Feasibility studies are indispensable if you’re looking to start up your own business, but many people skip them when they could be incredibly helpful. This article discusses what feasibility studies are and how they can help your business get off the ground successfully. You’ll also find links to additional resources on the topic.
What Is A Feasibility Study?
A feasibility study is a term commonly used in business and technology. A small business might use it to determine whether there’s enough potential customers for a new product, while a tech company could use it as a way of determining whether or not they can make a certain product on their own.
What Does A Typical PS Look Like?
A feasibility study is a document that gives potential investors (or anyone looking to start up a new business) detailed information about an idea or company. Basically, it answers two main questions: Is there a market for my product/service? And is it possible to create a viable business with that market? When you write your own, make sure you cover these basics. Don’t go into too much depth on any one section, though; in fact, keep it all relatively brief!
When Should I Do One?
If you’re thinking about launching a new project or product, you should definitely consider having a feasibility study done. This can also be helpful when it comes time to decide if it’s worth continuing with your current business endeavor. Researching these things ahead of time can save you from wasting resources on a project that has no chance of success. The good news is that it’s not difficult to find an affordable contractor who can perform feasibility studies for you—and keep them completely confidential.
The Difference Between a PS and Business Plan
A feasibility study is a much smaller document than your full business plan; it doesn’t need to be too in-depth, nor does it have to take a long time. At its core, a feasibility study answers one question: Can we do it? This process involves looking at all aspects of your idea—the market, competitors, financials—and determining whether or not you can pull it off. If you determine that yes, you can make money with your idea (or that no, there isn’t enough profit potential), then move on to writing a business plan (more on that below). If not…well…it might be time to come up with another idea! But don’t fret!
Where Can I Get Help With My PS?
No entrepreneur is an island. Good ideas are great, but without a sound business model, it doesn’t matter how great your idea is—it won’t succeed. That’s why if you want your startup to achieve escape velocity, you need a solid business plan in place. Hire a team of professionals with a track record of success that can guide you through building a successful company. For example, consider our Product Strategy & Development (PSD) service. We’ll work with you to develop a clear picture of what your product should do and how it should work.
By working with you, we help you!