Week 2 Assignment: RL’s Customs
Full Feasibility Analysis
From “Preparing Effective Business Plans” by Bruce R. Barringer
|Note:||All fields can be expanded to provide additional space to respond to the questions. A copy of this template, along with each of the assessment tools, is also available in PDF format at the authors’ Web site at www.prenhall.com/entrepreneurship.|
|A.||Name of the proposed business
|B.||Name of the founder (or founders)|
|C.||One paragraph summary of the businessRL’s Customs is a retail shop located in Salem, Indiana. My product focus is on tires, wheels, and aftermarket parts. Salem is a rather small town with a current population estimated around 6,172. It is also a fairly low-income town. The bonus factor in strategically placing my shop in this area is the acquaintances and long-term relationships I have already made with the inhabitants.
In rough economic times, such as these, it has become priority to distribute quality tires, wheels, and aftermarket parts at a price that most people can afford. That is exactly what I aim to do for the people of Salem, Indiana. Most people cannot afford brand new tires or parts, so I have taken the initiative to find gently-used tires and parts from a well-known distributor.
Part 1: Product/Service Feasibility
Issues Addressed in This Part
I am a local guy who can sell anything. I do not have a large overhead and maintain relationships with parts suppliers within, as well as outside of the community. I am able to provide personal (one-on-one) service to every individual customer. I have a physical location where the customer can view and touch a product before choosing to purchase.
Most people cannot afford brand new tires or parts, so I have taken the initiative to find gently-used tires and parts from a well-known distributor.
Concept Statement Test
|*||Strengths of the product or service idea—things people who evaluated your product or service concept said they “liked” about the idea|
|*||Suggestions for strengthening the idea—suggestions made by people for strengthening or improving the idea|
|*||Overall feasibility of the product or service concept—report the number of people who thing the idea is feasible, the number of people who think it isn’t feasible, and any additional comments that were made|
|*||Other comments and suggestions|
Buying Intentions Survey