Perhaps the most crucial problem you will face after expressing an interest in starting a new business or capitalizing on an apparent opportunity in your existing business will be determining the feasibility of your idea. Getting into the right business at the right time is simple advice, but advice that is extremely difficult to implement. The high failure rate of new businesses and products indicates that very few ideas result in successful business ventures, even when introduced by well established firms. Too many entrepreneurs strike out on a business venture so convinced of its merits that they fail to thoroughly evaluate its potential.

A feasibility study involves gathering, analyzing and evaluating information with the purpose of answering the question: "Should I go into this business?" Answering this question involves a preliminary assessment of both personal and project considerations. A feasibility study help entrepreneurs and their supporters judge and evaluate whether an idea is credible. The process of preparing a feasibility plan is a evaluation process of what could go wrong and what needs to go right for an enterprise to start and grow.

A feasibility study helps you determine if your business idea should be implemented. Preparing a feasibility study requires a tremendous amount of research and thinking which often leads to significant changes in the original idea. The good news is that the stronger the feasibility study the easier it is to develop your business plan and the more likely it is that your business will succeed.

The feasibility study is a very important one. It is your first reality check. Since this is the case the study should be very carefully thought through, extraordinarily well documented, and clearly written. A feasibility plan should at least touch on many issues included in the final business plan, but for the feasibility study the focus is on getting the information and analysis right and evaluating its coherence and the business idea feasibility, rather than on convincing investors and other partners to extend their support. Thus, clarity and evidence are more important for the feasibility plan than convincing presentation.

The feasibility study should evaluate and analyze the following areas:
• Company Overview
• Product/Service Description
• Industry and Marketplace Analysis
• Marketing Strategy
• Distribution and Sales Strategy
• Operations Plan
• Development Plan
• Financial Estimates

General/Specific Personal Considerations
We ask you questions in order to have you do a little introspection. We want to find out if your personality characteristics are such that you can both adapt to and enjoy small business ownership/management?

General Project Description
We evaluate the business you want to enter. We list the products and/or services you want to sell and describe who will use your products/services. We ask why would someone buy your product/service? What kind of location do you need in terms of type of neighborhood, traffic count, nearby firms, etc. We also look at who will be your products/services suppliers. Who will be your major competitors - those who sell or provide similar products/services. We also look at the manpower and staff you require to provide your products/services.

Requirements for Success
We determine whether your idea meets the basic requirements for a successful new project and business. We look at everything from does the product/service/business serve a presently un served needs to can the product/service/business successfully compete with existing competition because of an "advantageous situation", such as better price, location, etc.?

Detrimental Flaws
Are you affected by any monopolies, shortages, or restrictions that prevent you from obtaining necessary items at an affordable price? Are capital requirements for starting up or continuing operations excessive? Is adequate financing going to be difficult to obtain? Does your business adversely affect the environment? Is your business completely legal?

The Diversa Group has the expertise and resources available to assist you with developing a professionally researched and prepared feasibility study to provide you decision making intelligence and help you and your business succeed.

Contact us regarding your business or business idea and let us conduct a feasibility study for you.

Getting Started with making your ideas and dreams of starting and owning a business a reality is easy!  

Schedule your appointment by emailing us at entrepreneur@diversagroup.com or calling us at 1-877-254-0717.

Your first confidential consultation is FREE!