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Beating Taxes & Inflation
Beating Taxes & Inflation By William Cate More dollars that buy less means that you will go broke in the future. Most people with money have taken this investment path with part or all of their disposable income. Inflation, which has run about 6%...
Creating Time the Virtual Way: How Virtual Assistants are simplifying life for small business owners
Virtual Assistants are taking on those time-consuming administrative chores and special projects, and giving business owners more breathing room to grow, succeed and fall in love with their business again. -------------------- Time. As a small...
How To Realistically Set Your Fees - Part 2
Effect of Expenses The last article examined how to calculate your realistic billable hours. If you remember, we arrived at approximately 1100 hours in a year. To earn our mythical $46,000 per year, you needed to bill at a rate of $42 per...
Innocent Spouses - Relief From Taxes
Historically, tax issues arising from bad marriages fell into the category of “better or worse” for marriages. The IRS granted no innocent spouse tax relief, but has changed its views. Tax Relief When a marriage has problems, finances are...
Keeping Your Own Money – NOT Handing It Over To The Taxman.
Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their...
 
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.
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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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moneycentral.msn.com
 
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money.cnn.com
 
The Tax Foundation - Educating Taxpayers Since 1937
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government.
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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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