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Similar to Feasibility Studies and Business Planning for Shared Use Kitchens
Feasibility Studies and Business Planning for Shared Use Kitchens
- 1. Margaret Horne, MBA,AVA Gannon University Small Business Development Center
- 2. What is aFeasibility Study An analysis of the viability of an idea through a disciplined and documented process. Helps answer “Should we proceed with the proposed project idea? Is it a viable business venture?”
- 3. Why do afeasibility study Analyzes all issues and assesses probability of success Gives focus to the project Identifies reasons NOT to proceed Identifies factors that could affect the project Provides quality information for decision making To secure funding
- 4. What Defines Feasibility A feasible venture will identify market demand/need/existence will remain viable in the long-term will meet the goals of the stakeholders
- 5. Levels of FeasibilityAssessment Three levels Market Feasibility “Who will use it? What is the market size?” Operational Feasibility “Who will manage? What structure is needed for long-term viability?” Economic Feasibility “Can it be self-sustaining in a reasonable amount of time? Will it generate adequate cash flow?”
- 6. Elements of aFeasibility Study Executive Summary Project Description Premise Target Market Demographics Methodology Surveys, focus groups, research Conclusion - Findings and Recommendations
- 7. Premise Desire/Goal ofStudy Establish a shared use kitchen Establish a multi-use kitchen incubator Establish a dairy product processing kitchen
- 8.
- 9. Suppliers/Distributors/End Users Foodproducers Food distributors Restaurants Grocery stores Specialty food stores Caterers
- 10. Methodology PRIMARY DATA Focus Interviews Surveys Groups SECONDARY DATA Industry & Industry Government Trade Association Agency Publications Statistics Reports
- 12. Findings & Recommendations Does the data and research support the project? What issues need to be addressed before launch?
- 14. What is aBusiness Plan? Summarizes the plan of action Provides operational guidelines Outlines the actions needed to take the project from idea to reality Provides a road map for strategic planning
- 15. Why Write aPlan? Create a Blueprint for Action Focus Management Team Obtain Financing Attract Investment Attract Key Stakeholders
- 16. Management/Operational Plan SuggestedRequirements Governance Non-profit Separate entity? Board of Directors/Advisory Board General Operations Director/Manager Board responsibilities Organizational Structure
- 17. RFV BOARD OF DIRECTORS MUNNELL RUN FARM Marketing Policy/Personnel Business Penn Soil Client Advisory Committee Committee Consultant RC&D Rep Committee RFV Director RFV Kitchen Manager RFV Clients
- 18. Building/Land/Equipment Rent/Build/Purchase Multi-use/Dairy Services Provided Incubator Shared Use Kitchen
- 19. Pricing Per hour, equipment used, seasonal Market based if incubator Scheduling Director/manager responsibility Staffing Facility Design Equipment Needs Assessment Layout of Kitchen
- 21. Marketing Target markets Tenants Non-tenant users Suppliers/Distributors/End Users Economic Development Agencies Legislators Community at large Intake Process/Tenant Management/Graduation/Non-tenant Management
- 22. Startup Costs Capital expenditures Wages/salaries Infrastructure development or improvements Advertising and Promotion Legal Fees Municipal & State Development taxes Financial Projections Fixed costs Variable based on best/worst case scenario Self-sustaining in reasonable period of time Funding
- 24. Margaret Horne, MBA,AVA Gannon University Small Business Development Center