Business Feasibility Study
Ensure goals and objectives are specific,
measurable, achievable, realistic and timely. This will provide you with a plan
to follow and the ability to recognize the point you achieve success. It is not
necessary to set goals for every facet of your business, but it is
important to focus on key elements.
The first step of the Business Feasibility Study Outline is Detecting the Product or Service of your Business.
What to study in this field?
- Describe the Enterprise, product or service in simple language. Give product mix if the Enterprise will initially be focusing on more than one product.
- Describe how customers would use and buy the product or service. Give enough detail to help the reader judge the effectiveness of your marketing and positioning plans.
- Describe the key components or raw materials that will be used in the product, how the Enterprise will source these and how available they are.
- Describe plans to test the product to ensure it works as planned and is sufficiently durable, rugged, secure, etc. (e.g. consumer product test, beta test with major company, etc.).
- Describe plans to upgrade product or expand product line.
what to study in this field?
- Provide further technical information about the product or service.
- Describe additional or ongoing research and development needs.
- Keep the description in lay terms and/ or explain technical terms enough to be understood by business-savvy but not necessarily technology expert readers.
