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Feasibility Study Course

Purpose of the Feasibility Studies Course: To help business owners prepare and write a comprehensive feasibility study that will serve as a basis for creating a small business plan and marketing plan.
This is a self-paced course with step-by-step instructions on how to research, write, and present a feasibility study for small or large businesses.
Skill Level Required to Complete This Course: This is a beginning level course, assuming that you have little or no knowledge of starting a business.
It is also ideal for anyone who has never created a feasibility study, marketing plan, or business plan before, or who needs detailed instructions.

Technology Requirements

To complete this course you will need:

·         Internet access to conduct research about your industry;

·         Excel sheet to create financial information; and

·         Word processing software to type the final document.

How to Prepare and Write Small Business Feasibility Study Course Syllabus:-

Lesson 1 = What is a Feasibility Study?

This will teach you basic information about the nature and purpose of a feasibility study, how it differs from a marketing study, and why you should prepare a feasibility study before your business plan.

Definition of Feasibility Studies: A feasibility study looks at the viability of an idea with an emphasis on identifying potential problems and attempts to answer one main question: Will the idea work and should you proceed with it?

Before you begin writing your business plan you need to identify how, where, and to whom you intend to sell a service or product. You also need to assess your competition and figure out how much money you need to start your business and keep it running until it is established.

Feasibility studies address things like where and how the business will operate.
They provide in-depth details about the business to determine if and how it can succeed, and serve as a valuable tool for developing a winning business plan.

Why Are Feasibility Studies so Important?

The information you gather and present in your feasibility study will help you:

·         List in detail all the things you need to make the business work;

·         Identify logistical and other business-related problems and solutions;

·         Develop marketing strategies to convince a bank or investor that your business is worth considering as an investment; and

·         Serve as a solid foundation for developing your business plan.

Even if you have a great business idea you still have to find a cost-effective way to market and sell your products and services.
This is especially important for store-front retail businesses where location could make or break your business.

For example, most commercial space leases place restrictions on businesses that can have a dramatic impact on income.
A lease may limit business hours/days, parking spaces, restrict the product or service you can offer, and in some cases, even limit the number of customers a business can receive each day.

Lesson 2 = How to Write a Market Feasibility Study

This will give you step-by-step instructions on how to prepare the market components of feasibility studies, including a description of the industry, current market, anticipated future market potential (industry trends), competition, sales projections, potential customers and clients, and other revenue-generating resources.

What is a Market Feasibility Study and How Does a Market Feasibility Study Differ From a Marketing Plan?

All feasibility studies should look at how things work, if they will work, and identify potential problems. Feasibility studies are done on ideas, campaigns, products, processes, and entire businesses.

Feasibility studies assess something and consider both pros and cons.
They analyze potential business scenarios.
A Marketing Plan maps out specific ideas, strategies, and campaigns based on feasibility study investigations, that are intended to be implemented.

Think of market feasibility studies as a logistical study and a marketing plan as a specific, planned course of action to take.

What Should be Included in a Market Feasibility Study?

Things to Include in a market feasibility study include:

·         Description of the Industry

·         Current Market Analysis

·         Competition

·         Anticipated Future Market Potential

·         Potential Buyers and Sources of Revenues

·         Sales Projections

Lesson 3 = How to Write a Technical Feasibility Study

This will focus on the technical and logistical aspects of  how your business will produce, store, and deliver its products or services.
A technical feasibility includes the details of how you will deliver a product or service (i.e., materials, labor, transportation, where your business will be located, technology needed, etc.).

What is a Technical Feasibility Study?

The Technical Feasibility Study assesses the details of how you will deliver a product or service (i.e., materials, labor, transportation, where your business will be located, technology needed, etc.).
Think of the technical feasibility study as the logistical or tactical plan of how your business will produce, store, deliver, and track its products or services.

A technical feasibility study is an excellent tool for trouble-shooting and long-term planning.
In some regards it serves as a flow chart of how your products and services evolve and move through your business to physically reach your market.

The Technical Feasibility Study Must Support Your Financial Information

Do not make the mistake of trying to entice investors with your staggering growth projections and potential returns on their investment that only includes income (revenue) to the business.
With any increase in revenue there is always an increase in expenses.
Expenses for technical requirements (i.e., materials and labor) should be noted in the technical feasibility study.

You should also not strictly rely on feasibility study conclusions to impress an investor.
An experienced investor or lending institution will read your entire report and come to their own conclusions. Therefore, it is critical that the technical and financial data in your study reconcile.
If other parts of your feasibility study shows growth, you will also have to project labor and other costs and the technical ability to support that growth.

The technical component serves as the written explanation of financial data because if offers you a place to include detailed information about why an expense has been projected high or low, or why it is even necessary.
It demonstrates to potential investors and lenders (and in some cases, potential clients) that you have thought about the long-term needs your business will have as it grows.

