business viability essay

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What Is Business Viability?

What You Need to Know About Business Viability

• Make Sure Your Business Is Viable

Viability vs. Solvency

Viability vs. liquidity.

Business viability is measured by a business' potential for long-term survival and the ability to sustain profits over a period of time.

Learn more about how to tell if a business is viable.

Business viability means that a business is (or has the potential to be) successful. A viable business is profitable, which means it has more revenue coming in than it's spending on the costs of running the business.

If a business isn't viable, it's difficult to recover. The business would need to increase revenue, cut costs, or both. Viability is closely linked to profit as well as solvency and liquidity. 

How Business Viability Works 

Creating a viable business is a two-part process. First, it means creating a marketing strategy by knowing who you are, who you are selling to, and who else is selling to them. Second, it means having your financial house in order. 

To create a marketing strategy that will make your business viable, you'll need to have this information: 

• Unique selling proposition : This is a critical factor in having a viable business. Being unique keeps your business out in front of the competition. 
• Stable customer base : To be viable, you have to know who is going to buy your product or service. That means researching to find out who these people are.
• Competitive advantage : Even if your product is unique and you know who you're selling to, you must always consider the competition. Find out who your competitors are and keep them in mind as you create your marketing strategy. 

In addition to your marketing strategy, a continuing focus on your business' financial status will help create a viable business. This includes:

• Cash stability : The most important factor that makes a business viable is that it has enough assets (cash and other reserve funds) for day-to-day operations and to weather the ups and downs that all businesses experience. Getting to cash stability doesn't happen overnight. It means being frugal, not over-spending in anticipation of sales, and not taking too much out of the business. 
• Continuing attention to your financial status : Having a viable business means always knowing where your business is financially. Get good financial software, input all your business information regularly, and analyze it against your goals for cash stability and other factors. 

Use business check-up ratios to measure the health of your business. 

A general assessment of whether a business is (or will be) successful

Involves multiple aspects of a business, including marketing and financials

An assessment of whether a business has enough money

Often measured using a current ratio

Business viability is often confused with two other terms that are often used for business performance—solvency and liquidity. A business is solvent when it has  enough assets  to cover its liabilities. Solvency is often confused with liquidity, but it's not the same thing.

Solvency is often measured as a  current ratio , which is a business's total current assets divided by its total current liabilities. A business should have a current ratio of 2:1 to be solvent and cover liabilities, which means that it has twice as many current assets as it has current liabilities. You need twice as many assets as liabilities because selling assets to raise cash may result in losses. A business is solvent and not likely to declare  bankruptcy  if its current ratio is over 2:1.

An assessment of the overall business model, not just finances

Looks at both short- and long-term profitability

Short-term measure of financial health

Looks at the ability of a business to quickly turn assets into cash

Liquidity is more of a short-term measure. It refers to the ability of a business to quickly turn  assets into cash without loss. If your business needs money, you may have to sell assets. Unless the asset is cash, the most liquid asset of all, you may lose money by selling. For example, you may not get full value if you sell receivables. If you try to sell equipment, you will probably take a loss because the equipment has most likely depreciated.

If you're liquid, you have enough cash or other easily liquidated assets to ensure you can pay your immediate bills and/or your employees. This is called positive cash flow, and positive cash flow means liquidity. 

Key Takeaways

• Business viability looks at a business' long-term survival and profitability. 
• Creating a viable business means having a good marketing strategy and keeping a close eye on your financials.
• Viability is different from solvency and liquidity.
• Solvency means having enough assets to cover your liabilities. 
• Liquidity means having the ability to quickly turn assets into cash.  

How to Write a Business Essay for Impactful Communication and Analysis

So, you've got a business essay coming up, and you're feeling a mix of excitement and a tad bit overwhelmed, right? Totally get it. Writing a business essay might sound boring, but trust me, it's a skill that's gonna come in handy when you're out there in the real world.

In this article, we're dishing out some awesome tips just for you if you have question on how to start a business essay. Think of it as your secret weapon to tackle those business essays like a pro. We'll keep it real, easy, and super practical – no fancy jargon or complicated theories. Let's dive into the world of business essay writing, where your words can make a big impact. In case you lack time or motivation to finish your assignment, use our business essay writing service to streamline the process.

What Is a Business Essay

Business essays are written pieces that explore and analyze various aspects of business-related topics, often focusing on management, marketing, finance, or entrepreneurship. They provide a platform for students and professionals to articulate their understanding of business concepts, theories, and real-world applications. Typically written in a formal and structured manner, a business essay requires critical thinking, research skills, and the ability to communicate ideas effectively. Whether delving into case studies, discussing industry trends, or evaluating business strategies, the essay aims to provide insights, draw conclusions, and contribute to a deeper understanding of the dynamic world of business.

How to Write an Introduction for a Business Essay

A business essay introduction sets the tone for the entire paper and captures the reader's attention. Here are some steps and tips to help you write an effective introduction for a business essay:

• Understand the Purpose of the Introduction

Clearly understand the purpose of your essay. Are you providing an overview of a business concept, analyzing a case study, or arguing a specific point? Tailor your introduction accordingly.

• Start with a Hook

Grab the reader's attention with a compelling hook. This could be a relevant quote, a surprising fact, a rhetorical question, or a thought-provoking statement. The goal is to make the reader want to continue reading.

• Provide Context

After the hook, provide some background or context related to the topic of your essay. Help the reader understand the significance and relevance of the subject matter in the business world.

• Thesis Statement

Clearly state your thesis or the main argument of your essay. This should be a concise and focused statement that outlines what the reader can expect from the rest of the essay. Make sure it is specific and reflects the purpose of your writing.

• Outline the Scope

Briefly outline the main points or areas that your essay will cover. This gives the reader a roadmap of what to expect and helps them understand the structure of your essay.

• Use Clear and Concise Language

Keep your introduction clear and concise. Avoid unnecessary jargon or complex language that might confuse the reader. Aim for clarity and precision.

• Be Relevant

Ensure that every sentence in your introduction is directly related to the topic of your essay. Avoid going off on tangents or providing excessive information that doesn't contribute to the main points.

• Consider the Tone

Choose a tone that is appropriate for your audience and the nature of your essay. Business essays can vary in tone, from formal and academic to more conversational, depending on the context.

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Business Essay Introduction Example

Here’s an example of an introduction for an essay titled “The Rise of E-commerce: Shaping the Future of Retail”:

The retail landscape is undergoing a seismic shift as e-commerce continues to redefine the way consumers shop. In this essay, we explore the profound implications of this digital transformation on traditional retail models and analyze the key strategies businesses are employing to thrive in this dynamic environment. From changing consumer behaviors to the strategic use of technology, the impact of e-commerce on the retail sector is undeniable, prompting businesses to adapt or face the risk of obsolescence.

How to Write a Business Essay

Working on a business essay might seem daunting, but it doesn't have to be. In this guide, we'll break down the process into simple steps to help you navigate through it smoothly. In this next section. We’ll be breaking down the essentials of drawing up a business essay from start to finish. From defining your main argument to structuring your points effectively, let's explore the key strategies that will set you on the path to success. 

