Sample Feasibility Study For Small Business – As a business manager, you want your projects to generate a return on investment. So, before starting a new business, it is better to do a feasibility study. Feasibility studies help determine the success (or failure) of your proposed project or plan. This type of research helps in making better and more informed business decisions. As a result, you can save time and money by starting a plan or project that you believe will have a high ROI. Learn how to conduct a feasibility study. This post includes: What is a feasibility study? Advantages of feasibility studies Types of feasibility studies How to prepare a feasibility study Examples of feasibility studies What is a feasibility study? A feasibility study analyzes the potential benefits, risks, costs, and potential outcomes of a project. After completing the feasibility study, you and your team will have enough information to decide whether the proposed project is a worthwhile investment. Two types of sales forecast data are appropriate for feasibility studies: Quantitative forecasting uses historical business data to predict trends. Quality sales forecast data takes into account customer feedback, market research and survey results. The type of feasibility study you are conducting will determine the type of information you need. Consider using qualitative predictive data to determine how receptive your audience is to your product. Quantitative data helps predict revenue. Advantages of a feasibility study As a team leader, it is your job to ensure that your team achieves its annual sales revenue goals. This may involve making project execution decisions based on projected sales forecast data. However, you don’t want to implement a proposed plan or project without being sure that the project will benefit your organization. According to Intangent, companies with accurate forecasts are 10% more likely to increase revenue each year. Therefore, feasibility studies are important. Combine sales forecast data with insights from a feasibility study and you can predict the success rate of your proposed plan before you even get started. Other benefits of using it include: Determine if a project is right for your team. Make smart decisions for your team. Avoid mistakes. Narrow the focus of the project. Determining project and team needs. Decide which departments will be involved in the project. Calculating the amount and source of appropriate funding. Evaluating the success or failure rate of the project. ROI assessment. Feasibility studies not only help determine whether a proposed plan or project is feasible, but also help narrow the focus of the project. In general, feasibility studies can help you get your project off the ground. Types of Feasibility Studies Now that you understand the benefits of feasibility studies, it’s time to decide which type of feasibility study is best for your team. Feasibility Study A feasibility study examines the technical aspects of your project. This type of inquiry answers the question: Do you have the specific resources and capabilities to implement this plan? You may have adequate funding for the project, but a feasibility study will help you determine if you have the right processes, systems and staff for the job. Best for Software Development Teams and Project Development Teams. Financial or Economic Feasibility Study Financial feasibility studies help determine whether you have the financial resources for your project. In addition, you will learn that the venture is a good investment for your team and your business as a whole. This type of feasibility study requires: By completing a financial feasibility study, you have already identified your funding sources, costs, budget, potential risks, and expected returns. The best. Financial Operational Feasibility Study for Finance and Project Managers As the name suggests, an operational feasibility study analyzes whether your team is equipped to implement a proposed plan or project. This feasibility study answers the questions: Does your team have the resources to complete the project? Does the project add value to your team or customers? After developing a solution to a potential problem, consider conducting a feasibility study. This type of research helps determine whether a solution solves a problem or creates a problem. The best. Legal Feasibility Study for Project Managers and Stakeholders This feasibility study should be conducted to determine whether your proposed project is legal and ethical. Legal feasibility studies are designed to keep you and your team in compliance with local, state, and federal laws. If you are unsure whether your project is unethical or illegal, a legal feasibility study will help you make an appropriate decision before you begin. Best for legal departments and project managers. Planning a Feasibility Study When starting a new project, you’re often asked, “When can we finish this project?” If you and your team are working for clients and there is a deadline, a project feasibility study looks at the project schedule. This can help your team set a reasonable completion date. After completing the schedule feasibility study, you may find that the plan is taking longer than you thought. It is useful to know this before starting the project. Best for stakeholders, project managers and their teams. How to write a feasibility study If you have questions about how to write a feasibility study, check out our feasibility study template. Before you begin writing your study using our feasibility study template, take a few minutes to familiarize yourself with each section of the template. Remember, the feasibility study can be tailored to you and your team’s needs. 1. Abstract Your abstract should be a one-page summary of the entire study. Be sure to include the following information: Project name: Project description: Objectives of the project or plan. Target market. Image source 2. Business explanation. This section of the feasibility study is where you present the business concept for your project or plan. Review the discussion. the purpose of the project or plan. Products or services. Competitive advantages. Experience of founders. If your project is feasible, you should be as specific as possible in this section and discuss the expected success of the project. Figure Source 3: Market Overview This part of the feasibility study should address your target market and why your project or plan will succeed (or fail). You’ll want to thoroughly discuss your target market, their pain points, and how your product or service solves their problems. You want to add valid information to this section. Consider the following: market size and demographics. Market psychology. Competitors and substitutes. Figure source 4: Financial projections The goal of any good business is to make a profit. Your feasibility study should determine whether the project or plan is a financially sound investment. The financial projections section of the feasibility template describes and discusses important financial metrics. Input and discussion. capital needs. Estimated income and expenses. Projected revenue was needed to make a profit. Image source 5. Feasibility assessment and conclusion Finally, be as clear and specific as possible about your proposed project or plan. Use statements such as “Based on our assessment (X), we believe this business plan is feasible.” Image Source Examples of Feasibility Studies Feasibility studies can be useful in your organization, from the sales force to the product development team. Here are some examples of feasibility studies in various fields. Howard County Public School System image source Howard County Public School System Feasibility Study examines projected student enrollment over 10 years. What we love. The school system is a great example of a brief but comprehensive summary. This section also contains specific historical information about Howard County Public Schools used in the study. Town of Walpole, Massachusetts Image Source This feasibility study in Walpole, Massachusetts examines the town’s recreation programs and opportunities. The paper includes the program’s recommendations as well as information explaining how the researchers came to this conclusion. What we love. this document combines several different types of feasibility studies (financial, technical and operational) into one comprehensive study. Remember that you can develop a feasibility study in the way that best suits your organization’s needs. Image copyright US Fish and Wildlife Service In this example, the US Fish and Wildlife Service is investigating the return of a sea otter to the Pacific coast. This study also provides a model for the structure of the objectives section of this paper. A good feasibility study is clear and relevant in each section. What we love. here, the US Fish and Wildlife Service details what the study covers (potential reintroduction opportunities) and what it doesn’t (predicted reintroduction population growth). Although the purpose of your feasibility study is to assess the viability of the project, your document is limited in scope. If you need to collect more data in the future, mention this in your feasibility study. Photo courtesy of Holdrege Area Public Library. Your feasibility study doesn’t have to be all text. Holdrege Regional Public Library uses graphics
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