Home Business Feasibility Study
A Simple Business Feasibility Study
Is My Home Business Idea a Good One?
Want to know whether or not your business idea is a good one -- or even feasible? A simple business feasibility study can help.
There are three conditions which can determine whether or not you will have a successful home business. First, is there a market for your product? Second, can you actually make money? And finally, how many competitors will you have? If you want to know what makes a successful home business and whether or not yours is poised to become one, carefully consider these questions. This simple business feasibility study could save you from sinking too much time and money into a lousy home business idea.
Does Someone Want To Buy What You Are Selling?
As lofty as your intentions are, the feasibility of a successful home-based business all boils down to whether or not you have someone who wants to buy what you are selling. Is there a market for your product? I wouldn’t consider Phoenix in the summertime an ideal target for hand-knitted, wool sweaters. Nor would I hit up a trailer park with offers to finish basements. Basically, you want your product offering to satisfy an unmet need for your potential customer.
Another thing to consider as you review your product offering, is whether your product or service has something that will encourage a customer to return. There is an old marketing adage that states, “it costs 10 times more money to get a new customer, than to retain an existing one”. It is a great idea to find ways to continually drive your existing customers back to you for service updates, refills, the newest products…etc.
Can You Make Money?
I had a friend who made custom baby headbands. Not the simple ones, but the really elaborate kind (I am talking the Ashton Martin of baby headbands). Per headband, she easily spent $30 on supplies and over five hours in labor. She soon came to a frustrating realization that the majority of potential customers within
Is My Home Business Idea a Good One?
Want to know whether or not your business idea is a good one -- or even feasible? A simple business feasibility study can help.
There are three conditions which can determine whether or not you will have a successful home business. First, is there a market for your product? Second, can you actually make money? And finally, how many competitors will you have? If you want to know what makes a successful home business and whether or not yours is poised to become one, carefully consider these questions. This simple business feasibility study could save you from sinking too much time and money into a lousy home business idea.
Does Someone Want To Buy What You Are Selling?
As lofty as your intentions are, the feasibility of a successful home-based business all boils down to whether or not you have someone who wants to buy what you are selling. Is there a market for your product? I wouldn’t consider Phoenix in the summertime an ideal target for hand-knitted, wool sweaters. Nor would I hit up a trailer park with offers to finish basements. Basically, you want your product offering to satisfy an unmet need for your potential customer.
Another thing to consider as you review your product offering, is whether your product or service has something that will encourage a customer to return. There is an old marketing adage that states, “it costs 10 times more money to get a new customer, than to retain an existing one”. It is a great idea to find ways to continually drive your existing customers back to you for service updates, refills, the newest products…etc.
Can You Make Money?
I had a friend who made custom baby headbands. Not the simple ones, but the really elaborate kind (I am talking the Ashton Martin of baby headbands). Per headband, she easily spent $30 on supplies and over five hours in labor. She soon came to a frustrating realization that the majority of potential customers within