Having a unique business idea can be a fantastic opportunity, but how would you know whether the idea is feasible, be it for a product or a service?
This is where a feasibility study comes in. A properly constructed feasibility study will provide you the insights to reassure yourself that the idea is worth pursuing. In terms of investments, or any projects in general, feasibility studies help establish if a project or investment is worth pursuing and whether it offers a sufficient return compared to its risks. Furthermore, if you are looking for options to finance your project, lenders including banks and financial institutions would require a feasibility study to be done.
Do you have any of the following questions?
- Is my project/plan technically sound?
- Is it legal?
- Is it operationally economical?
- Are the project/plan objectives attainable within the stipulated amount of time?
- Are there any better alternatives to this project/plan?
If yes, then a feasibility study would prove to be of most value to you.
The core elements of a professional feasibility study include Technical, Financial, Legal, Operational, Market, and Planning elements. These major components under each of these elements can be broken down as follows:
Why should I conduct a feasibility study?
- It provides objective information for decision making.
- It gives focus to the project and outlines other plausible alternatives.
- It boosts the probability of success by addressing and mitigating risks that could affect the project early on.
- It can help you to attract equity participation opportunities.
- It provides documented evidence that the venture or project was thoroughly investigated.
- It could identify new business opportunities due to the exploratory nature of the study.
- It can highlight probable reasons not to proceed if that is the case.
- It can also help in securing funding from banks, investors, lending institutions, and other monetary sources.
At Affility, our professionals have a high level of proficiency in preparing feasibility studies as we have worked with hundreds of business start-ups, as well as established companies seeking to introduce a new product or service. Our Feasibility Study Consultants understand how passionate you are about your idea, and we can assure you that we work with the same enthusiasm and meticulousness to give you the most appropriate advice.
Our Feasibility Study Consultants follow a thorough process to perform a comprehensive analysis as per your needs. We start with preliminary background research that covers a detailed description of your project, an assessment of the demand for the idea, determines your competitive advantage, and identify any core risks at this early stage. If the project still seems viable, we move on to creating a detailed scope of the project, including a strengths and weaknesses assessment of your organization concerning this project. Next, market research is performed to gauge the demand for the project. This market research will also allow you to determine the best possible approach to introduce the product/service into the market, bearing in mind aspects like market size, accessibility requirements, demand periods, etc. Some tools and techniques used as a part of the market research include interviews, surveys, focus groups, social media analysis, observations, and evaluation of data that is available publicly. Then, we move onto the financial aspects of the feasibility that addresses the questions about the source of funds for the project and how the project can be financed for optimum returns. It also considers futuristic components such as projected break-even points, ROI and payback periods. Risks are continuously identified and monitored throughout all these phases because they could be different at each stage of the feasibility study. Finally, the findings of the feasibility study are reviewed for accuracy, objectivity, and completeness, and presented to our clients and their relevant stakeholders.
Affility’s Feasibility Study Consultants:
- Are your trusted partner to test the waters for your new idea, product, or service launch.
- Form a part of an in-house team of experienced professionals with experience in feasibility study preparation for all industry segments.
- Conduct tailor-made feasibility studies to help our clients raise funds and financial support.
- Prepare professional feasibility study reports written by experts with a proven track record in the industry.
The best part is, even if your feasibility study suggests that a particular project may not be fruitful at that point in time, our Feasibility Study Consultants at Affility are equipped to guide you to make any necessary changes to your project to turn the tables around and guide the project towards successful execution.