Crayfish Business Feasibility Study : Do you have a great idea for a new product?
Perhaps your Crayfish Business is famous among your friends and family.
And you’ve been thinking about turning your hobby into a business.
Or perhaps you would like to start a nanny cooperative.
But aren’t sure that there’s enough demand in your area to make the project worth your time and effort.
Or maybe you work in local government and have been tasked with overseeing the development of a new park.
But aren’t sure how to begin your research.
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Crayfish Business Feasibility Study
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Crayfish Business Feasibility Study
In all of these cases, you would benefit from performing a feasibility study on Crayfish Business.
Put simply, a feasibility study is a process during which you test an idea’s viability: will it work?
Although the specific questions you will have to address will vary.
Depending upon the nature of your project or idea.
There are some basic steps that apply to all feasibility studies on Crayfish Business.
Read on to learn about the basic steps.
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Crayfish Business Feasibility Study
1. Get the business background
Demand for this freshwater crustaceans that has resemblance to small lobsters is high in the international world.
Although it is closely related to lobsters, it is different in look and shape.
Crayfish has great health benefits; in fact, that is the main reason why it is eaten all over the world.
By and large, the global demand for Crayfish makes it an export product to look into.
The demand is rising year-in-year-out because the number of consumers looking to pay for the edible fishery product is high.
As a matter of fact, the global crayfish market (importation and exportation) are hitting all-time highs.
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Crayfish Business Feasibility Study
China, a populous nation in Asia contributed largely to the rising in demand of Crayfish.
The market for Crayfish worth billions of dollars.
For the fact that hundreds of thousands tonnes of the fish is being consumed by the day.
As can be seen, there is high demand for Crayfish, especially in Asia.
Making it an export product that is highly profitable.
As a Nigerian looking to export fishery products.
I will encourage you to get more information on them from The Nigerian Export Promotion Council (NEPC).
Crayfish Business Feasibility Study
2. Conduct a preliminary analysis.
It sounds strange to say that you need to a pre-feasibility study.
In order to know if you need to do a feasibility study, but it’s true!
A little bit or early research will help you determine if you need to proceed with a full-blown investigation.
We’ll explain more in the following steps.
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3. Consider your options.
Completing a thorough feasibility study is a time-consuming and sometimes expensive process.
Thus, you want to try to save your time and money for investigating only the most promising of your ideas.
- If you’re thinking about turning your jam-making into a business, for example, you should carefully identify other possible alternatives to this venture before you decide to jump full steam into a feasibility study. For example, have you considered simply selling your apples at the market?
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4. Begin to assess the demand for your idea.
Your friends and relatives may all rave about the jam that you make and give as gifts.
But as much as they like your product.
It may be the case that consumers in general aren’t willing regularly spend extra for an organic, homemade product.
- Before you decide to invest the time and money into a complete feasibility study, you need to realistically assess whether or not there is a need or demand for your idea. If there is, then you can proceed to study the idea in more depth. If not, then you can move on to your next idea.
- If you’re hoping to sell locally, visit grocers and survey their shelves: if they have a paltry or non-existent display of homemade or organic jams, this could mean that there is no demand for the product. Similarly, if no or very few vendors at the farmer’s market offer jam products, it could be because buyers aren’t interested.
- If you’re hoping to sell online, you can do a key word search for your product and pay attention to the initial results: if it seems like a lot of people are doing brisk business, it’s possible that there’s demand for your product. You’ll later have to determine if you will be able to compete.
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5. Begin to assess the competition.
Perhaps you’ve determined that there is in fact a demand for your idea or services.
However, you also need to get an idea of how much competition you’ll be up against.
- For example, even if your town has an active farmers’ market, if there are ten other vendors who are all selling their homemade jams, jellies, and spreads, you’re going to have to think about whether or not you’ll be able to compete or offer consumers a different, more appealing product.
- Similarly, if you’re hoping to sell online, you want to begin to get an idea about how many other people are selling similar products, or if there’s a leading brand that dominates the market. Will you be able to compete? Begin to think about ways you can aim for a special niche market.
Crayfish Business Feasibility Study
6. Assess the challenges.
Before you move on to the active stages of your feasibility study.
You should consider whether or not there will be any insurmountable obstacles.
- For example, if you have a pet that comes into your home at any time of the day.
- You cannot manufacture food for sale in your home. You will thus need to prepare your jam in a separate structure.
- If there’s no way you’ll be able to meet these requirements, come up with the necessary funds, or tackle the associated remodeling, then it’s probably best to put this idea on the back burner for now.
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7. Decide if you should hire expert consultants.
If your initial investigation suggests that it looks like you have an idea that may be successful.
It could be helpful to hire a consultant to manage and conduct your feasibility study.
Depending upon the nature of your project.
You may also need to commission reports from professionals such as engineers.
If, for example, you are tasked with seeing if a public works project is feasible.
- Thoroughly research your need for expert consultations, and learn what their fees will be.
- You will either need to make sure to budget enough to cover these costs.
- Or if the costs are too high even at this stage, you may not want or be able to continue with the study.
- You want your final report to be as objective as possible, so make it clear to whomever you hire that you want honest answers, and that you’re not hiring them to give you the answer you want.
Crayfish Business Feasibility Study
8. Set a time-table.
Performing a feasibility study can be an involved process, and can easily take up a lot of time.
If your initial analysis has indicated that you’re sitting on a good idea.
And that you thus need to complete a more detailed study.
You’ll want to make sure that you can get the job done in a timely manner.