Analyze the Prompt

Start by carefully reading and understanding the essay prompt. This involves breaking down the question to grasp what it's asking for, identifying the main topics, and recognizing any specific tasks or points to cover. This step helps you set the stage for a focused and relevant essay by ensuring you address all aspects mentioned in the prompt. You can hire a business essay writer to expedite the process if you want.

Think of a Thesis Statement

When writing a business essay, think of the thesis statement as the essay's compass. It should be a concise, strong sentence that lays out your main argument or viewpoint on the topic. Your thesis guides the entire essay, so make sure it's specific, debatable, and gives readers a clear idea of what to expect in your writing.

Create an Outline

We’ve already shared tips on how to write an introduction for a business essay, so let’s move on to the next stages. Organize your thoughts by outlining the main points and structure of your essay. This doesn't have to be too detailed; just a roadmap that helps you see how different ideas connect. An outline ensures a logical flow in your writing and prevents you from going off track. By the way, have you already picked business essay topics ? If not, here’s a list of great ideas you can use!

Provide Topic Background

Before diving into your main points, the business essay writing format implies giving your reader some context about the topic. Briefly introduce the key concepts, relevant facts, or historical background that will help readers understand the importance and relevance of your essay.

Write the Main Body

Start developing your essay by expanding on the main points outlined in your thesis. Each paragraph should focus on a specific idea or argument supported by evidence or examples. Be clear and concise, ensuring a smooth transition between paragraphs. It’s the most difficult part of the assignment, meaning you can use our college essay service to simplify it.

Write a Conclusion

Summarize your key points and conclusively restate your thesis. The conclusion should tie up the loose ends and leave a lasting impression on the reader. Avoid introducing new information but rather reinforce your main argument. For more details about how to write a conclusion for an essay , please refer to our guide.

Add a Bibliography

List all the sources you used in your research. Be meticulous about citing your references properly, following the chosen format (APA, MLA, etc.). This adds credibility to your essay and avoids plagiarism issues.

Edit and Proofread

As you’ve learned how to write a business essay, it’s time to master the art of self-revising. Review your essay for clarity, coherence, and grammatical errors. Editing ensures that your ideas flow smoothly, and proofreading catches any overlooked mistakes. It's a crucial step to polish your essay and present a professional piece of writing. Do you have another assignment on business management ? This guide will help you!

Choose the Writing Format

Reiterate the importance of selecting and adhering to the chosen writing format throughout the essay. Consistency in formatting, citations, and other style elements contributes to the overall professionalism of your work.

Business Essay Example

Business essay examples offer practical assistance to students tackling assignments by showcasing the application of essential writing principles in a real-world context. As a tangible reference, it demonstrates an effective essay structure and how to formulate a clear thesis statement and provide coherent arguments. By examining examples, students can glean insights into research techniques, proper citation practices, and overall essay organization, empowering them to approach their business assignments with increased confidence and proficiency.

Example 1: “The Impact of Technological Advancements on Modern Business Operations”

This essay explores the multifaceted impact of technology on operational efficiency, innovation, customer relations, and global connectivity. From integrating automation and artificial intelligence for streamlined processes to facilitating global expansion through digital platforms, technology emerges as a driving force shaping the success and sustainability of contemporary enterprises. While acknowledging the numerous benefits, the essay also highlights the challenges and ethical considerations inherent in adopting these technologies, emphasizing the need for businesses to navigate these complexities responsibly for long-term growth and competitiveness.

Example 2: “Sustainable Business Practices: A Strategic Imperative for Corporate Success”

This essay explores the pivotal role of sustainable business practices as a strategic imperative for corporate success in the contemporary entrepreneurship scene. Addressing environmental concerns, social consciousness, and economic viability, the essay delves into the multifaceted benefits of adopting sustainable approaches. It discusses how businesses can align profitability with responsible practices, emphasizing environmental stewardship, social impact, and community engagement. The essay underscores the importance of regulatory compliance and risk mitigation in business by examining the economic advantages and innovation opportunities arising from sustainable initiatives.

Final Considerations

Students engage in writing business essays to develop essential skills and knowledge crucial for success in the professional world. These essays serve as a platform for honing critical thinking, analytical, and communication skills, allowing students to articulate and analyze complex business concepts. Through the process of researching, organizing thoughts, and constructing coherent arguments, students gain a deeper understanding of business principles and practices. Business essays also cultivate the ability to synthesize information, evaluate various perspectives, and present well-reasoned conclusions. If you find with task troublesome, you can always tell us, ‘ write my research paper ,’ and one of our wordsmiths will fulfill the assignment quickly.

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How Many Paragraphs Does a Business Essay Have?

What is the most important part of a business essay, how do you start off a business essay.

Annie Lambert

specializes in creating authoritative content on marketing, business, and finance, with a versatile ability to handle any essay type and dissertations. With a Master’s degree in Business Administration and a passion for social issues, her writing not only educates but also inspires action. On EssayPro blog, Annie delivers detailed guides and thought-provoking discussions on pressing economic and social topics. When not writing, she’s a guest speaker at various business seminars.

is an expert in nursing and healthcare, with a strong background in history, law, and literature. Holding advanced degrees in nursing and public health, his analytical approach and comprehensive knowledge help students navigate complex topics. On EssayPro blog, Adam provides insightful articles on everything from historical analysis to the intricacies of healthcare policies. In his downtime, he enjoys historical documentaries and volunteering at local clinics.

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Business Plan Essence and Viability Problem Solution Essay

Introduction, elements of a business plan, the need for a business plan, financial aspects of going full-time, how the business plan is presented to the money lenders.

Most individuals, at some point in their lives, have had the desire to start and run their own businesses. The decision on whether such a business is to develop into a large one or not lies on the owner. Managing a small business entails a lot of things and, as such, the owner needs to have managerial expertise that enables the business to run and achieve its goals and objectives.

The growth of a business depends on the ability of the owner to manage it through the different external environmental conditions some of which are not predictable and, as such, may result in adverse situations. External environment include such factors as political, social, legal, and economic.

Economic environment entails an organization’s access to financial resources. Financial resources are always scarce and, at any given time, a business is in need of more finances to effectively carry out its operations or even to expand its revenue base through investments (Hodgett, 1995).

While large organizations have different options available to them for sourcing for financial resources such as debt, ordinary shares offer, and issue of debentures and so on, a small business in need of extra finances only has debt as its only source of income (Vander, 1994).

Obtaining debts from such lending institutions as banks and venture capitalists is, however, not an easy task for small businesses. This is because of the risk exposure associated with the small businesses’ poor credit worthiness. A viable tool that a small business can use to source for finances to cater for its growth is by the use of a business plan. This essay discusses the essence and viability of a business plan to a small business that seeks to expand its operations so as to contain its rapid growth.

A business plan is a document that presents the actions that the business plans take in order to achieve its short-term and long term objectives. The document incorporates both the managerial, operational and financial action plans and the timelines that have been set in order to achieve specified goals within a specified time frame (Longnecker, 1991).

