A guide to help you determine if your business idea is feasible.

By Tom Okure, Ph.D
ICMS, Inc. Reports
Updated: December 1, 2024

Dr. Okure consulting with a business client

Deciding if your business idea has a profit potential can be a difficult endeavor especially if you have never been self-employed before and don’t know how to research your idea. There are several proven steps that you can use to guide your research of the viability of your business idea.  

Below is a guide to help you determine if your business idea is feasible:

1. Create a profile of your potential paying customer.
2. Describe the features and benefits associated with the product or service offering.
3. Determine the target geographic market you plan to sell to in your first operating year.
4. Determine who your competitors are in your target market?
5. What are your competitors charging in your target market?
6. How low can you price your product or service to remain competitive?
7. List distinguishing product and service features that will attract customers to you.
8. Determine the current market or industry trends in your target area.
9. Determine the potential for growth in the market.
10. Determine how you plan to make potential customers know you exist.
11. What are your sales and revenue projections in your first year?
12. What government permits and approvals are needed to start your business?
13. Describe the process of manufacturing or producing your product.
14. Briefly describe your fulfillment process.
15. Determine your first-year production/manufacturing capacity.
16. Who are your potential suppliers?
17. What resources do you need to have in place before you start your business?
18. Determine what your fixed and variable monthly operating cost will be to run your business.
19. What personal strengths and weaknesses are likely to impact your business operations?
20. Describe your contingency plans to enable you to buffer market /operational shocks.

Planning ahead is not an easy process especially because you cannot readily get feedback as to its value. Nevertheless, when you start planning for the success of your business, the objective and advantages of planning become clearer.

Planning enables you to deal with unforeseen circumstances that may suddenly plunge your business into a sudden difficult situation through no fault of your own. Planning for all types of eventualities that may confront your business allows you to deal with them in a rational manner and still reach your objective in spite of temporary setbacks. On the other hand, failure to plan can spell disaster or bankruptcy for your business.

If you are starting a business or have an existing business and think you or your firm can benefit from a thorough assessment of your business idea or existing plan, don't hesitate to contact us at icmsinc@aol.com or okuret@gmail.com with your questions and a price quote for technical assistance.

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All rights reserved by Tom Okure, Ph.D CEO of Inter-Continental Mgt. Systems, Inc. (or ICMS Inc). ICMS, Inc, is a multifaceted business and management consulting firm with its head office in Albany, New York.

Micro-Enterprise Assistance Program

COVID-19 Pandemic and Opportunity for Government and Corporate Partnerships to Jump Start the Economy

With the spread of the COVD-19 pandemic into our communities, many small business owners have been totally devastated and many have closed down and may never open or recover with substantial assistance from government loan programs and corporation partners dedicated to revitalize our economy. Under these circumstances it is extremely important to ensure that our small and micro-business owners that are major employers that sustain our communities succeed. 

ICMS, Inc has a proven track record of evaluating and assisting small and micro-enterprises to start and run their businesses successfully.  

We are seeking committed corporate and government business partners to further our business cause of helping the self-employed grow and sustain their business passion. We ask lending banks and government agencies offering government recovering assistant loans to support our Micro-Enterprises Assistance Program by sponsoring a business evaluation for a small business owner eligible for assistance today.

Contact us to see how we can partner to help jump start our small business community. Email us at okuret@gmail.com or icmsinc@aol.com

 

Many small entrepreneurs regularly take advantage of our expertise and technical assistance to turn their business dreams into business success. ICMS, Inc  helps big and small business owners write winning business plans, review their business operations and determine what constraints may be hindering their successful growth and financial performance. Meet some of our self employment clients:

Richard Bloomquist

Richard Bloomquist owns a sole proprietorship massaging business called Helping Hands (or HH). The business provides a supportive environment for individuals who need massage for its benefits in relaxing and as an alternative treatment to help in the recovery from specific medical conditions and injuries

Louis Vendetti

Louis Vendetti owns a business that creates and sell specialty promotion gifts and souvenir products to individual and business consumers. Customers can choose from a catalog list of over 600,000 specialty products and can have any graphic or image imprinted onto any product or component quickly and inexpensively.

Patricia Tanksle

 

Patricia Tanksley is self employed and the owner of "The Garden Keys" or (TGK). She owns and operate a flower shop stemming from her passion and love for floral design and gift basket making. She puts together floral designs for friends, relatives and church members for major holidays as well as weddings, anniversaries, and funerals

Dr. Okure and Edward Borowsky

Edward Borowsky is professionally certified as a tool-sharpener. He owns a small business called TEJEM Sharpening Service (or TEJEM). The business sharpens all types of equipment and tool blades such as circular and chain saw blades, clipper blades, carbide equipment, and routers and drill bits.

Dr. Okure and Charles Hartman

Charles Hartman used to be a professional bowler. He now runs a small business called “Chucks Bowling and Sports Emporium” (CBSE) which sells bowling balls and bowling related equipment and supplies, including sports trophies and other types of sports equipment.

Richard Bloomquist and Dr. Okure

Billy Searles owns and operates a small business called Adirondack Woodcrafts. He uses a variety of woodworking tools including saws, sanders, drill sets, hammers, plane and chisel sets to make and sale woodcrafts such as birdhouses, picnic tables, business signs and a variety of holidays gift products based on catalog designs.


For technical assistance on how we might help you grow your business, email us at okuret@gmail.com or icmsinc@aol.com


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All rights reserved by Tom Okure, Ph.D President and CEO of Inter-Continental Mgt. Systems, Inc (or ICMS, Inc). The information included in this article may not be used, reproduced, transmitted, rewritten or redistributed without the prior written permission of ICMS, Inc. The author Dr. Tom Okure is President of ICMS, Inc, a multifaceted business and management consulting firm with its head office in Albany, New York. Dr. Okure is a writer, author, business/management consultant, public policy advisor and commentator and a change advocate.