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How to conduct a feasibility study: Template and examples

Opportunities are everywhere. Some opportunities are small and don’t require many resources. Others are massive and need further analysis and evaluation.

How To Conduct A Feasibility Study: Template And Examples

One of your key responsibilities as a product manager is to evaluate the potential success of those opportunities before investing significant money, time, and resources. A feasibility study, also known as a feasibility assessment or feasibility analysis, is a critical tool that can help product managers determine whether a product idea or opportunity is viable, feasible, and profitable.

So, what is a feasibility analysis? Why should product managers use it? And how do you conduct one?

What is a feasibility study, what are feasibility analyses used for.

Clearly define the opportunity
Define the objective and scope
Analyze technical feasibility
Assess financial viability
Evaluate potential risks
Decide, prepare, and share

Feasibility study example

Feasibility study template, overcoming stakeholder management challenges.

A feasibility study is a systematic analysis and evaluation of a product opportunity’s potential to succeed. It aims to determine whether a proposed opportunity is financially and technically viable, operationally feasible, and commercially profitable.

A feasibility study typically includes an assessment of a wide range of factors, including the technical requirements of the product, resources needed to develop and launch the product, the potential market gap and demand, the competitive landscape, and economic and financial viability.

Based on the analysis’s findings, the product manager and their product team can decide whether to proceed with the product opportunity, modify its scope, or pursue another opportunity and solve a different problem.

Conducting a feasibility study helps PMs ensure that resources are invested in opportunities that have a high likelihood of success and align with the overall objectives and goals of the product strategy .

Feasibility studies are particularly useful when introducing entirely new products or verticals. Product managers can use the results of a feasibility study to:

Assess the technical feasibility of a product opportunity — Evaluate whether the proposed product idea or opportunity can be developed with the available technology, tools, resources, and expertise
Determine a project’s financial viability — By analyzing the costs of development, manufacturing, and distribution, a feasibility study helps you determine whether your product is financially viable and can generate a positive return on investment (ROI)
Evaluate customer demand and the competitive landscape — Assessing the potential market size, target audience, and competitive landscape for the product opportunity can inform decisions about the overall product positioning, marketing strategies, and pricing
Identify potential risks and challenges — Identify potential obstacles or challenges that could impact the success of the identified opportunity, such as regulatory hurdles, operational and legal issues, and technical limitations
Refine the product concept — The insights gained from a feasibility study can help you refine the product’s concept, make necessary modifications to the scope, and ultimately create a better product that is more likely to succeed in the market and meet users’ expectations

How to conduct a feasibility study

The activities involved in conducting a feasibility study differ from one organization to another. Also, the threshold, expectations, and deliverables change from role to role.

For a general set of guidelines to help you get started, here are some basic steps to conduct and report a feasibility study for major product opportunities or features:

1. Clearly define the opportunity

Imagine your user base is facing a significant problem that your product doesn’t solve. This is an opportunity. Define the opportunity clearly, support it with data, talk to your stakeholders to understand the opportunity space, and use it to define the objective.

2. Define the objective and scope

Each opportunity should be coupled with a business objective and should align with your product strategy.

Determine and clearly communicate the business goals and objectives of the opportunity. Align those objectives with company leaders to make sure everyone is on the same page. Lastly, define the scope of what you plan to build.

3. Conduct market and user research

Now that you have everyone on the same page and the objective and scope of the opportunity clearly defined, gather data and insights on the target market.

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Include elements like the total addressable market (TAM) , growth potential, competitors’ insights, and deep insight into users’ problems and preferences collected through techniques like interviews, surveys, observation studies, contextual inquiries, and focus groups.

4. Analyze technical feasibility

Suppose your market and user research have validated the problem you are trying to solve. The next step should be to, alongside your engineers, assess the technical resources and expertise needed to launch the product to the market.

Dig deeper into the proposed solution and try to comprehend the technical limitations and estimated time required for the product to be in your users’ hands.

5. Assess financial viability

If your company hasa product pricing team, work closely with them to determine the willingness to pay (WTP) and devise a monetization strategy for the new feature.

Conduct a comprehensive financial analysis, including the total cost of development, revenue streams, and the expected return on investment (ROI) based on the agreed-upon monetization strategy.

6. Evaluate potential risks

Now that you have almost a complete picture, identify the risks associated with building and launching the opportunity. Risks may include things like regulatory hurdles, technical limitations, and any operational risks.

7. Decide, prepare, and share

Based on the steps above, you should end up with a report that can help you decide whether to pursue the opportunity or not. Either way, prepare your findings, including any recommended modifications to the product scope, and present your final findings and recommendations to your stakeholders.

Make sure to prepare an executive summary for your C-suite; they will be the most critical stakeholders and the decision-makers at the end of the meeting.

Imagine you’re a product manager at a digital software company that specializes in building project management tools.

Your team has identified a potential opportunity to expand the product offering by developing a new AI-based feature that can automatically prioritize tasks for users based on their deadlines, workload, and importance.

To assess the viability of this opportunity, you can conduct a feasibility study. Here’s how you might approach it according to the process described above:

Clearly define the opportunity — In this case, the opportunity is the development of an AI-based task prioritization feature within the existing project management software
Define the objective and scope — The business objective is to increase user productivity and satisfaction by providing an intelligent task prioritization system. The scope includes the integration of the AI-based feature within the existing software, as well as any necessary training for users to understand and use the feature effectively
Conduct market and user research — Investigate the demand for AI-driven task prioritization among your target audience. Collect data on competitors who may already be offering similar features and determine the unique selling points of your proposed solution. Conduct user research through interviews, surveys, and focus groups to understand users’ pain points regarding task prioritization and gauge their interest in the proposed feature
Analyze technical feasibility — Collaborate with your engineering team to assess the technical requirements and challenges of developing the AI-based feature. Determine whether your team has the necessary expertise to implement the feature and estimate the time and resources required for its development
Assess financial viability — Work with your pricing team to estimate the costs associated with developing, launching, and maintaining the AI-based feature. Analyze the potential revenue streams and calculate the expected ROI based on various pricing models and user adoption rates
Evaluate potential risks — Identify any risks associated with the development and implementation of the AI-based feature, such as data privacy concerns, potential biases in the AI algorithm, or the impact on the existing product’s performance
Decide, prepare, and share — Based on your analysis, determine whether the AI-based task prioritization feature is a viable opportunity for your company. Prepare a comprehensive report detailing your findings and recommendations, including any necessary modifications to the product scope or implementation plan. Present your findings to your stakeholders and be prepared to discuss and defend your recommendations

The following feasibility study template is designed to help you evaluate the feasibility of a product opportunity and provide a comprehensive report to inform decision-making and guide the development process.

Remember that each study will be unique to your product and market, so you may need to adjust the template to fit your specific needs.

Briefly describe the product opportunity or feature you’re evaluating
Explain the problem it aims to solve or the value it will bring to users
Define the business goals and objectives for the opportunity
Outline the scope of the product or feature, including any key components or functionality
Summarize the findings from your market research, including data on the target market, competitors, and unique selling points
Highlight insights from user research, such as user pain points, preferences, and potential adoption rates
Detail the technical requirements and challenges for developing the product or feature
Estimate the resources and expertise needed for implementation, including any necessary software, hardware, or skills
Provide an overview of the costs associated with the development, launch, and maintenance of the product or feature
Outline potential revenue streams and calculate the expected ROI based on various pricing models and user adoption rates
Identify any potential risks or challenges associated with the development, implementation, or market adoption of the product or feature
Discuss how these risks could impact the success of the opportunity and any potential mitigation strategies
Based on your analysis, recommend whether to proceed with the opportunity, modify the scope, or explore other alternatives
Provide a rationale for your recommendation, supported by data and insights from your research
Summarize the key findings and recommendations from your feasibility study in a concise, easily digestible format for your stakeholders

The ultimate challenge that faces most product managers when conducting a feasibility study is managing stakeholders .

Stakeholders may interfere with your analysis, jumping to conclude that your proposed product or feature won’t work and deeming it a waste of resources. They may even try to prioritize your backlog for you.

Here are some tips to help you deal with even the most difficult stakeholders during a feasibility study:

Use hard data to make your point — Never defend your opinion based on your assumptions. Always show them data and evidence based on your user research and market analysis
Learn to say no — You are the voice of customers, and you know their issues and how to monetize them. Don’t be afraid to say no and defend your team’s work as a product manager
Build stakeholder buy-in early on — Engage stakeholders from the beginning of the feasibility study process by involving them in discussions and seeking their input. This helps create a sense of ownership and ensures that their concerns and insights are considered throughout the study
Provide regular updates and maintain transparency — Keep stakeholders informed about the progress of the feasibility study by providing regular updates and sharing key findings. This transparency can help build trust, foster collaboration, and prevent misunderstandings or misaligned expectations
Leverage stakeholder expertise — Recognize and utilize the unique expertise and knowledge that stakeholders bring to the table. By involving them in specific aspects of the feasibility study where their skills and experience can add value, you can strengthen the study’s outcomes and foster a more collaborative working relationship

Final thoughts

A feasibility study is a critical tool to use right after you identify a significant opportunity. It helps you evaluate the potential success of the opportunity, analyze and identify potential challenges, gaps, and risks in the opportunity, and provides a data-driven approach in the market insights to make an informed decision.

By conducting a feasibility study, product teams can determine whether a product idea is profitable, viable, feasible, and thus worth investing resources into. It is a crucial step in the product development process and when considering investments in significant initiatives such as launching a completely new product or vertical.

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How to use a feasibility study in project management

It can be exciting to run a large, complex project that has a huge potential impact on your organization. On the one hand, you’re driving real change. On the other, failure is intimidating.

What is a feasibility study?

A feasibility study—sometimes called a feasibility analysis or feasibility report—is a way to evaluate whether or not a project plan could be successful. A feasibility study evaluates the practicality of your project plan in order to judge whether or not you’re able to move forward with the project.

It does so by answering two questions:

Does our team have the required tools or resources to complete this project?

Will there be a high enough return on investment to make the project worth pursuing?

Feasibility studies are important for projects that represent significant investments for your business. Projects that also have a large potential impact on your presence in the market may also require a feasibility study.

As the project manager , you may not be directly responsible for driving the feasibility study, but it’s important to know what these studies are. By understanding the different elements that go into a feasibility study, you can better support the team driving the feasibility study and ensure the best outcome for your project.

When should you conduct a feasibility study

A feasibility study should be conducted after the project has been pitched but before any work has actually started. The study is part of the project planning process. In fact, it’s often done in conjunction with a SWOT analysis or project risk assessment , depending on the specific project.

