Conducting a Feasibility Study for New Business with Venture Care

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Why You Need to Do Feasibility Study Of New
Business Or Product
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Feasibility Confirms Project Validity A
feasibility study categorically and independently
answers the question do I have a valid business
or product idea? Based on both primary and
secondary research, the outcome of a feasibility
study ultimately decides whether the idea
progresses further into the NPD process, is
killed or delayed pending further research. The
reason for completing a feasibility study before
the business plan commences is to ensure the
agreement is reached on the ideas validity
before further resources are committed to the
project. What are the essentials elements of a
thorough feasibility study? The following three
areas must be covered while studying the
feasibility of any product or business. Market
Market Size and Potential Detailed
Competitor Review Customer Research and
Needs Assessment Route(s) to
Market Technology Prototype Development
Legal Assessment (e.g. patents) Technical
Feasibility Product Roadmap Operations
Manufacturing Requirements Operational
Costs Sales Resources Support The
ultimate end goal a feasibility study is to
answer the following questions 1. Does an
opportunity exist to profitably bring your new
product to market? 2. What are the commercial,
technology and operations issues which need to
be addressed in the commercialization of your
idea? www.venture-care.com
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020-65 3636 33
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3. Is your product idea suitable to progress to
the next stage of the NPD process or is
additional research or development needed
first? Need another reason to complete a
feasibility study? Here are a few! Increase
the likelihood of success by identifying,
addressing and mitigating issues early in the NPD
process that could affect project realization
Timely and accurate information improves
decision making Provides a project focus
Narrows product idea alternatives to those
with the highest potential Identifies new,
previously unknown opportunities Provides
rationale to proceed /not to proceed
Provides written proof that the business idea was
fully investigated Aids in generating
funding from lending institutions and other
monetary sources Helps to attract equity
investment. At Venture Care, we have conducted
feasibility studies for clients across
various industries. Are you interested in our New
Product and Business Development
Services? Contact us if you would like to discuss
your requirements with a member of our specialist
team. CONTACT US www.venture-care.com
Ask_at_venture-care.com
020-65 3636 33
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www.venture-care.com
Ask_at_venture-care.com
020-65 3636 33
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