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Conducting a feasibility study for a business.

Posted by Admin | 4 months ago | Filed Under Entrepreneurship

One big questions investors always ask is how businesses are going to make money. This is because cash flow and profitability are the most important things in business. But how do you know if your product or business idea is market-worthy. Here are five ways to confirm if buyers can actually be willing to spend money to purchase your product or service:

 

 

1. Interviews (either by telephone or face-to-face).  The interview could be with potential clients or sales attendants.  The information provided can give you an insight on competing products and customer preferences.

 

2. Product trial - you could make a number of your product and distribute across stores to see how well they perform and get reviews from actual customers.

 

3. Questionnaires (online or by mail) - Short, and simple questionnaires give an idea of what people actually want and not what you think they want.

 

4. Focus groups - gathering a sampling of potential clients or customers and getting their direct feedback. 

 

5. Visual study: You could observe people that purchase a competitor product in a store for an understanding of buyer behaviour.

 

With the information you get from this study, you will be able to make better decisions based on your customers’ preferences and achieve more in your business 

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