How to evaluate two different opportunities when both are good? Sometimes such situations arise when two or more similar “opportunities” come before us. Each of them looks great, so we get confused. Always thinking and wondering which one’s for me? Which one would increase the cash flow for me?
Some people don’t see any opportunity unless they are told, but you are the lucky one packed with business ideas. Maybe you can see many “opportunities” because you are a hard worker and an intelligent worker.
There are so many nowadays to start with. So many offers, so many ventures, and so many franchises you can invest in. An investment opportunity lands from nowhere!
So, it would be easier for you if I placed a guideline for choosing a business opportunity in the first place. And then, we will go through how to compare two particular online business opportunities. So, here’s what you are going to find here:
- 1. A Guidelines For Choosing a Business Opportunity
- 2. Evaluation Criteria Between Two Equal Business Opportunities
- 3. Evaluation of two Different Opportunities (GrooveFunnels Vs. ClickFunnels) Based on The Criteria
1. Guidelines For Choosing a Business Opportunity
You need to check the most vital factor first as an investor. That is a business opportunity’s legal factors. The legal aspects may vary from country to country, even state to state.
Before you make an investment decision, it would be best to ensure that the business opportunity you are about to select meets all the legal status, including FTC rules and international trade.
Apart from the legal factors, what might be the other benchmark to evaluate the right business opportunity for you? I have gathered some directions from a business opportunity consultant that might help you:
1. First, assess yourself. How enthusiastic are you about that business opportunity? Enthusiasm is an absolute advantage, and it will help if you run your business enthusiastically. Otherwise, you may fail. But if you are passionate enough, you are sure to pass your enthusiasm to your team members and even your clients!
2. You must have complete knowledge of the product or service you are involved in. That’s right, and your enthusiasm must be backed by in-depth business knowledge.
3. Make a credible market evaluation of the product or the service you will be involved with and make a proper business plan. It will help you assess the market size and make your business plan as an investor.
It will also give you a competitive advantage and prepare you to make the proper judgment. It will also give you a starting point, where to start, how to start, and what to do to solve the market’s issues.
4. Make a credible competitor assessment to gain a competitive advantage. Competitive analysis reveals strengths and weaknesses. Make your business plan based on the strengths and weaknesses of your competitors. They are doing good, which means you also are in good business; it’s straightforward metrics.
5. Make a complete market survey on potential customers and how they like to be delivered. You only could succeed if you can serve the consumers with your products or services with the competitive advantage you gained from the survey.
6. Finally, Check the Training and experience required to run the business properly. Enroll in the Training by all means if a suitable curriculum is available and fits in your background. Gaining knowledge is one way to stay ahead of your competitor. It also will reduce the opportunity cost and find methods to satisfy your potential customers.
That’s pretty much it for the guidelines. The question is, are there any apart from the above? Yes, there are, but we have gathered only a few that matter in our case.
The existence of a business opportunity is truly staggering, and they exist everywhere. You can start selling consumer goods online. You can also start selling your skills online, like your writing skill or voice.
The lack of business opportunities isn’t an issue here. You can make your idea and business opportunity. Everybody has that ability. The problem is usually- our indecisions. Like, you are confused about what you are looking for.
Here I’m going to give ideas on evaluating two different opportunities when both are good.
Now think about decision-making. Decision-making would be easier if you were to choose between right and wrong. But it could make you helpless in deciding if you need to pick from two “incredible” opportunities because both could bring you a fortune!
To evaluate two different opportunities, what do we usually do? We draw a line for both the options, pros, and cons. Then we get confused in decision making when we see both the opportunities are almost the same!
Here is what I do to evaluate two different opportunities when both are good. I take two pieces of paper, one for each “opportunity.” Then I write my five measuring scales with a 1 to 10 rating system for each category. One is not so good, and ten is incredible!
And here are the five benchmark measures I use to evaluate the two:
2. Evaluation Criteria Between Two Equal Business Opportunities
Return on Investment (ROI) When an opportunity comes, the first thing I check is if the ROI (Return on investment) would be lucrative. So I think the ROI will be high enough or not if I give my time, money, resources, sweat, and emotional energy?
Then I put the two into my one-ten scale on the two pieces of paper I prepared. I measure the ROI for both on the 1-10 scale.
2. Future Value
The second norm I consider to evaluate two different opportunities when both are good is their future value. Future value is not only immediate ROI but more than that. I think of one year, two years, five years from now. And I measure them on the 1-10 scale the same way as before.
Generally, people evaluate two different opportunities with only ROI or Pros & cons. They do not consider the future value, and that’s when they come up with a wrong decision. It would be best to review both the short-term win and the long-term gain.
So ROI and future value for both the opportunity-A and opportunity-B get a score on the 1-10 scale.
3. Personal Development
Personal development is my third measuring scale to evaluate two different opportunities when both are good. Here I check how engaging and challenging the “opportunities” are.
I question myself, do the opportunities have the ability to stretch me? Do they force me to acquire new skills and knowledge and develop talent? How far could they improve me as a person, a better character?
I also review the opposite scenario, that opportunities aren’t way beyond me. They aren’t way too challenging and way out of my comfort zone.
So, I would go for it to gather a more incredible amount of competency and confidence in life. And there are no chances of destroying my life.
I measure the benchmark for each opportunity in the relative piece of paper on the 1-10 scale.
4. Lifestyle
I take my lifestyle seriously. Lifestyle is generally overlooked in the process, but you need to take it thoughtfully.
Ask yourself, is the opportunity that improves your lifestyle or destroys it?
Another big question, do you need to work 70-80 hours a week? Then you have to work like a machine, with no time off. You’ll be exhausted. You will destroy your family and social life. No way this could be a good opportunity!