Feasibility studies help:

Confirm market opportunities before committing to a project

Narrow your business alternatives

Create documentation about the benefits and detriments of your proposed initiative

Provide more information before making a go/no go decision

You likely don’t need a feasibility study if:

You already know the project is feasible

You’ve run a similar project in the past

Your competitors are succeeding with a similar initiative in market

The project is small, straightforward, and has minimal long-term business impact

Your team ran a similar feasibility study within the past three years

One thing to keep in mind is that a feasibility study is not a project pitch. During a project pitch, you’re evaluating whether or not the project is a good idea for your company, and whether the goals of the project are in line with your overall strategic plan. Typically, once you’ve established that the project is a good idea, you’d then run a feasibility study to confirm the project is possible with the tools and resources you have at your disposal.

Feasibility study vs. project charter

A project charter is a relatively informal document to pitch your project to stakeholders. Think of the charter like an elevator pitch of your project objectives, scope, and responsibilities. Typically, your project sponsor or executive stakeholders reviews the charter before ratifying the project.

A feasibility study should be implemented after the project charter has been ratified. This isn’t a document to pitch whether or not the project is in line with your team’s goals—rather, it’s a way to ensure the project is something you and your team can accomplish.

Feasibility study vs. business case

A business case is a more formalized version of the project charter. While you’d typically create a project charter for small or straightforward initiatives, you should create a business case if you are pitching a large, complex initiative that will make a major impact on the business. This longer, more formal document will also include financial information, and typically involves more senior stakeholders.

After your business case is approved by relevant stakeholders, you’d then run a feasibility study to make sure the work is doable. If you find it isn’t, you might return to your executive stakeholders and request more resources, tools, or time in order to ensure your business case is feasible.

Feasibility study vs. business plan

A business plan is a formal document of your organization’s goals. You typically write a business plan when founding your company, or when your business is going through a significant shift. Your business plan informs a lot of other business decisions, including your three to five year strategic plan .

As you implement your business and strategic plan, you’ll invest in individual projects. A feasibility study is a way to evaluate the practicality of any given individual project or initiative.

4 elements of a feasibility analysis

There are four main elements that go into a feasibility study: technical feasibility, financial feasibility, market feasibility (or market fit), and operational feasibility. You may also see these referred to as the four types of feasibility studies, though most feasibility studies actually include a review of all four elements.

Technical feasibility

A technical feasibility study reviews the technical resources available for your project. This study determines if you have the right equipment, enough equipment, and the right technical knowledge to complete your project objectives . For example, if your project plan proposes creating 50,000 products per month, but you can only produce 30,000 products per month in your factories, this project isn’t technically feasible.

Financial feasibility

Financial feasibility describes whether or not your project is fiscally viable. A financial feasibility report includes a cost/benefit analysis of the project. It also forecasts an expected return on investment (ROI), as well as outlines any financial risks. The goal at the end of the financial feasibility study is to understand the economic benefits the project will drive.

Market feasibility

The market feasibility study is an evaluation of how your team expects the project’s deliverables to perform in the market. This part of the report includes a market analysis, market competition breakdown, and sales projections.

Operational feasibility

An operational feasibility study evaluates whether or not your organization is able to complete this project. This includes staffing requirements, organizational structure, and any applicable legal requirements. At the end of the operational feasibility study, your team will have a sense of whether or not you have the resources, skills, and competencies to complete this work.

Feasibility study checklist

Most feasibility studies are structured in a similar way. These documents serve as an assessment of the practicality of a proposed business idea. Creating a clear feasibility study helps project stakeholders during the decision making process.

A feasibility study contains:

An executive summary describing the project’s overall viability

A description of the product or service being developed during this project

Any technical considerations , including technology, equipment, or staffing

The market survey , including a study of the current market and the marketing strategy

The operational feasibility study , evaluating whether or not your team’s current organizational structure can support this initiative

The project timeline

Financial projections based on your financial feasibility report

6 steps to conduct a feasibility study

You likely won’t be conducting the feasibility study yourself, but you will probably be called on to provide insight and information. To conduct a feasibility study, hire a trained consultant or, if you have an in-house project management office (PMO) , ask if they take on this type of work. In general, here are the steps they’ll take to complete this work:

1. Run a preliminary analysis

Creating a feasibility study is a time-intensive process. Before diving into the feasibility study, it’s important to evaluate the project for any obvious and insurmountable roadblocks. For example, if the project requires significantly more budget than your organization has available, you likely won’t be able to complete it. Similarly, if the project deliverables need to be live and in market by a certain date, but they won’t be available for several months after the fact, the project likely isn’t feasible either. These types of large-scale obstacles make a feasibility study unnecessary, because it’s clear the project is not viable.

2. Evaluate financial feasibility

Think of the financial feasibility study as the projected income statement for the project. This part of the feasibility study clarifies the expected project income and outlines what your organization needs to invest—in terms of time and money—in order to hit the project objectives.

During the financial feasibility study, take into account whether or not the project will impact your business's cash flow. Depending on the complexity of the initiative, your internal PMO or external consultant may want to work with your financial team to run a cost-benefit analysis of the project.

3. Run a market assessment

The market assessment, or market feasibility study, is a chance to identify the demand in the market. This study offers a sense of expected revenue for the project, and any potential market risks you could run into.

The market assessment, more than any other part of the feasibility study, is a chance to evaluate whether or not there’s an opportunity in the market. During this study, it’s critical to evaluate your competitor’s positions and analyze demographics to get a sense of how the project will do.

4. Consider technical and operational feasibility

Even if the financials are looking good and the market is ready, this initiative may not be something your organization can support. To evaluate operational feasibility, consider any staffing or equipment requirements this project needs. What organizational resources—including time, money, and skills—are necessary in order for this project to succeed?

Depending on the project, it may also be necessary to consider the legal impact of the initiative. For example, if the project involves developing a new patent for your product, you will need to involve your legal team and incorporate that requirement into the project plan.

5. Review project points of vulnerability

At this stage, your internal PMO team or external consultant have looked at all four elements of your feasibility study—financials, market analysis, technical feasibility, and operational feasibility. Before running their recommendations by you and your stakeholders, they will review and analyze the data for any inconsistencies. This includes ensuring the income statement is in line with your market analysis. Similarly, now that they’ve run a technical feasibility study, are any liabilities too big of a red flag? (If so, create a contingency plan !)

Depending on the complexity of your project, there won’t always be a clear answer. A feasibility analysis doesn’t provide a black and white decision for a complex problem. Rather, it helps you come to the table with the right questions—and answers—so you can make the best decision for your project and for your team.

6. Propose a decision

The final step of the feasibility study is an executive summary touching on the main points and proposing a solution.

Depending on the complexity and scope of the project, your internal PMO or external consultant may share the feasibility study with stakeholders or present it to the group in order to field any questions live. Either way, with the study in hand, your team now has the information you need to make an informed decision.

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Done with your feasibility study? You’re ready to run a project! Set your project up for success by tracking your progress in a work management tool , like Asana. From the small stuff to the big picture, Asana organizes work so teams know what to do, why it matters, and how to get it done.

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How to Prepare a Good Feasibility Report

Since good planning is a prerequisite for the survival and success of any business, we’ll like to discuss how to write or prepare a good Feasibility Report using a good feasibility report template .

Without proper planning, a business may head towards failure if corrective measures are not taken in time. A Feasibility Report is simply a Business Plan. Feasibility Report is a detailed study that examines the profitability, feasibility, and effectiveness of a proposed investment opportunity.

The report, no matter how elaborate, should be prepared before one undertakes any business or expands the existing one.

A feasibility report can be prepared by the prospective investor or consultancy firms who charge fees depending on the value of the project and how elaborate is the proposed investment opportunity. Based on the Feasibility Report, the entrepreneur can decide to accept or reject the project.

If the project is viable and acceptable, the entrepreneur has to estimate the initial capital outlay and decide on where and how to raise the funds.

The Uses of Feasibility Report

The Feasibility Report can be used by the entrepreneur in the following areas:

To meet the stipulated requirements of financial institutions. For instance, banks and other financial institutions giving loans to start business executives demand a Feasibility Report of the proposed investment.
To provide the basic information for effective decision-making with respect to the proposed investment. By showing the market potentialities, technical and financial implications of the proposed opportunities, the feasibility report enables the entrepreneur to accept or reject the project.
To assist the entrepreneur in developing future plans for the organization.
To serve as the basis for measuring the performance of the proposed business.

Components of a Feasibility Report

No two feasibility studies have identical components. However, there are certain critical aspects that must be present in a good feasibility report. Below are the feasibility report format

A typical feasibility report format is as below:

The nature of the business, Management, Teams, Financial and Economic Analysis, and Marketing plan. In other words, the major areas covered by the feasibility study can be divided into nine major areas namely:

Introduction
Description of the business
Market consideration – A preliminary Evaluation
Management Team
Technical Specifications and Production plan
Marketing Plans
Examination of the critical risks and problems
Financial and Economic plans
Evaluation and conclusion

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Examples of Business Feasibility Reports

Small Business
Business Planning & Strategy
Business Strategy Examples
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Almost all business decisions require some degree of thoughtful analysis before a decision is made. Small business owners want to find the answers that determine if they should proceed with a proposed idea or not. Business feasibility reports provide the answer to that question.

What Is a Business Feasibility Report?

Business feasibility reports are analyses of a proposed venture or project that looks into the following areas:

A description of the idea or project
Analysis of the market for the products or services
Competition
Technical issues involved
How the organization will be structured
Financial projections

What Is the Proposal?

A feasibility study starts with a description of the products or services to be marketed, and it outlines a model of how the business intends to make a profit. It describes the types and quality of products that will be offered and a timeline for preparation, implementation and the time it will take to reach profitable production volumes.

A description of the project also includes its social, economic and environmental impact on surrounding communities.

What Is the Market?

The market portion of the feasibility study identifies the target market segments and describes the scope and size of the overall industry. It includes estimates of the future direction and strength of the demand for the products and services. What are the demographics of the potential consumers? How will the goods get distributed to the market?

Is the market stable or are future changes expected that will offer opportunities for the new venture?

What About the Competition?

Is the competition concentrated in a few large manufacturers or spread among numerous small producers? Who are the major competitors, and how will the new venture compete against them? What are the barriers to entry into the market?

Your business reports should outline a pricing strategy designed to attract customers from competitors and grow the sales of the company.

What Are the Technical Considerations?

The study will identify the type, size and location of any production facilities. It will outline the necessary buildings, equipment, distribution areas and inventory requirements and storage. Discuss any technologies that will be employed.

Describe the needed access to raw materials and labor. Who will be the potential suppliers and where are they located? What is the availability of the necessary skills in the local labor market?

A section of the feasibility study should discuss the environmental impact of the project and any potential regulatory issues or emissions problems.

How Will the Venture be Organized?

For any new project to achieve success, it must have an organizational structure designed to manage and control its operations, marketing and sales. What are the positions that will be required, and are there people available with the necessary skills to fill these positions?

What Are the Financial Projections?

Any new proposed ideas or ventures usually have an objective of somehow making a profit. Projections of future sales, expenses, profits and cash flow are intended to impart some understanding of the possible results of the project.