A good business plan comprises of seven important components. These include an executive summary, market analysis, description of the company, the business organization’s structure, marketing management, the company’s product, and the financials.

An executive summary is a snapshot description of the entire business plan. Looking at the executive summary, a person should be able to have a concise overview of the whole business plan. If the goal of the company is expansion, the executive summary presents the decisions that have been taken, are being taken and those that will be taken to ensure that the company achieves its goals and objectives. This section tells the reader of the business plan why the management thinks that the business will ultimately be successful.

Market analysis is usually a brief description of the market that the business operates in. The analysis may include the external remote environments that present either opportunities or threats to the organization. For a business plan to appeal to the reader, the market analysis should focus on the external factors that present the growth opportunities to the business and how the business plans exploit the opportunities so presented (Zimmer & Norman, 1994).

The product description presents the product that the business offers to the market. This part should include the importance of that particular product with relation to the market needs. A study of the market and consumer needs should reveal the need of that particular product that the business offers to the market.

The other element of a business plan is the marketing and sales strategy. This is simply a description of the strategy that the firm has formulated to enable it present the products as appealing to the consumers. A successful marketing strategy is determined by the amount of sales that the company is able to attain as well as the associated revenues.

The other element of a business plan is the organization and management. This presents the structure of the business and explains how the managerial decisions are made. It also presents the chain and flow of command in the organization. The importance of this is that it is able to indicate the internal controls that are set by the company in safeguarding the assets as well as the internal procedures that dictate the operations of the organization.

The last important element of a business plan is the financials. The financials part of the business plan presents the financial statements of the business. These include the financial data history of the business, prospective as well the forecasted financial statements.

There are several boons of a business plan. First, it is a business document that can be useful when sourcing for financiers. Most financial institutions demand a business plan before reviewing any funding application by a small business. It is, therefore, an important document that helps the money lender evaluate the viability of the idea presented by the business and the ability of the idea to generate the returns necessary to pay back the cash borrowed.

Start-up businesses require the business plan so as to source for the finances that are needed to fund the business from scratch. The importance of this is that a business idea is presented in such a way that some money lenders such as venture capitalists are able to finance the idea from the beginning into a full grown business.

Expansion plans present the businesses expansion strategy and the need for financing (Toncre, 1983). The importance of this is that a business is able to acquire finances that can help it finance its expansion plan through the business plan.

Relocation element indicates a business’ need to move to another geographical location that is more relevant and convenient to the business activity. Franchising element presents the need of a business to start franchisee operations and the viability of that particular business. All these elements are focused at ensuring that the business is a viable undertaking that deserves the sought for financing.

A small business owner who operates part-time business and intends to go full-time must be aware of the various financial implications that are associated with a full-time business undertaking. Such an individual will of course be looking to expand the business.

This includes increasing the span of operations, hiring more workforces, acquiring a bigger business premises and expanding the marketing activity (Hodgett, 1995). All these aspects require increased financial needs and, as such, a business plan can come in handy to help the business source for funds to expand its operations.

While evaluating the viability of a business plan, money lenders, banks, and investors look at several factors. First, they consider the viability of the business idea with respect to the market that it operates in. The business plan should, therefore, ensure that the business idea presented in the plan is both executable and viable. A viable business idea will always attract funding from the money lenders.

Another thing that the money lender looks for in a business plan is the operational plan. This is a set of short term targets that are set in order to ultimately achieve the long term objectives (Longnecker, 1991). This is an important aspect of a business strategy since it shows the short-term practical steps that will ultimately result in the achievement of the long term goals.

The other important thing that money lender look for is the structure of the organization. An organization’s structure helps in such areas as decision making, flow of command and the implementing the set policies and procedures such as the cash management policies etc.

After drawing up a business plan, the next and most important step is to present it to the target lenders. The document should be precise and addressed to the particular money lender concerned. It should be presented as a formal document to the lender and it ought to be accompanied by other formal funding application documents.

Depending on the type of lender, the plan should include the specific requirements that accompany the lender’s demands in terms of the relevant information. Banks take it as an accompaniment to the formal loan application form while other lenders have their own specific requirements regarding the presentation of the business plan.

Business plans are important documents that seek to source for funds by any organization that seeks to grow or expand. As such, the business plan should have all the basic elements that constitute a complete document. A small business owner should, therefore, be keen to ensure that the business plan has been drawn in such a way that it includes all the necessary elements and presents a viable and fundable business idea.

Hodgett, R. (1995). Effective Small Business Management. New York: The Drydren Publishers.

Longnecker, G. (1991). Small Business management- An Entrepreneural Approach. Cincinnati: South Western Publishing Company.

Toncre, E. (1983). Nine Ways to Kill off Your Small Business. Nations’s Business , 65-66.

Vander, W. M. (1994). When the Wheels come off. Management today , 30-34.

Zimmer, T., & Norman, M. (1994). Essentials of Small Business. New York: MacMillan College Publishing Company.

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IvyPanda. (2018, November 6). Business Plan Essence and Viability. https://ivypanda.com/essays/business-environment-2/

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• Viability Study: What it is, Importance & Ways to Conduct

Introduction

Before starting a new business or undertaking a new project, it is important to conduct a viability study. This study helps to assess the potential success and profitability of the venture. In this article, we will discuss what a viability study is, its importance, factors to consider when evaluating viability, the difference between feasibility and viability studies, ways to conduct a viability study, and finally, conclude.

What is a Viability Study?

A viability study is a type of assessment conducted to determine the potential success and sustainability of a business venture or project. The study evaluates the practicality of the proposed venture by analyzing various factors such as market demand, competition, financial projections, available resources, regulatory requirements, and other factors that may impact the success of the venture. 

The viability study helps stakeholders to assess the potential risks, opportunities, and challenges involved in the proposed venture before making any significant investment or taking any major steps toward implementation. The viability study is an essential tool for entrepreneurs, investors, and other stakeholders to determine whether a business idea or project is feasible and has the potential for success. 

The study helps stakeholders to understand the market potential, the competitive landscape, and the financial feasibility of the proposed venture. In order to conduct a successful viability study, it is essential to conduct thorough market research to assess demand and competition, develop realistic financial projections, and evaluate available resources, including personnel, capital, and equipment. It is also essential to evaluate potential regulatory requirements and legal considerations that may impact the project’s viability.

The results of the viability study can be used to inform decision-making, including whether to pursue the business idea or project, and to guide the development of a comprehensive business plan. By conducting a viability study, stakeholders can better understand the potential risks and challenges involved in a venture, and make informed decisions that increase the chances of success.

