- Resources
A feasibility study will give you an accurate understanding of what human, financial and technological resources you will need to successfully start the business venture. - Alternative options
Even if the final report indicates that the initial idea is not a viable option, there may be attractive alternative options and ideas that have been identified based on the problems, threats and challenges identified by the feasibility study. - Funding and Investment
Banks and investors will only invest in a business that they believe will be successful and will offer a good return on investment. A feasibility study will help quantify market size, market potential and the sustainability of the business idea. All critical elements when looking for funding. - Save
Feasibility studies do cost money because they need to be conducted by a professional market research company or independent consultant; however, in the long term, you can avoid the costly mistake of investing your own and other people’s money in a venture that is not viable. - Increase chance of success
The most important reason to conduct a feasibility study is that it will allow you to make an informed business decision on the studied project. Your chances of being successful will increase because the study will look at all possible opportunities, threats and roadblocks and ultimately indicate whether or not it is viable to proceed. Businesses that make informed decisions have a far greater success rate.
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