Feasibility Studies

Ideas for potential new business opportunities seem to come from everywhere — but are they good ideas? Is a new venture based on your an idea likely to succeed? Is there a market for it? Could it be financially viable? What resources are required? What are the risks?

If an idea is worthy of serious consideration, the proven solution for answering these types of questions is a feasibility study. A feasibility study investigates an opportunity, and determines factors that could lead to its success or failure. It can uncover market, regulatory, and/or technical challenges that you didn’t realise existed. A feasibility study helps you decide if you are comfortable with the risks of investing in a new venture, and want to proceed.

Who Needs a Feasibility Study?

A professional feasibility study is a prudent step for anyone who is considering a new venture that would require a significant investment of time and resources. That usually means operations requiring machinery, land, and buildings such as manufacturing businesses, processing plants, food production, etc., but it could also be investing in developing a new product.

The ultimate goal of the feasibility study is to equip you — and your partners — 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.

Of course, not doing a feasibility study before investing might end up in you making a poor — and costly — decision to go ahead and then running into trouble.

Who Doesn’t Need a Feasibility Study?

We want to mention that feasibility studies are not popular with some Internet entrepreneurs, because net-based businesses can cost so little to start. 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 works out.

We don’t disagree. If that describes you, we wouldn’t advise you to invest in a feasibility study. Of course, the real risk is that you waste a year or two when you could have been working on something else.

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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, a member of the American Marketing Association, 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).