ASSESSING THE EFFECT OF FEASIBILITY STUDY IN ACHIEVING SMALL SCALE BUSINESS OBJECTIVES
|BANKING AND FINANCE|
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|MS Word & PDF|
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1.1 BACKGROUND OF THE STUDY
Small business owners tend to over look the need to carry out a feasibility study before embarking on the business.
They do not need to go through the vigor’s of conducting a research.
The small business owner fail to realize that planning is an essential ingredient to business success, irrespective of the size of business.
But with the passage of time and development in the town and urban areas fast food business was carried out in hired premises such as kiosks by a few people, but due to the arrival expatiates in the 1900’s, bukaterias replaced these kiosks which later transformed into snack bars, coffee and tea shop in the 1960’s armed at serving office workers.
Also, with the growing emphasis on education, the roadside sellers and hawkers moved their business to catering for school children during break-periods.
Thus, fast foods were offered for sale, most of the fast food out lets are being operated in unhygienic environment which contravenes the health regulations and food service; act of 1971. These out lets are mostly small scale business, because, they require low capital out lays, few number of employees and less technical requirement.
The fact food industry in Nigeria is a viable field of investment, in spite of the present economic predicament, if properly planned, developed and executed, it would no doubt be a great revenue earner for the investor.
Since fast food operate have become the thing and eating out is becoming popular in Nigeria.
The need to carry out a feasibility study on the effective and efficient management of the business cannot be over emphasized.
1.2 STATEMENT OF THE PROBLEM
Why is there a need to carry out a feasibility study for the establishment of only business?
The fast food industry is said to be one of the easiest forms of business of establishment.
But most of those business outlets tend to fail within the first few years, mostly due to lack of planning, more often than not, they over look the need to scan the environment in terms of business strengths, weakness, opportunities and threats (SWOT ANALYSIS).
Before embarking on the business.
Food intake is an inevitable activity in human race, specifically, entrepreneurs should devote more time and efforts to the feasibility research study; so as to identify potentials customers, their needs.
The trends in the market and the technicalities involved in carrying out the business.
This will give an insight to the profitability of the proposed business.
1.3 RELEVANT RESEARCH QUESTIONS
i. What are the uses of feasibility study of the establishment of the snack bar?
ii. Is the snack bar business a lucrative one?
iii. Is the feasibility study a futile exercise?
iv. Is the preparation of the feasibility study attributed to the educational qualification background of the entrepreneur?
v. how much does it cost to establishment of the business
vi. What are the environmental factors affecting the business?
vii. What are the likely solutions to the problems facing the snack bar business.
1.4 OBJECTIVES OF THE STUDY
The Primary objective to this research work was to determine feasibility study and business objectives of a snack bar business.
The other objectives are as follows:
i. Give an insight on the usefulness for the feasibility study for the snack bar business.
ii. To provide information in the critical risks and problems facing the snack bar business and to proffer likely solution to the problem.
iii. To identify the necessary requirements for the establishments of the business in relation to the contents of the feasibility report.
iv. To give an insight on the profitability of the business as a result of carrying out a feasibility study.