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Feasibility and Business Planning

Developing a Business Concept. Feasibility and Business Planning. The Business Concept. An idea for a new business that CAN be TESTED Answers 4 Questions: What is the product or service being offered? Who is the customer? What is the benefit you are providing?

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Feasibility and Business Planning

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  1. Developing a Business Concept Feasibility and Business Planning

  2. The Business Concept • An idea for a new business that CAN be TESTED • Answers 4 Questions: • What is the product or service being offered? • Who is the customer? • What is the benefit you are providing? • How will you get the product or service to the customer?

  3. Writing a Concept Statement • After answering the four questions… You can write a Concept Statement Ex:

  4. Testing the Concept in the Market • Feasibility Analysis • Determines if the idea for a new business is practical. • Answers two questions: • Are there customers who want what you have to offer? • What conditions must be present for you to decide to go forward with the business.

  5. Testing Product/Service Requirements • Unique enough in the marketplace to capture attention? • Will the industry support your new business? • Research the industry • Trends • Barriers to entry • Profit margins

  6. Talking to Customers • Talk with potential customers to measure the interest in your product. • Learn as much as you can about your target customers’ NEEDS.

  7. Studying the Competition • Create a Competitive Grid • Organize important information • Gather this information by • Reading about them • Talking to them • Visiting their places of business • Talk to their customers and Suppliers

  8. Looking at Start-up Resource Needs • For a feasibility study you will need to calculate how much money it takes to do the following: • Purchase/Lease equipment and facility • Pay any employees you hire • Finish Product development • Carry the company’s expenses until you have enough sales for the business to operate on its own.

  9. The Business Plan • Document that describes a new business. • Explains to lenders and investors why the new business deserves financial support • Why Bother? • Obtain financing • Serve as a living guide to the business • To provide a start-up blue print

  10. Vision • “If you can’t see where youre going, how will you know when you get there? • Main concept you have for your business • What your business is • What it will become • How you should run it • Keep your Vision BROAD

  11. Parts of the Business Plan • Executive Summary • Product/Service Plan • Management Team Plan • Industry/Market Analysis • Operational Plan • Organizational Plan • Marketing Plan • Financial Plan • Growth Plan

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