Preparing an Outline for Writing Your Technical Feasibility Study

The order that you present technical information is not as important as making sure you have all the components to show how you can run your business.

You do not have to include specific financial information in the technical portion of your feasibility study, but all information in this component must support your financial data represented elsewhere.
Basic things that most businesses need to include in their technical feasibility study include:

·         Materials

·         Labor

·         Transportation or Shipping

·         Physical Location

·         Technology

Calculating Material Requirements

In this section you list the materials you need to produce a product or service, and where you will get those materials.
Include information such as if volume discounts will be available as your business grows, or if you ever plan to manufacture your own parts at some point in time.

Things to include in your list of materials:

·         Parts needed to produce a product,

·         Supplies (glue, nails, etc.), and

·         Other materials that are involved in producing or manufacturing your product.

You do not need to include actual financial data in this portion of the study but financial data supporting your narrative assessment should be included in a separate spreadsheet as an attachment.  

Lesson 4 = How to Write a Financial Feasibility Study

This will give you the instructions for business entrepreneurs on how to prepare the financial component of feasibility studies.
Estimate start-up capital, identify and list sources of capital, and estimate potential returns on investments.

What is a Financial Feasibility Study?

A financial feasibility study is an assessment of the financial aspects of something.
If this case, for starting and running a business.
It considers many things including start-up capital, expenses, revenues, and investor income and disbursements. Other portions of a complete feasibility study will also contribute data to your basic financial study.

A financial feasibility study can focus on one particular project or area, or on a group of projects (such as advertising campaigns).
However, for the purpose of establishing a business or attracting investors, you should include at least three key things in your comprehensive financial feasibility study:

·         Start-Up Capital Requirements,

·         Start-Up Capital Sources, and

·         Potential Returns for Investors.

Start-Up Capital Requirements

Start-up capital is simply how much cash you need to start your business and keep it running until it is self-sustaining.
You should include enough capital funds (cash, or access to cash) to run the business for one to two years.

Finding Start-Up Capital Funding Sources

There are many ways to raise capital for your business, but no matter what route you take, investors are more likely to invest, banks are more likely to approve loans, and large corporations are more likely to give you contracts, if you have personally invested into the business yourself.

When you make a list of funding resources, be sure to include anything that you can contribute to the business, including free labor.
If you are starting a nonprofit organization, your donated professional time may even be tax deductible for you.

Lesson 5 = Organizational Structure Feasibility Study

This will cover the important details of your business' organizational structure to help make your feasibility study and business plan more attractive to potential investors and clients.
An Organizational Feasibility study defines the legal and corporate structure of the business, and offers pertinent professional background information about the founders, partners, and other principals involved in the business.

Purpose of an Organizational Feasibility Study: To define the legal and corporate structure of the business.
An Organizational Feasibility Study may also include professional background information about the founders and principals of the business and what skills they can contribute to the business.

Your organizational feasibility study should include:

·         Description of Your Business Structure

·         Description of Your Organizational Structure

·         Internal and External Principles and Practices of the Business

·         Professional Skills and Resumes

Description of Your Business Structure

This section contains a narrative description of the legal requirements for establishing your business and why you feel this is the right structure for your business.
Discuss the pros and cons of different business structures.

For example, a sole proprietorship leaves the sole proprietor open to both financial and legal liability risks.
A high-risk business should never be set up as a sole proprietorship because it will make it difficult to attract investors as well as clients and customers.
It is also the hardest and most expensive form of business to insure.

If you wish to become a tax-exempt organization, you will need to incorporate, file for tax exemption with the IRS (and, in some cases, within your own state), and set up a board of directors and officers of the corporation.
You will also need to decide if your organization should be a membership, or non-membership organization.

Organizational Structure

Discuss your business’ organizational structure.
One of the best ways to present this information is with an organizational chart.

An organizational chart shows the hierarchy, or chain of command in your business. It lists key positions and subordinate positions under department heads, supervisors, and managers.

Lesson 6 = How to Write Feasibility Study Conclusions

This is an important part of the Feasibility Study writing process because you need to draw conclusions that you want your investors and potential customers to see.
It is critical that your data and other information support your conclusions.
You need to provide instructions on drawing and summarizing conclusions from information in a feasibility study.

Tips for Writing a Professional Conclusion

When you write a document or prepare your own financial statements it may be easy for you to draw conclusions. But what you see may not always be obvious to your readers.

Your conclusion should state facts and information that you need to make sure the reader understands.
This is especially important when you are writing a comprehensive feasibility study because it has many parts that all need to be tied in together in a summarized conclusion.

Remember that a feasibility study is just that, a study.
Your conclusions need to be based on research, verifiable information, and not on a simple belief that your idea can work.

