Assess Business Idea & Research Locations - https://www.smallbusiness.wa.gov.au/business-advice/starting-your-business/feasibility-of-your-business-idea
Will our business Idea work?
- Commercial Feasibility
- Market Feasibility
What is your unique selling proposition? https://www.nasp.com/blog/5-examples-of-unique-selling-propositions/
What are your strengths and weaknesses of your main competitors?
How do your products or services rate in terms of price and quality compared to your competitors?
Do your products or services fill a need not already met by your competition?
Who are your competitors?
How do you intend to sell your products or services
Why will your products or services appeal to potential customers?
The number of potential customers, who they are and their location
What type of customers will buy your products or services?
What is the demand for your products or services?
Are there any barriers to entering the market?
How much money do you need to make to meet your living expenses?
How long do you expect to be in business before you make your first sale?
How much money do you need to start up?
How do you intend to fund the business during the start up phase?
Estimate your fixed and variable costs.
What price would your customers pay for your products and services?
What price would your customers pay for your products and services?
What is your sales forecast?
What is your breakeven point?
How long will it take to reach breakeven sales volume?
How much working capital will you need to sustain operations?
Return on investment
Cash flow analysis
- Other Considerations
Are there any regulatory requirements you must satisfy?
Do you need to obtain protection for your intellectual property?
What factors could potentially delay your business?
Do you have the required skills to get the product or service to market?
- Business Plan
business profile
vision, mission and goals
market research
operational strategy
products and/or services
marketing plan
financial strategy
Performing tarot readings
Selling homemade Masala Tea
"Hot, Wet, Spicy & Wild... quench your thirst with our homemade Masala Tea"
Spiritual Guidance over Tea
Exibiting local artwork
Escape with tea & creativity
HOT MASALA TEA
To meet friends & family
To relax
To try masala tea
To indulge in edible treats
To get a tarot reading
To see/buy some artwork
To date
Hungry customers
Thirsty customers
Curious customers
Students
Friends
Family
Spiritual sorts
Artists