A feasibility study is a formal examination of the viability of a project.
When starting a new business, it’s always good to do some research and planning before taking the plunge. This can be as simple as thinking about what you want to do and how you want to do it, or as detailed as doing a full feasibility study. A feasibility study is an examination of the viability of a project, in this case your business idea. It’s important to remember that this isn’t an end-all solution and that there are many factors involved in starting a business. However, having done your research and knowing that your idea has potential can give you confidence when approaching investors or banks for funding.
What is a feasibility study?
Definition:
A feasibility study is a formal examination of the viability of an idea or project before any significant investment is made into it. The term “feasibility” refers to whether something is possible or not – so if something isn’t feasible, then it means that it isn’t possible.
What does it include?
Purpose:
The purpose of the feasibility study is to examine all aspects of your proposed project from start to finish. The goal here is to determine whether or not the idea can be implemented successfully and what sort of resources will be needed for this process.