Financial considerations would describe the initial capital requirements, working capital needs and availability of supplier credit. They would also discuss possible alternative sources of funds, such as bank loans or venture capital partners.

A Business Feasibility Report Versus a Business Plan

A business feasibility report is not a business plan. A feasibility study is an investigative process that seeks to determine the viability of a business venture. It is conducted before a business plan is even considered.

A business plan describes the steps needed to take a proposal from an idea to the reality of implementation after the decision has been made to go ahead with the project.

Rowan University: Feasibility Study Template
Business Tasmania: How to Conduct a Feasibility Study
Cleverism: How to Conduct a Feasibility Study the Right Way
"VTT"; Technical Feasibility; Teppo Kivento

James Woodruff has been a management consultant to more than 1,000 small businesses. As a senior management consultant and owner, he used his technical expertise to conduct an analysis of a company's operational, financial and business management issues. James has been writing business and finance related topics for work.chron, bizfluent.com, smallbusiness.chron.com and e-commerce websites since 2007. He graduated from Georgia Tech with a Bachelor of Mechanical Engineering and received an MBA from Columbia University.

How to write a feasibility report on starting a small scale fish farm, how to understand a business plan, the importance of a business plan, 6 types of business plans, what do business documents include, how to create a business plan as an entrepreneur, feasibility study requirements, what is an r&d report, difference between a business plan & a business proposal, most popular.

1 How to Write a Feasibility Report on Starting a Small Scale Fish Farm
2 How to Understand a Business Plan
3 The Importance of a Business Plan
4 6 Types of Business Plans

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The Basics of Writing a Business Plan Here's why you need a business plan and everything you need to know to get started writing yours.

By Entrepreneur Staff • Oct 27, 2023

Key Takeaways

What is the purpose of a business plan?
Building your plan brick-by-brick.
How long should your plan be?
At what stage do you need a business plan?
Writing a back-of-the-napkin plan.

Writing a business plan is like the architectural plan for a home or a brick-and-mortar building. You need to know what materials you need, how you're going to construct the building, and when you need to build each piece of the building. You start by building the foundation because your business can't stand up without it.

What is a business plan?

A business plan is a written description of the future of your business. It is a document that tells the story of what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan.

Business plans are inherently strategic. You start here, today, with certain resources and abilities. You want to get to a "there," a point in the future (usually three to five years out) at which time your business will have a different set of resources and abilities as well as greater profitability and more assets. Your plan shows how you will get from here to there. In essence, it is a road map from where you are now to where you want to be later on.

Building your business plan brick-by-brick

If you've done any research about business plans online or through an agency like the Small Business Administration (SBA), you've probably heard about some generally accepted conventions about what a business plan should include and how it should be presented. In sum, a plan should cover all the important matters that will contribute to making your business a success, including:

1. Your basic business concept. This is where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success. To use the analogy of building a brick-and-mortar building, this is the concrete you use for your foundation.

2. Your strategy and the specific actions you plan to take to implement it. What goals do you have for your business? When and how will you reach your goals? After all, you need to know how you plan to construct your building.

3. Your products and services and their competitive advantages. Here is your chance to dazzle the readers with good, solid information about your products or services and why customers will want to purchase your products and services and not those of your competitors. Your products and services are the materials you'll use for the building.

4. The markets you'll pursue. Now you have to lay out your marketing plan. Who will your customers be? What is your demographic audience? How will you attract and retain enough customers to make a profit? What methods will you use to capture your audience? What sets your business apart from the competition? How are you going to get people to come to your building and spend money?

5. The background of your management team and key employees. Having information about key personnel is an important but often misrepresented portion of a business plan. It's not a long and detailed biography of each person involved but an accurate account of what they have done and what they bring to the table for this specific business opportunity. Readers will want to know who will construct your building and if they're qualified builders.

6. Your financing needs. These will be based on your projected financial statements and provide a model of how your ideas about the company, its markets, and its strategies will play out. With a building, you need to know the costs of your materials and how you will adapt to changing conditions, including pricing and construction delays due to weather.

As you write your business plan, stick to facts instead of feelings, projections instead of hopes, and realistic expectations of profit instead of unrealistic dreams of wealth. You want to show readers that your building will last for years. And facts—checkable, demonstrable facts—will invest your plan with the most important component of all: credibility.

How Long Should Your Plan Be?

A useful business plan can be any length, from a one-page summary to more than 100 pages for an especially detailed plan describing a complex enterprise. A typical business plan runs fifteen to twenty-five pages, created and (usually) sent electronically, sometimes accompanied by forms the receiver requests you fill out. Occasionally, you may still be asked for a hard copy of your plan.

Mini plans of five to ten pages are the popular concise models that may stand on their own for smaller businesses. Larger businesses, seeking major funding, will often have mini plans, but the full business plan will be waiting in the wings. It's advantageous to run long when creating your plan and then narrow it down for presentation purposes.

The size of the plan will also depend on the nature of your business and your reason for writing the plan. If you have a simple concept, you can express it in very few words. On the other hand, if you are proposing a new kind of business or even a new industry, it may require quite a bit of explanation to get the message across. If you are writing a plan for a division of a large organization, you may be given a set format and prescribed length.

The purpose of your plan also determines its length. If you are looking for millions of dollars in seed capital to start a risky venture, you will usually (although not always) have to do a lot of explaining and convincing. If you already have relationships with potential investors, they may simply want a mini plan. If you are just going to use your plan for internal purposes to manage an ongoing business, a much more abbreviated version may suffice.

If you want to start small with an effective way to get your ideas down, you can follow the guidance of LivePlan , a business planning and management software, on writing your one-page plan for your business.

Many business plan presentations are made with PowerPoint decks, using ten to twelve slides to tell your story. This is a great starting point, but you should have at least a mini plan available, especially if you seek millions of dollars.

When Should You Write Your Business Plan?

The fact that you're reading this article means you suspect it's about time to write a business plan. Odds are you are at or near one of the many occasions when a business plan will prove useful.

A business plan is a good way to explore the feasibility of a new business without actually having to start it and run it. A good plan can help you see serious flaws in your business concept. You may uncover tough competition when researching the market section, or you may find that your financial projections simply aren't realistic.
Any venture that faces major changes (and that means almost all businesses) needs a business plan. If the demographics of your market are rapidly changing, strong new competitive products challenge your profitability, you expect your business to grow or shrink dramatically, or the economic climate is improving or slipping rapidly, you'll need a business plan. This will allow you to make changes accordingly.
If you are contemplating buying or selling a business, your business plan can provide you with a handy tool to establish a value—and to support that value if challenged.
You will need a business plan if you are seeking financing. Your business plan is the backbone of your financing proposal. Bankers, venture capitalists, and other financiers rarely provide money without seeing a plan. Less sophisticated investors or friends and family may not require a business plan, but they deserve one. Even if you're funding the business with your own savings, you owe it to yourself to plan how you'll expend the resources you're committing.

Writing a business plan is not a one-time exercise. Just because you wrote a plan when you were starting out or raising money to get underway doesn't mean you are finished. Many companies look for additional rounds of funding. By updating business plans to let investors know how the funding has been used to date, and the results of such efforts, the chances of procuring such funding are improved. A business plan should be rewritten or revised regularly to get maximum benefit from it. Commonly, business plans are revised yearly, more frequently if conditions have changed enough to make the previous plan unrealistic.

Business Plan Buzzword

Competitive advantage makes you different from, and better than, your competition. Lower prices, higher quality, and better name recognition are examples of competitive advantages. By studying your competition, you can devise your own competitive advantage by providing something (or several things) that it does not offer.

Cocktail Napkin Business Plan

Business plans don't have to be complicated, lengthy documents. They just have to capture the essence of what the business will do and why it will be a success.

The business plan for one of the most successful startups ever began with a triangle scrawled on a cocktail napkin. The year was 1971, and Herb Kelleher and Rollin King were formulating their idea for an airline serving Houston, Dallas, and San Antonio. The triangle connecting the cities was their route map—and the basis of the business plan for Southwest Airlines.

The two entrepreneurs soon expressed their vision for Southwest Airlines more fully in a full-fledged business plan and raised millions in initial capital to get off the ground. Eventually, they went public. Along the way, the airline expanded beyond the three cities to include other Texas destinations, and now it serves over 100 destinations in 42 states plus Washington, DC, and Puerto Rico, with over 4,000 flights daily and revenues of $15.8 billion in 2021. Southwest specializes in low-cost, no-frills, high-frequency service, which, if you add some lines to the original triangle, is the same strategy mapped out on that cocktail napkin.

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Research Guides

ENTR 2P91: Entrepreneurship

Feasibility Reports & Business Plans
Startup Ecosystem
Idea Generation
Product / Service Analysis
Industry & Market Analysis
NAICS Code Help
Organizational Feasibility
Financial Feasibility

Sample Feasibility Reports

Business plans - samples, business plans - writing, books on preparing business plans.

Explore Business Models
Find Academic Research
Pitch Your Idea
How To Evaluate Sources
Get Help / Book A Consultation

Sample academic feasibility reports can be found by searching Google Scholar using the keywords business feasibility report or business feasibility study. For example:

The UBC public bicycle system feasibility study (Adam Cooper, UBC School of Community and Regional Planning)
Feasibility study for renovating an old barn into a tasting room for K-Dot winery (Kendall Ott, California Polytechnic State University)
Feasibility study for a brewpub (John Gallante and Daniel Price, California Polytechnic State University)
A Feasibility study for establishing a sustainability consulting firm (Susan F. Mathieu, Simon Fraser University)

The following resources provide additional guidance on conducting your feasibility analysis and writing it up:

Feasibility Study Outline (Iowa State University Extension & Outreach)
Full Feasibility Analysis (Pearson Education) (PDF)

The following sources contain sample business plans for different types of small businesses:

Business Plans Handbook Series (Gale Ebooks Database)
Bplans.com - sample plans
Writing a Business Plan: An Example for a Small Premium Winery (Cornell University) (PDF) more info... close... An Extension Bulletin prepared by Mark E. Pisoni and Gerald B. White, Charles H. Dyson School of Applied Economics and Management at Cornell University.

The following sources provide guidance on writing business plans and may also include a sample plan or template.

Writing your business plan (Canada Business Network)
Essential Elements of a good business plan (US Small Business Administration)
Planning for success: your guide to preparing a business & marketing plan (PDF file)

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Last Updated: Sep 18, 2023 2:09 PM
URL: https://researchguides.library.brocku.ca/ENTR2P91

Starting a Business | What is

What Is a Feasibility Study for Small Business?

Published July 17, 2020

Published Jul 17, 2020

WRITTEN BY: Blake Stockton

This article is part of a larger series on Starting a Business .

A feasibility study for small business is an in-depth research and financial analysis that recommends if one should pursue a business idea or product. The study contains estimates of items such as income, costs, obstacles, and technical challenges. Typically, a feasibility study for a small business costs a minimum of $5,000. However, they can cost up to $100,000 for businesses that have a multimillion dollar startup budget.

