The feasibility study gives an answer to the most important question raised in business scenario i.e Is this plan/idea/product/service feasible to yield ROI?
Components of Feasibility Study
Feasibility study comprises of a lot of components but just to name a few:
The First segment of a feasibility study and report is the market analysis. The market analysis is conducted first because it is critical to the success of the business in order to understand the environment in which you will compete. There must be adequate demand for your product or service. If not, your business idea may not be feasible and there is no need to go any further. Some of the components of Marketing analysis include:
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In addition to the market analysis, the financial analysis and assessment is a critical component of the feasibility study. Without the “financials” it will be impossible to determine how feasible the business idea is. Included in the financial assessment is revenue and income projections for the first five years along with start-up costs to determine how much funding your business will need. Key components of the financial assessment include: