Testing the Concept. Objectives Define and conduct a feasibility analysis Define and conduct a feasibility analysis Create a competition grid Create a.

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Presentation transcript:

Testing the Concept

Objectives Define and conduct a feasibility analysis Define and conduct a feasibility analysis Create a competition grid Create a competition grid Identify business start-up resources Identify business start-up resources

Step 2: Testing the Concept Feasibility Analysis: Determines if an idea for a new business is practical

Feasibility Analysis answers 2 questions: Are there customers who want what you have to offer? (demand) Are there customers who want what you have to offer? (demand) Can the business be profitable? Can the business be profitable?

Answering the Feasibility questions: Research the industry: Research the industry:-trends -barriers to entry -profit margins Talk to target customers Talk to target customers Create a competitive grid Create a competitive grid -read about competition -visit competition -talk to suppliers

What are “Target Customers”? Those most likely to buy your products TARGET THEIR NEEDS !!!

Creating a “Competitive Grid” Direct and indirect competitors Direct and indirect competitors Customers Customers Benefits Benefits Distribution Distribution Strengths and Weaknesses Strengths and Weaknesses

CompetitionCustomerBenefitsDistributionStrengths/Weaknesses Local Sports Store Neighborhood teams and sports enthusiasts Convenience of shopping locally. Know the store owner. Retail outlet in neighborhood Owner knows customers/ neighborhood needs. Not able to stock as much variety. 20 Minutes form ball fields. NikeTown Sports enthusiasts and tourists Huge selection and exciting environment Retail outlet in major commercial area Huge selection. Impersonal 40 Minutes from ball fields. Catalog Sales Sports enthusiasts that don’t like to shop Quick and easy. Don’t have to leave home. Mail or Internet ordering Lower costs. Discount prices. No personal contact. Competitive Grid for Sporting Goods Store

Start-up Resources Purchase or lease equipment/facility Purchase or lease equipment/facility Pay employees Pay employees Finish product development Finish product development Carry company expenses until sales are enough Carry company expenses until sales are enough Calculate how much money you need for:

CompetitionCustomerBenefitsDistributionStrengths/Weaknesses Competitive Grid for The Balloon Closet