Throughout this article, we discuss what a feasibility study is and how it differs from a business plan, so that you can decide whether or not you really need one for your business.

How the Feasibility Study Works

Usually, businesses conduct feasibility studies to determine if their idea or product is worth pursuing. It’s one of the more complicated and costly ways to test a business idea.

Depending on the idea’s complexity and scope, a study can take weeks or months to prepare. With the help of templates or programs, business owners can conduct feasibility studies on their own. However, because of the in-depth research and complicated financial projections, they often hire an expert to create the study.

Feasibility studies do not determine the final decision but present all the evidence and make a strong recommendation on whether or not it’s best to move forward. The entrepreneur, stakeholders, and/or other authorities decide whether to go ahead with the business idea or product, using the study as a guide.

Who Should Get a Feasibility Study?

Small business entrepreneurs use a feasibility study to prevent the costly mistake of launching an unsuccessful business, product, or project. You can use a study to help make strategic decisions, such as determining whether you should:

Start a new business
Open a new store or factory
Change product lineup or approach
Expand to a new area or market
Acquire another company
Make a significant investment in new technology
Enter an already crowded or competitive market segment
Invest personal capital into a project

Feasibility Study vs Business Plan

A feasibility study often comes before the business plan, because the information and data uncovered in the study are included in the business plan. Plus, if the feasibility gives a recommendation not to move forward, you may want to rethink your business idea or product altogether before creating a plan.

What Should Be in a Feasibility Study?

Depending on the project or business, you will use each of the aspects below to a certain degree. The feasibility study’s organization may vary depending on its focus—you may have a section for each of these topics:

Executive Summary: This summarizes the project and business. The ultimate conclusions are outlined here. It should be about a page long.
Demand: A marketing analysis determines the need for your product or business in the industry you want to sell. Even if you have a brick-and-mortar business, you should consider online aspects as well.
Technical issues: What tool, hardware, or software do you need to create your business or product? Will you create the tech, buy it, or rent it? This section also includes the facilities, including layout, shelving, offices, and manufacturing space.
Logistics issues: This piece outlines vendors, pricing schedules, exclusive agreements, and franchised product contracts. It may include getting supplies and delivering finished products or working online elements like an ecommerce site. Location issues can be placed here.
Legal concerns: Do you need permits? Are there regulations or prohibitions to consider? What about environmental, historical, or legacy issues to negotiate?
Marketing strategy: This section will define the target market as specific as possible: How you will meet their needs, and how you will target them?
Required staffing: How many employees will you need? What are their qualifications? What is the typical salary in your area? You can include a sample organizational chart along with a corresponding discussion of who among your current employees may change jobs to fill new positions.
Scheduling: This section includes milestones for financials as well as physical projects and a timeline for completion.
Financials: In addition to anticipated expenses and potential profits, this section will include an opening day balance sheet that lists total assets and liabilities on your business’s first day. This financial data gives you an indication of your return on investment (ROI).
ROI: If you don’t see a return on investment, it makes no sense to start or expand your business. A feasibility study estimates when you’ll earn profits and what or how much they may be.
Analysis: You will see discussions answering questions like: Does it seem realistic? Are the sources strong? Are there outlying data points to consider? Also, analyze potential risks: What are the worst-case scenarios, and how likely are they?
Recommendations: This gives a go or no-go recommendation and breaks down specific suggestions based on the main elements. If the project is not feasible, it may offer alternatives.

Cost of a Feasibility Study

A feasibility study for small business takes an average of 60 to 90 days to complete and may cost anywhere from $5,000 to $10,000. As a general rule of thumb, a feasibility study will cost 1% of the business’s total cost to open or a product’s cost to build. So if you’re requesting a feasibility study for a complicated business with millions in startup costs, be prepared to spend more than $10,000.

The cost is also determined by the study’s depth, the tools needed to conduct it—survey software, focus groups, and lawyers—and the scope of the project. For example, a study to determine if a business should bring manufacturing back to the US from overseas will cost more than a study on whether to open a restaurant.

Here are costs for various feasibility study projects:

Who Provides Feasibility Studies?

You may find it challenging to find a firm that only produces feasibility studies. Often, a market research firm will provide feasibility studies in addition to other services. For example, Drive Research in Syracuse, New York, offers a host of market research services, including feasibility studies .

There are also business plan writing companies that specialize in feasibility studies. Wise Business Plans provides a study with in-depth market research and industry analysis.

If you’d like to connect one-on-one and choose your own independent market researcher for a feasibility study, you could look to the freelancer platform Upwork . You can find several market research experts and analysts that may be interested in tackling your specific project. Upwork is an excellent platform to find market researchers, because you can review a freelancer’s past work to see if they’d be a good fit.

Tips and Best Practices to Follow When Purchasing a Feasibility Study

Conduct a preliminary analysis first: Before paying thousands of dollars for a feasibility study, do a minor check to ensure there are no insurmountable technical, legal, or financial obstacles to the business idea or product.
Involve stakeholders: Before, during, and after the study, keep people relevant to the business in the loop. Get their input, suggestions, and feedback.
Review research: Review the feasibility study data and see if you come to a similar conclusion as the research analyst. You may also want to pay for a second expert’s opinion on the final determination.
Assess your current company or situation: Before making any decision on a business idea or product, consider your own strengths, weaknesses, and financial situation in the final decision to move forward or not.

Frequently Asked Questions (FAQs) for a Feasibility Study

Is it better to hire out for a feasibility study.

Most likely, yes. Feasibility studies typically contain in-depth expert data analysis and financial projections. Hiring out the work will ensure you get an objective evaluation of the project and its potential downfalls and successes. It’s human nature to bias our own ideas, and a third party can avoid.

How much should I invest in a feasibility study?

For a simpler study on a business idea or product, expect to pay anywhere from $5,000 to $10,000. The general rule of thumb is that a feasibility study will cost 1% of the expected project budget or business’s cost to build.

Should feasibility studies include solutions as well as pointing out obstacles?

Yes, the more information the study provides, the better it will aid in the decision-making process. Feasibility studies should provide an objective determination because of the time and expense involved.

Can my feasibility study become my business plan?

Many times, yes. With some changes in focus and scope, a feasibility study can be re-imagined into a business plan. However, be sure it meets the purpose, which outlines the strategic and tactical steps needed to make the business work.

Bottom Line

Feasibility studies can cost thousands of dollars, but they can save you millions you may lose from making a poor business decision. They examine a new business or product idea by researching the endeavor’s technological, financial, and operational aspects. The study analyzes the data and offers a recommendation on if you should move ahead with your project or idea and how to maximize its success.

About the Author

Find Blake On LinkedIn Twitter

Blake Stockton

Blake Stockton is a staff writer at Fit Small Business focusing on how to start brick-and-mortar and online businesses. He is a frequent guest lecturer at several undergraduate business and MBA classes at University of North Florida . Prior to joining Fit Small Business, Blake consulted with over 700 small biz owners and assisted with starting and growing their businesses.

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11.4 The Business Plan
Introduction
1.1 Entrepreneurship Today
1.2 Entrepreneurial Vision and Goals
1.3 The Entrepreneurial Mindset
Review Questions
Discussion Questions
Case Questions
Suggested Resources
2.1 Overview of the Entrepreneurial Journey
2.2 The Process of Becoming an Entrepreneur
2.3 Entrepreneurial Pathways
2.4 Frameworks to Inform Your Entrepreneurial Path
3.1 Ethical and Legal Issues in Entrepreneurship
3.2 Corporate Social Responsibility and Social Entrepreneurship
3.3 Developing a Workplace Culture of Ethical Excellence and Accountability
4.1 Tools for Creativity and Innovation
4.2 Creativity, Innovation, and Invention: How They Differ
4.3 Developing Ideas, Innovations, and Inventions
5.1 Entrepreneurial Opportunity
5.2 Researching Potential Business Opportunities
5.3 Competitive Analysis
6.1 Problem Solving to Find Entrepreneurial Solutions
6.2 Creative Problem-Solving Process
6.3 Design Thinking
6.4 Lean Processes
7.1 Clarifying Your Vision, Mission, and Goals
7.2 Sharing Your Entrepreneurial Story
7.3 Developing Pitches for Various Audiences and Goals
7.4 Protecting Your Idea and Polishing the Pitch through Feedback
7.5 Reality Check: Contests and Competitions
8.1 Entrepreneurial Marketing and the Marketing Mix
8.2 Market Research, Market Opportunity Recognition, and Target Market
8.3 Marketing Techniques and Tools for Entrepreneurs
8.4 Entrepreneurial Branding
8.5 Marketing Strategy and the Marketing Plan
8.6 Sales and Customer Service
9.1 Overview of Entrepreneurial Finance and Accounting Strategies
9.2 Special Funding Strategies
9.3 Accounting Basics for Entrepreneurs
9.4 Developing Startup Financial Statements and Projections
10.1 Launching the Imperfect Business: Lean Startup
10.2 Why Early Failure Can Lead to Success Later
10.3 The Challenging Truth about Business Ownership
10.4 Managing, Following, and Adjusting the Initial Plan
10.5 Growth: Signs, Pains, and Cautions
11.1 Avoiding the “Field of Dreams” Approach
11.2 Designing the Business Model
11.3 Conducting a Feasibility Analysis
12.1 Building and Connecting to Networks
12.2 Building the Entrepreneurial Dream Team
12.3 Designing a Startup Operational Plan
13.1 Business Structures: Overview of Legal and Tax Considerations
13.2 Corporations
13.3 Partnerships and Joint Ventures
13.4 Limited Liability Companies
13.5 Sole Proprietorships
13.6 Additional Considerations: Capital Acquisition, Business Domicile, and Technology
13.7 Mitigating and Managing Risks
14.1 Types of Resources
14.2 Using the PEST Framework to Assess Resource Needs
14.3 Managing Resources over the Venture Life Cycle
15.1 Launching Your Venture
15.2 Making Difficult Business Decisions in Response to Challenges
15.3 Seeking Help or Support
15.4 Now What? Serving as a Mentor, Consultant, or Champion
15.5 Reflections: Documenting the Journey
A | Suggested Resources

Learning Objectives

By the end of this section, you will be able to:

Describe the different purposes of a business plan
Describe and develop the components of a brief business plan
Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Business plan that includes an executive summary, business description, market strategies, marketing plan, competitive analysis, operations and management plan, financial analysis, and design and development plan.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Competitor analysis comparing five different restaurants by price, location, quality, and food type. La Vida Lola sells Latin food of mid to high quality at a variety of locations for between six and 13 dollars. Mix’D Up Burgers sells American food/burgers of low quality at both rotating and Smyrna locations for around ten dollars. Mac the Cheese sells American comfort food of mid quality at rotating locations for between ten and thirteen dollars. The Fry Guy sells American food of high quality in Buckhead for at minimum thirteen dollars. The Blaxican sells soul/Mexican fusion food of high quality in Midtown at high prices.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Cash flow template that tracks income for every day of the week and expenses. Fixed monthly expenses include facility rental, personal loans, insurance, credit cards, Farmer’s Market overheads, planned savings, and other. Variable monthly expenses include food/beverages, utilities (electricity, gas), uniforms, wages, fuel (vehicle), medical expenses, and other. Fixed infrequent expenses included insurance, annual subscriptions, property rates/taxes, union fees, education, and other. Variable infrequent expenses include gifts, holidays, vehicle repairs and registration, durable goods purchase, donations, and other. The difference between total income and total expenses is the income available.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
Would you have started the Laughing Man Foundation?
What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

What steps should the new restaurant take to create a new business plan?
Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
54 Foodstart. http://foodstart.com
55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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9+ Business Feasibility Report Examples [ Project, Global, Products ]

Business Feasibility Report

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What are Feasibility Reports?

