Writing business feasibility report is a fun that required a great skill. The following guidelines will put you through.
IDENTIFY BUSINESS OPPORTUNITY
A business opportunity exists when one has discovered a product or service for which there is sufficient market.
SOURCES OF BUSINESS IDEAS
One of the most important steps in identification of a business opportunity is observation. Observe the environment in which you live:
Think through what you see, hear, smell, touch or feel.
Observe to see whether there are any needs not being satisfied in the market: Keep a record by filling any needs in the market that requires fulfillment. Search out for new ideals and these can come from any source i.e. Internal or External. •Internal source includes: Your Family Members; Your friends; Business magazines e.t.c. •External : source includes: Customers; Industrial and business magazines, etc. Buying Decision : Before you decide on the new product or service, you have to evaluate a couple of factors that influence the consumers in making a buying decision. •These factors may be political, economic, religious, aesthetic, sexual, physical, intellective, emotional, social and recreational in nature. •Examine each factor to determine whether they are favorable or unfavorable. •If the product fills a consumer needs, wants or desires, commit your fund into the Project.
CRITICAL ASPECT FOR CONSIDERATION
Having identify the business opportunity through the business ideals you got, Below are factors you must consider critically before committing your fund on the project: i.The market size
You must find out the number of potential consumers of the product/ services. ii.The Management Team
You must consider the caliber of people to run the business and this should include their background as well as their experience. iii.Financial Requirement.
The financial requirement involve to set up the project must be...