Importance of Viability Study

The importance of a viability study cannot be overstated when considering a new business venture or project. Here are some of the reasons why a viability study is crucial:

• Risk Management: A viability study helps identify potential risks and challenges that could impact the success of the venture. By understanding these risks upfront, stakeholders can develop strategies to mitigate them, reducing the potential for financial losses.
• Realistic Financial Projections: A viability study includes a detailed financial analysis, including revenue and expense projections, to help stakeholders understand the financial feasibility of the venture. This analysis helps ensure that the proposed project is financially viable and helps stakeholders avoid financial surprises later on.
• Market Demand and Competition Analysis: A viability study involves conducting market research to evaluate the demand for the product or service being offered and assessing the competition in the market. This information helps stakeholders understand the market potential and identify strategies to effectively compete in the market.
• Resource Allocation: A viability study helps identify the resources required to launch and operate the venture. This information helps stakeholders allocate resources more effectively and efficiently.
• Improved Decision-Making: A viability study provides stakeholders with a comprehensive understanding of the proposed venture, enabling them to make informed decisions about whether to proceed with the project or not.

Factors to Consider When Evaluating Viability

When evaluating the viability of a business venture or project, there are several key factors that should be considered:

• Market Demand: Is there sufficient demand for the product or service being offered? Is the target market large enough to support the business?
• Competition: Who are the competitors in the market? What are their strengths and weaknesses? Is there a competitive advantage that the proposed venture can leverage?
• Financial Projections: What are the projected revenues and expenses for the business? Are the projections realistic and based on accurate assumptions?
• Available Resources: Does the proposed venture have access to the necessary resources, including capital, personnel, equipment, and technology, to launch and operate the business?
• Legal and Regulatory Requirements: What are the legal and regulatory requirements that must be met for the business to operate? Are there any potential obstacles or risks related to compliance?
• Scalability: Is the business model scalable? Can the business grow and adapt to changing market conditions over time?
• Sustainability: Is the proposed venture financially and environmentally sustainable in the long term? What impact will it have on the community and society as a whole?
• Management Team: Does the proposed venture have an experienced and competent management team in place? Are there any potential risks or challenges related to management or leadership?

What’s the Difference Between Feasibility and Viability Studies?

While both feasibility and viability studies are essential in assessing the potential success of a new business or project, there are some key differences between the two:

Feasibility Study:

A feasibility study is conducted to evaluate whether a business idea or project is viable in the short term. It typically focuses on determining the practicality and potential profitability of the business idea, analyzing factors such as market demand, competition, available resources, financial projections, and regulatory requirements. The primary objective of a feasibility study is to determine whether the business idea is worth pursuing and whether it can be turned into a viable business.

Viability Study:

A viability study, on the other hand, is conducted to evaluate the potential success and sustainability of a business venture or project in the long term. It focuses on assessing the practicality, profitability, and sustainability of the business idea, analyzing factors such as market demand, competition, financial projections, available resources, legal and regulatory requirements, scalability, and environmental sustainability. The primary objective of a viability study is to determine whether the business venture or project is worth pursuing and whether it can be profitable and sustainable in the long term.

Here are some key differences between the two:

• Objective: The primary objective of a feasibility study is to determine whether a business idea or project is feasible and can be turned into a viable business, while the primary objective of a viability study is to assess the potential success and sustainability of the business venture or project in the long term.
• Timeframe: A feasibility study focuses on the short-term feasibility of the business idea, while a viability study focuses on the long-term sustainability and profitability of the venture.
• Scope: A feasibility study typically focuses on a narrow scope of factors, such as market demand, competition, financial projections, available resources, and regulatory requirements. A viability study, on the other hand, takes a broader perspective and includes additional factors such as scalability, environmental sustainability, and social impact.
• Output: The output of a feasibility study is a recommendation on whether to proceed with the business idea or project. The output of a viability study is a more comprehensive assessment of the potential success and sustainability of the venture, including recommendations for strategies to improve its long-term viability.
• Timing: A feasibility study is typically conducted at the beginning of the planning process, while a viability study may be conducted after the business has been launched to assess its ongoing success and sustainability.

Ways to Conduct a Viability Study

There are several ways to conduct a viability study, including:

• Market Research: Conducting market research is an essential part of a viability study. It involves gathering and analyzing data about the target market, including demographics, trends, and behaviors. This information helps to determine the potential demand for the product or service being offered and to identify potential customers.
• Financial Analysis: A comprehensive financial analysis is essential to assess the potential profitability of the venture. This includes developing financial projections, such as income statements, balance sheets, and cash flow statements. The financial analysis should also consider the costs of launching and operating the venture, such as marketing, personnel, and equipment costs.
• SWOT Analysis: A SWOT analysis is a useful tool to identify the strengths, weaknesses, opportunities, and threats of the proposed venture. This analysis helps to assess the internal and external factors that may impact the success of the venture.
• Competitive Analysis: Analyzing the competition is an essential part of a viability study. This involves researching the competitors in the market, analyzing their strengths and weaknesses, and identifying potential strategies to differentiate the proposed venture from its competitors.
• Expert Opinions: Seeking expert opinions from industry professionals and consultants can be a valuable addition to a viability study. These experts can provide insights into industry trends, potential challenges, and best practices that can help to improve the viability of the venture.

In conclusion, a viability study is an essential step in evaluating the potential success of a business venture or project. It provides stakeholders with the necessary information to make informed decisions and minimize the potential for financial losses.

By conducting a thorough assessment of these factors, stakeholders can make informed decisions and take appropriate actions to minimize risks and maximize the potential for success.

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• business plan
• business research
• business risks
• risk management
• target market
• viability study
• Olayemi Jemimah Aransiola

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What is Business Viability?

Business viability refers to the ability of a company to survive over the long term, maintaining its operational and financial health. It encompasses a wide range of factors, including profitability, market demand, competitive advantage, financial management, and adaptability to changing market conditions. Understanding business viability is critical for any entrepreneur or business manager because it directly impacts the success and sustainability of the business. Here’s why business viability is so crucial:

Sustainable Profitability

A viable business must be able to generate a profit not just in the short term but sustainably over the long term. This involves not only bringing in more revenue than expenses but also managing cash flows effectively to ensure the business can cover its operational needs and invest in growth opportunities.

Market Demand and Adaptability

For a business to be viable, there must be a steady demand for its products or services. This involves not only identifying a current market need but also anticipating future trends and being adaptable enough to evolve with changing consumer preferences and technological advancements.

Competitive Advantage

A business needs a clear competitive advantage to be viable. This could be in the form of superior products, unique services, brand recognition, or operational efficiencies. A strong competitive position helps a business to attract and retain customers, even in a crowded market.

Effective Financial Management

Viability depends on effective financial management , encompassing budgeting, forecasting, financial planning, and risk management. Businesses must manage their resources wisely, invest in areas that offer the best return, and mitigate potential financial risks that could threaten their survival.

Compliance and Legal Considerations

Staying compliant with relevant laws and regulations is a critical component of business viability. Legal issues can result in significant financial penalties and damage to a business’s reputation, affecting its ability to operate.

Strategic Planning

A viable business requires a strategic approach to planning , setting clear objectives, and outlining the steps needed to achieve them. This includes understanding the competitive landscape, identifying opportunities for growth, and being prepared to pivot strategies in response to market changes.

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Is Your Business Model Viable? An 8-Point Test

You have a great business idea, and even got started on a business plan . But now you wonder: is my upstart business model really viable? Here is an eight-point test to tell you if you should forge ahead with your business idea.

