The,Feasibility,Study,and,You, business, insurance The Feasibility Study and You: A Dynamic Duo
Small offices have unique needs, and thatincludes document shredding. Designed with the smaller business inmind, the Dahle 20314 is a cross-cut shredder that offers Level 3security and brings you into compliance with federal regulations. The As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise. Franc
You have a great new business idea. You've asked your friendsand family for feedback and they gave you thumbs up approval.You've asked your existing customers if they'd have use forsuch a product or service and they've indicated they would.Lastly, you've done some soul searching and you know you'retruly interested in this concept and have the commitment tostick with it over the long haul.So far so good. Now it's time to do a feasibility study.I can hear the resistance already. "A feasibility study, you say? Isn't it something that CEO'sof Fortune 500 companies fiddle with? What does it mean to theowner of a small or home business like me?"Consider: A feasibility study is research that gives youpreliminary information regarding your business idea'spotential to succeed in the marketplace.It can mean the difference between success and failure. Thereare plenty of business ideas. Some of them will work. Some willnot. We know that every year, scores of new businesses flounderand fail, despite the owner's hard work and enthusiasm. Sadlyto say, one major reason for failure is the entrepreneur'swillingness to commit to a favored idea without researching thefeasibility of the concept. The demons battled here areinternal ones: Loving an idea doesn't mean it's going to be asuccess.Smart entrepreneurs know the importance of doing initialresearch before investing time and money in starting a newbusiness, or in developing a full-scale business plan. This gathering of information is the feasibility study. It canbe a complex, formal document used for attracting investors, ora simple page of notes to oneself. Regardless of which formatyou need, the feasibility study should address the followingcategories in detail:a. The Product or ServiceDescribe the product or service. What is it? How and where willit be manufactured or produced? By whom? How will it bedelivered to customers? In what way is it unique?b. The Owners and ManagementWho are the members of your management team? What are theirstrengths in this particular venture? How will those strengthsbenefit the business concept? What necessary skills andstrengths are missing from your present team? How will youcompensate for those skills? Will you hire? Contract out? Taketraining courses? Other?c. The MarketWho is your market? What is the demographic? Is the marketstrong? Is it growing? What challenges are facing the market?How will you reach the market? What are the costs involved inreaching this market?d. The CompetitionWho is the direct competition? Who is the indirect competition?How does your product compare to theirs? What is your uniqueselling point? Can your competitors readily duplicate yourproduct or service? How are they likely to react when youenter the market?(Note: Direct competition refers to companies providing thesame or similar service. If you are offering yoga classes, forexample, your direct competition will be other individuals orbusinesses that are offering similar classes within yourgeographic area. Indirect competition refers to other ways inwhich your potential customers can obtain a similar product orservice. Yoga books and videotapes, yogatelevision shows, etc., as well as businesses offering classessuch as Reiki, Shiatsu, Pilates, etc., are your indirectcompetitors.)e. BudgetWhat will it cost you to start your business? What will itcost to run it? Where will the money come from?Satisfied with the results of the study? Excellent. Now takethat enthusiasm and commitment and set about creating yourbrand new business! You and your feasibility study are adynamic duo! Article Tags: Feasibility Study, Direct Competition
The,Feasibility,Study,and,You,