Will Your New Business Idea Work?
Before you invest in writing a business plan you need to be confident that your new business idea or new business concept is feasible to deliver and commercially viable. You may have developed a new product idea, or a new service idea that you want to bring to market. You may already have identified some key questions: How large is the market for my new product or service? Is my new business idea feasible? Is it practical to deliver? Is my new business idea commercially viable? Will my business be profitable?
How TBPT Can Help - New Business Idea Feasibility Assessment
To be confident that your new business idea is feasible to deliver and commercially viable you will need to establish that there is a real commercial opportunity for the product or service you are planning to offer. This can be provided by carrying out a New Business Idea Feasibility Assessment. This will typically involve sourcing, analysing and presenting information on the industry, market, customers, key competitors, and the pricing and availability of competing products & services. Once you have done this, you can then establish a clear market opportunity and how you can deliver your new product or service to the market to fulfil this potential demand in a way that is both profitable and sustainable.
Our fees for a Business Feasibility Assessment are based on the time it takes to develop this research & analysis for you. Fees range from £500.00 for a written top-level review of your research material, identification of risks, and a basic financial assessment of your new business idea, up to around £1,500 for a full detailed Business Feasibility Study with a written report of up to 10 pages + graphs and charts, financial breakdown, and suggestions for further research and analysis.
Process & Timescale
We take a brief about your new business idea, research it, assess the practical and operational challenges, and crunch some top-level numbers to assess its commercial feasibility as follows:
- Business Feasibility - Research: we research your new business idea - the industry, market sector, customers, key competitors, and competing products & services. We can also source some cost estimates for the new business and demographics on your potential target customers. The extent of the research is down to you and we can be flexible according to your budget.
- Business Feasibility - Practical: We will review the challenges in producing and delivering your new product or service to market
- Business Feasibility - Financial: Assuming practical and operational feasibility we will crunch some top-level numbers based on assumptions agreed with you to get an indication of revenues, margins & profitability.
This will give an initial estimate of the potential commercial feasibility of your new business idea. Depending on the scope of work this could take 24 hours or up to 3 working days or longer for more detailed projects.
To find out more simply call us on 0845 026 0198 or use the contact form on this page.
To enquire further about a Feasibility Assessment for your new business idea please either call us on 0845 026 0198 or complete the enquiry form below and we will be happy to help.