Writing a Feasibility Plan

Writing a Feasibility Plan
Before writing your startup business plan your business would benefit greatly by writing a feasibility plan. Many budding entrepreneurs already have very busy lives and there is no need to waste time working a business idea that won’t be profitable. Doing extensive research and writing it out can help you make the right decision about what products or services you launch. This is the first step that many entrepreneurs skip but I feel it is essential to a thriving business.

Product/service Description

Your product or service description should be very detailed. Describe service timelines, packages, and how the services will be performed. Describe your product’s durability, quality of materials, efficiency, and safety,. Everything that pertains to your products/services should be describe down to the most seemingly insignificant detail.

Market Analysis

If there is no market for your products or services than you won’t make any money. So you must do some market research. Many creatives hate this part but remember that if you don’t know the market you won’t be able to meet the market. Start with comparing competitor products. What makes your service or products better or different? Is the market sustainable, is there room for your product. Who is your target market and what are they willing to pay for your products or services? All of these questions and more need to be answered before you start a new business.

Resources Required

What financial resources do you have and what do you need? Have you thought about the physical resources that are required? Do you have space to manufacture your products, the right equipment for your services? Can you obtain the right license or permits? Some services require specialized training, you may need to obtain a degree or accreditations. Do you need any copyright or patents? Where will you get quality materials and how will you obtain them? How will you make your products or services available to your customers?

Financial Projections

Another one many creative entrepreneurs dread is financial projections.You will need to calculate production costs, operating costs, and profit projects. It is important to be realistic about your overhead and profit, all the hard work you have done up to now will help. Knowing where you will get your materials, where you will manufacture, and even how you will reach your customers will help you determine your costs.

Review and Recommendation

Now review all your hard work. Can you produce your product in a cost effective manner? Through all your research and evaluations you can now determine if your business idea is a viable one. You may need to tweak it. You may decide to scrap it and start over. If your research proves your idea is profitable, the next step is a start up business plan.

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