A feasibility study is a first step in exploring a new business idea. It can be instrumental in flushing out a business idea, as well as determining if further investment into the idea is warranted. It serves as a filter, screening out ideas that lack potential for building a successful business, before an entrepreneur commits the necessary resources to building a business plan.
A feasibility study aims to analyze and justify the project in terms of technical feasibility, business viability and cost-effectiveness. The study serves as a way to prove the project’s reasonability and justify the need for launch.
Why are feasibility studies so important?
Even if you have a great business idea, you'll have to find a cost-effective way to market and sell your products or services. This is especially important for storefront retail businesses where the location you choose could make or break your business. The information in your feasibility study will help you:
(1) Identify all the things you need to make the business work;
(2) Pinpoint logistical and other business-related problems and solutions;
(3) Develop marketing strategies to convince a bank or investor that your business is worth considering as an investment;
(4) Serve as a solid foundation for developing your business plan.
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How to draft a feasibility study report (FSR)?
Conducting a feasibility study is one of the key activities within the project initiation phase. Once the study is done, a feasibility study report should be developed to summarize the activity and state if the particular project is realistic and practical. Tannet can conduct the feasibility study for you as well as help make the report.
A feasibility study report (FSR) is a formally documented output of feasibility study that summarizes results of the analysis and evaluations conducted to review the proposed solution and investigate project alternatives for the purpose of identifying if the project is really feasible, cost-effective and profitable. It describes and supports the most feasible solution applicable to the project.
The importance of writing the report consists in providing legal and technical evidence of the project’s vitality, sustainability and cost-effectiveness. The reporting process allows the senior management to get the necessary information required for making key decisions on budgeting and investment planning.
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If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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