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How to Create a Feasibility Business Plan

by Editorial Team

Published on 26 Sep 2017

How to Create a Feasibility Business Plan. A feasibility business plan is a study conducted prior to initiating a business plan. Whether you're an established business launching a new product or an individual with a new idea, a feasibility plan is that part of a business plan that will help you and your investors determine if your idea will thrive.

Write a cover letter to potential investors outlining your product or idea. Show how you have researched and come to a conclusion that your product or idea is viable.

Sum up your analysis in an executive summary outlining the main points of your research. Provide information on your product, potential buyers and why you believe your venture is ideal.

Describe your product or idea in detail. List your potential customers and explain their views about your product or idea. Explain how customers will use the product.

Lay out the infrastructure. Indicate where you intend to house the business and if you intend to rent or buy. Describe the technology you will use.

Include information about the competition and their share of the market. Indicate their strengths and weaknesses and critical risks factors to your venture.

Show financial projections for at least 3 years. Estimate your rate of return.

Conclude with supporting statements why this idea or product is feasible. Credit the resources used to support your feasibility business plan.

You should write the executive summary last. Though you present it first, it highlights the findings of the entire report and is easier to write after you've completed the rest of your report.

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Top 5 Feasibility Study Templates with Samples and Examples

Sapna Singh

A feasibility study is the first stage of any project or plan’s design. The study ensures that a project is legally, technically, and commercially feasible. In 1979, Essilor, a French-based international ophthalmic optics business, developed a new type of glass-and-plastic composite lens. The management failed to perform market studies (feasibility studies) due to overconfidence in the success of their original product. The company, however, struggled to keep the product afloat and eventually abandoned it in 1990, after spending $300 million.

A feasibility report is significant in deciding on multi-million-dollar projects. Find PPT Templates that can make your project feasibility report stand out.

To prevent this situation, businesses should conduct detailed feasibility assessments and review them frequently at the start of each project. A thorough assessment of a project’s feasibility is essential for determining its chances of success.

Feasibility Study: A preliminary exploration of a proposed project

A feasibility study assesses the objective and logical analysis of a new business or endeavor to identify its strengths and weaknesses, potential opportunities and risks, resources needed to execute it, and chances of success in the long run. It assists you in determining whether to proceed with the suggested project concept.

Download our fascinating Feasibility Analysis PPT Templates to build your organization’s assessment guidelines. Click here to learn more.

This blog offers templates and samples you need to make an informed choice about the business opportunity by creating a market-driven, cost-effective feasibility study. Use Top 5 Feasibility Study Templates from SlideTeam to examine the aspects of a proposed project. These templates will help you and other stakeholders understand the planned project. The 100% customizable nature of the templates provides you with the flexibility to edit your presentations. The content-ready slides give you the much-needed structure.

Use SlideTeam’s best-in-class PowerPoint Templates to evaluate a new business endeavor ’s viability from all angles.

These presentation templates are the greatest assessment tools when contemplating starting a new project.

Template 1: Feasibility Study Templates across Varied Projects

A feasibility analysis evaluates the likelihood of a project’s success. Use this PPT Template as a valuable and practical project assessment tool to assist your company in researching and assessing risks connected with a project or operation. This comprehensive deck includes feasibility studies for healthcare, restaurant, construction, e-commerce, software, and bank businesses. Executive summary, project overview, project program costs, project overview, financial study, technical analysis, conclusion, and recommendation are all included. This presentation template offers a thorough analysis, insight into current business practices and issues, and information on how solutions may impact a particular business setting. Get it now!

Download this template

Template 2: Proposal for Retail Store Opening Feasibility Study PPT

Use this PPT Template to present a retail proposal’s economic feasibility assessment. This feasibility analysis comprises market and competitive assessments, location and site analyses, and political, legal, and financial components. This is essential for determining a project’s feasibility and final go/no-go decision. Use this presentation to create a well-defined retail business strategy that will help you succeed. Download now!

Template 3: Financial and Economic Feasibility Study Framework

Use this PPT Template to outline the feasibility analysis framework for conducting financial and economic assessments. This template is valuable for completing a project analysis and creating a solid proposal. It includes details on the work scope, project initiation, environmental analysis, technical analysis, financial planning, etc. This presentation slide demonstrates the relationship between your product’s distinctiveness and customer expectations. Save it now!

Template 4: Construction Project Cost Financial Feasibility Study

Use this PPT Template to demonstrate the economic feasibility of a construction project. This component of a business feasibility study assists project owners/proposed investors in determining the project's likelihood of success. It covers cost-benefit analysis and construction cost analysis to estimate project value, project return, and project sustainability. Using this download, you can evaluate your Return On Investment (ROI) and the venture's success. Download now!

Template 5: Project Current Status with Feasibility Study

A business feasibility study assesses the proposal’s viability. Use this PPT Template to review the current state of your project. This project analysis contains metrics such as site selection, site screen, feasibility study, baseline surveys, appraisal drill, and or seismic studies. Use this presentation template to assess the project’s viability for possible investors and financial institutions. Get it now!

Template 6: Project Management Plan Process with Feasibility Study

Use this PPT Template to demonstrate a thorough review of critical variables for a capital campaign. This feasibility analysis contains tasks such as pre-campaign preparation, campaign planning, feasibility study, campaign launch, and campaign follow-up. This is an essential tool for project managers to grasp project characteristics, business goals, and risk concerns. With this download, you can use feasibility tools to break down assignments into digestible chunks with attainable timeframes. Get it now!

Analyze viability of an idea

A feasibility study describes and analyses options or approaches for achieving commercial success. Use SlideTeam’s PPT Templates to increase the likelihood of success by identifying and minimizing project-related concerns early on.

PS A well-crafted Project Tasks List is at the heart of any successful project. Click here to download the best roadmap for your team, stakeholders, and yourself.

FAQs ON FEASIBILITY STUDY

What are the four types of feasibility studies in project management.

A technical feasibility study examines the technical resources available for your project.
Financial feasibility describes if your proposal is financially viable. A financial feasibility report includes a cost/benefit analysis of the project.
Market feasibility is assessing within your team on how it anticipates the project’s deliverables to perform in the market.
An operational feasibility assessment determines whether your organization can complete this project.

What are the five major components of a feasibility study?

Economic Feasibility
Market Feasibility
Technical Feasibility
Financial Feasibility
Management Feasibility

SlideTeam has specialized products to study and establish each of these types of feasibility.

Who conducts feasibility studies?

An independent competent expert with recognized experience in the operation type under consideration should conduct a feasibility study. The analyst must be a firm with a proprietary interest in the project, a vendor, or any other person with an interest or vested interest in the study’s outcome.

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What is a Feasibility Plan?

Feasibility plan.

A feasibility plan is a professional analysis of a business or idea. A business plan writer can help you develop your feasibility plan so it can provide a well-defined outline and evaluation of your core concept. This can be in turn presented to investors to emphasize the potential for sales and profit.

Feasibility Study

How to Conduct a Feasibility Study

The findings of a feasibility plan are often one of the final deciding factors as to whether or not a concept is financially worth developing. For this reason, it is vital to prepare yours properly and a business plan consultant can help!

Your personal business plan consultant will help you construct a compelling feasibility plan that includes a mission statement , your step-by-step plan to ensure success, and a comprehensive summary.

Your feasibility plan should include a clear analysis of costs, pricing, probable expenses, and the potential profit margin, as well as a basic market analysis that covers market size and share as well as competing products or services in detail.

Pro Tip: Here is how to calculate your potential market size using TAM, TOM, SOM

As feasibility plans are designed for immediate implementation upon approval. Your business plan writer can help ensure that everything is in order and that your proposal will be viewed favorably by the powers that be Whether your business includes only yourself or you have others who will be affected by success or failure, the responsible thing to do is to rely on professionals for the best outcome.

Your business plan writer is trained to analyze and prepare business plans on a quick turnaround schedule so you will be ready when called upon to present your reasons why a bank or group of investors should risk their money on you.

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10 Feasibility study and business plan differences you should know

by Naiyer Jawaid | Nov 8, 2021 | Development , Real Estate | 5 comments

Feasibility study and business plan differences are subtle. In this post we will discuss 10 differences will help you to evaluate and differentiate between a feasibility study and a business plan.

Do you know what is a feasibility report? Do you know what is a business plan? Can you easily differentiate between a feasibility report and a business plan?

It’s easy! Just read out through the article and it will all be easy.

Let’s start by learning about a feasibility report:

A feasibility study is a formal document that assist in the identification and investigation of a proposed project. We can identify the project's weaknesses and strengths with the support of a feasibility study report, which saves us time and energy. We can determine whether the suggested idea will be lucrative and practicable in the future.

Before investing in a project, it is critical to determine if the project will be beneficial in the long run. The organization also needs to know how much the project will cost. Overall, a feasibility analysis indicates whether the firm should invest or continue with the project.

You should also like to read When to do feasibility study?

Now let us learn about business plan:

A business plan is a formal document that contains the goals/ objective of the business, the time in which the goal will be completed and the strategies that can be adopted to reach the specific goal.

A business plan is a necessary document for every new firm to have in place before it can begin operations. Writing a credible business plan is typically a requirement for banks and venture capital companies before contemplating granting funding to new enterprises.

It is not a smart idea to operate without a business strategy. In fact, very few businesses can survive for long without one. There are many more advantages to developing and keeping to a strong business plan, such as the ability to think through ideas without investing too much money and, eventually, losing money. Business plans are used by start-ups to get off the ground and attract outside investors.

A feasibility study is used to assess if a business or a concept is viable. After the business opportunity has been identified, the business strategy is produced. “A feasibility study is carried out with the goal of determining the workability and profitability of a company venture. A feasibility study is conducted before any money is committed in a new business endeavour to see whether it is worth the time, effort, and resources.

Similarities between a Feasibility study and a business plan

It's essential to analyse the similarities between a feasibility study and a business plan because they're both implemented altogether in same ways to help you build a lucrative company. The following are some of the similarities between the two documents:

Time: Both the reports are completed before the business begins and can be repeated afterwards to decide the next stages for new concepts.

