A well-researched and well-written feasibility study is critical when making "Go/No Go" decisions regarding entry into new businesses.
A Feasibility Study is a process which defines exactly what a project is and what strategic issues need to be considered to assess its feasibility, or likelihood of succeeding. Feasibility studies are useful both when starting a new business, and identifying a new opportunity for an existing business. Ideally, the feasibility study process involves making rational decisions about a number of enduring characteristics of a project, including:
- What exactly is the project? Is it possible? Is it practicable? Can it be done?
- Economic feasibility, technical feasibility, - are the benefits greater than the costs?
- Technical feasibility - do we 'have the technology'? if not, can we get it?
- Schedule feasibility - will the system be ready on time?
- Customer profile: Estimation of customers/revenues.
- Determination of competitive advantage.
- Operational feasibility - do we have the resources to build the system? Will the system be acceptable? Will people us it?
- Current market segments: Projected growth in each market segment and a review of what is currently on the market.
- Vision/Mission Statement.
- Definition of proposed operations/management structure and management method.
Westar Trade Resources has years of experience in researching, developing, and managing feasibility study reports. The company has feasibility studies for a wide variety of USDA grant and loan guarantee applications, where a business-level feasibility study by an independent qualified consultant will be required by the Agency.
Click here to download an outline of an acceptable business-level USDA feasibility study.