Feasibility Analysis

A. Product/Service Feasibility

B. Industry Feasibility

1. Perform a web search and evaluate potential competitors’ websites to see how your business stacks up to others.

a. What websites of potential competitors did you find?

b. What are your business’s strengths and identified weaknesses in comparison to your potential competitors’ products/services, as identified by reviewing their websites?

1. After reviewing the websites found from assessing the Product/Service Feasibility of your business, determine the opportunities that your business can pursue and the perceived threats that can hamper your business in relation to the entire industry.

a. Does your business offer any competitive advantages to the industry over your potential competitors?

b. Are there perceived threats to the industry that can affect your business’s growth?

c. Are there favorable customer trends leading to industry growth?

C. Management Feasibility

D. Financial Feasibility

1. Reflect on your professional background and those who may be able to contribute to the viability of your business.

a. List all of your professional qualifications and/or explain your experiences that can help convince others that you have the know-how to get this business up and running.

b. List potential friends, colleagues, acquaintances and their professional qualifications and/or experiences that can help convince others that you have the requisite team to get this business up and running.

1. Reflect on proposed startup expenses of your business, and the financial resources you already have that you can dedicate to your business, as well as those that you can obtain to contribute to its initial funding.

a. List all related items that will require an expense (i.e., real estate, equipment/supplies, products, salaries, advertising, etc.).

b. Estimate initial expenses for each expense item.

c. List an estimated amount of personal savings – and those of any partners, initial investors, etc. – that you can initially contribute to the business.

d. List any additional capital you can contribute through applying for loans, credit, etc.