A business is an asset that does not happen over night. It happens through a person’s hard work, proper planning, and vision. During the early stages, you will need to make sure that your plans do not have loopholes. You need to see to it that your business is actually sustainable—that you can actually make it happen. This is why you will need to conduct a feasibility study.
A feasibility study is a comprehensive document that will detail the practicality and sustainability of your business. Eventually, this will serve as your roadmap. This will be the basis of your business’s future plans, a reference that will help you keep track of your progress. It is almost a business plan.
The study, which does not necessarily have to be long, should answer your whats, whys, and hows. For instance, you may want to ask “How to start your own painting business?” as your guide question. Below are some of the things you will need to keep in mind if you want to conduct a comprehensive feasibility study.
Detail what the business is all about
Whether you have a partner or investor who will read the study, it is always better to start the document with a summary. The summary should touch on the basics of the business—from what it is all about to your future plans for it. It should be short; a one-pager will do. Now, writing a summary may feel challenging, especially if you want to discuss other things. But keep that urge; you may preempt the succeeding chapters. For easy reading, you may use bullets and enumeration.
Discuss the products
In the succeeding pages, you may choose to discuss your products. You should detail their strengths and unique characteristics that will draw in audiences. Other than the products, you may want to discuss how they are made and their future. If it comes in a wide range, you should also detail the counterparts and other versions. You may want to tell how you are going to expand the product line eventually.
Discuss the operations
In connection to the product design, you will need to talk about how the operations will go. Will there be an assembly line? What are the types of equipment you are going to use? Are they locally made or will they be imported? This is often the most complicated part of the document, as the technicalities of the business are expected to be discussed. You may also talk about the type of professionals that you will work with.
Reveal where the business will be
This is the part where you will discuss the location of your business. There are normally two sides to it. You may reveal the location of your store. Furthermore, you will also need to talk about the location of your site where products are designed and manufactured. You may even be compelled to divulge the reasons you chose these locations.
These are just some of the essentials you need to keep in mind if you want to see to it that your business will be practical. You ought to work with your partners to make sure that you have covered all bases.