Full Feasibility Analysis
From “Preparing Effective Business Plans” by Bruce R. Barringer
|Note: |All fields can be expanded to provide additional space to respond to the questions. A copy of this template, along | | |with each of the assessment tools, is also available in PDF format at the authors’ Web site at | | |www.prenhall.com/entrepreneurship. |
|A. |Floral Foundations | |B. |Danielle Angers | |C. |This business will be a Floral and Function shop in one. In addition to having a wide variety of local and exotic floral | | |breeds and designs, we will also provide wedding design and planning services. Through offering these other services at a| | |great rate, those who have us plan their services will also purchase from us, making us more of a function “one stop | | |shop” for all your floral needs! |
Part 1: Product/Service Feasibility
Issues Addressed in This Part
|A. |There are not any businesses like the above proposed in the area. People get married, have funerals, parties, and large | | |corporate events every day and flowers have a very special way of making the correct mood in any event. | |B. |Because there aren’t services like mine in the area, I believe there is a very good chance for acceptance in the area. |
Concept Statement Test
• I decided to take my idea to the streets and while I was visiting my home town I waited in the parking lot of a local flower shop and asked the customers for their opinions on a possible new shop.
|* |I asked the customers for a candid evaluation of the store they were just in, what they did right, poorly, and | | |differently from the rest. I got 6 people out of 20 to participate without any incentives other than a thank you. | | |What I learned was this store had good customer service but nothing that really WOWed them. I had a few people say it| | |was nice that they didn’t have to wait in line and a few others say that they had waited in line while the florist | | |was on the phone taking orders. I had two people mention they wished this shop offered online ordering, and I had 3 | | |wishing the prices were lower. Then, I showed them my business concept… | | | | | |*I had 4 out of the 6 people embrace the idea of my shop being located in the area. The 4 that liked the proposal | | |thought overall that the combination is a good match, that the rates I tentatively set were better than the | | |competition in the area, and that an online ordering system would be a great idea to avoid waiting on hold for | | |someone to take their order. | |* |Of the 6 people who were willing to talk to me, I had 2 that gave me a less than favorable opinion. Between the two | | |people, the biggest complaint was that starting a business at this point in the economic standing would be a bad | | |idea. They also said that there are “enough” flower shops in the area to supply what was needed and if people really | | |wanted a planner for an event, they would to go someone who did only event planning. | |* |If done correctly, there is no reason for this business to fail. Put...
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