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Will your business be successful?
You have a great idea for a new business – but is that idea viable? Will it make a good business that you can work hard and be proud of? A feasibility study can help you determine if your idea is something you should continue to pursue.
What is a Feasibility Study?
A feasibility study analyzes the viability of an idea, like your business idea. It helps you decide if this idea is something you should invest time and money into making a reality. What a feasibility study sets out to answer is:
Will this business generate cash flow and profits?
Will this business withstand the risks that it may face?
Will this business remain viable for the long term?
A feasibility study should be done as early in the business planning process as possible. In a feasibility study, potential business owners and business consultants take a wider look at the business and the industry. First, people conducting a study look at a preliminary analysis. They prepare a projected income statement and conduct a market survey. Then, they consider the proposed business organization and operations for an opening day balance sheet. After reviewing and analyzing all the data gathered, they are ready to make a decision as to whether the business is viable and should be pursued – or if other changes should be made, or the business idea should be scrapped altogether.
The best way that experts can do a thorough analysis of the feasibility of a business is by taking a deep dive into the industry and talking to the stakeholders. This helps them to prepare a detailed feasibility report from their study:
Executive summary of what is covered in the report
Description of the business, product and services
Considerations, like technology, investments, etc.
Marketing strategy
Business operations and staffing needs
Timeline of projected milestones
Financial projections
Findings and recommendations of the feasibility study
Get Expert Help with a Feasibility Study
Feasibility studies can help new business owners figure out whether they will be successful, because it can look at the market and target audience. It can help determine whether a change in location would be beneficial or if more funding than anticipated should be sought. It provides much more than a “yes” or “no” answer as to the success and viability of a business.
Experts are available to help you figure out whether your business is viable or not. Business consultants are experts in creating feasibility studies, market research, business plans and pitch decks, so business owners like you are able to focus on the other important tasks you have as you start a new company. It can also help you take a step back and allow someone else who isn’t as emotionally invested to dissect the feasibility of your business. Get a free consultation to see how our business plan experts can help you with a feasibility study to help you understand your next steps in the business planning and creation process.
