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Business strategy
How do you determine the feasibility of a new business idea?
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[QUOTE="Holicent, post: 296211, member: 76163"] How do you determine the feasibility of a new business idea? To determine the feasibility of your business idea, you need to consider the following factors: Financial feasibility - How much money will it cost to start and run the business? This can be determined by calculating how much money will be needed to establish a company and get it off the ground. If there are extra costs, such as legal fees or equipment costs, these can be deducted from this amount. Marketing feasibility - How much time and effort would it take to promote the product or service? This may include advertising, events and other promotional materials. Sales potential - How many people in your area would be interested in buying your product or service? You need to think about how many customers there are in your target market, as well as how many people might buy from you if they were aware of your product or service. Operational feasibility - Are there any laws that need to be complied with before opening a business? Do you have the required licenses or permits needed for running a business? Will you need additional supplies for starting up your business? [/QUOTE]
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How do you determine the feasibility of a new business idea?
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