Feasibility Study in Boutique
How to Write a Feasibility Study
Why do I need a feasibility study?
A feasibility study is a formalized, written approach to evaluating your idea and can help you identify: * if your idea is viable or not * useful facts and figures to aid decision-making * alternative approaches and solutions to putting your idea into practice
There are many reasons why new community ventures fail, but lack of planning and research is the main one. As you plan, your knowledge of your market, customers and the environment in which you will work will grow. You'll also find out obstacles to your idea as well as solutions to deal with them! This process considers all areas of your idea and ensures you have something concrete on paper.
What does a feasibility study involve?
It can involve some or all of the following: * An assessment of the current market * An assessment of your potential position in the market * An evaluation of the possible options for entry into the market * A short list of the possible options * The development of a financial model to size the market and estimate the potential income and expenditure for each of the short listed options * An assessment of the impact of each main option on your group's structure and products
Who undertakes such studies?
Commissioning a feasibility study may seem pointless if you are confident that your idea is a sound one, but a decision made without thorough research can be costly. A feasibility study reduces the risk of making poor decisions and increases your success. It gives you an objective and independent view of your idea potential and enables you to make informed decisions about how it could be launched.
How do I format and write my Feasibility Plan?
This can be broken down into several sections:
a) Executive Summary - the main purpose is to gain the reader's attention. Give a brief and clear overview of the key points of each section of your plan. While it is the first
Why do I need a feasibility study?
A feasibility study is a formalized, written approach to evaluating your idea and can help you identify: * if your idea is viable or not * useful facts and figures to aid decision-making * alternative approaches and solutions to putting your idea into practice
There are many reasons why new community ventures fail, but lack of planning and research is the main one. As you plan, your knowledge of your market, customers and the environment in which you will work will grow. You'll also find out obstacles to your idea as well as solutions to deal with them! This process considers all areas of your idea and ensures you have something concrete on paper.
What does a feasibility study involve?
It can involve some or all of the following: * An assessment of the current market * An assessment of your potential position in the market * An evaluation of the possible options for entry into the market * A short list of the possible options * The development of a financial model to size the market and estimate the potential income and expenditure for each of the short listed options * An assessment of the impact of each main option on your group's structure and products
Who undertakes such studies?
Commissioning a feasibility study may seem pointless if you are confident that your idea is a sound one, but a decision made without thorough research can be costly. A feasibility study reduces the risk of making poor decisions and increases your success. It gives you an objective and independent view of your idea potential and enables you to make informed decisions about how it could be launched.
How do I format and write my Feasibility Plan?
This can be broken down into several sections:
a) Executive Summary - the main purpose is to gain the reader's attention. Give a brief and clear overview of the key points of each section of your plan. While it is the first