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SELECT A MICROBUSINESS, RESEARCH YOUR MARKET, DEVELOP A NEW MARKET
Decide Which One?
On the left side of the chart, under the large letter “Q”, are the four questions one must ask when they think of an idea for a micro business.
- Do you like it?
- Will it make a profit?
- Will it work in your area?
- Do you have the means available to bring it into being?
Slanted diagonally across the top of the table are various ideas to be evaluated by asking the four questions. Keep track of your ideas, and put an “x’ in the box if the answer to the question is “YES”. The ideas given here, from left to right, are: water, chickens, bakery, cosmetics, mini market.
For it to make a successful micro business, you need an idea that has an “x” (yes) for EACH question.
- Is there already a lot of it available?
- Would there be a market for it , or more of it if it already exists?
- Who will buy it? How much will they buy? How often will they buy?
- What is needed to produce it? Make a list of things needed to produce it.
- List what is needed for production?
- Estimate expenses: ______
- Estimate Income: ______
- Estimate profits: ______
- Start up costs? What will it cost to get started?
- How long to get it to market?
- What will be the most effective and widely accepted sales pitch?
- Will there still be a market for this in 2 years? 5 years?
- Will it need to be promoted, or will people just see it, and automatically want to buy it?
- If it needs promotion, are you willing to learn how to promote things?
Material Costs ______
Selling price for each ______
Other Costs ______
How many sold in a month? ______
Income for month ______
Total Income ______ – Total Costs ______ = Gross Profit ______
Now, Gross Profit – Re-supply costs = Net Profit ______ (amount you actually made for one month)
- Will this micro business be profitable?
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