As an entrepreneur, your main objective is to bring success to your new business venture. No matter what product or service you are creating, you need to convince other people to finance your initiatives.
Becoming successful in business is not easy especially in the financial aspect. That is, unless you have very rich – and patient – friends and family with deep pockets. But most people aren’t so lucky.
Do you know what feasibility study is? Basically, feasibility studies assess the viability of new projects and help to determine whether or not it is “feasible” to move forward. Essentially, a feasibility analysis is a specialised market research project combined with elements of a business plan.
What makes an excellent feasibility study? A great feasibility will help you achieve your main goal which is to demonstrate a new business idea rooted in reality, present a demonstrated market need for your new business, and to show that your business execution plan is practical.
Feasibility study is a specialised market research reports. It provides a significant return-on-investment (ROI) if properly executed. It can be one of the best investments you ever make as an entrepreneur. However, there are myriad ways that one can go wrong. And the repercussions of a poorly-conceived or poorly-executed study can be disastrous.
Read more about business feasibility at: https://www.smallbusiness.wa.gov.au/business-topics/starting-a-business/feasibility-of-the-business-idea