I’ve got a good idea, will it convert into a profitable business?
My bank manager has asked if I’ve done a feasibility study, what does it involve?
My friends think my business idea is fantastic, should I do some further research?
I’m too close to my business to think objectively, can you help me review the facts?
Can a ‘study’ really tell me whether my business will succeed or not?
You’ve come up with a good idea and are confident it will turn into a successful business. Perhaps you already work in a similar industry and have spotted a gap in the market, or have noted customer demand for a certain product or service. You may have ‘dipped your toe’ by presenting your idea to friends, family and work colleagues and they think it’s a fantastic idea.
But how can you find out for real that your idea is actually feasible (make a profit and be sustainable)? How many other people are doing the same thing and how well are they doing it? Why has no one else (apparently) not done this already? Would enough people buy the product they are demanding, to enable you to make a decent profit? What would a ‘real’ customer say about your business idea?
Validate your idea
Creating a feasibility study will answer all of the above. The process provides evidence and analysis to help you decide whether or not to progress with your idea. The outcome is validated by facts, logic and realistic calculations, not fuelled by emotion or passion.
Take an objective view
Individuals passionate about an idea or organisations that have ‘lived what they do’ for years are often too close to take an objective view. Before progressing, it is important to step away and look at an opportunity without rose-tinted glasses.
Landsker have the expertise to guide you through this process, to pose vital questions, research the answers and fill in the knowledge gaps.
What’s in a feasibility study?
Every feasibility study is bespoke to a specific business idea. Key features of a final report include:
- Research – understanding your target market, assessing market demand, reviewing industry reports, etc.
- External market factors – reviewing current and predicting trends, the competition, the competence of you and your organisation
- Identifying best practise – understanding how similar businesses work and what they are doing well
- Pros and Cons – considering how implementation will affect existing operations of the current business, if you have one
- Funding options – identifying relevant opportunities to finance the project
- Taking the next steps – planning next steps once you know the idea is feasible
More than just YES/NO support
Uncomforting as it may be, a feasibility study will produce the closest you can get to a ‘black or white’ answer. It can confirm that your idea does in fact have huge potential or, delivers the hard hitting news that it is unlikely to succeed for one or more credible reasons.
In both scenarios, Landsker doesn’t stop at a YES or NO answer. We take the facts and provide an ‘options analysis’ to advise you which way to go next. Invaluable input to help you consider your options, with an objective point of view, to ultimately make the right business decision.