Preparing a feasibility study
Feasibility studies V business plans
A feasibility study is designed to discover if a business is "feasible" or not. It will answer questions such as "will your idea work?" It is an essential first step before spending money and time on more detailed plans. The information gathered is not wasted as it can be incorporated into the Business Plan.
On the other hand a Business Plan is a more detailed and in depth document that incorporates the information gained from a feasibility study plus specific timelines, detailed budgets with forecasts and a detailed financial strategy.
Before you get started...
Are you suited to working in a small business environment? Answer this checklist [
69 kb] or take the business readiness quiz to get an idea if this is what you really want and whether you have the personality, skills and temperament to succeed.
The feasibility study framework
The document should include sections on:
- Personal details
- The Business Idea
- Critical factors
- Market analysis
- Resource requirements
- Financial viability
- Capital requirements
Starting your own business is a rewarding and challenging caree option. We have provided a template [ 69 kb] to assist you when preparing for and writing a feasibility study.
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