Following through with your new business venture where you wish to introduce

a product/service within a month. Your resources (in terms of time, manpower

and budget) is limited.

In 200-300 words, briefly identify and justify the scope and focus of your
feasibility study – for maximum impact, to minimize the risk of your new
venture.

Feasibility study is the analysis whether the proposed business has the potential to be
successful or not. It typically includes the market review, competitors, the revenue and
cost benefit analysis amongst other factors.

There are few crucial steps that needs to be taken to build a feasibility study and the first
and foremost is to research the market. In the case of my home baking online business, I
would look into analysing the market and this includes the size and demographics,
needs and preferences of my potential customers that are on social media platform. I
would also have to establish the bakery products offered and it could range from cakes,
cookies and brownies amongst others. I may want to consider any additional services
such as catering and delivery.

The next step would be to identify the right marketing mix and establish the marketing
and sales strategy. This includes information on how I plan to market and attract the
potential customers and this may involve online marketing, promotions and paid
partnerships.

The next important step is to conduct the operational plan which will outline the home
bakery's day-to-day operations, such as the process of sourcing ingredients, baking, and
selling the products online. Not to mention also is the financial goals and plan. This
includes financial projections of my home online bakery, including projected revenues,
cost expenses, and profits. It also includes the capital and funding needs to start up and
maintain my online home baking business.

The feasibility study encompasses not just the share market but also the opportunity and
the costs. Before developing a business plan, the groundwork must be done and this is
where the feasibility study role lies. It lays the groundwork for the business plan as it is
the first decision point whether the online home baking business is a go or no go.

I would assess the risks involved in the online home baking business by conducting a
SWOT analysis and the Porter’s 5 forces analysis. Strength may involve having a great
variable range of baked products. A weakness is that I am new to the online home
baking market and there is no recognition yet. The opportunities could pose as the
market share that is vegan and threats are the influx of home bakery business that are
available in the social media.