Business Viability Checklist for Entrepreneurs Hey Folks, here is a checklist for business viability or feasibility analysis, the fore-most step before starting a venture. Whether you are a dare devil driver yearning to embrace entrepreneurship as a result of your eternal frustration of saying” Yes-Boss” 24/7, or a first generation entrepreneur , this checklist will be of immense help in that it will reduce the elements of uncertainty and risk. Unlock massive growth using the business development channel. Learn pitching, BD strategy, cold emailing, & deal closing. Bestselling **** Many businesses look at profit within quotes as ultimate viability. Even if the business is not currently profitable or undergoing a growth surge, or just going through a bad patch – there is an anticipation of being profitable at some future date. This  hope of future profit warrants continued investment. We can also consider the social and environmental aspects of an organization adding value, if it satisfies  any social costs. You need to know what is viability? Viability is defined as the ability to survive or persist. In a business sense, that ability to survive is ultimately linked to financial performance and position. A business is viable where either: it is returning a profit that is sufficient to provide a return to the business owner while also meeting its commitments to business creditors it has sufficient cash resources to sustain itself through a period when it is not returning a profit. ASK YOURSELF THE FOLLOWING QUESTIONS BEFORE STARTING-UP THE OPEARTIONS: Why are some companies PROFITABLE  and some not? Why do some companies CONTINUE TO EXIST and some not? What does success and survival mean? How ESSENTIAL  is profit? How can a company survive when it is not  making a profit? How can a company NOSE-DIVE  when it is making a large profit? How VITAL  is growth? Can a company become NON-VIABLE  simply because it fails to maintain its year-on-year growth? How imperative  is CORPORATE  IMAGE? Are these factors relevant to business viability? The following post from franchisesunder10k.net provides great insight on easy online businesses to start in 2018. https://franchisesunder10k.net/these-are-the-easy-online-business-opportunities-you-ve-been-looking-for  Fundamentals of a Feasibility Plan • Provide key  information needed by investors and bankers • Reasons for its chance of success/failure • Supporting Documents • Explanation of the principal concept underlying your venture and what sets it apart from other businesses. Infographic Courtesy : Entrepreneur.com  SOME OF THE REASONS WHY NEW VENTURES FAIL • Lack of Objective Evaluation • No Real Insight into the Market • Inadequate Understanding of Technical Requirements • Poor Finance Understanding • Lack of Unique Selling Proposition • Ignorance of Legal Issues Let us now look at some of the important dimensions of business viability: Market viability Technical viability Business Model viability Management model viability Economic and Financial Model viability Market Viability: Utilize Porter’s 5 Competitive Forces Model to understand market viability and industry position. Technical Viability: You do not have to incorporate specific financial information in the technical portion of your feasibility study, but all data  in this component must support your financial figures  represented elsewhere. Basic things that most businesses need to include in their technical feasibility study include: Materials Labor Transportation or Shipping Physical Location Technology Business Model Viability: P.E.S.T. Analysis A PEST analysis is a business measurement tool. PEST is an acronym for Political, Economic, Social and Technological factors, which are used to assess the market for a business or organizational unit. Management Model Viability: Decision making process Training and Cross-training Management Capability to effectively lead the organization in a sustainable growth mode Management Systems and processes, and General Leadership Capabilities are scrutinized. Economic and Financial Mode Viability: Capital Structure Cash Management Profitability and Liquidity are dealt with when...

