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Debunking the FAFSA Myth
With the plethora of big-business entities jockeying for the money of students on the path to becoming well-to-do responsible consumers with a house, car, and 1.5 children, it's often missed that the US Government is the first place to start...
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Is Your Business Idea Feasible?

Is Your Business Idea Feasible?
By Darrin F. Coe, MA
10/26/04

So you have a love for business, have a talent or skill you’re passionate about, and believe you’ve come up with a great business idea? Before you push forward you should consider doing a feasibility study to see whether you’re business idea is worth your time; whether you should just dump the idea; or whether you can modify your idea and make it profitable.

Study a specific business.
– If you can spend some time working for a business that your idea closely resembles this is a great way to develop an idea of feasibility
– If the business is regulated, the regulatory agency will have public records that you can
study
– If you have friends in the business ask them if you can spend a day at work with them or
spend some time interviewing them.

== sidebar ==
you perform a feasibility study to determine how much a project will cost and if it can be profitable. You gather facts, and add intuition.
== sidebar ==

Your feasibility study should include
a location study
– consider where it is
– consider rent vs. purchase
– consider traffic
– consider possible


renovation and remodel costs
a competition study
– consider how they could improve their location and costs involved
– study their product/service and what costs might be involved in improving different aspects such as
– delivery and distribution
– quality
– marketing presentation
– what’s the competition’s unique selling point and can you improve it?
– what would be potential costs for the improvements and can
you sell the improvements for a profit?

-- A feasibility study should produce accurate information concerning the potential costs for rent, taxes, utilities, licenses, advertising, renovation/remodeling, and labor if you dig deep enough.
-- All of this information will prove vital to you when it comes time to produce your business plan and pursue financing for your project. You’ll have good numbers to make financial and marketing projections in a pro forma manner.
– Take the time to study business idea feasibility it will prove a powerful tool for success.



About the Author

Darrin Coe is a weekly columnist and author of the ebook, Micro Loans: Finance Your Dreams available at http://dcoe1.tripod.com/microfinance

 

Internal Revenue Service
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
www.irs.gov
 
Tax Information for Individuals
Access to useful information, booklets and other tools from the Internal Revenue Service.
www.irs.gov
 
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tax.yahoo.com
 
Taxes: Tax Planning, Tools and Advice - MSN Money
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Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ...
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The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information.
www.ftb.ca.gov
 
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News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line.
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Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ...
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