How to evaluate two different opportunities when both are good? Weren’t you been in a situation you have so many options in front but don’t know how to choose the right one? 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 also you are a smart-worker.
Speaking of a business opportunity, 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 place 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, who’s a business opportunity’s legal factors. Mind that the legal aspects may vary from country to country, even state to state. Before you make an investment decision, it would be best to make sure 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 a complete knowledge of the product or service with which you are involved. That’s right, and your enthusiasm must be backed by in-depth knowledge of the business.
3. Make a credible market evaluation of the product or the service you are going to be involved with and make a proper business plan. It will help you to 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. They are doing good, which means you also are in good business; it’s straight forward metrics. Make your business plan based on the strengths and weaknesses of your competitors.
5. Make a complete market survey on potential customers and find out 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 by 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.
You can start selling consumer goods online. You can also start selling your skills online, like your writing skill or even your voice. The existence of a business opportunity is truly staggering, and they exist everywhere.
In fact, the lack of business opportunity isn’t an issue here. You can make your own 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 how to evaluate 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 “rights” opportunities because both opportunities could bring you a fortune!
To evaluate two different opportunities, what 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!
Apart from the pros and cons of things, I want to fetch you some new thinking areas, new ideas, and new questions to ask. These new ideas might help you reach your decision. I always use a set of five-question to evaluate two different opportunities when both are good.
These are the five areas you should consider to evaluate opportunities. These will help you to reach a profitable decision.
Here what I do to evaluate two different opportunities when both are good. I take two pieces of paper, one for each option. Then I write my five measuring-scale with a 1 to 10 rating system for each category. One is not so good, and ten is awesome!
When opportunity-A and opportunity-B knock at my door. When somebody wants me to invest in their projects, try to sell their ideas, or some new client appears, I think of what I need to put in these and the outcome for me.
And here are the five benchmark measures I use to evaluate the two:
2. Evaluation Metrics Between Two Competitor Business Opportunities
1. Return on Investment (ROI)
When an opportunity comes, the first thing I check 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 in my 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.
As for future value, I consider the ROI pretty good, but will the ROI be progressive in the coming years? What will I achieve after a certain period of time, one year, two years apart from ROI?
A big question, does the future value I get from either emotionally or in terms of skills/training or true financial abundance? What specific goal does it help me achieve later on? Will it allow me to indulge in the right people and the right network? That’s all future value.
Generally, people evaluate two different opportunities when both are good with the only ROI or Pros & Cons or both. They do not consider the future value, and that’s when they come up with a wrong decision. It would be best if you review both the short time 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
This is my third measuring scale to evaluate two different opportunities when both are good. Here I check how engaging and challenging the options are.
I question myself, do the opportunities have the ability to stretch me? Do they force me to acquire new skills, knowledge and develop talent in me? 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 of the opportunities in the relative piece of paper on the 1-10 scale.
When I have to evaluate two different opportunities when both are good, I take my lifestyle seriously into consideration. Lifestyle is generally overlooked in the process, but you need to take it thoughtfully.
Looking back to the top three measures, ROI scored high on the 1-10 scale.
Future-value also scored high. And so does personal development. So we can go for it?
But wait a minute. Ask a question 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, 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 hanging on to do 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. That’s called mental well-being. Now you need to put mental well-being on the 1-10 scale.
Now, look at the score sheet. We have five measuring scores on the 1-10 scale like this:
ROI: 1 means less ROI and 10 maximum.
Future value: 1 means no future value, 10 a lot of future value.
Personal Development: 1 represents no development, and ten a lot of growth.
Lifestyle: 1 represents a destructive lifestyle, and 10 an excellent lifestyle.
Mental Well-being: 1 represents stress, and 10 illustrates sound mental well-being.
Add the scores for each of the opportunities. 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. One of them always wins.
You see, there are 50 different point possibilities, 10 different ratings for each of those five measuring categories. Undoubtedly one of them is going to do better somewhere on the evaluating scale. It could be neck to neck but still unequal.
Now I want to point to additional standards to think on. It’s after one of the opportunities won. What will be its impact on the community around you? Consider the social components, your family, your friends, your relatives, your neighbors. It may not destroy you, but it might ruin other relationships! That’s not cool.
Once you are decided, you need to give everything of you on that opportunity to materialize. But you need to set a boundary around you also. It’s like a balance of the two.
You are done with the benchmark to evaluate two different opportunities when both are good. Now 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 we already 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 what the businesses are, what they do, and what they offer. We have compared the GrooveFunnels and the Clickfunnels extensively, 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.
CF, the sales funnel builder, provides a drag & drop visual editor to the members. It also furnishes many built-in and customizable templates and elements. So with the help of drag & drop editor, members can create landing pages and sales funnels with ease, in a few mouse clicks.
1. 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 basic functions of the ClickFunnels marketing suite and $297/month to make full use.
On the other hand, the basic use of the GrooveFunnels suite is absolutely free, and to make a life-time full use, and you need to pay a one-time fee of $1397 only.
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 came to a conclusion after careful review that the services provided by the 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.
2. Future Value- GrooveFunnels Vs. ClickFunnels
We are going to look into the future value if we are satisfied with the ROI of both. Here, we are talking about 5 years, 10 years from now.
We know that the ClickFunnels is operating in the market for almost ten years. That means its architecture framework technology is that old and non-replacable. So, ClickFunnels having limitations to expand in quality and quantity of the services. 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 bigger 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 5 from us based on their future value.
3. Personal Development- GrooveFunnels Vs. ClickFunnels
In terms of personal development, the ClickFunnels beat the Groovefunnels currently. You have an excellent opportunity to acquire new skills, knowledge, and develop talent with ClickFunnels membership. 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.
Note that the GrooveFunnels is still in 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 full knowledge-resource will be up by 2021.
4. Lifestyle- GrooveFunnels Vs. ClickFunnels
It will be wrong thinking the five standards will fit for every business opportunity. 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. If the digital marketing lifestyle is okay with you, they are both excellent.
5. 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 pretty 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.