Market Assessment Framework Industries whether small or large function in an environment of controllable and uncontrollable variables. A small enterprise has to constantly interact with the market in which it has to operate and is also exposed to the risk of other environmental factors. Its marketing efforts must stay fine-tuned to suit the requirements of the market in general and the needs and wants of the customers in particular. They have to develop an exceptional market orientation in light of Intensified industrial activity Increased competition and Increased discerning capacity of customers. Need for Market Assessment: The marketing orientation outlook will drive an entrepreneur to seek answers to many questions relating to market segments, marketing inputs, product quality, price structure, technology of manufacture etc., before setting up the venture. This exercise will facilitate him/her to move ahead with greater degree of confidence and tackle the problems that may arise during the later stages, in a professional manner. Market Composition: Analysis of market demand, the competitive situation and trade practices are vital for a sound market assessment. The market is composed of a large variety of customers who differ in their likes and dislikes, options, preferences, education, employment, income and status. The location of customers also differ, some may be located nearer and others in distant places. Here are 30 Great Marketing Ideas to Increase Sales for Your Small Business: Factors that help a firm to decide the target segment which is of special interest: Resource availability Scale of operation and its Impact on profitability The identification of the customer groups aids in making an estimate of the market demand for the product chosen. Look for Competitive Situation: Once the market demand has been estimated, one has to look for the competitive situation prevailing in the market as a firm cannot just pursue its own policies without considering what the competitors are up to. The nature and extent of competition will place several constraints on the marketing policies of a firm and a thorough analysis of the same will help in pricing and also in identifying the gaps and opportunities that will be available for exploitation. Opportunity Evaluation: An intelligent and experienced entrepreneur would weigh an opportunity as follows: How large is the gap between demand and supply in the market and what is the nature of competition in the market for the product? Whether the product is covered under any of the promotional policies of the government, so that, either entry into business or competition in the market is facilitated. Whether there is any special product/service specific problem that he/she will face and can avail of any part of promotional policies, to soften the impact of these problems. Based on such product-market-policy, policy-product-market type of analysis, the entrepreneur will finally conclude if the opportunity is worth investing...

Market Research for Product Line Management Business firms, whether involved in the manufacture of goods or delivery of services, have to understand the importance of marketing research that would give a fair idea about their territory of operations and the scope for development. Let me first clarify the obvious difference between a market research and marketing research. While market research is confined to only a market which comprises of its potential and actual buyers, a marketing research delves deep into and further beyond, covering all areas of marketing including the market. Identification of Consumer Needs: Identification of consumer needs and satisfying them is vital for the emergence of a buyers market. Although firms manufacture goods that are competitive in terms of quality and price, it is the middlemen, the linking factor between the manufacturer and the wholesaler or retailer, that have a commanding grip on distribution, affecting sales volumes. Extensive marketing research will help firms to solve such problems of middlemen and distribution, to cater to the needs of the ever expanding market. Preference of People: People’s preference always changes resulting in a sea change of market conditions. In order to anticipate and meet any such changes, a firm needs to analyze the market conditions on a day to day basis. Also improving the product design helps a firm to retain its customer base. How does a firm survive in the market without knowing the elemental changes that are happening in its immediate environment? Pricing is one of the crucial factors that determine the acceptance ratio of a product or range of products. Information Source: Marketingtutor A separate department is maintained by some top corporate firms to collect relevant information about the pricing strategies of rival companies that helps them to take the market lead, by quoting competitive prices comparatively. Such secret agendas are a need of the hour to outsmart your rivals. Sales Promotion and Advertisement Campaigns: Another component of the research planning is sales promotion and advertisement campaigns. Sales promotion is solely dependent upon the sales force and the marketing manager has to play a key role in integrating their functions to bring out their strengths. The activities of the sales personnel should be oriented towards targets and a mission without a target is like travelling without knowing the destination. Information Source: BBAMANTRA When we talk about advertisements, they not only sell tangible products but also intangible things like morals, values, love etc., So, it becomes even more important for the advertisers to follow some built in standards that does not affect the ethical values of the society concerned and also they should make it a point not to make women a mere object of attraction. The market research that is a part of marketing research includes the study of the following: Market sizeMarket potentialMarket shareMarket segmentsMarket trends and seasonal trendsSales forecastingConsumer profileConsumer preferenceCompetitor analysisMeasuring the price elasticity of demand and much more. Such marketing research helps a firm to develop a comprehensive plan regarding effective training programmes, sales force management, research and development programmers and effective control mechanisms. It also facilitates efficient decision making and the operational tasks of marketing management, thereby contributing to customer satisfaction and efficiency of the...