As part of this you’ll need to check your business name doesn’t conflict with that of another business.
To do so, check the free online registers provided by the Intellectual Property Office of New Zealand (IPONZ) and the NZ Companies Office.
A feasibility analysis tells you whether something will work. The word ‘feasibility‘ means the degree or state of being easily, conveniently, or reasonably done.
If something is ‘feasible,’ it means that we can do it, make it, or achieve it.
A feasibility study is an evaluation and analysis of a project or system that somebody has proposed. The study tries to determine whether the project is technically and financially feasible, i.e., is it technically or financially viable?
Financially feasible, in this context, means whether the project is feasible within the estimated cost.A business plan helps you put organise your ideas, clarify goals and ensure you have all of your bases covered. Your plan should be an evolving document that grows with your business.USPs are things that differentiate your business from its competitors, such as an exclusive product or exceptional service.They will also take into account how disruptive the project might be for staff and patients.The study may have to gauge public opinion regarding the new extension.These USPs provide a solid foundation for your business, giving you a competitive advantage that can be promoted in your marketing and potentially justifying larger profit margins.As a business owner, it’s important you have an intimate understanding of the figures.A structured feasibility check doesn’t have to be hard, but it will highlight major areas you need to consider, including any potential risks.To succeed in business you first need an idea that is achievable.Perhaps it was a flash of inspiration or it’s something you’ve been thinking about for a long time.Whatever the origins, your new business idea is a guaranteed success. Before you roll your sleeves up and get your business off the ground, you first need to test whether your idea is feasible.