Why you must do a feasibility test today – If you are already in business you can answer these quick four questions and gain a clear picture of your business and what you are offering. It makes it a very simple way to see if you have a clear picture of your offering and who wants what you have on offer.
By doing this feasibility study you gain a very clear picture of your business and the ways that you can then market your business and it’s products long term.
If you are thinking about starting a business then it will give you a clear measure of your business idea. From here you can see if you could make it a viable business. By viable business I mean something that people will want to buy and have.
There are four fairly simple questions that you need to ask and openly answer about your business or business idea:
1 – What is your product or service – This needs to be very specific and detailed.
2 – Who will buy your product or service – Who are these clients or businesses that will buy from you, what do they look like, where are they located, what size are they etc.
3 – What is the benefit in buying your product or service – What is the benefit that the individual or business will receive by buying your product or service?
4 – How will you deliver your product or service – How will you get this product or service to the client, by person, post, storefront etc.
Depending on your business you may have several areas to assess with this feasibility test and that’s fine – just do one for each lateral area. It is also important to not have more than 3 or 4 at the most, different areas for your business to focus.
As an example perhaps you have a service that you offer, perhaps you have a product that you offer and perhaps you have classes that you do. This gives you three different areas of the business that you need to ensure are feasible and viable to continue.
Complete your feasibility test today and you may be surprised at the results. We would love to hear how you went, so please comment below.
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