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