If you’re thinking about starting a business, it may be too early to develop a full business plan. It might make sense to carry out a Feasibility Analysis first to determine if the business venture has merit.
The analysis provides a high-level evaluation of your business concept. It determines if your idea for starting or expanding a business is viable and worth pursuing. If that’s the case, you can then start putting in the time and effort to develop a business plan. The insight from a feasibility study also helps you to figure out which aspects of your business venture need fine-tuning.
On the other hand, the analysis could show that your idea is not very promising and that you need to go back to the drawing board. It may even be advisable to abandon the idea altogether.
If the business venture has little chance of becoming successful, the feasibility analysis can save you the time, money, and aggravation of developing a business plan.
Elements of a Feasibility Analysis
Analyzing the viability of a business concept requires a comprehensive perspective. Click on the topics below to learn more.