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A Feasibility Study is one of the methods available to assist you in the decision making process. It identifies the essential elements that are necessary to gauge the feasibility of a business and establishes a format for the business planning process. It is primarily used when:
It can also be used for
A Feasibility Study is the first step in the planning process and will show if a business idea, product or service is potentially strong enough and has a sound financial basis. In essence it is all about the business and its structure. Its about the product or service, what it will sell, how many will be sold at what price, and whether there is sufficient profit to make it a viable business.
If inevitably, the results show that a profit can not be made then perhaps it is time to re-consider or re-assess the business idea. The final decision will always be made by the individual and whether the challenge is taken up or not is the outcome.
The decision as to whether you take up the challenge will always remain with you, no-one can make that decision for you.
Excerpted from Smart Business Basics
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