The small business specialists
Phone: 13 12 49
There is no magic answer to this question. Experience has shown that some of the most bizzare ideas ,such as the concept of a personal computer have turned into successful businesses, while some have not.
It's important to look critically and impartially at your business idea when determining whether or not it's worth investing your time and money. It can be difficult to remain impartial about an idea you're passionate about, so talk to a business advisor to get a qualified and objective perspective.
While there are no guarantees that your business will succeed, a feasibility study will help you determine whether your idea will make a profit before you make a financial commitment.
It's important to remember that what is considered feasible may differ greatly from person to person depending on the return on investment they want and the risk they're willing to take on.
In your feasibility study you should analyse your business idea, market and competitive advantage as well as the financial feasibility of the business.
In this first stage of your feasibility study you need to look objectively at the idea and determine its profitability. This objective analysis would include:
Once you have determined there is a market for the product or service you are planning to supply, you need to conduct some more research which should include the following:
Now that you've established that your idea is a good one and that there is a market for what you are offering, you need to determine what makes your product or service special. Ask yourself these questions:
The final part of your study should address the financial feasibility of the business idea which involves the following: