Many of you have asked what we busy with at the moment.
As you can image, to launch a new venture in a foreign country requires extra research. Currently we have an idea. This idea is very much driven by passion and a vision … two absolutely key ingredients to the eventual success of anything, new of old.
However, we are two practical individuals with extensive business experience, so we know we need to test the viability of this idea. How do we approach this?
We have what is called a Real-Win-Worth analysis. This means, we gather facts and data to verify the:
- reality of the concept. That is, is it realistic?
- our ability to win with this idea. That is, can we pull it through?
- will it deliver the results we want. That is, is it all worth it?
The primary purpose of this process is to prioritise a location and make a final decision on what and where.
Right now we have commenced the long process of gathering data and facts in order to conduct the analysis. This process has two main phases:
- Desk research on macro information to identify potential locations.
- Location visit to verify facts and gather additional in-depth information.
You may be asking, “So what are some the evaluation criteria we will be using?” And I would respond, “That is a brilliant question, and here are our current thought. These are the questions we are asking and looking to find answers”.
- Is there a need, want, or problem to solve ?
- Is there a set of customers able and willing to buy ?
- Is the targeted market SIZE attractive (e.g. tourist numbers, etc)?
- Is the targeted market GROWTH attractive (e.g. economic, visitors etc)?
- Is the targeted market TREND attractive (e.g. accommodation, entertainment, food and beverage trends)?
- Are there any regulatory or legal barriers to entering the market (also as a non citizen)?
- Are there any consumable supply chain issues?
- Do we obtain the right assets to maintain the business (e.g. people, equipment, space, time)?
- Political, economic and social stability (including cultural practices)?
- Can our offer be competitive on value, service, and concept?
- Can we leverage our intangible assets (e.g. knowledge, relationships, strengths)?
- Marketing, promotion or communication needs for success?
- Can our business model win vs. our competition?
- Do we have access to the necessary capabilities/ resources to execute (internal: people, capital, equipment, expertise, etc.)?
- Will we be able to live the lifestyle we desire!?
- What will it cost to succeed?
- Is the profitability adequate?
But I would immediately add that this where we can do with your input. Tell us what you think.
What else should we consider, eliminate or change?