Everyday we think to own our business but the problem is how to make sure that our business will become successful. By looking around your area and you will see what people needs. To prevent the waste of money and time, make sure to have a feasibility study to assess the viability of your business idea. Before spending money, feasibility study should be conducted in order to foresee if the business has a good chance of succeeding.
Business magazines and daily newspaper is a good source of business information. Also, yellow pages will give you an idea of a business already operating in your area. Also, seek business advice from others who are in the same industry. Getting information you need will find out
Some factors to consider when preparing feasibility study are the following:
- demand and market
- skills and talent needs by customer
- capital needs and requirements
- potential client or customer
- management and operations
- resources including facilities, equipment, staff, etc.
- competition
- market size
- economic benefits
When you pass the feasibility test, you are now ready to the next step which is to business planning. Business planning will see the picture of the future. According to Wikipedia, business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.