Adriano now feels that he is almost ready to start setting up his dance teaching

Question

Adriano now feels that he is almost ready to start setting up his dance teaching business, however, there is only one more issue he is concerned about. Adriano will be investing a significant amount of his time, efforts and money into opening the business and he is worried whether his business will perform according to his expectations and be a viable venture or not.

Adriano is almost ready to start setting up his dance teaching business, however, there is still one more issue he is concerned about. Adriano will be investing a significant amount of time, effort and money into opening the business. He is worried that the business might not perform to his expectations and he knows that there are many risks involved with starting your own business. He is also uncertain if he has sufficient funds to start the business.

2) What can Adriano do to assess the financial viability of his business?

Explanation / Answer

To assess the viability of his business Adriano should perform the following:

1. Perform market research like the area in which he is going to set up his academy, the general demographics of that area.

Its better to set up academy in an area where there are more people of the age group 10-18 years.

2. Collect information about the competitors in the target area. Know what fees they are charging, what all services and dance forms they are providing.

3. He should carefully assess his capital requirements and estimate what fees he can charge, no. Of students to be expected in order to calculate in what time he would reach break up point.

4. Try to find out innovative ideas regarding services he can provide.

5. Improve his competencies in terms of a businessman.

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