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After reading this write up, you should be able to recognize why and when to develop a feasibility study, know how to identify a business feasibility study and explain the major sections of a classic feasibility study.
This article will also enable the reader to focus feasibility study sections to meet specific needs, know the major pitfalls when writing feasibility studies and learn how to present a feasibility study to others.
The feasibility study is conducted during the deliberation phase of the business idea prior to commencement of a formal Business Plan.
That is, a feasibility study of a business is done on an ex ante before the business or venture comes into existence basis. What is a Feasibility Study? A feasibility study is an analysis of the viability of an idea through a disciplined and documented process of thinking through the idea from its logical beginning to its logical end.
Is it a workable business venture?
The following are the objectives of a feasibility study: A feasibility study is a management-oriented activity. It is an analytical tool that includes recommendations and limitations, which are utilized to assist the decision makers when determining if a business concept is viable Hoagland and Williamson, Feasibility studies are useful either when starting a new venture or when identifying a new opportunity for an existing business, such as a new product or service.
When to develop a feasibility study: Viability The following words are very important if one is to fully understand the meaning and purpose of a feasibility study.
They are possibility, probability, practicability, capability and achievability. We ask the following questions in the process of carrying out a feasibility study.
These questions above need to be answered clearly before the business start-up. There is nothing to fear, if you have gathered enough materials and information needed to help you decide whether to go on or stay back. At this stage you will need certain entrepreneurial qualities and courage to believe in your dream.
Business Viability A business viability study is a subset of the feasibility study. It concerns the concept of risk in business and the survival of the business in the face of uncommon and unfavourable business environment. For example, establishing a brewery in Kano or Sokoto might be feasible, but is it viable?
Will the religious environment permit it to function effectively? Similarly, establishing a fish pond in Makurdi may be feasible but may not be viable when you consider the weather, location and other factors.
The difference between a feasibility study and a viability study is that the feasibility studies confirm that the business is practicable while viability determines whether the business can stand any form of challenges and risk in the near future.
The purposes of feasibility study are to assess the practicability of the business, seek financial support from investors or banks, research on other sensitive areas of the business and to gather enough information as to why others succeed and why others fail.
Types of feasibility There are various classification of feasibility studies. The following four types have been identified for the purpose of this article: Constraints on the project schedule and whether they could be reasonably met. Does current mode of operation provide adequate throughput and response time?
Does current mode provide end users and managers with timely, pertinent, accurate and usefully formatted information?
Does current mode of operation provide cost-effective information services to the business? Does current mode of operation offer effective controls to protect against fraud and to guarantee accuracy and security of data and information?
Does current mode of operation make maximum use of available resources, including people, time, and flow of forms… S Services: Does current mode of operation provide reliable service? Is it flexible and expandable? Major Sections of a Classic Feasibility Study Although, there is no generally accepted format for presenting feasibility studies, a good feasibility study should contain the following major sections: Market Analysis- a market is a medium of exchange of goods and services between buyers and sellers.
The objective of a market analysis in a feasibility study is to examine the characteristics of the product in detail and specify the requirements that must be met if it is to be acceptable.Fundamentals of feasibility plan in entrepreneurship.
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Applying the Writing Process to Prepare Business Reports purpose, which explains why you are preparing the report and what you plan to deliver in the report.
The business plan provides a planning function. The business plan outlines the actions needed to take the proposal from “idea” to “reality.” The feasibility study outlines and analyzes several alternatives or methods of achieving business success. The feasibility study helps to narrow the scope of the project to identify the best business scenario(s). A business plan is "merely" a "plan for the business," where the business may be a profit-making company, a government organization, or a non-profit organization. A business plan can also represent a product line, an individual product, a line of service products, or some other part of a larger business . This process is known as doing a feasibility study and when the results are written down, the document is known as a business plan. Conducting a feasibility study need not be difficult or expensive, but the most important aspects should all be taken into account to ensure that potential problems are addressed.
(See Fig 1) which might involve anything from statistical analysis to resolving the differences between two or more expert opinion. 4. As promised in our last post, we would be examining format of feasibility report writing i.e.
the 9 major areas that should be covered by a good feasibility study in detail.. 1. Introduction This aspect deals with provision of background information about the proposed business, data collection method, the proposed name and purpose of the business.
Jun 29, · Difference Between a Business Plan & a Business Proposal The Differences Between a Business Plan & Business Model.
Steps to Writing a Outlining Your Proposal or Business Plan ; Business. What, exactly, is a feasibility report, and how is it written? In this lesson, we'll examine feasibility reports, including when they are needed, what content goes into a feasibility report, and.