Feasibility Study

1. Describe your product or service

You need to make sure that you can really tell people exactly what your business is going to produce or do. You can start by making a list of the features that your product will have and deciding what your product will look like. After you are sure that you have a perfect understanding of your product or service, you are readyto start writing your business plan.

2. Create a list of your business' sources of income

You should write a list of the things that will be the sources of income for your business. If you plan to build a website that provides recipes for free, for example, you can sell advertising space and products from Clickbooth and Amazon.

LABELS: BUSINESS PLAN

Selling a Business for Top Dollar

Business owners often become so involved in their company's daily operations that they sometimes fail to realize the business might be sold. A sale of a business might be forced, for example, by the illness of the owner, by a divorce or by concern over lack of succession. It might also be unexpected as a result of an advantageous offer.

Whatever the reason for selling, an owner of a business will want to obtain the best possible price. As a business owner, then, it makes sense to establish what is known as a departure plan so that your business will attract top dollar should it be sold.

Potential growth

A departure plan isn't something that can be put together at the last moment. It must become part of the business's day-to-day management. Too often, business owners fail to do this. But unless you actually plan for the eventual sale, your business might not achieve its potential growth level nor realize its potential return.

As a business owner, the first step in preparing a departure plan is to have your business valued by a professional business valuator to determine a realistic asking price in order to make the business an attractive buy. The valuation should be reviewed and updated at regular intervals....