My Suggestion Business Plan And Feasibility Study

challengewriter

Lara
Blue Belt
Everyone or someone you know is always looking for an idea or way to start a business, cause well we all need a source of income to get by with our daily lives. Starting a business and making an idea a reality is easier said than done like most things in this world. It takes patience, time, dedication and hard work.
For any business to work out, there is always the need to draw out all the specific requirements and needs, this is why there is a need for a business plan for it puts everything into perspective and is very detailed and informative.

It's important to analyze, look impartially and critically at a business idea, when it is first thought about or brought up, especially in determining if it is worth it or not in putting in time and money. It mostly can get hard to remain impartial about an idea you feel really strongly about, so it is good advice to make time to have a meeting with a business adviser in order to get a more serious, professional and business oriented outlook and perspective on the idea.

According to Koontz & O’Donell, “Planning is deciding in advance what to do, how to do and who is to do it. Planning bridges the gap between where we are to, where we want to go. It makes possible things to occur which would not otherwise occur”. In other words, planning is a process which helps in meeting set future objectives. It is the plan out of activities and necessary means, which will be implemented in achieving the desired objectives.

What is a Business Plan?
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According to Burch (1986) A business plan is a document written by the perspective owner or entrepreneur that details the nature of the business, product or service, the customers, the competitors, the production, marketing methods, management, the financing and other significant aspects of the proposed business natures.

What to consider before you put together your Business Plan.
A person has to be ready to be ready to be committed to the business, has done a full background research on the business type that is being chosen, to know if the business well suits your desires, strengths and weakness must have been thoroughly analysed, knowing who the customers are, how general public will receive your service or product and if it falls within the required budget set or if more funds will be needed.
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Feasibility Study
A feasibility study is a planning tool that is similar to a business plan. The feasibility study is written in order to find out the possibilities for a business idea. The business plan then fully describes the business and its financial projections. A feasibility study answers the question “Will this work?” while a business plan answers the question, “How will this work?” Feasibility studies are for the helps business owners, in determining if it is worth continuing with a business where as to Business plans are mainly focused at investors, lenders and future leaders in explaining and understanding how the business works. It should be noted that a feasibility study should analyse a business idea, market and competitive advantage as well as the financial feasibility of the business.
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While there are no guarantees that a business may succeed or not, a feasibility study helps in determining if an idea would be beneficial in making profit before officially making a financial commitment. It is also important to remember from person to person that what is viewed as feasible may vary greatly, depending on the return on investment they make and the risks they're willing to take on.

Reasons for developing a Business Plan.
  • It helps when starting a new business, as it helps in directing focus and covering the necessary steps needed in order to start successfully as it serves an effective communication tool, that is used to convey ideas, research findings and a way of proposing plans to others.
  • A measuring device that is used to gauge process and evaluate needed changes, by establishing strategies and allocating resources according to strategic priority.
  • A useful money raising tools which can attract investors and financial institutions, investors have to see a business plan before they make a decision, as they expect that the plan already covers all the main factors. This also doubles as a backup, when applying for a loan, a proposed business plan will help with lenders deciding in if their money is worth being used for a cause.
  • It is an important document that can be a successful in the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. Dimensions typically measured are quality, time and cost.
I am currently learning entrepreneurship in school and I thought why not write an article about this to share, as it also helps me with revising for my exams :). I hope this is useful and informative to you lots and I'm here to answer any question.
 

cheezcarls

It's Game Time!
This is a very informative post from you @challengewriter, and it's absolutely awesome! It reminds me of that time that me and my family are planning to have a coffee and restaurant. It is necessary and important that before we start a business, we should come up with a productive business plan and feasibility study. I remembered the time that I helped my dad canvass everything needed for the business (e.g., location, prices, features, products, etc.) and it was not easy for us. However, we know that business is not always easy, as we definitely need to strive hard in order to have a successful business run.

For me, business plans and feasibility studies are something that cannot be ignored before putting up a business.
 

skylimit

Content Writer
Business Plan - Need lots of research, ideas, timing, goals and objectives, Marketing, Financial needs all these things are essential to think before you come up with a business plan.
Feasible study - Your points are accurate and straight to the point.
 

challengewriter

Lara
Blue Belt
This is a very informative post from you @challengewriter, and it's absolutely awesome! It reminds me of that time that me and my family are planning to have a coffee and restaurant. It is necessary and important that before we start a business, we should come up with a productive business plan and feasibility study. I remembered the time that I helped my dad canvass everything needed for the business (e.g., location, prices, features, products, etc.) and it was not easy for us. However, we know that business is not always easy, as we definitely need to strive hard in order to have a successful business run.

For me, business plans and feasibility studies are something that cannot be ignored before putting up a business.
Yes it is highly important, I wrote a business plan and made a feasibility study, it put everything in perspective for me, it was for starting a clothing store, and what particular type of clothes and all that. It was a project kind of thing and it took me the whole day to pt it all together, it takes tedious time, but at the end it is worth it.
 
