What is a Feasibility Study: Definition and Examples
What’s A Feasibility Study?
A feasibility study is a process meant to explore the viability of an idea or project. It provides information about the costs, potential revenue, and risks associated with the project so that you can make an informed decision on whether it’s worth pursuing. There are many different types of feasibility studies that vary in scope based on what type of business you’re looking to start. For example, if you want to open a restaurant, then your feasibility study might include more than just financials but also how close your location is to competitors and other factors like zoning regulations. Whatever type of business you have in mind for your own venture, there are plenty of examples online as well as professionals at Pro Business Plans who specialize in conducting these studies!
Factors that you need to include in your feasability study : the feasibility of your idea/project or how well it will work, potential risks and how to avoid them. Also, what the business is going to cost you, what your revenue might be and if there are any other variable costs that may come up. The timeline for starting this project as well as when you can expect a return on investment (ROI) or break even point so that you know when it’s time to quit or keep going.
How much funding do I need in order make this happen? Your feasibility study should answer these questions so that you have all of the information necessary before making a decision about whether or not pursuing your dream idea is worth it!
Gather data through interviews, surveys, research online and more about the problem at hand as well as how others have solved similar problems before (if applicable). This provides context to help make informed decisions later on.