Feasibility Analysis Elements
In order to establish a business an entrepreneur needs to make a business plan to increase the chance of the business to run smoothly and not as a guarantee that the business will success because there might some things that run not according to the plan. There are many things included in the business plan include the forecasted income and expenses. But before you make business planning you need to conduct the feasibility analysis to gather the information needed in business planning.
Feasibility analysis is not the same as business planning because its serves as a filter of the ideas related to the business and also as the tool to investigate the business idea. There are three elements in feasibility analysis, they are industry and market feasibility, product or service feasibility and also financial feasibility.
The first element focuses on determining the attractiveness of an industry of a new business and identifying a possible niche in the industry that a small company can occupy. The second element is about determining what value of the proposed product or service that will attract the customers. The last element is focus on the required capital, estimated earnings and the ROI or return on investment.
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What is Business Planning?
When we want to establish a business, there are many things that should be done until finally you start to serve the customer. Start with the feasibility analysis that will filter all the ideas related to the proposed business and business planning. Business planning is one of the important factors that will increase the possibility of the business runs smoothly in the future, so it’s not a guarantee for a business to success.
Business planning is done after the feasibility analysis because the information gathered in feasibility analysis is used in business planning. Business planning is basically a summary from the business owner of the detail of the proposed business, the marketing strategy used in the business and also the financial planning.
Business planning has three important functions. First is to guide the company because business planning contains the future planning or future course of the company and the strategy of how to achieve it. second is to attract the investor and creditor who will give additional capital to the company and the third is to show that the entrepreneur understand about the business, the state of the business on the future and how to achieve it and also what key factors that will make the business success.
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