Product Marketability Analysis Score Sheet
You may think you have a great idea but until you have proven that you will be able to promote usage of your product or service to receptive customers who will be willing to pay you – these are only assumptions.
- Plan four different product/service concepts – each similar, but with variartions.
- Score each of them high, medium or low to find out whether the product/service is marketable.
|Probability of use by target market|
|Compatibility with image desired|
|Competitiveness of price|
|Number and strength of marketable features|
|Probability that product will enhance sales of
|Projected stability of demand|
|Ability to overcome seasonal or cyclical resistance|
|Uniqueness of product|
|Ability of business to obtain needed equipment|
|Likely acceptance potential|
|Ability of business to afford the development and production of product|
Start-Up Costs Worksheet
The following two worksheets will help you to compute the initial cash requirements for your business.
Start-Up Costs Worksheet:
- These two worksheets list the things you need to consider whendetermining your start-up costs.
- The first worksheets includes the one-time initialcosts needed to open your doors.
- The second worksheet covers ongoing costs you’ll face eachmonth.
Capital Requirements: One-Off Start-Up Expenses
|Advertising||Promotion for opening the business|
|Starting inventory||Amount of inventory required to open|
|Building construction||Amount per contractor quote and other|
|Cash||Amount needed for the cash register|
|Decorating||Estimate based on quote if appropriate|
|Deposits||Check with utility companies|
|Fixtures and equipment||Use actual quotes|
|Insurance||Quote from insurance agent|
|Lease payments||Fee to be paid before opening|
|Licenses and permits||Check with city or municipal offices|
|Professional fees||Include CPA, attorney, etc.|
|Remodeling||Use contractor quotes|
|Rent||Fee to be paid before opening|
|Services||Cleaning, accounting, etc.|
|Signs||Use contractor quotes|
|Supplies||Office, cleaning, etc. supplies|
|Unanticipated expenses||Include an amount for the unexpected|
|Total Start-up Costs||Amount of costs before opening|
Capital Requirements: Ongoing Monthly Expenses
|Bank service fees|
|Credit card charges|
|Dues and subscriptions|
|Health insurance||Exclude amount on preceding page|
|Insurance||Exclude amount on preceding page|
|Lease payments||Exclude amount on preceding page|
|Loan payments||Principal and interest payments|
|Office expenses||Payroll other than owner|
|Rent||Exclude amount on preceding page|
|Repairs and maintenance|
|Your Salary||If applicable for first three months|
|Total Ongoing Costs|
|Total Start-up Costs||Amount from preceding table|
|Total Cash Needed|
*Include the first three months’ cash needs unless otherwise noted.
**Include amount required for inventory expansion.
If inventory is to be replaced from cash sales, do not include here. Assume sales will generate enough cash for replacements.
Conduct a Personal Evaluation
Thinking of starting a business, but not sure which path to follow. Take a few minutes to do a personal evaluation of your goals and resources.
Take a few minutes to do a personal inventory of your goals and resources. Think about what it is that really lights your fire. Passion is a driving force in our lives, and that’s never as true as in business ownership. If you have a passion for your work, it’ll carry you far.
If you need help assembling this personal evaluation information, sit down with a trusted friend, an advisor, your spouse or someone you know with business experience, and outline your resources, strengths and weaknesses, as well as your financial resources. Talk through the concept and listen carefully. You need a reality check here. Don’t necessarily accept what you hear, but take it into account.
- What type of business activities play to your strengths?
- Can your advisor see you pursuing a certain type of business?
- Would you be better suited for a business-to-business sales situation or a retail setup?
- Are you good with people, a good public speaker?
- Are you detail-oriented?
- Can you afford to run a business?
- Can you afford to fail?
- What’s your level of risk tolerance?
This information will be very helpful when you start to narrow your business search. By maintaining a clear focus on your fundamental interests, you won’t be pulled off-track by the distractions you encounter during your quest.
Business Idea Analysis Worksheet
This worksheet will help you analyse your new business idea and determine how successful you will be if you enter a given business and sell a given product.
Business Idea Analysis Worksheet:
Before you can begin to write your business plan, you may need help figuring out which business idea to go for and if it’s worth pursuing. This worksheet will assist you in finding the best business idea for your new business.
- Assign each business opportunity and product a column number.
- Answereach question along the left-hand side of the form assigning a ratingof 1-3, with 3 being the strongest.
- Total each column after you’vefinished.
- The opportunity and product with the highest total pointsare your strongest candidates for success.
Business Opportunity Analysis
Business Op 3
Business Op 4
|Relevance of your previous experience to opportunity|
|Familiarity with the daily operations of this type of business|
|Compatibility of business with your investment goals|
|Compatibility of business with your income goals|
|Likely profitability of business|
|Likelihood of business to meet your desire for personal fulfillment|
|Projected growth for the industry|
|Acceptability of risk level|
|Acceptability of hours you will need to work|
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