when looking at Online Business Opportunities

The internet abounds with business opportunities for people looking to make extra money. Many of these opportunities are out right scams, some have great potential but include hidden traps and costs in time and money, some make great assumptions about your technical ability or the depth of your pocket and some are just plain stupid unproven ideas.

How do you begin? The first decision often overlooked is what are my available resources of time and money? You need to ask yourself whether you have the required time to research, develop, complete and run the business being presented? Be cautious about any, “You can make money in 15 mins from now” claims. That may be true in theory, but in reality it’s most unlikely, especially if it’s your first business online. They often include some technical setup and involve marketing methods that have their own learning curves. The financial return is likely to be a small amount requiring a great deal more time to make a living. The worst scenario is when the hidden financial costs involved with an opportunity cause you to come to a grinding halt or even worse still render you bankrupt or heavily in debt.

So how do you get around these problems? Firstly, don’t buy into the, “act before midnight” temptation and do as much homework on the offer as you can. If this is before midnight, all well and good but don’t be pressured. Good places to go are the forums, scam watch sites and basic search engines. Include both the program name and the author’s name when doing keyword research in the search engines. Get the response of others and if it has the slightest hint of suspicion, keep well clear. Be careful also of the responses that offer to help you if you, “join under them”. They may have another agenda!

Next, evaluate the track record of the opportunity and those presenting it. Businesses with a long established record may give you more security, but balance this with a realistic evaluation of market potential and whether your target group is saturated. You may well find you have a better chance with a new opportunity if those running it have a track record of success in other business ventures and want to expand their business portfolio. If there is no track record for either, then it may well be the next Microsoft, but it’s a big risk you have to evaluate carefully.

Next, do that all important research on the ongoing costs of both time and money. You probably won’t get answers to questions like, “How long will it take me to make a million?” but you may be able to find out what time and financial input are recommended to get you onto a path of financial security. If you’re really fortunate you may even get some examples and case studies of those who have achieved success in the industry.

Next, make the decision whether you have the time and money required to follow their recommendations. Can you really afford the time and money to achieve success online? Evaluate what sacrifices you will have to make and whether you have the agreement and support of your family.

Finally, take action. This could be to go ahead with a chosen opportunity or flush it and look for another. Either way be sure you do not get stuck with inactivity. Decide and move on.

When you evaluate the financial aspect you should consider a number of things. Ask yourself, is this expense training me, giving me resources to build a business myself, or buying in the services of someone already proven and experienced to do it for me? Consider too whether it’s the total expense or one of many. That will affect the overall time required to build your business.

Finally you need to evaluate whether you want to work your time, work your money or a combination of both. You must make an informed decision and take control of it.