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Total xx Before scoring individual ideas, run through the criteria and set what you feel should be minimum desirable scores for each. The resultant total could be used as your overall minimum threshold. If some ideas don't achieve satisfactory scores, drop them and look for better ones.
Once your short-list has been developed, you will need to start devoting substantial time to assessment, research, development and planning. For a start, you could pursue the following tasks: Why would they prefer your products to the competition?
Find out what they really think - there is a danger that people will tell you what they think you would like to hear. Listen carefully to what is being said; watch carefully for qualifications, hesitations etc.
What segments will you be targeting? How large are these segments in volume terms and how are they changing? What market share might be available to you bearing in mind your likely prices, location, breath of distribution, levels of promotion etc.?
Analyze your competition Who are they and how do they operate? Are they successful and why? How would they react to your arrival? What makes you think that you could beat the competition? At whose expense will you gain sales? Consider possible start-up strategies Will you be able to work from home or part-time?
Will you seek a franchise or set up as an in-store concession? Will you start by buying in finished products for resale as a precursor to manufacturing? Will you contract out manufacturing? Will you buy an existing business or form an alliance?
Could you lease or hire equipment, premises etc. How will you stimulate sales? Set ball-park targets and prepare first-cut financial projections Estimate possible sales and costs to get a feel for orders of magnitude and key components and to establish a rough break-even point when our sales might start covering all your costs.
It incorporates a Quik-Plan facility for doing quick and dirty projections. Avoid over-estimating likely sales and under-estimating costs or lead times.
Better to be relatively conservative. Don't confuse profits and cash - see the paper entitled Making Cashflow Forecasts for further information - and make sure that you make adequate provision for working capital.Free Downloads of over freeware software programs.
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