You have a great idea for a business. You are really excited and passionate about it. But is it feasible? Have you thought about your target audience, strengths, weaknesses, competition? It is worth your time and effort to conduct a feasibility test. Here are some key points you need to look at and tackle.

Write a business plan

Having all your goals and pathways written down makes them more achievable and will also help you identify any overlooked items. This document will evolve with your business and a great tool to keep you accountable.

Crunch the numbers and write a budget

Look at all the costs associated with starting your new exciting business venture and incorporate your ongoing costs too. Include all the fixed and variable costs. Work out your break-even point on your products and services.

Know your audience

Who are you selling to? Who is your audience? Where are they and how do you get your message to them? Is there a large enough audience for your business to be feasible? These are some of the questions you need to ask of your business idea and find the answers to them. For this, you need to locate reports and analytics not just assume you know the audience is there.

Branding is more than a logo

Create a strong brand for your business. This helps a business stand out against its competition and create an attentive audience.

Comply with compliance

Researching any requirements that your products and services need to comply with will save you money and help eliminate the risks. Look at the ATO website and Fair Trading for further information.

If you have a business you want to launch and would like us to work with you on its feasibility contact us on (02) 6362 8255 or hello@thriveadvice.com.au

Photo by Aaron Burden on Unsplash