So you have finally decided to get serious about that business idea that has been developing in your mind over the past few months. Congratulations. Taking action and overcoming inertia is a huge first step. Most ideas never get this far. Let’s discuss your next steps.

We offer the following services to help you accomplish each goal:

Feasibility Study For Small Business

Your first step is to conduct a feasibility study. The purpose of a feasibility study is to determine the viability of a new business. A feasibility study is compilation of exhaustive market research. It is best to start with Internet research then move on to trade organizations and publications. Then you should talk to people who are already in the industry – competitors, customers, suppliers, investors, etc. If you haven’t yet, call them. You will be surprised at how much they are willing to talk about their businesses. You will often discover how to tweak your business model to better address industry’s pain points. We have helped entrepreneurs with dozens of feasibility studies.

Business Plan Development

Once you have determined that your business is potentially viable you need to write a business plan. Business plans are used to raise startup capital, annual planning and budgeting, to sharpen operational focus, and to collaborate with partners or employees. Educate your self about how to write a business plan. Make a good financial model that can be used as a capital and operating budget. Writing a good business plan is an art not a science. We have written many, many business plans for companies in numerous industries and would be delighted to help with yours.

Raising Funding for Small Business

Once you have a business plan you should figure out a capital acquisition plan. The first money for the company will probably come from you personally – savings, credit cards, etc. Next you will need some seed money to get off the ground. Best bet is to ask family and friends. Look into crowdsourcing sites like Kickstarter. Afterward, maybe you can approach angel investors to fund you. Also, don’t forget unconventional sources of capital – your vendors may be willing to extend you credit. Your customers may be willing to prepay for some products. Now is the time to be scrappy. We have sold or raised more than $220M of capital for companies just like yours and we would like to help you raise the capital you need to allow your business to succeed.

Small Business Financial Consulting

In our experience, the vast majority of small businesses do not have high-level financial talent in-house. And frankly, most startups do not need a high-priced full time finance professional. However, all businesses need someone watching the books. We have served as Acting CFO for several of our clients over the years. We can work on an hourly or retainer basis and do analysis and banking work as needed.

Feasibility studies are market research studies that assess the viability of a new business venture. The goal of a feasibility study is to assess the strengths and weakness of a product, team, and business model. Then, after exhaustive market research, to determine the resources required to execute the plan and the prospects for success. Components of a feasibility study include:

• Technical feasibility – is the product ready for market today?
• Market feasibility – is there a large market ready to adopt the product?
• Economic feasibility – do the numbers make sense?
• Financial feasibility – are the required investment and returns in sync?
• Operational feasibility – are the team and resources in place?
• Competitive feasibility -will the competitive landscape accept a new entrant?

Process of Conducting a Feasibility Study

A feasibility study is conducted by first interviewing future management. Next is exhaustive secondary market research about the industry. This is done through Internet research, reading trade publications, and speaking to trade organizations. The next step is to talk to people in the industry – current operating companies, vendors, and customers. A great resource is people who have invested in the industry, including professional investors and entrepreneurs. They are great sources of information for the key success factors in the industry, capital requirements, ideal entrepreneur backgrounds, etc.

A key discovery in a feasibility study consulting process is uncovering the industry “pain points.” Typically, entrepreneurs will have knowledge of and desire to enter an industry. However, a “me too” entry strategy is often not the optimal choice. In our feasibility studies, we will make “go / no go” recommendations and suggestions of how to improve the business model. Your business focus will sharpen and change for the good after a thorough feasibility study.

Cost and Timeline

A feasibility study typically takes 4 to 6 weeks to complete from start to finish. The price can range significantly based on novelty and complexity. Feasibility studies can range wildly from $5,000 to hundreds of thousands of dollars. However, the average assignment is between $5,000 to $10,000. Since a feasibility study includes exhaustive market research, and market research is a significant part of writing a business plan, commissioning both together results in a significant discount versus buying them separately.