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ellyjude

Well-Known Member
This information will really be useful to me. Especially now that i am planning to start a business with my pals.
 

challengewriter

Lara
Blue Belt
This information will really be useful to me. Especially now that i am planning to start a business with my pals.
What kind of business do y'all want to start? I think it is wonderful going into business with friends, it is more easy to understand each other, has you would have known each other for awhile and at the same time it can be risky if things don't work out too well. I wish you lot success in what you plan on doing.
 

ellyjude

Well-Known Member
What kind of business do y'all want to start? I think it is wonderful going into business with friends, it is more easy to understand each other, has you would have known each other for awhile and at the same time it can be risky if things don't work out too well. I wish you lot success in what you plan on doing.
We are planning to start a website. However, we are new to this business so we do not know a lot about it. Some of the questions we ask ourselves are how revenue is shared, how much a domain name costs and the best apps for creating good websites. We are just trying to cut the cost that is why we are going to try and build our website from scratch. Kindly advice.
 

challengewriter

Lara
Blue Belt
We are planning to start a website. However, we are new to this business so we do not know a lot about it. Some of the questions we ask ourselves are how revenue is shared, how much a domain name costs and the best apps for creating good websites. We are just trying to cut the cost that is why we are going to try and build our website from scratch. Kindly advice.
Its simple actually I think. If you want a quality website, then it shouldn't cost you lots more than $500 or even up to that since you're all doing it yourself. You just need find a good domain registrar and host and you'll be fine. What kind of website also has yo be taken into consideration also.
 

ellyjude

Well-Known Member
Its simple actually I think. If you want a quality website, then it shouldn't cost you lots more than $500 or even up to that since you're all doing it yourself. You just need find a good domain registrar and host and you'll be fine. What kind of website also has yo be taken into consideration also.
$500 is a really huge amount of cash considering i come from a third world country. The maximum i can raise is only $50 because my country's economy is till at its critical turn.
 

challengewriter

Lara
Blue Belt
$500 is a really huge amount of cash considering i come from a third world country. The maximum i can raise is only $50 because my country's economy is till at its critical turn.
Well, $150 is a lot, if you all can raise $50 and you can do more with it, I was just saying that, but it doesn't exactly have to cost that much, except you hire a professional. Like I want to start a website and I know it won't cost me up to 100 dollars, but it all depends on the person and what Kin of webiste is needed, like if I am serious about starting a website, I did use squarespace, it is good for beginners.
 
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Webmasterserve

Staff member
Administrator
@ellyjude You didn't mention what kind of business or website you are planning to start, the costs will depend on what exact functionality you need in your website. If its going to be a blog, in a way you could do it for free. If your website is going to be a social network, then you need a budget to have that developed. With today's open source apps, I don't think you need to start from scratch for your website project, you need to identify the best available open source software to run your website, you could use a cheap shared hosting service for starters to keep the costs low.
 

ellyjude

Well-Known Member
Well, $150 is a lot, if you all can raise $50 and you can do more with it, I was just saying that, but it doesn't exactly have to cost that much, except you hire a professional. Like I want to start a website and I know it won't cost me up to 100 dollars, but it all depends on the person and what Kin of webiste is needed, like if I am serious about starting a website, I did use squarespace, it is good for beginners.
Hi @challengewriter? I would like to know more about the squarespace. does it work similarly as wix.com? know that i am also poor in coding.
 

jazzvaga

Well-Known Member
Going with Wix is better these days & making your own site with which will be rich with SEO is an added option. Lot of people use it as an additional tool to gain reach. Take a look at wix & you can see their tutorials to see how easy is it to setup a site.
 

challengewriter

Lara
Blue Belt
Hi @challengewriter? I would like to know more about the squarespace. does it work similarly as wix.com? know that i am also poor in coding.
Yes, but it is a paid service unlike wix, it gives you a tail period to set everything up and see how it works, has it has everything easily integrated and makes it easy to build a website yourself that looks professional, but I think you should go with wix first :) I didn't like the interface that's why I didn't use wix.
 

ellyjude

Well-Known Member
Yes, but it is a paid service unlike wix, it gives you a tail period to set everything up and see how it works, has it has everything easily integrated and makes it easy to build a website yourself that looks professional, but I think you should go with wix first :) I didn't like the interface that's why I didn't use wix.
Your advice has really been helpful. You seem to know more about this kind of staff. Can i ask you some questions? Hope i am not bothering you a lot.
 

challengewriter

Lara
Blue Belt
Your advice has really been helpful. You seem to know more about this kind of staff. Can i ask you some questions? Hope i am not bothering you a lot.
Not at all, I am happy to help and it is my thread, ask away I'll try to answer as much as I can, you surely can't be a bother.
 

ellyjude

Well-Known Member
OK, let me start by the simplest one. I had told you that me and my pals were putting up a website. We have however not planned on the services it will offer. What kind of website do you think has a lot of profit?
 

Vinaya

Well-Known Member
When I started my dairy farm, I had done everything that is generally suggested for people who are trying to launch a business. I did the market study, production cost study, running cost analysis, and the estimated income. The first month was ok, I was able to pull production cost and running cost from the sales, however, in the second month the yield decreased. On the third month, cattle died. On the forth month, I applied for a loan and try to finance the business. Sometimes it does not work even if you do every thing
 

challengewriter

Lara
Blue Belt
When I started my dairy farm, I had done everything that is generally suggested for people who are trying to launch a business. I did the market study, production cost study, running cost analysis, and the estimated income. The first month was ok, I was able to pull production cost and running cost from the sales, however, in the second month the yield decreased. On the third month, cattle died. On the forth month, I applied for a loan and try to finance the business. Sometimes it does not work even if you do every thing
You're very right about that, but also because of those downfalls you gave up on it and didn't try harder, like everything in life it doesn't come easy but if you find a way to make it work and go do the rights things vigorously, all the work will surely pay off at the end, only more money and publicity will be needed to make the goal a large possibility.


Sent from my iPhone using Tapatalk
 

zehra nadeem

Well-Known Member
Before starting a business , One should read some handsome informative books about the business success stories and one should be involved in real life matters. One should make a complete plan for how will he take the business to its heights and try to implement it.
 
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