Input: Both Feasibility report and the Business plan include input from a variety of people or departments with a variety of talents.

Format: Both report formats incorporate other documents that are gathered in order to create the report.

Components: Examining the target market, market circumstances, and financial expenses are some of the topics examined.

Use: Both may be displayed to potential investors and can assist the organization's management in making choices.

Organizations uses a business plan and a feasibility study as analytical and decision-making tools.

Although the three tools can be used in conjunction with one another in decision-making processes, they each have their own strengths and weaknesses, and they appear to target and address separate processes.

You might also like to read How to write a feasibility study report?

Now let us evaluate the difference between feasibility report and a business report-

A feasibility study is conducted to determine the viability and profitability of a business endeavour. A feasibility study is conducted before any money is committed in a new business endeavour to see whether it is worth the time, effort, and resources.

A business plan, on the other hand, is created only when it has been determined that a business opportunity exists and that the endeavour is about to begin.

A feasibility report is the first step and after that a business plan is made to be implemented, without feasibility report a business plan cannot be made.
A feasibility study contains computations, research, and projected financial forecasts for a company possibility. A business plan, on the other hand, is mostly comprised of tactics and strategies to be applied to establish and expand the company.
A feasibility study is concerned with the viability of a business concept, but a business plan is concerned with the development and sustainability of a company.
A feasibility report informs the entrepreneur about the profit potential of a company concept or opportunity, whereas a business plan assists the entrepreneur in raising the necessary start-up cash from investors.
Key components of a feasibility study and a business plan
A business plan does not include the description of the sales methods used, such as distribution agreements, strategic alliances, and the amount of involvement with partners, as well as the payment terms, warranties, and other customer support.

But a feasibility report includes all the sales methods, strategies, alliances to payment and customer support.

Feasibility report contains:
Assists in cost estimation, describe the production site, required inputs, and sourcing region.
Physical description of the factory, including machine, capacity, warehouse, and supply chain, is necessary.
Indicate if the area used for production is rented or owned. This will have an impact on the financial forecast.
Information regarding the manufacturer's capacity, order details, price, and so on, if manufacturing is outsourced. To aid in cost estimation, describe the production site, needed inputs, and sourcing location.
A physical description of the factory, including machine, capacity, warehouse, and supply chain, is necessary.

But a business plan does not contain anything related to production and operations, but a business plan contains all the information related to management.

A poorly written business plan – poor projections, strategies, analysis, business model, and environmental factors, among other things – can be easily adjusted during business operations, but this cannot be said of a feasibility study because an incorrect conclusion in a feasibility study can be costly — it could mean launching a venture with little chance of survival or approving a proposal that wastes the company's human and financial resources.
A business plan presume that a company will prosper and lays out the procedures needed to get there. Those in charge of conducting a feasibility study should not have any predetermined notions regarding the likelihood of success. They must maintain as much objectivity as possible. They do research and allow the facts to lead to the study's conclusion. If the study concludes that the idea is viable, some of the findings, such as market size predictions, may be incorporated in the company's business plan.

You should also read What is land development feasibility study?

These 10 differences will help you to evaluate and differentiate between a feasibility study and a business plan.

Feasibility study may appear to be like the business plan in many respects. "A feasibility study may easily be transformed to a business plan” but it is crucial to remember that the feasibility study is completed prior to the endeavor. The business plan should be thought of in terms of growth and sustainability, whereas the feasibility study should be thought of in terms of concept viability.

This is all you need to know and understand about feasibility study and business plan.

Get ready to apply your knowledge in the real words with lots of success.

You might also like to explore below external contents on feasibility study :

What Is a Feasibility Study? – Types & Benefits
Best 8 Property Management Software
FEASIBILITY STUDIES & BUSINESS PLANS

Hope you enjoyed this post on feasibility study , let me know what you think in the comment section below.

Are you someone involved with real estate feasibility?

We are excited to launch the next generation of real estate feasibility software to help you manage your development projects with ease.

This is a very good piece of writing. When you have a concept for a company but want to be sure it’s a good idea, you do a feasibility study.

It was very helpful. Thank you so much!

Appropriately timed! A company’s future operations are laid out in great detail in the company’s business plan. Once you’ve done your feasibility study, you’ll know whether or not the proposal has merit. The next step is to lay out your goals, whether financial and otherwise, as well as the strategies you want to use to attain them and the organisational structure you envision.

Prior to the company opening, both are undertaken, and may be repeated again in the future to identify the next steps on new ideas that may arise.

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24 Best Sample Business Plans & Examples to Help You Write Your Own

Published: August 17, 2023

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Reading sample business plans is essential when you’re writing your own. As you explore business plan examples from real companies and brands, you’ll learn how to write one that gets your business off on the right foot, convinces investors to provide funding, and confirms your venture is sustainable for the long term.

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But what does a business plan look like? And how do you write one that is viable and convincing? Let's review the ideal business plan formally, then take a look at business plan templates and samples you can use to inspire your own.

Business Plan Format

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. The same logic applies to business. If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. Referencing one will keep you on the path toward success. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, you might be wondering, "Where do I start? How should I format this?"

Typically, a business plan is a document that will detail how a company will achieve its goals.

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

Most business plans include the following sections:

1. Executive Summary

The executive summary is arguably the most important section of the entire business plan. Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

Most executive summaries include:

Mission statement
Company history and leadership
Competitive advantage overview
Financial projections
Company goals

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, including only the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

business plan sample: Executive Summary Example

And the executive summary below tells potential investors a short story that covers all the most important details this business plan will cover in a succinct and interesting way.

Business plans examples: Executive Summary

Image Source

Tips for Writing Your Executive Summary

Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
Be sure to highlight your value proposition, market opportunity, and growth potential.
Keep it concise and support ideas with data.
Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market. Where is the gap in the current industry, and how will your product fill that gap?

In this section, you might include:

The size of the market
Current or potential market share
Trends in the industry and consumer behavior
Where the gap is
What caused the gap
How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry. You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

This example uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Business plans examples: Market Opportunity

Tips for Writing Your Market Opportunity Section

Focus on demand and potential for growth.
Use market research, surveys, and industry trend data to support your market forecast and projections.
Add a review of regulation shifts, tech advances, and consumer behavior changes.
Refer to reliable sources.
Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Speaking of market share, you'll need to create a section that shares details on who the top competitors are. After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another. Performing a competitive analysis can help you uncover:

Industry trends that other brands may not be utilizing
Strengths in your competition that may be obstacles to handle
Weaknesses in your competition that may help you develop selling points
The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

The competitive landscape section of the business plan below shows a clear outline of who the top competitors are. It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. This can help build trust in your ability to execute your business plan.

Business plans examples: Competitive Landscape

Tips for Writing Your Competitive Landscape

Complete in-depth research, then emphasize your most important findings.
Compare your unique selling proposition (USP) to your direct and indirect competitors.
Show a clear and realistic plan for product and brand differentiation.
Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
Outline growth opportunities from a competitive perspective.
Add customer feedback and insights to support your competitive analysis.

4. Target Audience

This section will describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Ask yourself:

What demographics will most likely need/buy your product or service?
What are the psychographics of this audience? (Desires, triggering events, etc.)
Why are your offerings valuable to them?

It can be helpful to build a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

The example below uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Business plans examples: Target Audience

Tips for Writing Your Target Audience Section

Include details on the size and growth potential of your target audience.
Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
Describe your targeted customer acquisition strategy in detail.
Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
Add case studies, testimonials, and other data to support your target audience ideas.
Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. You might consider including information on:

The brand positioning vision and how you'll cultivate it
The goal targets you aim to achieve
The metrics you'll use to measure success
The channels and distribution tactics you'll use

It can help to already have a marketing plan built out to help you with this part of your business plan.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler. It offers a comprehensive picture of how it plans to use digital marketing to promote the community.

Business plans examples: Marketing Strategy

Tips for Writing Your Marketing Strategy

Include a section about how you believe your brand vision will appeal to customers.
Add the budget and resources you'll need to put your plan in place.
Outline strategies for specific marketing segments.
Connect strategies to earlier sections like target audience and competitive analysis.
Review how your marketing strategy will scale with the growth of your business.
Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll review the key features and benefits of your products and/or services. Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use . It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

The example below outlines products and services for this business, along with why these qualities will attract the audience.

Business plans examples: Key Features and Benefits

Tips for Writing Your Key Features and Benefits

Emphasize why and how your product or service offers value to customers.
Use metrics and testimonials to support the ideas in this section.
Talk about how your products and services have the potential to scale.
Think about including a product roadmap.
Focus on customer needs, and how the features and benefits you are sharing meet those needs.
Offer proof of concept for your ideas, like case studies or pilot program feedback.
Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. For this reason, you might outline:

The specific pricing breakdowns per product or service
Why your pricing is higher or lower than your competition's
(If higher) Why customers would be willing to pay more
(If lower) How you're able to offer your products or services at a lower cost
When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

This business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Business plans examples: Pricing and Revenue

Tips for Writing Your Pricing and Revenue Section

Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
If you are asking a premium price, share unique features or innovations that justify that price point.
Show how you plan to communicate pricing to customers.
Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
Share plans to develop new revenue streams in the future.
Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

This section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more. According to Forbes , you'll want to include three main things:

Profit/Loss Statement - This answers the question of whether your business is currently profitable.
Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details you'll want to include.

Financials Business Plan Example

This balance sheet example shows the level of detail you will need to include in the financials section of your business plan:

Tips for Writing Your Financials Section

Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
Include any data that supports your projections to assure investors of the credibility of your proposal.
Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
Triple-check all financial information in your plan for accuracy.
Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

Business Plan Types

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. So, we’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business. You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. Internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Sample Business Plan Templates

Now that you know what's included and how to format a business plan, let's review some templates.

1. HubSpot's One-Page Business Plan

Download a free, editable one-page business plan template..

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow. Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why We Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

Sample business plan: hubspot free editable pdf

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it. There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders. It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis. The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made. Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly. It’s especially useful if you don’t have an accountant on the team. (We always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

We absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service. You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of our favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business. Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you. It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things we love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, we especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

sample business plan: Small Business Administration

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan. Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

Top Business Plan Examples

Here are some completed business plan samples to get an idea of how to customize a plan for your business. We’ve chosen different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue. We included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives. This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best. For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement should not only resonate with consumers but should also serve as a core value compass for employees as well.

Outdoor clothing retailer, Patagonia, has one of the most compelling mission statements we’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

business plan example: Vesta executive summary

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University . While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

5. NALB Creative Center

business plan examples: nalb creative center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more. Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

6. Curriculum Companion Suites (CSS)

business plan examples: curriculum companion suites

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission. The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s also essential to front-load your company’s mission if it explains your "Why?" In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. You can also use this template as a guide while you're gathering important details. After looking at this sample, you'll have a better understanding of the data and research you need to do for your own business plan.

