Is there a market for my product/service?
Great ideas often benefit from an independent review by a knowledgeable business consultant. Before you launch into an extensive feasibility study or develop a business plan, have you addressed the question, “Is there a market for my product or service?” Entrepreneurs are too often blinded by enthusiasm and passion, failing to ground their ideas with careful research and objective market analysis. Maybe you personally believe that grassfed beef is a superior product and is all the rage, but what do consumers think? Let CDS determine if your ideas are supported by sound, customized market research applicable to your unique products or services. Promising market assessments often spur an interest in a new business venture that can be evaluated in a Feasibility Study.
How do I organize the business, and where do I want it to go?
Does your business proposal have a reasonable chance to succeed? Are you dead-set on a particular course of action, or are you willing to evaluate a variety of options? Addressing these and other questions are crucial in determining whether your idea merits moving forward, or whether your business proposition is unrealistic. Objectively answering whether a new business idea or major initiative should proceed (based on a third party review) can validate a good idea. If the review determines the business idea is flawed, it prevents further time, money, and emotional investment from being needlessly expended.
A feasibility study is generally more thorough and encompassing than a business plan. The natural inclination for most entrepreneurs is forging right into a multi-year business plan, but if the general, long term idea cannot be supported, then developing a business plan is fruitless.
Feasibility studies should thoroughly examine multiple scenarios or alternatives related to your business idea. Initial business propositions rarely produce optimal outcomes on their own merit; modifications and adjustments are almost always required. Your CDS business consultant will help you identify alternative approaches and skillfully guide you through the required steps that will determine whether the proposed business is “Go” or “No Go”. If it is determined that the business looks feasible, the next step may be developing a detailed business plan.
From where I am today, how do I get where I want to be?
Your business idea has successfully progressed through a series of steps (generally a market assessment and feasibility study), and you have determined that a business plan is the next step. A business plan will provide a detailed, multi-year plan that builds upon the successful theme(s) identified in the feasibility study. The business plan should provide a ‘big picture’ view of your business as well as detailed operational components and multi-year pro formas. The plan should adequately describe your business to interested parties including lenders, investors, and business partners.