How do I run a feasibility study to know if my new business idea will work?
I own and operate a local online store in Lebanon that sells almost anything gadgets - tools, kitchenware, fashion, watches, etc. My website is www.otloubnow.com.
I have been working on my business for almost two years, and have built up an OK audience on social media platforms.
I want to change the nature of my store to become a DIY store, it is going to be only for products that are cheaper but you have to assemble them yourself when delivered. I want to open different categories: Furniture, decorations, toys, art, and pet accessories. Basically everything related to the Do It Yourself concept.
I want to know how to make a feasibility study to see if my project would be a success or not.
Can anyone help me with how this study should be done and what it should include?
Thank you in advance and best regards,