Feasibility Study Service
A feasibility study is a comprehensive assessment of the viability of a proposed idea or project. It evaluates all critical factors—such as economic, technical, legal, and scheduling aspects—to determine the likelihood of successful execution.
These studies offer valuable insights for decision-makers, helping them identify potential challenges and avoid entering into high-risk ventures without proper analysis. Ultimately, a feasibility study acts as a safeguard, ensuring that strategic decisions are made with confidence and clarity.
A well-researched and professionally executed feasibility study can effectively identify potential challenges that may arise during project implementation. It provides insights into the financial, operational, and organizational impacts, helping determine whether the project is viable and likely to yield productive results after evaluating all influencing factors.
If you’re looking for a feasibility study that addresses your concerns, offers strategic clarity, and provides an objective assessment of your ideas, Earnest Consultant’s experienced team can help. Our consultants bring in-depth expertise in developing business plans and conducting comprehensive feasibility studies.
Key Benefits of Conducting a Feasibility Study:
Refines and narrows down business concepts to focus on the most promising plans
Guides the business in the right strategic direction
Provides a detailed market analysis to uncover growth opportunities
Identifies and evaluates competitor weaknesses, giving your business a competitive edge
Our Main Focus Areas
Market Health
This phase involves a comprehensive study of both internal and external market conditions. Current and future market trends are analyzed, key competitors are identified, and their strengths and weaknesses are assessed to uncover opportunities for improvement. The product or service under consideration is compared against existing offerings to highlight unique features that provide a competitive edge and address unmet market needs. Additionally, the receptiveness of target customers is evaluated, delivery channels are mapped out, and the overall value proposition to customers is established.
1. Field Research
Personal interviews
Telephone interviews
Surveys
2. Desk Research (Internal Sources)
Sales data
Accounting records
Customer complaints and feedback
Sales representative reports
3. Online Research
Search engines
Online newspapers and publications
Various online databases
Sales representative reports
4. Printed Research
Business statistics
Industry market research reports
Business directories
5. Other Market Analysis Components
Market trends
Market segmentation
Target customer profiles
Target market analysis
Pricing strategy
Competitive landscape
Financial Aspect
This phase evaluates the financial feasibility and sustainability of the project. It involves analyzing the projected costs, revenues, profit margins, and cash flow to determine the potential return on investment. Key financial indicators such as break-even analysis, funding requirements, and payback period are carefully assessed to ensure the project’s viability. Additionally, risks related to financing, budget constraints, and economic fluctuations are identified and addressed to provide a clear financial outlook.
- Financial Summary,
- Projected Statement of Financial Position
- Income Statement
- Cash Flow Statement
- Notes & Explanations of the Financial Projections.
- Ratio Analysis VI BEP
Technical Aspect
In this phase, the essential resources required for the business are thoroughly assessed. This includes hardware and software needs, the sourcing and availability of capital assets, and whether the planned investment can support any necessary expansion or changes in the business line, especially concerning facilities and equipment. Regarding labor and management, key factors such as manpower requirements, the technical skills needed, training programs, and the competency and experience of management personnel are carefully evaluated.
Cost considerations include:
Expenses related to acquiring and maintaining technology
Costs for technological development
Fees for consultancy support covering design and implementation
Organizational costs for pilot projects and training
Ongoing operational expenses
Schedule:
A clear timeline for setting up the business is established during this stage. Although market analysis can be time-consuming, a feasible business plan must be implemented within a defined timeframe due to the dynamic nature of the market. Ensuring that the business plan is realized within this schedule is crucial for meeting the company’s goals and objectives.