- Is the report due to your potential investors, your boss, or the city council by a certain date?
- If so, work backwards from the due date and make firm deadlines for when the individual phases of the study need to be completed.
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9. Learn about the market.
Once you’ve determined that you have a potentially workable idea.
You need to learn as much as you can about what the market currently for your product or service is like.
If it’s changing, and how you can fit into it.
You’ve already done your initial survey of the market, but now you need to dive in deeper.
- If you’re hoping to sell your crayfish.
- Get out there and talk to vendors and shop-owners about where they get their merchandise.
- And how much business it brings in for them.
- For example, see if the vendors at the farmers’ market are willing to talk to you about their experiences—are they able to make a full-time living selling their goods, or is this a hobby or side business?
- Perhaps you’ve identified a number of local shops that are willing to sell locally produced items; you’ll want to learn about what their best-selling items are, or if they sell less of particular items at certain times of the year. For example, do they see spikes in sales around the holidays, but a big drop-off in January? You want to try to find out how steady your sales might be.
Crayfish Business Feasibility Study
10. Use data from the Economic Census.
You should be able to find even more detailed information for the demand for your product by studying the results of the government’s Economic Census, which is conducted every five years.
- Business owners are asked about their sales, number of employees.
- Business expenses and types of products, among other things.
- You can find the results of the most recent Economic Census online, and customize your search to learn as much as possible about your area of business, the market for it, and your community in particular.
11. Survey people directly.
A great way for you to learn as much as possible about what your potential consumers or audience want and need is to interview them and ask them specific questions.
- For example, see if customers at the farmer’s market are willing to complete a survey or be interviewed about their buying habits and preferences—perhaps in exchange for a free sample of your product.
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Crayfish Business Feasibility Study
12. Conduct market surveys by other means.
Besides interviewing people directly, you can also reach people you think would buy or benefit from your idea by mailing them surveys to complete.
If you do this, be sure to include a return envelope with pre-paid postage.
- Depending upon your audience, you may get better results by conducting telephone or email surveys.
- You can also direct people to a web-based survey by using social media like Twitter or Facebook.
13. Design your surveys carefully.
Make sure that whatever methods you choose to learn about your audience’s needs and wants.
You take the time to compose detailed, specific questions for your survey.
- For example, if you want to sell your crayfish, be sure to ask who typically buys crayfish in the house-hold.
- And who it is bought for (is it for their kids, for example?).
- Ask what their favorite flavors are, whether there are other flavors they’d like to try but have never found, and how much they are willing to spend.
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14. Analyze the competition’s claim on the market.
It’s also important that you try to determine how much of a share your top competitors have.
And how long they’ve held on to that position.
This can let you know whether you’ll realistically be able to take a significant portion of the market for yourself.
- For example, if you learn that a local company dominates the jam market and if the results of your interviews and surveys have shown that customers are very loyal to that brand, you may want to consider moving on to your next great idea.
- If you haven’t already, be sure to use the information from the most recent Economic Census.
Crayfish Business Feasibility Study
15. Identify your potential share of the market.
Once you understand how your competitors fit into the market.
You should be able to estimate how you’ll be able to fit in.
You want the results of your feasibility study to outline.
With as specific of numbers and percentages as possible.
How you’ll fit in and how you’ll likely grow over time.
- For example, will you be able to serve the 10% of people who indicated that they would prefer an organic jam option? What will that translate to in terms of how much jam you’ll have to produce?
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16. How can you perform a market survey?
17. Determine where you’ll need to work.
Part of your feasibility study should be devoted to exploring the details of where you’ll be working.
- For example, you may need an office space to serve as headquarters for your business operation or project, or you may need land with special features, if for example, you are planning to expand your orchard for your business.
- Make sure that you have access to the space and facilities you’ll need, and research any leases or permits that you’ll need.
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18. Decide how your company or team needs to be structured.
If you won’t be heading this project alone, you’ll have to think about what sort of help (paid or volunteer) you’ll need from others. You need to give serious thought to all of the following questions:
- What are your staffing needs? What qualifications will your staff need? Are there qualified people available to hire or recruit to volunteer? How do you see these staffing needs changing as the business grows or as the projects unfolds?
- Will you need a board of directors? What will their qualifications need to be? Who would serve on it?
19. Determine what materials you will need.
This is the point at which you’ll have to carefully research.
And list all of the materials you’ll need for each specific stage of your project:
- What raw materials will you need? From where will they be sourced?
- For example, will you be able to grow all of your own fruit or will you need to purchase it in bulk from a separate grower, especially in the off-season? How much sugar and pectin will you need on a regular basis? Will you have to drive to a wholesaler to get these, or can they be regularly delivered?
- You should also think about the smaller details such as the materials you’ll need for packaging and delivering your product, if you are creating something to be sold. Also, don’t neglect to include such necessities as office supplies.
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Crayfish Business Feasibility Study
20. Identify the cost of your materials.
While you will get more specific with the details of your budget in the next phase of the feasibility study.
Make sure to record the prices of the materials you’ll need as you research their availability.
- Make note of whether or not you’ll be able to comparison shop for your materials.
- Or if you’ll be tied to getting your supplies from a single source.
21. Identify any required technology.
You also need to think about whether or not you’ll need any special technology.
And research its availability and affordability.
- For example, even if you aren’t planning on opening up your own storefront and are instead hoping to sell your product online, you’ll need access to a reliable computer, a quality camera, and perhaps software to manage your orders and billing/payment information.