Is your project feasible?
A feasibility study will help ensure you've considered what's necessary to make your project a success. It is a "healthcheck" on your project to make sure you have the foundations set. As part of your application for funding over $10,000 we ask that you attach the following information and answers to your online application (within the funding portal).
- How much money is needed to start the project and keep it running until it is established? Drill down all your potential costs before you commit yourself to seeing an idea through.
- Who is your target audience/customer? Identify who will be most interested in your product/service, so you can market to them in a direct and cost effective way.
- Who are your main competitors? Understand who may offer similar products/services, and learn about their strengths and weaknesses.
- Assess your long term sustainability. Do you need to forecast income? If you plan to go into business, business.govt.nz can give you advice on how to understand what your market value/income could be.
- What skills do you need to succeed? Seek advice from experienced industry professionals if possible, to be certain about the skills needed.
- Do you have any compliance/legal issues? Research your obligations on business.govt.nz. They are the appropriate agency to provide you with the guidance needed.
Do you have a business plan?
A business plan is the next essential step to take if you intend to be a successful business. It can be used as a working document, refined each step you take, giving you a road map to success. Keep the business plan as simple and practical as possible.
- Write a concise overview of your business idea. What need will your business fulfil?
- What is your business vision, mission and values?
- How will your business work? Outline how your business is set up and why, what will it do, how will it operate, and the characteristics of your industry.
- What are the skills and experience of your team? Include directors/shareholders/trustees, and staffing levels.
- What is your strategy?
- What are the identified risks, and how are they being managed?
- What market research have you done to evidence your ideas will work?
- What is your marketing strategy?
- What channels will you use to reach your target markets?
- What is your financial outlook? Use budgets and forecasts to explain your assumptions and key points.