Will it work or won't it ?
A feasibility study is the due diligence that every person or company should do before starting any project. A well prepared and researched study could save hundreds of thousands of dollars further down the road. It helps avoid risk and answers questions, like:
These questions are only the start! The tip of the iceberg!
Risk, as every successful entrepreneur knows, is an inescapable fact of business. A well prepared and researched study can help reduce the risk.
By giving a true measurement of that risk, feasibility studies help pinpoint market opportunities and the pitfalls, as well as building platforms for the assembling of good ideas. Once a full assessment has been completed, a firm launch pad is constructed for the implementation of the project.
Many new ventures and indeed, new projects, stumble in the first year. The main cause is lack of adequate advanced planning, thus causing initial under-capitalization, cash-flow problems and therefore panic management.
Most, if not all the risk, can be avoided with a feasibility study!
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