Is your head spinning at the idea of floating your small business? Small business can be exciting and overwhelming at the same time, and it’s easy to get carried away with the prospects of putting everything into your small business.
The initial stages of planning for a small business success are crucial in forming a reliable foundation from the beginning. While your small business ideas may be spring loaded, sustenance and planning are key in how you embark on your venture.
A vital building block of any small business, adequate early planning helps you understand the business climate better, and capitalise on areas of interest you might not already have considered. If you’ve ever wondered how a business consulting service might assess your idea for success, here’s a simplified breakdown of what is important to look at.
Market feasibility covers aspects of your small business idea, including demand for your business, who your customers will most likely be- and how to help them find you. It should clarify your intended sales platform and outline ways to maximise its appeal while underlining barriers to your market and how to overcome them. Determining market feasibility will give you a clear idea of your competitors and how you can put yourself ahead of them. Often, this comes down to identifying your UPS or (Unique Selling Proposition) and how to make it shine.
Commercial feasibility is a demonstration of how your idea stands up as a money-maker and how profit might be maximised over a period of time. Commercial feasibility gives you insight into how you’ll make your living as a small business earner. For example, areas to cover include: estimated living expenses, expected turnover from day one, start-up funds, managing the start-up phase, a reliable estimate of costs, your customers and what they expect to pay for your services, working capital reach, return on your investment and a thorough cash flow analysis.
TR Consulting is a committed team of top business consultants. Melbourne clients are welcome to call us and discuss our packages for small business start-ups that cover a wide range of areas and detail the ideal circumstances for thriving small businesses. Call us on 1300 054 552 for more information.