Brighthouse Feasibility Studies look at the viability of an idea with an emphasis on identifying potential issues and attempt to answer one simple question: Will the idea work and should you proceed with it? Our focus is a strategic approach to problem solving and creating opportunity.
Since the feasibility study is a precursor to the business plan, it is necessary to identify how, where, and to whom you intend to sell a service or product. Assesment of market gaps, risk and competition are important aspects. It is critical for business start-ups to how much capital is needed to start the business and keep it running until it is established.
A Project Feasibility Study is an exercise that involves documenting each of the potential solutions to a particular business problem or opportunity. Feasibility Studies can be undertaken by any type of business, project or team and they are a critical part of the Project Life Cycle.
When to use a Feasibility Study?
The purpose of a Feasibility Study is to identify the likelihood of one or more solutions meeting the stated business requirements. In other words, if you are unsure whether your solution will deliver the outcome you want, then a Project Feasibility Study will help gain that clarity. During the Feasibility Study, a variety of 'assessment' methods are undertaken.
The outcome of the Feasibility Study is a confirmed solution for implementation. Feasibility studies are very helpful in ascertaining the viability of the project and assists lenders and investors.
The Components of a Feasibility Study
- Description of the Business:
The product or services to be offered and how they will be delivered.
- Market Feasibility:
Includes a description of the industry, current market, anticipated future market potential, competition, sales projections, potential buyers, etc.
- Technical Feasibility:
Details how you will deliver a product or service (i.e., materials, labor, transportation, where your business will be located, technology needed, etc.).
- Financial Feasibility:
Projects how much start-up capital is needed, sources of capital, returns on investment, etc.
Rating of business options.