8. Plum Sample Business Plan

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How to Write a Feasibility Study Report For Small Business

Feasibility study sample for small business.

Do you know how to write a feasibility study for a small business?

Businesses are established to meet demands without which they would not exist. The success of any business depends on the strength of its feasibility studies, hence our focus; how to write a feasibility report format.

But what is a feasibility report? It is simply a document carefully prepared that examines the viability of a business venture.

This document is prepared through the assessment of opportunities or problems faced by a business to chart a course of action that will fully take advantage of opportunities, and also solve any problems .

Feasibility report writing is carried out by experts in the field following a guiding principle that can be replicated across any field of business endeavor.

The process takes into account all the challenges faced by the business and draws several lines of possible actions intended at solving these problems.

GUIDE: COMPARING BUSINESS PLAN, FEASIBILITY STUDY AND BUSINESS PROPOSAL

Therefore, having an excellent knowledge of how to write a feasibility analysis is necessary.

INTRODUCTION

Proper planning and assessment is a must for any business to succeed. In this post, I will be sharing with you a simple format on how to write a good feasibility report with a sample showing the major headings to be discussed when developing your feasibility report format for a new business.

No matter the level of your experience in that investment opportunity, a feasibility report should be prepare when starting a new business or aiming to expand an existing one.

The format of a feasibility report is prepared by the prospective business owner, although the service of writing a business plan can also be contracted to consultancy firms who would charge a fee for providing such service.

The core reason for learning how to make a feasibility study for business is to determine whether the investment would be viable or not so it is based on the outcome of the business plan that the investor will decide to accept or reject the project.

The entrepreneur will assess the capital requirement as will determine whether he has the financial capacity to launch such business and sustain it.

With this guide, you will understand how to prepare a financial project feasibility study template.

Purpose of A Feasibility Study

There are numerous advantages to developing a feasibility report. I will talk about a few reasons why you should learn how to make a feasibility study for a business.

A well-prepared sample project feasibility report will:

– assist in securing financial assistance such as loans from banks. – aid decision making in the investment – help investors make expansion and plan easily – provide a platform for performance assessment in business

How to Prepare a Feasibility Report Example for Small Business

Here is how to write a feasibility study report write steps with suitable examples:

The Executive Summary

In writing a business feasibility report , the executive summary should come first. This should contain basic information that should include a summary of the information relating to the business that is to be considered.

In other words, it should capture the problems as well as opportunities under review. Also, any information needing the approval or disapproval of experts should be included. This is in addition to any problems or challenges that require additional analysis.

The Statement of the Problem (Opportunity)

This is after the problem must have been identified. This should be followed by carefully stating the problem.

However, the focus is not only on the problem as available opportunities are earlier identified should be included in the statement of the problem. This is a great way of writing a feasibility report with little or no difficulty.

This allows for a detailed analysis of these problems and opportunities to take advantage of the available opportunities while proffering solutions to the raised problems.

The Requirements of the Business

Here, insights from previous knowledge and research are drawn upon to give perspective to the problems and opportunities raised.

Also, policies and laws inhibiting the growth of the business are taken into account. To produce a good feasibility report, every possible detail should be included for analysis.

Every requirement of the business, both present and absent are carefully analyzed to develop an all-encompassing growth strategy that will guide the business to profitability and sustainable growth.

To achieve the best results, using a detailed approach that streamlines the entire process is important.

Work is reduced considerably, as experts can carefully examine the problems and opportunities presented by the business while developing the best response to them.

Analyzing Available Options

When writing a feasibility report, this part is very crucial and should be taken with all the seriousness it requires.

Every information gathered from the previous sections is fully analyzed here through a session of brainstorming to come up with improved products and services that will meet clients’ expectations and needs.

Also, It eliminates every unwanted structure found within the business that works against the progress of the business.

When writing a feasibility report, close attention is paid to this section. All the options are brought forward including the very good to the not-too-good. These are selected according to the impacts (helpful) on the business. The unwanted ones are discarded.

Marketing Plans

A good feasibility report includes a marketing plan. Under the marketing plan, all the strategies used should undergo scrutiny which is aimed at ensuring that those strategies with the least impact are fine-tuned or improved upon while those not making any meaningful impact are discarded.

Thus, all the marketing strategies being used should be included in the marketing plan.

Recommendation of Findings

After making carrying out a detailed analysis of the entire framework of the business, the entire process of the feasibility report boils down to proffering solutions to problems raised.

When writing this section, it is recommended that the solutions to the problems raised should be such that the needs of the clients are taken into consideration, while using cost-effective measures that do not reduce the profit margin of the business.

Writing a Conclusion

After the entire process of writing a feasibility report for a restaurant or any other business, a recommendation (which should contain the aim of the entire process) should be given providing the best way the problems faced by the business should be tackled. In the same vein, there should be a detailed process that explains how to take advantage of the opportunities presented by the business venture.

The conclusion should contain a summary of the entire feasibility report, as anyone reading this section should be able to have a general idea of what the report is all about.

EXAMPLES OF FEASIBILITY STUDY TEMPLATES FOR SMALL BUSINESSES

To learn how to write a formal feasibility study on the proposed business, here are the key items to consider: The nature of the investment, Management and organization, team, Economic and financial planning, and analysis, small business marketing plans and strategies.

COFFEE SHOP
TRAVEL AGENCY
MANUFACTURING BUSINESS

In conclusion, when writing a good feasibility report, you should do well to cover these nine core areas:

1. Introduction 2. Business Description of the business 3. Market Evaluation 4. Management And Production Team 5. Technical Requirements And Production Plan 6. Marketing Plans And Strategies 7. Evaluation of Risk And Challenges Evaluation 8. Financial Analysis And Economic Plans 9. Overall Assessment And Conclusion

This article has sought to guide how to write a feasibility report. Following the procedure provided here will certainly result in a well written out feasibility report.

A good feasibility report has the capacity of turning around the fortunes of business and redirecting it towards the path of profitability and growth.

See questions from Bridgewater's 'Principles' test, which probed employees on arrogance and whether their colleagues would steal

Ray Dalio's Bridgewater is notorious for its strict adherence to what it calls The Principles.
New hires got a 90-page printout of The Principles, and staff were tested on it, a new book says.
Take a look at some questions from the exam, published in "The Fund," out Tuesday.

How many of your coworkers would steal if no one was looking? Would you?

Hedge fund Bridgewater asked employees questions like these, and many more, in an hourslong exam testing their knowledge of the firm's famous Principles, according to a new book out Tuesday from New York Times finance reporter Rob Copeland, called "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend."

Bridgewater handed new hires a 90-page printout of The Principles, a slew of ever-changing rules to live by from billionaire founder Ray Dalio , and the firm required that the staff watch daily videos of Dalio's various teachings, called Management Principles Trainings, and take accompanying quizzes, the book said.

Dalio even had a team put together a five-section, closed-book Principles Test that was mandatory for all employees, Copeland wrote. "The Fund" published a handful of questions from the exam.

One of them was "Which of the following definitions of arrogant is what we mean when we use it at Bridgewater?" The right answer: "A person who has an unjustified and exaggerated confidence that his/her opinion is correct."

In a yes-or-no part of the exam, one question posed, "Should we have truth at all costs so that if a person lies they should always be fired?"

One string of questions asked:

"About what percentage of the Bridgewater population would steal if they could get away with it?

Are you one of them?

Did you answer the last question honestly?

Looking around you, what percent of the people you have contact with do you think will need to be sorted for Bridgewater to remain excellent?

Do you think that maybe you should be one of those people?"

Employee performance on the exam was based on how well their answers matched with Dalio's own, as well as the Principles .

Dalio founded Bridgewater in 1975 and stepped down as CEO in 2017 and as chairman at the end of 2021. He remains a member of the operating board and a senior investor and mentors the CIOs and Investment Committee. In 2017, Dalio published his own book chronicling the lessons he learned throughout his career, called "Principles: Life and Work."

Bridgewater did not comment directly on Copeland's account of how "The Principles" were implemented at the company, however Dalio posted a general response to the book on LinkedIn . He dismissed "The Fund" as "another one of those sensational and inaccurate tabloid books written to sell books to people who like gossip."

Watch: Ray Dalio shares what he's learned from his succession plan at the world's largest hedge fund

Feasibility Plan Examples

Feasibility plan example.

Description of the Project H-T Consulting was engaged by the Board of El Paso Representatives to provide a feasibility business plan of market conditions with the proposed building of Hilton Hotel in El Paso City Center. The plan is based on knowledge and marketing research information presented concerning the El Paso infrastructure. As in all our feasibility studies, results are developed by our competent and efficient management team. These studies are also built on estimations of current economic situations in…

End Your Struggles by Using a Feasibility Plan Example

The study of feasibility, an evaluation of profitability, is the path that any businessman should pass before starting his or her business. The reason is because the business owner can not afford to make the slightest mistake; it can cost him or her not only a nervous breakdown, but also loss of business, and, consequently, a complete collapse.

To begin with, clearly decide what kind of business you want to do. If you are going to manufacture products of a specific nature, you need to study the market, analyze the needs of customers and your capabilities, consider all the alleged risks in this area, etc. To achieve good sales figures, you need to place your goods in the right market. To do this, it is not enough to simply talk with your friend, even if he or she is a successful person. It is necessary to study the market in detail, and interviews of thousands of people who have already passed this stage – this experience is always useful.

What to Look for in a Feasibility Plan

After the analysis conducted on each of the markets separately, you need to consider the price policy that you will develop as a strategist and the founder of a particular business. The prices should be set taking into account certain features of the market, and should be within reasonable limits, so that none of your potential customers find it difficult to purchase. The price of the goods should be what people would happily pay. As well as other sectors in the study, pricing must enter into the feasibility plan example of the project as well.

Analytics and feasibility studies are aimed at a real assessment of both the project itself and the business plan for implementing this project. This is a survey, an analysis, an assessment of the market regarding consumer preferences and tastes, an assessment of purchasing power, an assessment of the degree of competition in this segment of the market, and an assessment of the risks that a businessman may encounter, and of which he or she does not learn without studying their root causes.

How to analyze and study the feasibility of a project? To do this, you can look through a feasibility plan sample or hire professionals who are proficient in this field, and who will be able to perform this work in time for a modest fee. The method of work of these companies is that they study all the routine literature on a specific market segment, and for this they attend a variety of seminars, trainings, and conferences, and also look for materials on the network. And thanks to the enormous potential of knowledge, they practically do not have problems while doing the analysis and study.

But if the business that you want to start is already determined a niche of the region’s economy, then you should contact a trade union or an association. They will help you in the search for literature and help with advice, so let’s call them “veterans” of this business. If there are none, you will have to hire specialists who have studied all the factors and indicators objectively, who will give you subjective decisions and ideas on business tactics.