Are you considering doing something you hate? Or something that puts you in misery for a few years of your life- considering the high ROI and the other three norms discussed above?
My opinion is, don’t do it. Instead, open your eyes, shift your mind, and lift the curtains around you. There are so many opportunities around you to pick!
So, there are one more benchmark left, and that is:
5. Mental Well-being
If doing this opportunity makes you insane. Or compromises your integrity & value all the time, it won’t be a good opportunity for you.
It is not enough if the ROI, Future value, personal development, and Lifestyle score are high. You must be happy and content with your work. It must give you fulfillment, a meaningful life. Now you need to put mental well-being on the 1-10 scale. That’s called mental well-being.
Now, look at the score sheet. We have five measuring scores on the 1-10 scale like this:
ROI: 1 means less ROI and ten maximum.
Future value: 1 means no future value; 10 is a lot of future value.
Personal Development: 1 represents no development, and ten a lot of growth.
Lifestyle: 1 represents a destructive lifestyle, and ten an excellent lifestyle.
Mental Well-being: 1 represents stress, and 10 illustrates sound mental well-being.
Add the scores for each of the opportunities. One of them always wins. They would never be equal if you did the process right. Why? The answer to the question is they can’t be equal unless you are fooling yourself.
There are 50 different point possibilities ten different ratings for each of those five measuring categories. Undoubtedly one of them will do better somewhere on the evaluating scale. It could be neck to neck but still unequal.
You are done with the benchmark to evaluate two different opportunities when both are good. We will take two similar popular business opportunities from the market and evaluate them with our criteria.
We are taking two digital marketing suits, the GrooveFunnel, and the ClickFunnels, to compare the criteria discussed above. If your question, why these particular two? There aren’t any, and it’s a random pick.
3. Evaluation of two Different Opportunities (GrooveFunnels Vs. ClickFunnels) Based on The Criteria
Before we lay the two business opportunities on our criteria, we must know a little about the businesses, what they do, and what they offer. We have extensively compared the GrooveFunnels and the Clickfunnels, and I highly recommend reading it here.
But below here, we are going to introduce them briefly.
GrooveFunnels is a membership site that provides a collection of vital apps and tools for Digital Marketers. With the help of the apps, you can engage in all the activities required for online marketing.
ClickFunnels is a SaaS (software as a service) membership site with a few software and tools. It helps digital marketers and entrepreneurs create great landing pages and sales funnels for their online courses.
ClickFunnels is the sales funnel builder that provides a drag & drops visual editor to the members. It also furnishes many built-in and customizable templates and elements. So with the help of the drag & drop editor, members can create landing pages and sales funnels with ease in a few mouse clicks.
Another two apps come with Clickfunnels, which are Backpack and Actionatics. The backpack is the affiliate management system of each funnel, and Actionatics is the member-only email marketing app. You cannot access Actionatics with a $97/month membership; you must have a $297/month membership plan.
Return on Investment (ROI)- GrooveFunnels Vs. ClickFunnels
Let’s see how much the investment is. You need to start at $97/month to use some essential functions of the ClickFunnels marketing suite and $297/month to make full use.
On the other hand, the primary use of the GrooveFunnels suite is free.
So, we can see that investment is way high for the ClickFunnels compared to the GrooveFunnels.
But we need to know what we are getting with our investment. And we concluded that the services provided by GrooveFunnels exceed by a significant margin compared to the ClickFunnels.
The truth is the current ROI of the ClickFunnels is sufficient, but obviously, the ROI is undoubtedly better with the GrooveFunnels.
On a 1-10 scale, the GrooveFunnels get 9, and the ClickFunnels get 5 in terms of the ROI.
Future Value- GrooveFunnels Vs. ClickFunnels
We will look into the future value if we are satisfied with the ROI of both. Here, we are talking about five years, ten years from now.
We know that ClickFunnels has been operating in the market for almost ten years. That means its architecture framework technology is old and non-replaceable. So, ClickFunnels has limitations to expanding the services’ quality and quantity. It is evident from its cancelation of services to lower price plans, frequently increasing prices, and adding content-based resources rather than software-based services.
GrooveFunnels has just hit on the market, starting with a more comprehensive strategy, the latest framework technology, and including all the apps required for digital marketing under one roof.
So, on a 1-10 scale, the GrooveFunnels get 9, and the ClickFunnels get five from us based on their future value.
Personal Development- GrooveFunnels Vs. ClickFunnels
In terms of personal development, the ClickFunnels beat the Groovefunnels currently. They have a high-valued separate training material portal packed with courses, and they are adding more and more as they cannot increase software services. You have an excellent opportunity to acquire new skills knowledge and develop talent with ClickFunnels membership.
Note that GrooveFunnels has just come out of the beta stage. Though they have plans and started adding Training and skill-developing content, it is still not up to the mark. But according to their work schedule, the complete knowledge resource will be up by 2022.
Lifestyle- GrooveFunnels Vs. ClickFunnels
It will be wrong to think the five standards will fit every business opportunity. If the digital marketing lifestyle is okay with you, they are excellent. In the case of the GrooveFunnels or the ClickFunnels, lifestyle criteria don’t fit that much. Both are software-based digital marketing suites, and they cannot make extra and separate impacts on your lifestyle.
Mental Well-being- GrooveFunnels Vs. ClickFunnels
Mental well-being is also related to digital marketing itself, not on the digital marketing suites like the GrooveFunnels or the ClickFunnels. So, the standard also doesn’t fit to compare GrooveFunnels and ClickFunnels.
I hope I laid out a solid strategy for evaluating two different opportunities when both are good. Make a firm decision on ‘yes’ or ‘no’ and stick to it. Only then could you live a charged life.