Feasibility study for Creating my own business where I buy and sell Research Paper

Feasibility study for Creating my own business where I buy and sell homes, I will hire employees and need the funding - Research Paper Example Currently the concept of entrepreneurship is widely accepted and is judged as a vital part of the contemporary world and a well established erudite discipline (Thompson 35-50). Moreover, government of a number of countries also judge entrepreneurship as a mantra for success and development of the economy. The present study aims to evaluate feasibility of a new business venture. it will include buying and selling of homes and will come under real estate sector. Also, employees will be recruited for the business and funding will be provided with government institutions such as banks. The study will evaluate the various factors influencing a real estate business. These include operations, economical, marketing, financial etc. Also support services required for overall establishment of the business will be discussed. The target market for the business will be discussed and a systematic analysis of business strategies will be done. Target market One of the foundations of building a good b usiness is finding out clients. As it is commonly said, until we know whom to sell, it is almost impossible to know how to sell. Choosing a target market not only helps to focus on a niche segment, but also helps in fine tuning the support services to suit the target market needs. In order to define a niche target market, two broad categories can be established. Income levels and life stage The first target groups in this category are first time sellers or buyers. The probable home they seek will be of basic design and construction and afterwards working their way up in the property ladder as their income, family and needs grow. The next target group will be customers purchasing a second home who either are looking to downside or upsize. Other target group will be high end expensive and luxury seller or buyer. Doing business with these clients will mean higher commission, high amount of hand-holding and personal involvement, monetary risk and expensive collaterals (Beri 46-69). Apar t from the above, there are recreational buyers who need highly specialized and unique areas of focus. Demographics According to age demographics, clients can be divided into seniors, gen X and gen Y. accordingly, different business tactics can be made in order to attract these demographics into the business. While it is clear that seniors will look for a more traditional and ethnic style, gen X will be contemporary and evolving while gen Y will be technologically oriented (Croft 35-50). Each of the groups discussed above have their collective individuality, cultural icons, memories that can be worked with. Another criterion which can be added is through philosophy and lifestyle which may include country or city, a detached or fully integrated lifestyle, an eco-friendly environment or a home with full amenities (Hoagland and Williamson 57-75). Apart from that, business can also consider factors such as current location of the clients, real estate as well as educational levels of cli ents. In order to facilitate the process of acquiring right target market, the business can also