The importance of learning and analytics is to determine the potential of the market. The analysis will give you a clear understanding of whether your product is now on the market, and if so, how acute the issue of its necessity is, at what prices will consumers be able to buy it, and how often they will be able to buy at a particular price. All this you have to study with the help of pre-analysis programs. Also, this all will help you with pricing, in the manner of quite a delicate character. But clearly and competently conducted analytics and a good feasibility plan template is the key to your success and prosperity.

Requirements for Feasibility Analysis Phase

The feasibility analysis phase ends when the requirements are approved, usually in 1 to 10 weeks after the end of the research phase. Often during this period a decision is made to stop further development.
With the beginning of the feasibility phase, planners and planning administrators in the planning team are required to assist those who perform this analysis by responding to all emerging issues related to previous plans or other functions.
The result of the analysis is a report sent directly to the planning group and a method of giving clear recommendations. If the results of the feasibility study show that the product can be created, this report takes the form of a development plan (best if it is a requirement agreement), which guarantees thorough project forecasting and avoids duplication of efforts after the plan is approved.
During the feasibility study phase, the development team formulates and documents the requirements and objectives of the product. During this period, the test group has the first opportunity to influence the quality of the product, presenting its materials for the development of an agreement on requirements. In the search for a compromise of solutions accompanying the development, revision, and approval of this document, the required levels of testing are determined and recorded, and certain provisions concerning product properties are formulated. The test function thus plays the role of the most active driving force, which encourages developers to agree, including quantitative characteristics of requirements and objectives, so that later there would be a basis for testing. The requirements agreement is also a development plan. Therefore, it contains not only a description of what needs to be done, but also a lot of information about the ways of implementing the project so that its participants can be convinced of the validity of the plans.
Throughout the feasibility study phase, the test group studies the draft requirement agreement and, based on this analysis and other input materials, formulates the objectives of the next planned project stages. The following steps are considered to be important steps: transfer of the test plan and test specifications for analysis; approval of these documents; transfer of the acceptance program to the development team; establishment of initial test dates.
The second important event in the feasibility study phase is the allocation of resources for conducting project feasibility studies. Here, the principle of incremental financing is particularly valuable, on the basis of which similar feasibility studies of a variety of products can be subsidized, and only the most promising of them should continue to be financed after the completion of the feasibility phase. Regardless of the way in which investments are made (by direct subsidies or only by financial support from the interested units), the planning administrator tries to obtain the budget allocation in the official way. At this stage, it is important to have a formal task to conduct feasibility studies. A very large number of projects fail to meet the deadlines because too little effort is spent on determining the amount of work required and agreeing on product creation plans.
The construction phase usually begins as early as the feasibility analysis phase, as soon as some preliminary goals appear on the paper. Construction is carried out until the end of the feasibility phase, when it is required to confirm the feasibility of implementing the objectives and briefly formulate them in the form of requirements.
The last task performed by the planning group in the feasibility phase is to review and approve the agreement on requirements for the product or service. This is the most important point in planning, as it establishes the direction of development and initiates a chain of events that are not controlled by the planning team as long as the established requirement agreements are complied with. In addition to all other functions, the planning team also deals with the alignment of the lower-level plans with the production plans of the population and the product series, because no other functional group except the planning group is interested in such coordination.
After approval of the budget, resources are allocated, which gives rise to the feasibility study phase. At some point in time after the resources are distributed (at the beginning of the feasibility phase), but before the approval of the requirements agreement (the end of the feasibility phase), the new product is considered, taking into account future conditions for its use. There are two means for this: the configurator and the release plan. A configurator is a plan for creating high-level interfaces, defining connections, and facilitating the interaction of functional groups that jointly develop some product.

Our service offers you the chance to look at a feasibility study business plan example. The focus is on helping you develop your own plan. With the right sample, you can save your time greatly, as you will have a clear idea of what to write in your paper. There are different samples of business papers that you can use for your own purposes. A template is a plan for creating high-level business papers, so feel free to use it! As well as our guide on how to make a feasibility study for a business .

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How to conduct a feasibility study: Template and examples
Assess financial viability Evaluate potential risks Decide, prepare, and share Feasibility study example Feasibility study template Overcoming stakeholder management challenges What is a feasibility study? A feasibility study is a systematic analysis and evaluation of a product opportunity's potential to succeed.
How To Write Feasibility Studies (With Tips and Examples)
Updated March 10, 2023 Whether you're starting your own company or implementing a new business project, there are a few strategies you can use to ensure success. One of the most effective strategies is to conduct a feasibility study.
PDF Feasibility Plan Framework
Framework Frank Moyes and Stephen Lawrence Deming Center for Entrepreneurship Leeds School of Business University of Colorado Boulder Feasibility Plan Framework Introduction A feasibility plan asks two questions of a potential venture Will anyone buy the product or service? Can it make a profit?
Using Feasibility Studies in Project Management [2023] • Asana
Try Asana for project management When should you conduct a feasibility study A feasibility study should be conducted after the project has been pitched but before any work has actually started. The study is part of the project planning process. In fact, it's often done in conjunction with a Feasibility studies help:
11.3 Conducting a Feasibility Analysis
The business plan then provides a framework that sets out a map for following through and executing on the entrepreneurial vision. Organizational Feasibility Analysis Organizational feasibility aims to assess the prowess of management and sufficiency of resources to bring a product or idea to market Figure 11.12 .
48 Feasibility Study Examples & Templates (100% Free)
Project management / Feasibility Study Examples 48 Feasibility Study Examples & Templates (100% Free) If you try to read a feasibility study example, you'll realize that it's a document which analyzes the relevant factors of a specific project including the scheduling, legal, economic, and technical considerations.
How to Write a Good Feasibility Report (Format & Template)
A typical feasibility report format is as below: The nature of the business, Management, Teams, Financial and Economic Analysis, and Marketing plan. In other words, the major areas covered by the feasibility study can be divided into nine major areas namely: Introduction. Description of the business.
Examples of Business Feasibility Reports
Examples of Business Feasibility Reports Small Business | Business Planning & Strategy | Business Strategy Examples By Jim Woodruff Updated February 27, 2019 Almost all business decisions...
The Basics of Writing a Business Plan
1. Your basic business concept. This is where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success. To use the ...
Feasibility Reports & Business Plans
Sample academic feasibility reports can be found by searching Google Scholar using the keywords business feasibility report or business feasibility study. For example: The UBC public bicycle system feasibility study (Adam Cooper, UBC School of Community and Regional Planning); Feasibility study for renovating an old barn into a tasting room for K-Dot winery (Kendall Ott, California Polytechnic ...
12 Feasibility Study Examples
Feasibility study examples include evaluating new business opportunities to see how much return the business may generate. A feasibility study analyzes a proposed project or idea to determine if it is viable, practical, and economically feasible. It involves examining the project's technical, operational, financial, and legal aspects.
Top 5 Feasibility Report Templates with Samples and Examples [Free PDF
Top 5 Feasibility Report Templates with Samples and Examples [Free PDF Attached] Madhusheel Arora October 13 2022 0 Comment Customer Reviews (0) leave your comment "The fantasy of today is a well-run business half-a-century later," this truism reflects the fundamental nature of human progress.
A PRACTICAL GUIDE TO WRITING A FEASIBILITY STUDY
Given the significance of a feasibility study in decision making and implementation of the project, many people especially potential investors, financiers or even management lack the practical...
What Is a Feasibility Study for Small Business?
A feasibility study for small business is an in-depth research and financial analysis that recommends if one should pursue a business idea or product. The study contains estimates of items such as income, costs, obstacles, and technical challenges. Typically, a feasibility study for a small business costs a minimum of $5,000.
11.4 The Business Plan
The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs. ... The next section will provide sample components of a full business plan for a fictional business. Executive Summary.
Business Feasibility Report
1. Manufacturing Business Feasibility Report cmich.edu Details File Format PDF Size: 311 KB Download 2. Global Business Feasibility Report ilo.org Details File Format PDF Size: 616 KB Download 3. Business Assessment Feasibility Report publications.iwmi.org
7 Business Plan Examples to Inspire Your Own (2024)
That's why we took some real-world and sample business plan examples of product-based ecommerce businesses to show how you can write your business plan. 7 business plan examples: section by section ... Feasibility. Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan ...
How to Create a Feasibility Business Plan
Indicate their strengths and weaknesses and critical risks factors to your venture. Show financial projections for at least 3 years. Estimate your rate of return. Conclude with supporting statements why this idea or product is feasible. Credit the resources used to support your feasibility business plan. Tip.
PDF Project Feasibility Study Standard Format
1. Provide Mission and Vision Statement for the business proposal 2. Provide general and/or specific objectives of the business proposal 3. Discuss the organization and administration of the proposal 4. Discuss the project location 5. Discuss and illustrate the time duration of the proposal 6. Enumerate and describe major business activities ...
Top 5 Feasibility Study Templates with Samples and Examples
Template 1: Feasibility Study Templates across Varied Projects A feasibility analysis evaluates the likelihood of a project's success. Use this PPT Template as a valuable and practical project assessment tool to assist your company in researching and assessing risks connected with a project or operation.
What is a Feasibility Plan?
Your feasibility plan should include a clear analysis of costs, pricing, probable expenses, and the potential profit margin, as well as a basic market analysis that covers market size and share as well as competing products or services in detail. Pro Tip: Here is how to calculate your potential market size using TAM, TOM, SOM
Feasibility Study Examples (Top 3 Business Examples)
Feasibility Study is the study conducted by the company that wants to add one product line in its business with the objective of understand whether it should go for the product or not by analyzing the different scenarios including revneue, cost, competition etc.
10 Feasibility study and business plan differences you should know
by Naiyer Jawaid | Nov 8, 2021 | Development, Real Estate | 5 comments Feasibility study and business plan differences are subtle. In this post we will discuss 10 differences will help you to evaluate and differentiate between a feasibility study and a business plan. Do you know what is a feasibility report? Do you know what is a business plan?
24 Best Sample Business Plans & Examples to Help You Write Your Own
8. Panda Doc's Free Business Plan Template. PandaDoc's free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.
How to Write a Feasibility Study Report For Small Business
INTRODUCTION Proper planning and assessment is a must for any business to succeed. In this post, I will be sharing with you a simple format on how to write a good feasibility report with a sample showing the major headings to be discussed when developing your feasibility report format for a new business.
How to Write a Feasibility Business Plan
Describe the product/service and its benefits. Write why your product or service is the best choice on the market. Point out target market feasibility, demand and supply analysis, and location. Quantitative and qualitative requirements to material resources and labor funds are determined.
See Sample Questions From Bridgewater's Test on Ray ...
See questions from Bridgewater's 'Principles' test, which probed employees on arrogance and whether their colleagues would steal. Ray Dalio's hedge fund, Bridgewater, is famously strict when it ...
Feasibility Plan Examples that Will End Your Writing Struggles
March 1st, 2017 Description of the Project H-T Consulting was engaged by the Board of El Paso Representatives to provide a feasibility business plan of market conditions with the proposed building of Hilton Hotel in El Paso City Center.