1. Uniqueness

Before you worry about upstart financing, marketing or business location, you should begin with an idea—not just any idea, but one that's unique. What makes your business stand out from the rest?

Uniqueness doesn't necessarily mean you have to invent something (though that's never bad—just look at Snuggie's success), it just means that you have to set yourself apart from the competition. If you're starting a catering company, say, what will make your catering service different from the rest? These are tough questions, but important ones. The most successful businesses have a strong, unique concept, and a clear identity. Take the time to define yours.

2. Upstart Funds

What will your start-up cost be? Every business has some expenses at the start, whether you're paying for equipment, rent or just basic marketing materials. Make a realistic estimation; you'll need these figures to obtain a loan or simply to budget if you're paying these expenses out of pocket.

3. Customer

Who's your customer? Knowing who will be buying your product or service is vital to your business success—how else will you find your customers if you don't know who they are? Are you catering to busy professionals, stay-at-home moms, college students, retirees? Define your customer, even if you have to be broad at first. If you'll be renting a space, make sure the local demographic fits this profile; the real estate agent will be able to provide you with that data.

4. Competition

Unless you're lucky enough to find a hole in the market, your business will have competitors. Check them out, because your future customers surely will. Competitors can be a great resource to you as an upstart; you can see how much they charge, what marketing strategy they use and the location they chose. Ask yourself: how can I do better than the competition? Use your uniqueness identified in step one to find ways to outdo your competitors.

5. Economic Mood

Your business' success can greatly depend on economic mood: imagine starting a luxury real estate business at the start of the housing crisis. Gauge the state of the economy , and think of how it relates to your upstart: where are consumers' mind right now? Are they cutting back, spending more time at home, concerned about the environment?

Even an economic downturn can be an opportunity if you can meet the mood of the consumer. If your business idea doesn't fit the current trends in spending, think of ways you can tweak it to tap into today's needs.

Timing is crucial, especially for an upstart. Opening an ice-cream shop in January is a bad idea; opening Memorial Day can make it the place to be that summer. Do you expect your business to be seasonal? If so, time your opening to the strongest consumer demand. You'll come out of the gates with a flood of new customers, customers who will come back for more.

7. Marketing

Remember step three, where you identified your customer? Now you have to develop a marketing strategy to make sure these potential buyers know about your great new business. With today's internet capacity, marketing can be relatively low-cost, using online coupons and mailing lists. Brainstorm ideas with friends and family, and look at what your competitors do to get new business.

Your local SCORE chapter, which consists of business counselors for startups, is a great free resource with counseling, classes and networking opportunities.

Continuing Cash Flow

Imagine this: business is booming, you're on a roll and getting in more orders than you ever imagined. But you have to front the money for supplies and other costs, and you're out of cash—just like that, your business stumbles because you can't meet demand. This is a classic cash flow problem many new businesses face, and one that can be prevented with proper financial planning.

Before you open up shop, prepare a detailed financial plan ; there are many guides available in places like the Small Business Administration . Now is the time to plan for your business' first year, to make sure you can face any obstacle thrown your way—especially financial ones.

The Bottom Line

Did your upstart idea pass the test? If not, find ways to adjust. There are many more things to consider, like zoning , insurance, and legal entity, so take the time to plan and do your research. Use every resources you have available—SCORE, the Small Business Administration, even your local bank have information to plan your business venture, so you can be a successful entrepreneur for years to come.

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What are the 5 Factors that Determine the Viability of a Business?

To stay competitive in a market landscape that’s constantly in flux you’ll need to understand the dynamics that govern the success and sustainability of a business. There are five critical elements that dictate the viability of a business. Asking what they are and how they relate to your business model is what sets established business owners apart from those who fail quickly. 

The viability of a business is determined by a combination of various factors including, but not limited to, market demand, competition, financial stability, operational efficiency, and the quality of the management team.

In this article, we will delve into the five pivotal factors that determine the viability of a business to dissect each element and provide you with a comprehensive understanding that will help you steer your business towards success. 

By the end of this read, you will be equipped with the knowledge to assess the potential and sustainability of a business venture effectively. If you have any questions at the end, ask us for help and clarification on how you use these five factors to determine how viable your business is.

How can I Determine the Viability of a Business?

Business viability is like asking whether a business has a good chance of surviving and thriving in the real world. It’s all about figuring out if a business idea or a company is likely to be successful and make a profit.

Whether you’re just starting out or you’re a year or two into your journey, going through the following steps will be an invaluable exercise to help you work out if you should forge on or pivot.

Think of it this way: Imagine you want to open a bakery. To determine if it’s viable, you’d need to consider things like:

• Market Demand : Is there a strong desire for baked goods in your area, or are there too many bakeries already? If people love pastries, your bakery might have a good chance.
• Competition : How many other bakeries are there, and how well are they doing? If there are too many, it might be tough to stand out. What point of difference can you offer?
• Costs : What does it take to run the bakery? This includes ingredients, rent, staff, and more. Can you cover these costs and still make a profit?
• Revenue : How much money can you make from selling your baked goods? Are people willing to pay the prices you need to charge to cover your costs and make a profit?
• Sustainability : Can your business keep making money over the long term, or is it just a short-lived trend?
• Legal and Regulatory Issues : Are there any laws or regulations that might affect your bakery, like health and safety standards or zoning rules?

Business viability is about looking at all these factors and how they apply to your business to decide if your money-making idea is likely to work out and be successful. 

Does your idea have big enough wings to fly? 

Check these five critical factors against what business plan …

#1 Market Demand

Understanding the market demand involves analysing market trends, understanding the needs and preferences of your target audience and offering products or services that meet those needs. 

Conducting market research can help identify current gaps in the market and create a unique value proposition that sets you apart from the competition.

#2 Competition

A business cannot operate in isolation; it has to contend with other players in the market – which isn’t always a bad thing. Having competition can help hold you accountable to excelling in your business, pushing your boundaries and innovation. Analysing the strengths and weaknesses of your competitors can provide insights into market opportunities and help carve out a niche for your business where you can excel.

#3 Financial Stability

Financial stability involves maintaining a healthy cash flow , having sufficient capital to cover operational costs and ensuring profitability in the long run. A business with a robust financial foundation is more likely to withstand economic downturns and emerge victorious.

#4 Operational Efficiency

Operational efficiency involves streamlining processes, reducing waste, and improving productivity to give your business the ability to utilise resources in the most optimal way. A business that operates efficiently can offer better quality products and services at competitive prices, to gain an edge in the market.

#5 Management Team

A competent management team has the power to steer a business in the right direction, make informed decisions and provide a positive work environment. This is an easy one to overlook but it gives back in so many ways with high employee satisfaction , less turnover and the ability to attract a highly skilled team to back you up. It’s also important to have a strong management team to handle stressful situations. It’s one thing to have a stable team around when the going is good, but really you want a team that sticks with it when the plan hits the fan.

It is essential to have a team that is skilled, experienced and aligned with the vision of the business. 

