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Do You Realize That a Feasibility Study Isn’t The Same as a Business Plan?

A feasibility study evaluates the practicality of a concept. That is, it is the research into how likely an idea is to succeed. After producers have considered a number of company ideas, a feasibility study is usually done.

The Feasibility Studies aids in the framing of specific company ideas so that they can be thoroughly investigated.

It provides a clear picture of the business concept. The purpose of the study/research is to provide answers to a variety of inquiries about the suggested company plan.

Before moving further with the development of a business, entrepreneurs with “excellent” business ideas should do a feasibility studies to determine the viability of their ideas. Early detection of a company idea’s failure saves time, money, and misery later.

A practicable business initiative is one that will generate sufficient cash flow and earnings, endure the risks it will face, be sustainable in the long run, and achieve the founder’s objectives.

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In a word, a Feasibility Study is a step-by-step guide that will show you how to proceed with your Business Plan.

A feasibility study isn’t the same thing as a business plan. The feasibility study and business plan have distinct purposes that are commonly misinterpreted. The feasibility study serves as a means of investigation.

It answers the question, “Is this a good business idea?” The business plan serves as a tool for planning. The business plan lays out the steps that must be taken to turn the proposal from “concept” to “reality.”

The feasibility study examines and compares a number of different approaches to obtaining corporate success. The feasibility studies aids in narrowing the scope of the project so that the optimal business scenario can be identified (s). Only one alternative or scenario is addressed in the business plan.

Feasibility Study

 

The feasibility studies aids in narrowing the project’s scope by identifying and defining two or three scenarios or options. The individual or company performing the feasibility study may collaborate with the group to determine the “best” option for them. The company plan is built on this foundation.

Prior to writing the business plan, a feasibility study is undertaken. Only when the business idea has been determined to be viable is a business plan produced.

Related Article: What Does it Take to be a Successful Entrepreneur?

If a new business endeavor is deemed viable, a business plan is often drafted next, which serves as a “roadmap” for how the company will be founded and expanded.

The business plan serves as a “roadmap” for implementing the project. If the initiative is deemed unviable, efforts may be taken to fix its flaws, other options may be investigated, or the project may be abandoned.

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