Feasibility Studies to assess the viability of a project
What is a Feasibility Study?
We create a systematic study to understand whether or not a specific project, venture, or approach is feasible. The ultimate outcome of any feasibility report is a Go/ No-Go decision. You either move forward or you don’t.
The study must be based in reality — not pure speculation or abstract theory. This usually requires primary and secondary market research, to understand whether or not customers will buy, or if investors will invest.
Why should you conduct a Feasibility Study?
The most common reason would be to limit one’s losses.
A business owner or entrepreneur could burn through a sizable amount of funds/ life savings in this new venture.
So, this is one of the most important steps when planning to start a new business.
Whether a study’s findings are positive or negative, the feasibility study can help entrepreneurs and managers better understand what aspects of the project are of greatest strategic importance to the success of the venture.