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How to Conduct a Feasibility Study
Ajaero Tony Martins
Feasibility Study
Do you know how to conduct feasibility study on a business idea? What if I provide you with a feasibility study template and sample? If I show you a practical feasibility study outline, will you appreciate it? If your answer is yes, read on.
In the previous article wrote, I stressed the importance of conducting feasibility study on your business idea before taking it to the marketplace. Today I will be teaching you how to conduct feasibility study on your business idea. Since conducting feasibility study is such an important process that must be carried out on your business idea or proposal. I will advise you print out or bookmark this article for future reference.
“A man that is prepared has half won the battle.” –Sydney M. Bremer
How to Conduct a Feasibility Study
A Typical Feasibility Study Template and Outline
Economic Analysis
I believe this is where your feasibility study should start from. What is the essence of carrying out market research or even going ahead to start a business when the economy does not favor entrepreneurship or private ventures?
Analyzing the economy will help you align your planned business with the economic situation on ground. Economic feasibility should include analysis on government’s fiscal and monetary policies, import and export rate, inflation rate, tax rate, and currency exchange rate and so on.
Market Analysis
The next thing you should be analyzing is the market for your proposed business idea. Carrying out a feasibility study on the market will enable you to know if there is actually a need or market for your business idea. Market analysis will also help you to determine the size of the market, demographics and psychographics of the market, level of competition and the size of the market you can compete for.
Technical Analysis
This part of feasibility study deals with the technological requirements of the business. Technical analysis will