Any investor, grant officer or business finance provider will tell you that, in order to convince investors to fund your business and to ensure your business succeeds a comprehensive feasibility study is crucial. This study should back-up your ideas and assumptions about your clients and market and really needs to be your first point to focus on when thinking about a business venture.
UK Business Plannings’ process of developing feasibility studies includes comprehensive industry, customer and competitor analyses with which to determine market opportunities. In cooperation with you, we assess each of the opportunities, determine the most promising marketing opportunities, and create action plans for you to effectively penetrate your market.
Our uniquely designed feasibility study process is ideal for judging your new venture’s success prospects and will provide you with a comprehensive report of recommendations.
When do you need a feasibility study?
1. When Launching a Business
Many entrepreneurs look at the launch of a new business as a short-term project that can get them to a sustainable profit level. Business veterans often review two feasibility studies: one to determine the long term viability of the business, and another to understand the resources necessary for a successful launch. During the original “dot com bubble” in the late 1990s, many companies overlooked the importance of feasibility studies, leaping into venture-backed businesses without abandon. Anyone who remembers Pets.com, Kozmo.com, Webvan.com, or hundreds of other high profile failures understands what can happen when companies can’t sustain themselves.
2. Creating a New Product or Service
General Electric has become famous for experimenting with new products and services, some of which might not seem like a perfect fit for a company with roots in engineering. However, a company that understands the importance of feasibility studies can make strategic decisions that reap major dividends. Building a routine process for feasibility studies within an organization helps develop a culture of experimentation without putting the entire company at risk.