I'M THINKING OF STARTING A NEW BUSINESS
5. Is there demand for what I am selling?
Every new business starts with an idea – that lightbulb moment, which inspires you to create an incredible venture. But, before you invest time, money, and resources into starting that business, it’s worth investigating whether the idea will succeed.
This is why entrepreneurs conduct feasibility studies before launching a new business concept.
A feasibility study involves assessing if there is a market for a product or service, before making any significant investment.
A feasibility study examines the following key questions:
- Who is likely to purchase my service or product?
- How much are people willing to pay?
- How often are people likely to purchase my services or products?
- What is the possible rate of return?
- What competitors are in the existing market?
- Who may try to replicate your success?
Ultimately, a feasibility study determines whether people you do not know are likely to spend their money on your product or service. Discovering the hard truth about your business concept is what feasibility studies are all about.
They’re brutally honest, but finding out whether your business has potential before you invest considerable resources, will save you time and heartache in the long run.
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