Video 3

QUICK  ANALYSIS (keep this page in your pocket all the time.  Practice Quick Analysis a lot!)Lesson # 3 From the video course: “How To Start A Micro Business”.)

by
Dr. Jerry Dean Epps, Ph. D.

Any time you think of a micro business you might like to do, think through the 8 steps below to find out if the micro business would make a good profit.

1) Material Costs _____________
2) Other Costs _____________
3) Selling price for each _____________

4) How many sold in a month? ________

5) Income for month ________________

6) Total Income__________ – Total Costs__________ = Gross Profit ___________
7) Now, Gross Profit__________ – Re-supply costs__________ = Net Profit__________
(Net profit is the amount you actually made for one month)

8) Will this micro business be profitable?

The questions below need to be answered by you if you want a profitable micro business.  They are also on the “Quick Analysis” worksheet on the website.

)Is there already a lot of it available?

)Would there be a market for it , or more of it if it already exists?

)Who will buy it?  How much will they buy?  How often will they buy?

)What is needed to produce it?  Make a list of things needed to produce it.

)List what is needed for production?

)Estimate expenses:        Estimate Income:        Estimate profits:

)Start up costs?  What will it cost to get started?

)How long to get it to market?

)What will be the most effective and widely accepted sales pitch?     

)Will there still be a market for this in 2 years?  5 years?

)Will it need to be promoted, or will people just see it, and automatically want to buy it?
If it needs promotion, are you willing to learn how to promote things?
You CAN start a micro business, and earn money to improve your life, and the life of your community too!

This is the end of Lesson # 3, “Quick Analysis.”

[JJ/TheThree/Eng-QuickAnalysis]