Use the extract to discuss how a feasibility study can be used to ascertain whether a business idea is an opportunity. (10 marks) END
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1. Create a strong unique brand
Your business needs to stand out and a strong brand is integral to this. As part of this you’ll need to check your business name doesn’t conflict with that of another business. To do so, check the free online registers provided by the Intellectual Property Office of New Zealand (IPONZ) and the NZ Companies Office.
2. Have a business plan
A business plan helps you put organise your ideas, clarify goals and ensure you have all of your bases covered. It will also improve your chances of success. Your plan should be an evolving document that grows with your business.
3. Know your unique selling points and capitalise on them.
USPs are things that differentiate your business from its competitors, such as an exclusive product or exceptional service. These USPs provide a solid foundation for your business, giving you a competitive advantage that can be promoted in your marketing and potentially justifying larger profit margins.
4. Budget for ongoing costs
As a business owner, it’s important you have an intimate understanding of the figures. When creating a budget, explore different options for fixed and variable costs and ask other experienced owners for advice. Putting together a detailed, accurate cost budget takes time and money but is hugely valuable.
5. Measure, don’t assume, demand
You’ll need to find out which segments of the market respond respond most positively to what you’re selling. Research their purchasing habits and understand why your offering appeals to them more than others. Once you know this you can target these types of customers.
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