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How to Make the Most of an At Home Money Making Business Opportunity
An at home money making business opportunity can be a great way to stay home and earn money. However, as with any opportunity, you should ask questions. First, examine the product the opportunity sells. Would most people want it? Would you want...
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Personal Training: 3 Keys to Training Clients in Their Homes
When considering your options as a personal trainer, one of the very first things to decide is WHERE you are going to train your clients. The most obvious answer for most trainers is to get a job at a local fitness facility and train clients there....
This Year, Try Using Tax Software to File Your Taxes
Every year, we citizens of the United States have to "pay our dues" so to speak, in the form of filing our income tax documentation with the federal, state, and in some cases, municipal government. For many years, people and businesses...
Top 10 Things to Consider on Home Loans
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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

 

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Tax Information for Individuals
Access to useful information, booklets and other tools from the Internal Revenue Service.
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tax.yahoo.com
 
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