You will need the leadership skills to see the big picture and bring it all together through great communication, realistic expectations and the ability to give and receive feedback.

What else do you need to know to fully grasp the intricacies of business viability? We answer the biggest questions for you below. If we’ve missed your question, email it through and we’ll get back to you on how you can make these viability factors a backbone of your business setting.

How Can I Assess the Market Demand for My Business?

To assess your market demand, start with market research to get a feel for the current trends and customer preferences. There are plenty of online tools that can help, including Google Trends as well as consumer surveys to gather data. Studying your competitors and their customer base can offer insights into the market dynamics as well as your own personal experiences and grievances with the products on offer.

What Strategies Can Be Employed to Stay Ahead of the Competition?

To stay ahead of the competition, focus on offering superior quality products or services. Secondly, invest in customer service to build a loyal customer base. Innovative marketing strategies and leveraging technology can also give you a competitive edge. Remember, understanding your unique selling proposition (USP) and capitalising on it is key.

How Do I Ensure Financial Stability for My Business?

Ensuring financial stability involves budgeting, financial forecasting and maintaining a healthy cash flow. I get that that sounds obvious but it’s a ball a lot of businesses drop. Setting up great money habits early on makes the financial side of things a lot easier in the long run. It’s just as important to monitor every money movement as a sole trader as it is when you are an enterprise. Consider seeking the advice of a financial advisor to help you navigate the complex financial landscape. They can also help you forecast risk and put aside a contingency fund to safeguard your business if something unforeseen knocks the wind out of your sails.

How do I Enhance Business Operational Efficiency?

Set up a business system and flow with intent and purpose from the start. So many businesses just allow their business to grow ‘naturally’. This creates a patchwork of operating methods from all over and the result is far from smooth and seamless. 

Streamline your everyday business processes by blocking out task times, delegating effectively, creating a system (which will automatically show up double handling and gaps) and bringing in automation when relevant. Implementing systems that facilitate smooth workflow and reduce manual errors can be a game-changer. Make sure you and your team stay up-to-date with training to foster productivity and efficiency as well as personal growth.

Utilising Resources Wisely

Allocating resources wisely is a critical aspect of enhancing operational efficiency. When you use your resources efficiently, you spend less money on things like materials, labour and energy to put more profit in your pocket, or reinvest in better services for your audience.

Resource allocation also loops back into effective leadership and decision-making, stemming from having a solid plan and crystal clear objectives that allow you to use financial, human and material resources in the most efficient way possible. 

Smart resource management can give you an edge over your competitors. You can offer better prices, higher quality, or faster delivery, making customers choose you over others.

Trying to do more with less can help push you out of the rut of a comfort zone, leading to creative solutions and innovations to improve your business processes. Efficient resource use makes your business more resilient. You can weather economic ups and downs better because you’re not wasting resources during tough times.

As well as looking professional and well-oiled, being known as a business that uses resources wisely can boost your reputation. Customers and investors like to support companies that are responsible and efficient.

Feedback and Continuous Improvement

True viability in your business comes back to your mindset. If you are ready and willing to take on feedback from employees and customers you’ll have the flexibility and early warning you need to make improvements and shift gears to stay relevant. A culture of continuous improvement can lead to enhanced operational efficiency over time as well as your professional growth and overall satisfaction with your business performance.

What are the Common Pitfalls to Avoid?

The biggest ways business owners can stick their heads in the sand and run into trouble are by avoiding feedback and resisting change.

Avoiding Customer Feedback

Ignoring or avoiding customer feedback can be detrimental as it can lead to a disconnect from the market needs and preferences, resulting in lost opportunities.

Resistance to Change

All businesses must respond to the changing landscape. No one is immune. Businesses that resist change and do not adapt to the evolving market trends will lag behind, missing out on potential growth opportunities while their competitors fill the gaps and make off with all the profits.

Final Thoughts

As you navigate the complex landscape of establishing and running a successful business, it’s important to consider how viable your business idea is. The five crucial factors that determine viability will help get your business feet under you, and if you don’t have everything it takes, you can look at the changes you can make or another offer with a better fit.

Wanting to make a lot of money is not going to be enough to get you the lifestyle you are dreaming of. You need to have something other people want and need. 

After defining market demand, competition, financial stability, operational efficiency, and the role of a competent management team you’ll be better positioned to steer your new venture in the right direction, making informed decisions that foster growth and sustainability.

Remember, the journey of building a viable business is a continuous learning process. Stay curious, be open to feedback and never stop learning. The road to success is paved with diligence, resilience and a deep understanding of the business landscape. Here’s to forging a path to success with a business that stands the test of time, grounded in viability and poised for growth.

For help assessing the viability of your business, book a free ‘meet and greet’ session today.

What are the 5 Factors that Determine the Viability of a Business – FAQs

How do you determine business viability.

A1: Determining business viability involves assessing several critical aspects. Firstly, conduct a thorough market analysis to understand the demand for your product or service. Evaluate the competition and identify a unique selling proposition. Consider your financial feasibility, including startup costs, revenue projections, and profitability. Assess the skills and expertise of your team, and ensure you have a clear business plan. Lastly, analyse potential risks and challenges that may affect your business’s viability.

What are the 4 main factors businesses must consider?

Four main factors that businesses must consider for success include:

Market Demand: Ensure there is a genuine need for your product or service in the market.

Financial Sustainability: Assess your financial resources, including startup capital, operating costs, and revenue generation capabilities.

Competitive Landscape: Analyse your competition and find ways to differentiate your business in the market.

Effective Management: Having a skilled and efficient team, along with a well-defined business strategy, is essential for managing and growing your business.

What are the 5 things to consider when evaluating a business opportunity?

When evaluating a business opportunity, focus on these five key factors:

Market Potential: Determine if there is a sizable and sustainable market for your product or service.

Profitability: Assess the potential for generating consistent profits and a positive return on investment.

Competitive Advantage: Identify what sets your business apart from competitors and how you can maintain that advantage.

Resource Requirements: Calculate the resources needed, including funding, manpower, and technology, to successfully operate the business.

Risk Analysis: Evaluate potential risks and challenges and develop strategies to mitigate them.

What is the key to success in business?

The key to success in business is multifaceted but often centres around the ability to adapt and innovate. Successful businesses consistently meet customer needs, stay ahead of market trends, and maintain financial stability. Additionally, effective leadership, a strong team, ethical practices, and a focus on customer satisfaction contribute significantly to business success.

What are the three significant things we need to consider in starting a business?

When starting a business, prioritise these three critical considerations:

Market Research: Thoroughly research your target market, understand customer preferences, and assess competition.

Financial Planning: Determine the startup capital required, create a budget, and plan for ongoing financial management.

Legal and Regulatory Compliance: Ensure that you understand and comply with all legal requirements, such as permits, licences, and tax obligations, to operate your business legally and avoid potential issues in the future.

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Why You Need Sustainability in Your Business Strategy

• 06 Nov 2019

In today’s ever-evolving world, debating whether to incorporate sustainability into your business strategy is no longer an option. Considering a values-driven approach when developing business strategies can be vital to long-term success.

