Brian O'Kane

Researching Business Ideas

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  • Menna Abu Zahrahas quoted3 years ago
    THE FINAL QUESTIONS
    The key questions here are:

    Will anybody want to buy my product / service?
    Who?
    Why? (and Why from me?)
    When? (and How often?)
    Where?
  • Menna Abu Zahrahas quoted3 years ago
    However, even at this early stage, it is a good idea to estimate (even crudely) the minimum size or capacity at which you will make a profit – the break-even point – as well as the maximum operating capacity that you can afford to establish.
  • Menna Abu Zahrahas quoted3 years ago
    As part of your business planning, you will prepare financial projections for inclusion in your business plan.
  • Menna Abu Zahrahas quoted3 years ago
    CALCULATING COSTS AND PROFIT MARGINS
  • Menna Abu Zahrahas quoted3 years ago
    It’s important to break down sales to the lowest level of product / service that you can manage without overwhelming yourself in detail.
  • Menna Abu Zahrahas quoted3 years ago
    Your requirements on each of these will vary depending on the sales volumes and values that you expect.
  • Menna Abu Zahrahas quoted3 years ago
    forecasting sales makes them look like child’s play.

    You need to have a good idea of likely sales (with some evidence to underpin your figures) in order to:

    Build your financial projections.
    Estimate the production capacity you require.
    Arrange for supply of materials.
    Hire staff.
  • Menna Abu Zahrahas quoted3 years ago
    but against a variety of other cheap frozen food products, including fish fingers, vegetable burgers, pies and so on.

    You need to find out:
  • Menna Abu Zahrahas quoted3 years ago
    When looking at your competition, you may need to consider products / services that compete indirectly with yours, as well as those that compete directly.
  • Menna Abu Zahrahas quoted3 years ago
    fast food, your business needs to be structured very differently, with more emphasis on volume production, warehousing, constancy of supply and a good distribution network.
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