Benefits of a Feasibility Study
Some of the benefits of a feasibility study are:
It helps you in knowing all the factors that can effect your planned venture.
It also helps in knowing your strengths and weaknesses before starting with the project so that you can capitalize on your strengths and improve on your mistakes.
If you are planning to borrow from banks or money lending agencies, a feasibility study of your proposed venture helps you in convincing them as they get the impression that you have a solid plan of action and you have read the conditions very well.
A feasibility study also helps you to understand the competition in a better way.
Feasibility Study Example
For example, you plan to launch a fast food joint in a locality and while doing a feasibility study, you come to know that the residents of the locality are diet conscious and averse to food containing high fats. You also learn that the most successful restaurant in the locality has marketed itself as a company that is concerned about the health of the people. A feasibility study will tell you whether going ahead with your plans of launching a fast food outlet would be feasible or not. It can give you the data regarding the break-up of the population of the area, about the young population of that area, who have to always depend on outside food, or people who don’t mind devouring on a burger once in a while. Once you have taken a look at all these factors, you can make a calculation about the money you will be investing and the profits that you are expecting etc. Now that we have known about the benefits of carrying out a feasibility study, let us take a look at a free feasibility template.
Feasibility Study Template
Purpose
To determine the feasibility of the proposed plan of investing in the proposed joint venture of ____________, with the the following stakeholders.
Name of Stakeholders
1.__________________________
2.__________________________
3.__________________________
Business Description
You can write a brief description of your proposed venture, like the amount of capital you are willing to invest, the segment you are going to target, your location etc.
List of Competitors
1._________________________
2._________________________
3._________________________
Customer Demography
Information about your customers, like their age groups, the income class they fall in etc.
Labor Requirements
A forecast about the number of people that will be required and any specific skills if required. The cost of labor and the licenses that you need to have before hiring them. A detailed study of the laws of the state to ensure that everything is in accordance with the government rules and regulations.
Risk Factors
An analysis of the risk factors that can hamper the growth of the business. The ways in which these risks can be eliminated or reduced.
Some of the benefits of a feasibility study are:
It helps you in knowing all the factors that can effect your planned venture.
It also helps in knowing your strengths and weaknesses before starting with the project so that you can capitalize on your strengths and improve on your mistakes.
If you are planning to borrow from banks or money lending agencies, a feasibility study of your proposed venture helps you in convincing them as they get the impression that you have a solid plan of action and you have read the conditions very well.
A feasibility study also helps you to understand the competition in a better way.
Feasibility Study Example
For example, you plan to launch a fast food joint in a locality and while doing a feasibility study, you come to know that the residents of the locality are diet conscious and averse to food containing high fats. You also learn that the most successful restaurant in the locality has marketed itself as a company that is concerned about the health of the people. A feasibility study will tell you whether going ahead with your plans of launching a fast food outlet would be feasible or not. It can give you the data regarding the break-up of the population of the area, about the young population of that area, who have to always depend on outside food, or people who don’t mind devouring on a burger once in a while. Once you have taken a look at all these factors, you can make a calculation about the money you will be investing and the profits that you are expecting etc. Now that we have known about the benefits of carrying out a feasibility study, let us take a look at a free feasibility template.
Feasibility Study Template
Purpose
To determine the feasibility of the proposed plan of investing in the proposed joint venture of ____________, with the the following stakeholders.
Name of Stakeholders
1.__________________________
2.__________________________
3.__________________________
Business Description
You can write a brief description of your proposed venture, like the amount of capital you are willing to invest, the segment you are going to target, your location etc.
List of Competitors
1._________________________
2._________________________
3._________________________
Customer Demography
Information about your customers, like their age groups, the income class they fall in etc.
Labor Requirements
A forecast about the number of people that will be required and any specific skills if required. The cost of labor and the licenses that you need to have before hiring them. A detailed study of the laws of the state to ensure that everything is in accordance with the government rules and regulations.
Risk Factors
An analysis of the risk factors that can hamper the growth of the business. The ways in which these risks can be eliminated or reduced.
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