Feasibility – Look Before Leaping

Laura Novakowski  -  Feb 01, 2011  -  Comments Off on Feasibility – Look Before Leaping

A feasibility study can mitigate risks if conducted as one of the first steps before leaping into a venture, a relationship, a project, a job or a change.

Why would an individual or company research feasibility?

The following simple definitions are a great start for building the case for investing time, money, resources and talent…

What are the elements for a successful feasibility study?

There are six basic elements for determine feasibility…

  1. Identify Market/Customer Needs.
  • What are the past, present and future needs of the market or client base?
  • What are the services or products they have used, are currently using or would like to use?

2. Identify the Present Benefits and Results.

  • What are the benefits that the products or services will bring?
  • What results will the market or client base receive from this product or service?

3. Identify the Future Benefits and Results.

  • What are the future needs of this endeavor to ensure sustained success?
  • What will it take to ensure that these needs are met?

4. Identify the Resources, Costs, Investments.

  • What will it cost to deliver the product or service?
  • What resources are available to support this endeavor?
  • What are the other investments that are required to make this effort possible?

5. Identify the Alternative Source of Supply or Service, A.K.A. competitive analysis.

  • What sources are currently providing this product or service?
  • How customer friendly are these current competitors?
  • What are the current challenges that the alternative sources of supply are encountering?

6. Identify the Strategy and Financial Plan.

  • What is the purpose of this endeavor?
  • What is the vision and mission of this venture?
  • What are the values required to support this product or service?
  • What are the financial projections for a successful venture?

A feasibility study is not an exercise to delay to the start of a project or change. It is an investment in time, money, and resources to ensure that thoughtful business and life decisions are made. The ultimate benefits and results – leaping into deep water and finding that when you leap you can and will swim and sustain success.

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