2. Before Proceeding



Stage 2 - Before Deciding to Proceed
(Do research, finances and feasibility)

Steps

1
DO MARKET RESEARCH You must do Market Research
2
RESEARCH MARKET Know the Market for your products/services
3
RESEARCH CUSTOMERS Know the Customers for your products/services
4
RESEARCH COMPETITION Know the Competition you have
5
RESEARCH SUPPLIERS Know the Suppliers you can deal with
6
RESEARCH UNIQUENESS Find USP or Special Features your products have
7
RESEARCH FINANCIAL NEEDS Your Costs and the funding you’ll need
8
NET WORTH Calculate Net Worth & Collateral avail for borrowings
9
LIVING COSTS Find amount required for your living costs
10
START UP & OPERATIONS COSTS Calculate costs for start up and initial operations
11
SOURCE/USE OF FUNDS Funds available and how it will be used
12
BORROWINGS SOURCES Where you will borrow money for business from
13
RETURN ON INVESTMENT The return you want from your business
14
FEASIBILITY Calculate feasibility of business
15
ACCOUNTANT (2) Accountant to check feasibility, finance & research data