Feasibility Studies

What’s a feasibility study?

A feasibility study is an analysis that examines the practicality of a project to ascertain its likelihood of success. Projects are usually ideas for new business ventures or new products.

What’s their purpose?

Ideas for potential new business opportunities seem to come from everywhere — but are they good ideas? How do you know, other than following your gut instincts?

You probably want to know if there is a market for it? Who would be the target customer? How could the concept be delivered as a product or service? At what price? What resources and capabilities would you require to seize the opportunity? Could it be financially viable? What are the risks? Can they be remedied?

Of course, some ideas are easy to dismiss as lacking serious potential.

But, if an opportunity is worthy of serious consideration, the proven solution for answering these types of questions is a feasibility study. A feasibility study investigates an opportunity, articulates its pros and cons, and determines factors that could lead to its success or failure. It can uncover market, technical, industry, regulatory, and other challenges that you didn’t realise existed.

Bottom line, a feasibility study fleshes out what a new venture entails, helps you decide if you are comfortable with its risks, and make that all-important Go/No Go decision to invest.

Who needs a feasibility study?

A feasibility study is a prudent step for any entrepreneur, investor group, or organization that is considering a new venture requiring a significant investment of resources and time.

That usually means operations requiring machinery, land, and buildings such as manufacturing businesses, processing plants, food production, municipal infrastructure, etc.

Sometimes feasibility studies are used to investigate developing a new line of business or product line.

The ultimate goal of your feasibility study is to equip you
— and your stakeholders — to be ready to make a decision to:

  • go ahead with the venture;
  • abandon the idea; or,
  • wait until specific challenge/s identified in the study can be resolved.

And who doesn’t need a feasibility study?

We want to be up front that some Internet entrepreneurs think feasibility studies are an old-fashioned approach. This is because net-based ventures can sometimes have minimal start-up costs. If all you risk is your time to develop a website, plus a few dollars for web-hosting, the fashion these days is just to go ahead and see how things work out.

If that describes you, we wouldn’t necessarily advise you to invest in a feasibility study.

Of course, not doing a feasibility study before investing might end up in you making a decision to go ahead, and then running into an unanticipated show stopper. And waste a year or two when you could have been working on something else!

Click here to contact us today to chat about your feasibility study needs.

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    Meet Greg Graham, Certified Management Consultant

    Market Metrics Inc. helps knowledge-based businesses with strategy, planning and innovation, and was founded in 2003 by Greg Graham, a seasoned marketing professional.

    Greg is a Certified Management Consultant (CMC), a Fellow of the Ontario Institute of Management Consultants (FCMC), an Accredited Small Business Consultant (ASMEC) in the United States, and holds MBA/BEE degrees plus a Certificate in Strategic Management.

    Prior to founding Market Metrics, his 21 years of corporate experience encompassed tech start-ups through Fortune 500 companies.

    Greg frequently performs consulting engagements on behalf of the Government of Canada’s Industrial Research Assistance Program (IRAP).