Before getting into why sustainability is essential to successful business strategies, it's important to define what sustainability in business is.

Access your free e-book today.

What Is Sustainability in Business?

In short, sustainability in business refers to the effect companies have on the environment or society.

A sustainable business strategy aims to positively impact one or both of those areas, thereby helping address some of the world’s most pressing problems.

Some of the global issues that sustainable business strategies help to address include:

• Climate change
• Income inequality
• Depletion of natural resources
• Human rights issues
• Fair working conditions
• Racial injustice
• Gender inequality

Although it may sound like it, sustainability in business is not purely altruistic. As Harvard Business School Professor Rebecca Henderson notes in the online course Sustainable Business Strategy , you can't use business to do good in the world if you're not doing well financially. Doing well and doing good are intertwined, and successful business strategies include both.

Many of today’s firms have adopted the triple bottom line , which suggests that organizations should focus on more than just profits, or the “bottom-line,” and also measure their environmental and social impact. These focuses can be referred to as “the three Ps,”: people, planet, and profit. Quite often, this sustainable approach to business ultimately boosts business performance.

Why Is Sustainability Important?

In addition to driving social and environmental change, sustainability initiatives can contribute to an organization's overall success. It may seem counterintuitive that spending more money on sustainable business practices can boost a company’s profitability, but studies show that the most sustainable companies are also the most profitable.

Environmental, social, and governance (ESG) metrics are often used to determine how ethical and sustainable an organization is. According to McKinsey , companies with high ESG ratings consistently outperform the market in both the medium and long term. While sustainability strategies might be an investment in the short term, they can lead to long-term benefits.

Benefits of Sustainability in Business

1. you’ll protect your brand and mitigate risks.

Ending up on the front page because of a scandal is a CEO’s worst nightmare. Not only do improper practices damage an organization’s reputation and cost it customers, but dealing with a public relations disaster can divert valuable human and financial resources from the core business.

You don’t want to become the company that allowed an oil spill or forced employees to work in unsafe conditions. By instituting a sustainable strategy that protects the environment and your workers, you also protect yourself from any damaging incidents.

2. Being Purpose-Driven Is a Competitive Advantage

Sustainability doesn't detract from business goals, and infusing your company with purpose can help attract a motivated, skilled workforce that drives financial success . In a Facebook Live discussion , Henderson noted a recent study showing that 89 percent of executives believe an organization with shared purpose will have greater employee satisfaction. Additionally, 85 percent say they're more likely to recommend a company with strong purpose to others.

Making your company an organization that does good in the world—rather than just a place that provides a paycheck—can be a competitive advantage when attracting the best talent.

Related : HBS Professor Explores the Impact Purpose Can Have on Your Organization

3. There's a Growing Market for Sustainable Goods

A 2019 study found that 73 percent of global consumers are willing to change their consumption habits to lessen their negative impact on the environment, and sustainable product sales have grown by nearly 20 percent since 2014. Millennials in particular are more willing to pay more for products that contain sustainable ingredients or products that have social responsibility claims. If your organization commits to sustainable products and practices, it could gain market share by converting sustainability-minded customers and increasing sales.

4. Cooperative Action Can Drive Change

As an individual, it can feel overwhelming, isolating, or simply impossible to effect change in a meaningful way. That’s not the case when the most innovative, successful, and powerful companies are collaborating to solve some of the world’s most pressing problems. While governments struggle to address public goods problems, purpose-driven companies working together to address these issues have experienced great success.

For example, palm oil is cheap, versatile, and found in about half of all packaged products, including soap, lipstick, and ice cream. But palm oil production has resulted in record greenhouse gas emissions and contributed to climate change.

In light of this, consumer goods producer Unilever committed to only using palm oil from certified sustainable sources in 2008. The organization cooperated with its competitors—as well as governments, NGOs, and indigenous peoples’ organizations—to lead an industry-wide adoption of sustainable palm oil. As a result, Unilever continues to be a thriving organization, and the world has reaped the environmental benefits of sustainable palm oil harvesting practices.

The Value of Sustainability

Sustainability doesn’t mean sacrificing profits or putting success on the backburner. Instead, it has become a crucial element to any organization’s successful strategy. A business that doesn't factor in sustainability risks is less successful in several measures, including profitability, growth, and employee retention.

By integrating sustainability into your business strategy , you can find success because, rather than in spite, of sustainability.

Do you want to take a more values-driven approach to business? Explore our three-week online course Sustainable Business Strategy and learn how organizations can succeed financially while also playing a role in solving some of the world’s most pressing problems.

This post was upated on March 22, 2021. It was originally published on November 6, 2019.

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Managerial, Labor Climate and the Financial Viability

Introduction, business climate analysis. managerial context, labor market, financial viability.

To begin with, it should be stated that the business climate in the Dominican Republic is regarded as a country with a relatively favorable business climate compared to the other States of Latin America. Originally, starting a business in Latin America was the double end stick. On the one hand, it means increased opportunities and principally new markets and the target audience. But on the other hand, these opportunities require high responsibility levels and awareness of the specifications of the business area.

As for the matters of business climate favorability, it should be stated that the Latin Business Chronicles data rank Dominican Republic as the country with the highest indicators of business climate favorability within the Central America Free Trade Agreement (CAFTA). Furthermore, as for the political environment in the context of business and profitability climate, Dominican Republic places fifth place.

From 2002-to 2008, the Dominican economy experienced 7.7 percent growth: this was reasoned by the increased levels of tourism, energy, telecommunications, and free trade zone manufacturing. Nowadays, these are the most critical sectors of the Dominican Economy. From this point of view, it should be stated that the managerial climate has also improved after the ratification of a free trade agreement between the USA and CAFTA. This has reasoned the increase of investment rates (up to $3.3 billion) and provided an important opportunity for the experience exchange between managers of the largest international companies and corporations.

The enlisted business spheres (tourism, energy, and communications) gained the most significant part of these advantages. Will Jackson (in Rosario and Grasmuck, 2007, p. 78) emphasizes the following notion on the matters of support and managerial climate in the Dominican Republic: “This supports the efforts of the managerial sphere in educating people on the great business potential of the Dominican. Overseas investment into this emerging market supports the ongoing growth of many industries in the Dominican Republic. The profits made in the CAFTA region are largely affected by the Dominican Republic’s tourism industry”.

Managers of the Dominican Republic are aware of the American secrets of running a business, the experience exchange process is considered rather extensive, and the business data, represented in the Country Business Profile, stipulates the fact that the Dominican Republic is the country with the most favorable managerial conditions for starting a new business.

Following this graph, Dominican Republic is one of the most favorable countries for starting and running a business.

As for the issues of the labor market, it should be stated that the population of the Dominican Republic is large enough to recruit new workers if there is a necessity to start a business. However, the extensively growing economy makes the unemployment level relatively low. Thus, it may not be easy to recruit professional workers at once. Therefore, the business sphere is somewhat limited in the labor market context. The labor force is equal to 74 percent of the Dominican population. 3.8 million are economically active citizens. Official unemployment is 26 percent.

