Business Opportunities - Which Enterprise Concept Is Right For You?

Many entrepreneurs determine to enter enterprise after which cast about for the best business concept. There is nothing flawed in this approach, however it does beg the question as to how you identify which business opportunity is right for you and whether or not the business concept is worth pursuing. The formal enterprise planning process provides for this type of analysis. It's a process that helps the small enterprise owner remove their 'rose coloured glasses' and to research the business idea based on hard facts and realistic analysis. The planning instrument used to find out the viability of a enterprise opportunity is called a feasibility study.

The goal of the feasibility examine is to minimise the degree of risk that a business owner is about to undertake. At the completion of a feasibility study you need to be able to conclude if the opportunity has potential for profit and is subsequently definitely worth the funding of your time, effort and finance. If the examine proves that the enterprise idea is financially viable, much of the information collated can be utilized within the formal business planning documents.

A word of warning, curb your enthusiasm for a business thought till after the feasibility research has been concluded. Don't spend a cent, do not sign anything, don't get anything underway. Heeding this single warning might save you a lot cash, time and grief.

A detailed feasibility research should embody:

The Business Opportunity

Start with an outline of the enterprise opportunity in as much detail as possible.

Authorized Constraints

You have to investigate whether there are any authorized constraints to conducting this type of business. This might include regulatory requirements for specific qualifications or licenses. Home primarily based companies usually require permission from the native council to operate from the home. There is no point launching right into a business which requires qualifications or licenses you don't have.

Market and Clients

It's essential undertake market research to determine the dimensions of the market in your products and companies and to profile the traits of both the market, your competitors and potential customers. You should also assess whether or not you possibly can provide something unique, higher or completely different to the offers being made by your competitors and decide likely purchase quantities and price points of your products. Your market research must also embrace identify any points which are likely to impact the market or the industry in the close to future.

Operational Points

Operational issues reminiscent of enterprise location and the type of facilities required should be investigated and addressed. It examines the house required immediately and assesses whether that will be adequate given your projected business progress at various timeframes. It asks how you will identify essentially the most suitable location and type of space.

It must also examine how you will finance the required space. Will your purchase, rent or take out a long-term lease?

It examines the logistical features of operating the enterprise equivalent to how will you deal with, transport and store items into and out of your corporation? What distribution channels will you use? Do you want transport comparable to a automobile, van, truck or forklift? What other plant and equipment are wanted to begin operations and what is needed over the lifetime of the enterprise?

Administration Skills

This examines the management aspects of the business. It asks what types and level of skills are required to run this particular business? Who will handle the business? What roles are required and who will fulfill those roles? This contains marketing, funds, sales, managing information technology etc.

Critically, you should look at the skills required by this enterprise opportunity and compare them to your own skills. Do you have the skills required to undertake this business? If not, can they be acquired readily? Are you even keen on buying these skills?

Organisational Skills

This examines the skills required by the business. It asks how many additional employees will be required to operate this enterprise idea. Will it's essential to recruit new workers? In that case, what skills and competency levels will be required. Do you know find out how to recruit these staff members and are you able to successfully induct and train these new recruits?

Do you might have sufficient knowledge as to the authorized facets of employing employees? Are you aware of regulations referring to salaries and wages, taxation, workers compensation, workplace safety and equal opportunity? Do you know where to go to obtain this information?

Financial Issues

This takes a detailed look on the monetary issues relating to the business idea. This includes the all essential questions of what capital is required to start the enterprise and how will you raise the required capital. What's your estimate of profitability in spite of everything prices, including tax, have been deducted? How much do you require to live on every year? How long will it take to breakeven.

You additionally need to look at your own skills in relation to managing the finances. Are you able to do your own bookkeeping? Can you handle cashflows? Do you know where to go for knowledgeable financial advice?

Sales and Marketing

This looks at what you expect your sales and marketing strategy to be. It takes a look at how a lot time and money will be allotted to the sales and marketing operate and determines what probably the most value-efficient promotional strategies should be. It additionally asks who will be accountable for this function.

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