Preliminary Business Concept Analysis
In one sentence, describe your business concept:
What is your business service or product?
How long do you estimate that it will take to develop this service or product to the point of being ready for the public?
What are the estimated costs of development of this product or service?
Why do you think that this business concept will succeed?
Who is your target market?
Is this market readily identifiable?
What are the buying patterns of this market?
Is there sufficient advance interest in this type of product or service?
What are your expected annual sales/revenue volumes?
Year one: $
Year two: $
Year three: $
Year four: $
Year five: $
What is your company's mission?
What is the type of business entity of your company? Partnership
Who will be the directors of the company?
Who will serve as the Officers of the company?
What will be the physical location of your company?
Where will the company's main place of doing business?
Will there be any additional locations for the company?
What geographic areas will your company serve?
What are the long-term plans for the business? (Expand, go public, sell to competitor, etc)
In what industry will your company operate?
What is the overall size of the industry?
What is the growth rate of the industry?
What are any seasonal or business cycles in the industry?
What have been the main technological advances in the past five years?
What are projected technological advances in the industry for the next five years?
Do any industry standards apply to your business?
Are there any government regulatory approvals or requirements?
Are there any local or state licenses necessary for the service or product?
What are the main trade or business associations in your industry?
To which associations do you currently belong?
Product or Service Analysis
Description of Product or Service:
What is the main purpose of the product or service?
Is it a luxury item or a necessity?
What are the unique features of your product or service? (Cost, design, quality, capabilities, etc.)
What is the life of the product or service?
How does this product/service compare with the state-of-the-art for the industry?
At what stage is the development of the product in? (Idea, model, prototype, full production, etc)
Describe the company's facilities:
How will the product be produced or service provided?
Is it labor or material intensive to produce or supply?
What components or supplies are necessary to produce or supply this product?
Has the service or product been the subject of any engineering or design tests?
What types of quality control will be in place in the business?
Are there any special technical considerations?
What are the maintenance or updating requirements for the product/service?
Can the product or trademark be copyrighted, patented, or trade or service marked?
Are there other products, services, or spin-offs that will be developed and marketed in future years?
Are there any known dangers associated with the manufacture, supply, or use of the product/service?
What types of liabilities are posed by the product, service, or any other business operations?
To the public:
Are there any litigation threats posed by this business?
Are there any other problems or risks inherent in this type of business?
What types of insurance coverage will be necessary for the business?
What are the costs of the needed insurance coverage?
What steps will be taken to minimize any potential liabilities, dangers, or risks?