Nevertheless, most unemployed people are engaged in the business sphere and run an unregistered business activities (to avoid extensive taxation). Another part of these unemployed is engaged in seasonal works, such as agriculture, tourism, etc. As for the qualified workers, there is an extensive shortage of skilled managers and specialists in the business sphere.

Perez (2008, p. 45) states the following notion: “the business is a limited liability company conducting general commercial activities in the largest business city; it is 100% domestically owned, with a start-up capital of 10 times income per capita. Therefore, a turnover of at least 100 times income per capita and between 10 and 50 employees does not qualify for any special benefits, nor does it own real estate.”

As for the matters of financial viability, it should be stated that the business traditions of the Dominican Republic do not presuppose the recording procedure for the business processes. Thus, the business statistics are approximate for detailed financial viability analyses, profit margin, currency translation, and profit repatriation. Most of the national corporations were privatized, and the sales incorporated 50% of foreign currency operations. On the other hand, the distribution losses stay relatively high due to low collection rates, infrastructure problems, and corruption in the governmental sphere. Consequently, the profit margin remains low due to these factors. The currency translation is high, as the USD is more preferred than the national currency.

In conclusion, it should be stated that despite the favorable managerial climate and the extensive experience exchange process, which allowed this country to increase its favorability for overseas investment, the labor market and financial viability can not be regarded as favorable for starting a new business. On the other hand, the economic analyses place the Dominican Republic as one of the top places in Latin America.

Doing Business (2009) “Country Profile for Dominican Republic”. The International Bank for Reconstruction and Development. Web.

Espinal, Rosario, and Sherri Grasmuck. “Entrepreneurship in the Dominican Republic.” Journal of Business Studies 28.1 (2007): 103.

Perez, Donatila German. “Public Personnel Management in the Caribbean: A Comparative Analysis of Trends in the Dominican Republic, Cuba, Puerto Rico, Jamaica, and St. Vincent and Grenada.” Public Personnel Management 30.1 (2008).

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Bhanvi Satija reports on pharmaceutical companies and the healthcare industry in the United States. She has a postgraduate degree in International Journalism from City, University of London.

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I'm 38 and single, and I recently realized I want a child. I'm terrified I've missed my opportunity.

• I didn't want kids and didn't think I'd want to get married again after my divorce.
• But recently I realized I actually do want to build a life — and a family — with someone. 
• I'm almost 39, and I'm starting to panic about whether my chance to have a child has passed.

I can still picture it. I was 20, sitting on the kitchen countertop with my legs dangling over the cabinets. He was 21, leaning against the stove of the home he hoped we'd share. We'd been dating for nearly two years and were at a standstill.

I was clinging to my dream of moving five hours away to attend the design program at the Art Institute of Seattle. He wanted a simple life with children and home-cooked meals in the little resort town of Coeur d'Alene, Idaho, where we met in sixth grade .

That day in the kitchen, we decided to stay together, and we each gave up something to do that. I would no longer pursue design school and the big-city life I'd always dreamed of, and he'd forgo having children and a wife who prioritized homemaking. I made it clear to him that I did not see motherhood in my future and that he needed to be OK with that. Two years later, we married.

My now ex-husband wanted kids and a stay-at-home wife

My husband thought I'd change, and I thought I could change for him. I told myself that it was silly to go after my dreams and that I should be content in the pretty mountain town where I grew up.

But I grew resentful when he asked where dinner was or complained that his gym clothes hadn't been washed. I did little to hide my disdain for our small-town life. He was a good and hardworking man, but I don't think I made him feel that way.

We were young, foolish, and sweet, thinking our love would allow us to overcome our differences. We were also very wrong.

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Shortly after I turned 30, we divorced . We were both tired of sacrificing the things that were important to us for each other.

I didn't think I'd want to get married again or have kids

I told my friends and family I'd never get married again. I needed independence, a fulfilling career, and space to chart my own course, and I didn't think marriage fit into that vision. I was content to look toward a future without a husband, children, or the trappings of a "traditional" life.

I was also in no hurry to get into a serious relationship after my divorce. I was terrified of repeating my mistakes. Nevertheless, months later I stumbled into one that lasted 7 ½ years.

He was significantly older and wasn't interested in marriage or children, and we were focused on our careers. We expected little of each other aside from fidelity. We took trips, drank nice wine, and stayed out late. Without the expectations or duties of a shared mortgage or a family, we simply enjoyed our time together. When we were apart, we did our own things. Those were great, easy years.

It was an incredibly healing relationship, and, ironically, I started to become the woman my ex-husband had wanted. I enjoyed cooking, cleaning, and caring for someone when it was my choice and when it wasn't asked of me. I'd been so preoccupied with preserving my independence and caring for myself that I hadn't realized how much I could enjoy caring for someone else and allowing them to care for me.

I changed my mind about wanting to build a family with someone

I started to think I might want more than an easy, aimless relationship. I realized I might actually want to build a life from the ground up with someone who wanted the same thing. And while I knew that might take more work, it also felt like the type of connection worth pursuing.

I felt restless, and I couldn't ignore that what I wanted had changed. Though we were technically together, we were living our own lives. That was exactly what I had wanted and needed after my divorce, but autonomy was no longer my top priority. It felt like the relationship had run its course. He's a wonderful man, and we're still close, but we'd entered our relationship without intention or a shared vision of our future.

We broke up shortly before my 37th birthday. Over the following year and a half I dated around for the first time in my life. I broke hearts, had my own heart broken, and did in my late 30s what many people do in their 20s. I didn't know it then, but I was learning what I wanted and needed in a relationship. Ultimately, I want to build a life with another person, not simply join theirs when it's convenient.

I began to feel an incredible urgency to find the relationship and stability to see me through the second half of my life. To my amazement, I began seriously thinking about marriage and children — I hardly recognized myself.

I also began to feel selfish for spending so much time focusing solely on myself. I went from proudly proclaiming I was too self-centered to be bothered with a family to realizing there was more to life than independence and the pleasures of living for oneself. My very existence started to feel shallow and hollow.

I worry I'll end up alone, but I'm still hopeful

Now, months after that realization and at nearly 39, I feel panicked thinking I'll be a single, childless middle-aged woman. I worry that my youthful looks will fade and that I won't be able to attract the man I want to spend the rest of my life with.

If I sound desperate, it's because I honestly do feel a little desperate. At my age, I know that creating life may not be an option for me. And I worry that men who want a family aren't looking for a woman pushing 40. I get it; I'm no longer the ideal candidate for motherhood , and it's a scary truth. But I still hope to find someone who thinks I'm the ideal partner and create our family together.

I understand the appeal of life without the constraints of marriage or children; for many years I was quite satisfied living that way. I know people can live happy, purpose-driven lives without those things. I just don't believe I'm one of those people anymore. I know now that my purpose lies in having a husband and a family. I'm meant to care for more than myself.

I'm looking for my forever person and hoping he's looking for me, too.

Watch: Watch Tony Robbins bring someone to tears in a one-on-one motivational session

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