In addition to fervently believing that we can realize our dream, we have to confirm your economic feasibility. What help can a business coach give you in this dilemma? I invite you to put together a strategic plan, to understand if your dream is feasible or not.
This analysis will save us from falling into false positivism. But how? Opening our eyes to find out if we have economic foundations to have blind confidence in our project or if we are just giving free rein to illusion. What aspects do we have to attend to and take into account to know if our idea is feasible?
The word ‘coach’ means ‘trainer’. A coach is someone who helps you to be a better version of yourself, he is someone who trains you so that you can achieve your goals.
My goal as a coach is to identify where my client is standing, where they want to go, and put together a plan to get there as quickly as possible.
To find out if our idea is feasible or not, we have to download it to a business plan. To put it together, there are key factors to consider:
let’s start with assess whether there is a demand real, for the product or service that you want to offer. What is the target market we have? Who would be our target? What competitors are there? Is there anyone doing the same? How do our competitors work? Is there room for one more competitor?
Once the market has been identified, we can move on to the part of the cost effectiveness. It is important to understand at an economic level how much it costs us to carry out our idea and then what its sale value will be.
What resources do we need to carry out our idea? How many collaborators would we need to have to start? What kind of technological inputs or machinery should we consider? What retail price do our competitors handle? At what price can we sell? What is the tax burden I have? How much and what type of investment in pattern do we want to make to enter the market? Among others.
So, we already validate that there is a demand and that we have a profitable product/service. Now, get to work with the communication plan to carry out our idea.
How are we going to insert ourselves at the communication level in the market? What is our communication strategy? How are we going to differentiate ourselves from our competition? What resources do we need to carry out our plan? How much capital should we invest to achieve organic and advertised content?
Another very important question, if you didn’t think of it, is the part of risks. Which are? How can we prevent and minimize them as much as possible?
Finally we are going to download all this information to a spreadsheet and we are going to put together a projection about how and in what times our business will evolve, what our income and expenses will be and how our growth strategy will impact it.
All this plan will help you to understand if your project is viable or not, to know how much capital you need to start and, in the case of needing an investor, to be able to present all the analysis done on your idea tied to how much money is What are you going to need, what are you going to use that money for and how long will it take to get it back?
As important as having a good idea is to know if it will lead to a good business. Understanding the economic viability of your project is essential to walk on the safe side. If the base, the order, the forecast and the analysis are there, the rest comes.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
