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Day: June 4, 2018

Feasibility Study for Small Business: The First Step towards Success

A feasibility study way before laying down the foundation of a business, especially a small one, is a must. This is because a small business owner can not afford to make mistakes. A small folly can cost him a fortune, setting the business in doldrums even before it sets off.

To begin with, think what you want to gain from the business. If you intend to manufacture products of a particular category, you may wish to market it efficiently, so that the business generates profits. To market the products well, you need to position them in the right market. Remember just talking to a few people in the industry would not be enough. You may have to talk to thousands of people and obtain expert advice on whether your business plans will work.

After studying, the market you will have to set prices for your different product categories carefully. You can not price your products more than what the buying power of the public in the particular area that you have targeted. So, fix a price that the masses will be willing to pay. All these details must be a part of your feasibility report. Let us find out what a feasibility study is and how to go about it.

What is a Feasibility Study?

Feasibility study explains to the research that determines the competitiveness of one's business plan. It is market report reporting various details on the preferences of the consumers, consumer habits and their purchasing power, and the competition that the new business is likely to face in the targeted area.

Make a feasibility report:

You can hire the services of a consultant who can make a feasibility report for you. These companies use various methods like – Internet, surveys, industrial seminars and conference, and much literature is available on the subject to create the perfect feasibility report for you. If the industry you intend to get into is well defined such as toy manufacturing, you can use ready reports processed by the national professional organization. If not, you may also seek professional services of the consultants who can give you relevant advice on necessary business tactics after studying the market trends.

Importance of Feasibility Study:

It determines the potential of the market where a product is set to sell. A feasibility study gives a business planner insight into whether the product is required in the market, and if yes, then will the consumers afford to buy it at the price determined. This survey can prove significantly important in formulating pricing strategies for a company's products or services, which is a determinant of a business' success. …

Employment Schemes – The Downside of "Easy Money"

Please be aware that there are employment scams out there. You might have already come across some scams in your own endeavors to make a few extra bucks. Most often, these “get rich quick” scams are advertised on telephone polls and in newspapers. We see them online or hear radio ads. They are even advertised in “infomercials” during late night television. Please try to avoid the following:

· Making money by pestering people with email spam

· Making money by stuffing envelopes

· Earning thousands with as a home typist or data entry

· Getting paid to take surveys

· Earning easy commissions with MLM

· Making millions from selling vitamins

I am sure there are a million other scams out there. A basic rule of thumb: you should not have to open up your pocket to “learn” industry secrets. If you pay money to go to conferences and seminars to learn guaranteed secrets from professionals, the only thing you can guarantee is that they will try to milk more money from you without offering you much in the way of helpful information.

At the root of each of these employment “opportunities” is a MLM structure. The money is made here not by producing a product necessarily, but by pulling in legions of “downline” workers who will do the work so those on top can build their pockets with cash. Also, the older an MLM is, the likelihood of the existence of true business opportunities dwindles.

For example, there is a popular “opportunity” that provides money while stuffing envelopes? Think about this! It literally takes machines pennies on the dollar to stuff thousands of envelopes each second! Do you think they will pay money for you to be able to stuff 100 envelopes an hour? Yep…me neither.…