A strong conclusion will:

·         Discuss how the business can succeed. Explain why, using research-based information, not opinions, that is contained in your study.

·         If your business idea takes a nontraditional approach to something, explain why this approach will help you succeed.
For example, most restaurants do not survive beyond two years. What makes your idea different and more likely to succeed?

·         Point the reader back to the location of any examples you give by listing section, page title and page number.

·         Summarize the most important points you need to make. Do not attempt to cover minor or unimportant details.

·         A good summary or conclusion should be concise, no longer than one to two pages and written in plain terms.

·         Do not attempt to persuade the reader with jargon or an advertising pitch; feasibility study findings should be objective and based on research and information in the study.

·         Avoid using phrases like “I believe,” or “in my opinion,” “I hope, “I anticipate.” Do use strong, impersonal phrases like “research supports that this industry will continue to grow.”

·         A summarized conclusion helps to develop an overall impression, but should not replace the supporting documents. Be sure to submit the summary as part of the feasibility study, not as a substitute.

Lesson 7 = Presenting a Completed Feasibility Study

This is last, but important lesson, offers guidelines on how to assemble your entire Feasibility Study together in a professional-looking package.

Principles and Practices of the Business

Every business should have a published code of ethics and principals that govern how the company conducts its business. In this section, include both internal and external principals of operations.

Internal Operations Business Principles and Practices

·         Businesses that are incorporated must have a board of directors. Do you have a conflict of interest policy in place? Will you use “Robert’s Rules” for conducting meetings?

·         Do you offer services where clients need to be screened for eligibility for financial aid, social services, or are there other pre-requisite requirements such being a senior citizen, minority, or disabled?

·         Do you have hiring and employee training and management practices in place?

·         Do you have an overall corporate philosophy that inspires, encourages, or offers incentives to employees?

·         Do you have an anti-discrimination policy in place?

External Business Practices and Principles

Do you have a customer policy or philosophy? Examples of client/customer philosophies include:

·         We do not serve clients; we team with clients to meet their goals.

·         We value creativity and imagination and use these to our client’s advantage.

·         Our employees maintain high ethical standards that reflect on how we treat our clients.

Professional Skills and Resumes

A business’ strengths come from the talent, skills, and experience of those running the company.
In this section, you give a brief overview of all founders, employees, and partners involved in the business that will be contributing their skills and input into how the business is operated.
You should also include any board members, directors, and officers.

Include in your list of principals (most important people in your business or organization), a brief overview of how their particular skills will serve the business.
You can also include accomplishments that relate to the business.

It is also beneficial to attach resumes for at least the top three principals listed.

How to Assemble Your Feasibility Study

How you present your final study is just as important as the information it contains.
If you have a lot of material put it in a portfolio or binder.
Finding information easily and quickly is important to busy lenders and investors, so include tabs (type them it at all possible) to indicate each component in your study.

Cover letters should not be generic, but should be individualized depending upon who you are submitting the study to.

Before you actually submit your study, have someone else proofread it for you to check for content and errors. Typographical errors will make your study appear rushed or unprofessional and if your descriptions and calculations do not make sense to the reader they are worthless.

Although you write your conclusion last, it serves as a summary of all the detail in your study.
You can place it at the end of your document (before any exhibits and attachments), but placing it first (after the table of contents) sets the tone and identifies key issues for the reader to be aware of even before they read the rest of the study.

The following is a checklist of components that should go into your complete feasibility study.

___ Cover Letter

___ Cover Sheet

___ Table of Contents

___ Description of Your Business (what you do, a list or products or services, and how you deliver products or services)

___ Feasibility Study Conclusions

___ Market Feasibility Study

___ Organizational Feasibility Study

___ Technical Feasibility Study

___ Financial Feasibility Study

___ (Optional) Legal Risks Feasibility Study

___ Attachments (spreadsheets)

___ Exhibits or Appendices (statistics, graphs, examples, literature, contracts, samples, etc.)

Points to Remember

·         A feasibility study is a process in which you look at an idea to see if it is “feasible,” that is, if and how it will work.

·         A comprehensive feasibility study looks at the entire structure, needs, and operations of a business.

·         A limited or project feasibility study looks at one specific task, program, idea, or problem.

·         A feasibility study looks at both sides, considering pros and cons, and troubleshoots potential problems.

·         A feasibility study is not a business plan, but serves as a foundation for developing your business plan.

·         A market feasibility study is not a marketing plan, but studies markets and market potential, and can be used to support or develop a marketing plan.

·         In addition to a business plan, an investor or lending institution may require you to submit a feasibility study before considering your request for capital.  

You can do the Feasibility study yourself

We are ready to do the whole Feasibility study for you from A-Z.


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