One of the important parts of a business plan is a feasibility study because it determines if a business will be successful or not considering the environment, the market, operational requirements and financial analysis.
Create a page about your business to know if a feasibility study is even necessary. This information will serve as an outline for your feasibility study. Then, review the market background for your business as well as your probable customer according to age, gender, classification. Also, take note your major competitors direct and indirect and think how and why your customer will choose your business over your competitors. List the strengths and weaknesses of your competitors. You can write two good points and two bad points to determine why they are competition.
Next step is to create a list of materials and equipment to be used in your business to become operational. Determine the management requirements such as employee’s qualification and employment infrastructure for your business. Know the costs for equipment and other startup costs as well as the location preparation.
Be sure to present your feasibility study with charts, graphs and table to visualize and clarify information before submitting it to another party or authority. It should contain useful facts and figures to be used in decision making.