What is a feasibility study?

A feasibility study is an assessment of the practicality and potential success of a proposed business venture. It aims to evaluate various aspects of the business idea to determine whether it can be successfully developed and sustained. This comprehensive analysis includes considerations such as financial viability, market demand, operational requirements, and potential barriers to entry. By identifying potential challenges and areas of opportunity, a feasibility study helps entrepreneurs and stakeholders make informed decisions about pursuing the proposed business.

While customer preferences and market trends are important factors that can be evaluated in a feasibility study, they are only components of a much broader analysis. A feasibility study goes beyond just surveying preferences or examining trends; it consolidates financial metrics, operational capabilities, and risk assessments to provide a holistic view of the business venture's potential. This thorough evaluation is essential for ensuring that resources are invested in ideas that are not just popular but also viable in a competitive marketplace.