A feasibility study report is a planning tool similar to a business plan. The feasibility study is done to flesh out the possibilities in an initial business idea. The business plan then fully describes the business and its financial projections. The key differences are:
- A feasibility study or report is carried out with the aim of finding out the viability and profitability of a business venture. Before anything is invested in a new business venture, a feasibility study is carried out to know if the business venture is worth the time, effort and resources.
- Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.
- A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations.
- On the other hand, a business plan is developed only after it has been established that a business opportunity exist and the venture is about to commence. A feasibility study is all about business idea viability “Will this work?”while a business plan deals with business growth plan and sustainability “How will this work?”. This simply means that a business plan is prepared after a feasibility study has been conducted.
- A feasibility report is filled with calculations, analysis and estimated projections of a business opportunity. While a business plan is made up of these and also tactics and strategies to be implemented in other to start and grow the business.
- A feasibility study reveals the profit potential of a business idea or opportunity to the entrepreneur, while a business plan co-ordinates the tactics strategy to achieve the profit potential and helps the entrepreneur raise the needed startup capital from investors. This means that you will need to include the business tactics and strategies to convert feasibility reports into business plans.
Our Business Plans and Feasibility Studies are well designed and cater to the most discerning audience. The business plan gives a holistic view of the different elements of the business i.e. strategy, business environment, opportunity analysis, competition analysis, business models, operations or process management, sales and marketing including branding, Human resources, ICT, actual and projected financial statements and models and many more.
Since inception,Highnet Resources has written many Business plans and feasibility studies for various sectors such as health, telecommunications, education, retail and distribution amongst others. Our list of clients include SMEs, large corporates, multilateral organizations, and international donor agencies.