Jul 06, 2022
In Welcome to the Q&A Forum
There is nothing wrong in this approach Job Function Email List, but it does beg the question as to how you determine which business opportunity is right for you and whether the business idea is worth pursuing. The formal business planning process provides for this type Job Function Email List of analysis. It is a process that helps the small business owner remove their 'rose cultured glasses' and to investigate the business idea based on hard facts and realistic analysis. The planning tool used to determine the viability of a business opportunity is called a feasibility Job Function Email List study. The goal of the feasibility study is to minimise the degree of risk Job Function Email List that a business owner is about to undertake. At the completion of a Job Function Email List feasibility study you should be able to conclude if the opportunity has potential for profit and is therefore worth the investment of Job Function Email List your time, effort and finance. If the study Job Function Email List proves that the business idea is financially viable, much of the information collated can be used in the formal business planning documents. A word of warning, curb your Job Function Email List enthusiasm for a business idea until after the feasibility study has been concluded. Don't spend a cent, don't sign anything, don't get anything underway. Heeding this single warning could save you much money, time and grief. A detailed Job Function Email List feasibility study should include: The Business Opportunity Start with a description of the business opportunity in as much detail Job Function Email List as possible. Legal Constraints You need to investigate whether there are any legal constraints to conducting this type of business. This could include regulatory requirements for specific qualifications or licenses.