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BUSINESS FEASIBILITY STUDY

By Clara Tucker,2014-07-09 09:03
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BUSINESS FEASIBILITY STUDY ...

BUSINESS FEASIBILITY STUDY

     Name:

Address:

     NEIS Program

    Small Business Centre Phone: Mobile:

     City Campus: Email: Building 108 Level 6 Room 1 239 Bourke Street, Melbourne 3000 Proposed business: Australia

    Telephone: (03) 9925 2933 Facsimile: (03) 9925 2707 Bundoora West campus: Telephone: (03) 9925 7500

    Facsimile: (03) 9466 8094

    Planning is essential in the establishment of a new business. This guide will help you to start planning your

    business. If you are proposing to apply for NEIS the information recorded in this guide will form the basis of

    the assessment of your readiness to enter the NEIS program.

    For best results take sufficient time to find out the information needed to complete the guide. Do not just make

    it up or write what you think other people want to hear.

    Throughout this guide there are prompts on the type of background information required to support the

    development of your business idea. We encourage you to explore all possible avenues to gather information

    relevant to your business area. Attach any additional information you think may be useful. This document is a

    planning guide only, it is designed to assist you to start the process of developing your business idea.

On completion this document is accorded “Commercial In Confidence” status.

    ELIGIBILITY CHECKLIST

    Please tick:

    ? I am registered as unemployed with Centrelink…………………………………………………. ?

    ? I am 18 years or older……………………………………………………………………………… ?

    ? I am able to participate in full time training and work full-time in my proposed business… ?

    ? I am receiving a qualifying income support payment ………………………………........... ?

    ? I am not an undischarged bankrupt ……………………………………………………………… ?

    ? I agree to hold and maintain a controlling interest in business during the terms of

    my NEIS participant Agreement…………………………………………………………………… ?

    ? I have not received NEIS assistance in the previous 2 years …………………………………. ?

    ? I have not received NEIS Assistance previously for a similar business activity …………….. ?

    My business:

    ? Has never operated on a commercial basis ……………………………………………………….. ?

    ? Is independent, lawful and reputable …………………………………………………................ ?

    ? Does not involve the purchase or take-over of an existing business ………………………… ?

    ? Will not compete directly with existing businesses unless it can be demonstrated

    that there is an unsatisfied demand for the product/service or the product/service

    is to be provided in a new way ……………………………………………………………………. ?

    ? Will be established and operated solely in Australia ………………………………….............. ?

    Signed: __________________________________________ Date: _______________ ? RMIT 2009 C:\convert\temp\63331591.doc Page 1 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

YOUR BUSINESS IDEA

The following questions are designed to assist you in the development of your business idea, your vision for the

    future of the business and to detail the expertise that you bring to your new business venture.

    What are your reasons for wanting to start your own small business?

    What are your objectives for your business over the next twelve months?

    What are your objectives for your business over the following two years?

? RMIT 2009 C:\convert\temp\63331591.doc Page 2 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

YOUR BUSINESS IDEA cont.

    List all the products and/ or services that you plan to provide at the commencement of the business.

    List all the products and/ or services that you plan to provide in the future.

Who will operate the business?

    Who else will be employed by the business immediately?

    Who else will be employed by the business in the future?

? RMIT 2009 C:\convert\temp\63331591.doc Page 3 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

    FINANCES

CAPITAL REQUIREMENTS

    This section will help you to calculate the amount of money you need to get your business underway. It also looks at your ability to gain finances and whom you will approach if finance is necessary.

    List all the equipment that you will need for the business, eg: Plant and equipment, fittings, tools, office furniture, computer equipment.

Already Own Approximate value

Total $

Need to acquire Approximate value

Total $

? RMIT 2009 C:\convert\temp\63331591.doc Page 4 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

FINANCES cont.

START UP EXPENSES

What are your Start Up Expenses?

Complete the following checklist of Business start up expenses.

    Business Name $

    Registration

    Insurance $

    Initial Stock $

    Licences and Permits $

    Advertising and Promotion $

    Printing and Stationery $

    Lease/Bond $

    Telephone - Landline $

     - Mobile $

    Other $

    Other $

    TOTAL $

    What finance do you need to raise now?

