1.2 Your Customers
Who are your customers? Demographic information tells you all about your customers’ personal characteristics such as where they live, how much household income they have, and how many children they have. You can find very specific information in your library or online using zip code resource sites like www.zipwho.com, www.censusscope.org, or www.city-data.com. What are your customers’ preferences, values, and attitudes that relate to your business? How will you find out what your customers think or intend to buy? How can you find out what problems they have, what they need, or what they want that they don’t know yet! Use your creativity to learn as much as you can about your potential customers.
1.3 Industry Analysis- Trends Related to the Product or Service (1 paragraph)
Sources likely to be found in a library for this section: Standard and Poor’s Industry Surveys, Encyclopedia of American Industries, Industry Norms and Key Business Ratios and RMA Annual Statement Studies.
What industry is your business in? What trends are likely to occur in the way the product or service is used, or what features it offers, for example? How are the two target markets likely to change over the next 3 years? To what effect? This usually has whether the industry or problem is growing, stable, or in decline (with some measure of this).
This guide is designed to serve as a resource that can assist you with researching for a business feasibility study.
A feasibility study is an evaluation or analysis of the potential impact of a proposed venture or project. It aims to answer essential questions like:
Conducting a feasibility study is like doing a "trial run" for your business idea. It helps you gauge the viability of your venture before you invest time and money into it. You can think of it as a tool to minimize risk and maximize your chances of success.
Before launching your business, you must know your customers intimately. This guide will direct you to resources that will help you identify:
A successful business also requires an in-depth understanding of the industry it operates in. Here, you will want to find:
Quad Cities Campus |
East Campus |
|---|---|
|
Building 1, Room 201 6600 34th Avenue, Moline, IL 309-796-5700 |
Building A, Room 135 26230 Black Hawk Road, Galva IL 309-854-1730 |
|
Hours: Monday - 8:00 am - 5:00 pm Tuesday - 8:00 am - 5:00 pm Wednesday - 8:00 am - 5:00 pm Thursday - 8:00 am - 5:00 pm Friday - 8:00 am - 3:00 pm Saturday & Sunday - Closed |
Hours: Monday - 8:00 am - 4:00 pm Tuesday - 8:00 am - 4:00 pm Wednesday - 8:00 am - 4:00 pm Thursday - 8:00 am - 4:00 pm Friday - 8:00 am - 2:00 pm Saturday & Sunday - Closed |
