Business feasibility analysis is a process used to determine if a business idea is viable.
Most businesses that saw light of day and enjoyed basking in the economic sun are those that followed the process of:
- Recognizing a business idea,
- Testing the feasibility of the idea,
- Writing a business plan and
- Launching the business.
When an idea falls short (especially during Step 2 of analysis), the idea should be dropped or rethought.
Many entrepreneurs make the mistake of identifying a business idea and then jumping directly to writing a business plan and launching. This results in the launch of half-baked ideas which often results in business failure and a waste of money and time invested on an idea that is not viable.
Testing your business idea before launch helps you:
- be clear on the business model of your idea and understand whether that idea is profitable or not. This reduces the risk of launching a product/service that people don’t want, and running a business constantly at a loss.
Testing your idea separates “good ideas” from “business cases”.
Make the right decision, do not rush to launch. Test your business idea.
Can help you in testing your idea.
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