Feasibility-Marketability-Profitability-Scalability-Sustainability. Before you start your business plan, you should make sure your idea is sound and that there is a market for your goods or services. Market research will tell you if there’s an opportunity to turn your idea into a successful business. It is a thorough assessment of a potential market. You must examine the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment including potential barriers to entry and regulations that may affect the business. You will use this information to determine if your idea is feasible, and it will help you find a competitive advantage for your business. Here is a brief explanation about what is involved. More details are available in the business plan portal.

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