    How do you intend to raise the Finance?

    ? Personal Income

    ? Bank Loan

    ? Building Society

    ? Family

    ? Friends

    ? Other

? RMIT 2009 C:\convert\temp\63331591.doc Page 5 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

FINANCES cont.

POTENTIAL INCOME/TURNOVER

Pricing

    Explain how you calculated the cost of producing your product/service

Turnover

    stExpected turnover in the 1 year How did you calculate this?

? RMIT 2009 C:\convert\temp\63331591.doc Page 6 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

    FINANCES cont.

    WHAT EXPENSES WILL YOU INCUR OVER THE FIRST 12 MONTHS OF OPERATION

    Complete the following checklists of projected business expenses for the first 12 months of operation of

    your business. .

    Accounting $

    Advertising $

    Bank Charges $

    Cleaning $

    Fuel, Light & Power $

    Insurance $

    Interest $

    Internet Service Provider $

    Lease $

    Legal $

    Motor Vehicle

    - Fuel and Oil $

    - Registration & Insurance $

    - Repairs and Maintenance $

    Postage $

    Printing $

    Protective Clothing $

    Purchases

    - Equipment $

     Stock $

    - Raw materials $

    Rent/Bond $

    Stationery $

    Superannuation $

    Telephone - Landline $

     - Mobile $

    WorkCover $

    Other $

    TOTAL $

    ? RMIT 2009 C:\convert\temp\63331591.doc Page 7 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

    FINANCES cont.

    What are your current monthly financial commitments?

    Rent/Mortgage $

    Personal loans $

    Schooling $

    Petrol $

    Car running $

    Food $

    Clothing $

    Recreation $

    Medical $

    Other $

    Other $

    Other $

    Other $

    Other $

    TOTAL $

    List any current mortgages, personal loans, hire purchase, leasing other commitments you hold.

    Financial Type of loan Repayment Period of loan

    Institution per month

    $

    $

    $

    $

    $

    ? RMIT 2009 C:\convert\temp\63331591.doc Page 8 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

MARKET RESEARCH

Market research involves collecting information about your market segment where they live, what their

    income is, what they spend their income on anything about them that will help you ensure your product

    is attractive to them.

    Market research will involve:

    ? Talking to people who are in similar fields jewellery

    ? Talking to your “target market” (i.e. people you believe will use/buy your product or service).

    ? Talking to people who have specialist knowledge of the industry you are entering.

    ? Sourcing written material specific to your area of interest.

    ? Gathering statistical data relevant to your area of interest.

    Prepare your questions before you approach people.

    To find out about your target market you must be prepared to ask “hard questions” or exploratory questions that

    will give you a sound understanding of your target market, how they think and what will appeal to them.

    To ensure that the information gathered is relevant, select people who have detailed knowledge and experience

    in the industry sector you propose to enter.

    Ask targeted questions, designed to provide realistic feedback on your business idea. Accordingly questions

    should be framed to draw information on the positives and negatives of the industry sector you propose entering.

    For a business to be successful there must be enough people who want to buy your product or service.

    You also need to ensure your product or service is accessible to the people who may want to buy it. It

    has to be available in the right places in the right quantities and presented in a way that will be attractive

    to your customer. The people you are aiming your product at are your “target market” or “market

    segment”.

    In the space below, write down the questions you will ask to identify your market segment eg

    1. Why would you choose this product/service?

    2. How would describe most people who buy this product/service?

    3. Where would you look to find this product/service?

    4. What would you expect to pay for this product/service?

    5. How often would you buy this product?

    6. If you would like more information about this product, contact……

? RMIT 2009 C:\convert\temp\63331591.doc Page 9 of 15

    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

MARKET RESEARCH cont.

Number of questionnaire s Results

Person consulted Date

Summarize the information collected during this consultation.

    Profile your prospective customer or “market segment” (i.e.:- where do they live? how much do they earn? how old are they? are they men? women? etc.)

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    The New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education Employment and Workplace Relations (DEEWR)

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