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Best Income Opportunities: $120,000 Hindsight Part 8 of 8

Mar 17, 2008
'What are the best income opportunities?' This is the No.1 question asked by those looking at home businesses. It is at first glance a perfectly reasonable question, and there is definitely a sliding scale of quality - from excellent value-for-money to pure fraud. However a more useful question would be: 'Which are the best opportunities for me?' This is rarely asked and yet, in my experience, is the key.

Best for Whom? Says Who?

Any recommendation or claim that some business, tool or seminar is 'top' or 'best' that has not factored YOU into the equation, is highly likely to be just a sales tool that will waste your money. Which football team is the best? Ten different people will give you 10 different answers.

Best Income Opportunities Or Best Chance Of Producing An Income?

There are two very different factors: the inherent or potential profitability of a system or project, and the actuality that you will experience. One is sold, the other is felt. Just because a certain business has a high profit or income potential, this does not mean that you or I will see it.

In many instances, when you dig a little deeper into what looks like a great business, you see that there were specific reasons why it worked for someone else, at a certain point in time. Yet this cannot, and will not be copied by everyone. Really the best chance of producing any income is via choosing a genuine home business tool or system that has the capacity for YOU to use it profitably.

The Process Of Change

Assuming you have found a good business opportunity that is suited to you, there is still the process of turning yourself into a proficient exponent - someone who is skilled. This is likely to take a varying amount of time and money, according to each person and each business type. If you are aware of this at the beginning you are more likely to weather the inevitable storms and thus have a better chance of seeing it through - and turning a profit.

Dependant On Market Timing

If this was the mid nineties in the UK or US, then rental properties would fall under the banner of best income opportunities. Now at the top of the cycle and with tight margins and interest rates still 4 points below the 25 year average, it is not a top choice. Yet it is still being sold as such - by those that will profit from you. That being said the more hard-nosed amongst you will have a greater opportunity to take advantage of the motivated sellers that arise from repossessions.

Dependant On Talent And Experience

The best income opportunities are largely dependant on you - your resources, your temperament and your goals - these being matched to a good business. Some combinations can be disastrous. There are several very good businesses, but they vary in how 'good' they are according to particular 'types' of people, countries and resource levels. One size does definitely not fit all!
About the Author
Charles Challis is the managing director of Applied Serendipity Ltd. He has spent the last 3 years and over $120,000/66,000 GBP researching and testing home businesses. The company website: http://www.home-business-consultant.com is a must-read for prospective home business entrepreneurs. Visit http://www.home-business-consultant.com to save your time and money.
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