Identify The Right Project Before Starting Up A Small-Scale Unit

Identifying the right project is extremely critical in building business in the present business competitive scenario . Speedy  implementation of your project is vital  during these days of competition. Planning in advance and proper evaluation of resources is extremely critical before implementing your project . In fact these will help the  implementation process much faster. The first step to initiate planning is to identify a suitable project.

HOW TO IDENTIFY THE RIGHT PROJECT

To be honest there are no set rules to identify a suitable project, though this is one decision on which the success of your entire venture will depend. So, don’t take hasty decisions. Most prospective entrepreneurs I have watched tend to display the herd tendency of going for a project, which people have already ventured into expecting somewhat of a guaranteed success. This is not a healthy attitude as success of one in a particular field does not guarantee success of the other. While identifying a suitable project, you should make a SWOT analysis of your own strengths and weaknesses.

Some of the issues you must consider in identifying the right project are the following:

#1. If you are an expert in a certain field, you must choose a project in which you can encash your experience.

#2. The start up financial resources you can engage.

#3. If you don’t have the expertise, do you have a  team who can provide the required expertise.

#4. Take feedback of the domestic market.This  is critical for small business unit as limited financial resources might not allow in expanding fast. Local retailers and customers are the best people for right feedback.

#5. Collect information if there is a chance of technology upgradation of the machinery required for your project in recent future. .In that case you should consider of postponing the project till it happens.

The next step, after you have selected your project, is to collect all information about it. The most important information is about the potential market of the items you selected. There are several ways for this. You may go for a basic desk survey, a snap survey or a detailed market survey which will reassure that you have selected the right project.