According to the Small Business Administration, two-thirds of new businesses survive for at least two years, and only 44 percent survive at least four years. Position your business for success by using these success factors in determining if your business is feasible.
Increase Business Feasibility Action Checklist
- Completed Business Plan - Having a written plan promotes success, faster growth and higher profits.
- Received Objective Feedback -
Have an objective individual or group review the plan. Now is the time to eliminate costly oversights; save time and money.
Increase Business Feasibility — Examine Your Business Plan
- The Right Business Idea — Does your business idea fill a market need, or is it just something you like to do?
- The Right Size Customer Base — Are there enough potential customers to be profitable?
- Starting for Right Reasons — A business takes commitment. Are you ready to invest the time it takes to start a business?
- Invest in Your Business — Before you borrow money, are you willing to invest your own first?
- Right Place to Start — Are you picking the right location to start your business?
- Right Time to Start — Are you starting at the best time of the year?
- Build Long-Term Value — Do you accept that repeat business is more valuable than short-term profits?
- Involve Your Family — Can you start a business with your family's support?
- Sufficient Capital —It takes longer to be profitable. Have you planned for more cash?
- Realistic Revenues — It takes time to build sales. Have you planned for enough time?
- Increase Marketing — Are you prepared to invest in enough marketing to build sales?
- Non-Traditional Marketing — Can you embrace guerrilla and viral marketing, rather than simple traditional marketing?
- Keep Debt Low — Lease, not buy, rent, not own. Will you start small, looking for ways to lower overhead?
- Control Costs — Before positive cash flow occurs, can you avoid spending down initial cash?
- Right Business Location — Are you near customers? Do you have visibility, good parking?
- Know Your Customer — Consumer loyalty doesn't just happen. Can you work to earn it?
- Expand Slowly — Can you grow with good cash flow while increasing your customer base?
- Establish a Team — Can you do what you do best and delegate the rest?
- Establish a Niche — Do not be all things to all people. Will you focus on customers you can best serve?
- Unique Selling — Do you know what makes you unique to attract and retain profitable customers?
- Adapt to Change — The only thing certain is change. Are you prepared for change?
- Strong Internal Controls — Do you have procedures in place for accounting, HR, fraud, theft, etc?
- Sales Tracking System — Do you know the marketing source and cost of inquires, appointments, sales, etc?
- 100 Percent Commitment — Even if the business is part-time, are you 100% committed?
- Have an Objective Adviser — Don't rely on friends and family. Do you have a good adviser?
- Right Focus — Do you know the 80-20 rule? Twenty % of customers produce 80% of the profits: Focus on the 20%.
- Have a Website — Are you prepared to implement a website?
- Web Marketing Strategy - Do you have an optimization plan to attract people to your website?
- Prepare the "Elevator Speech" — Can you explain your company in thirty seconds?
One of the biggest mistakes you can make is to rush to open your business. Take the time to know the answer to each question.
Small Business Center Locations
Henderson County Campus
180 W. Campus Dr.
Flat Rock, NC 28731
Transylvania County Campus
45 Oak Park Dr.
Brevard, NC 28712