Exploring Business Feasibility KANSAS SMALL BUSINESS TECHNICAL ASSISTANCE

Exploring Business Feasibility KANSAS SMALL BUSINESS TECHNICAL ASSISTANCE & OUTREACH CENTER GRIFFIN-HAMMIS ASSOCIATES/KANSAS SMALL BUSINESS DEVELOPMENT CENTER/KANSAS DD COUNCIL Presented by: Cary Griffin Senior Partner cgriffin@griffinhammis. com

Exploring Business Feasibility

Exploring Business Feasibility üThe Decision to Start a business Comes Thru Discovery üThe Idea is Supported thru the Establishment of at least 3 Vocational Themes (typically) üMatches resident or emerging Skills & Tasks üOwning a Business Addresses the Ideal Conditions of Employment

Exploring Business Feasibility üOwning a Business is not Tied to the Myth of Entrepreneurship üThe Idea is Organic; it emanates from Discovery, not a staff person’s idea or a Market Opportunity üMatches Who the Person Is First, then it Exploits or Creates a Market üRun Towards Self-Employment Not Away from Wage Employment

Exploring Business Feasibility üFeasibility Testing: How do we know this business can make it? üVariables: It fits the person; It fits the Market; It generates a reasonable Wage; It Generates more than it Costs; It Does not allow the Person to look Incompetent; It has a Glidepath or It Achieves a Short-Term Financial or Personal Goal

Exploring Business Feasibility Simplified Feasibility Testing: üSell Some!! (Flea Markets, Consignment, Ebay, etc. ) üSurveys (Formal using Survey Monkey; Phone Calls; Door-To-Door) üMarket Research (Ask other Businesses/Info Interviews; SBDC Staff; Study Industry Websites)

Exploring Business Feasibility Desired Feasibility Testing Results: üCustomers are Interested (Primary & Secondary) üThere’s Competition or Analogs in other Locations üThere’s Potential for Competitors as Customers üTest results match the Owner’s Profile üThe Pay-Off is worth the Effort üThere’s room for Growth üThere’s Affordable Support

Exploring Business Feasibility üQuestions? üResources? üHow this Fits with Potential Business Owners in this Project? üHow do we Fund Feasibility? üWho can Help?