Feasibility Study Business Plan Template

Feasibility Study Business Plan Template

Feasibility Study business plan template

Are you interested in starting your own Feasibility Study Business?



Are you an aspiring entrepreneur looking to start your own business in the field of feasibility studies? As the demand for accurate and reliable feasibility studies continues to grow, now is the perfect time to enter this lucrative industry. A feasibility study is an essential tool used by businesses to assess the viability of a proposed project or business venture. It involves conducting thorough research and analysis to determine if a project is feasible in terms of its financial, technical, operational, and market aspects. In this article, we will guide you through the steps to start your own feasibility study business, from developing a business plan to delivering high-quality reports to clients. By following these steps, you can establish yourself as a trusted expert in the field and build a successful business.

Global Market Size

The global market size for feasibility study services has been steadily growing in recent years. As businesses across various industries continue to face increasing competition and complexity, the need for thorough analysis and evaluation of potential projects has become paramount. This has created a significant demand for feasibility study services, driving the growth in the market.

According to a report by Grand View Research, the global feasibility study market was valued at USD 277.6 million in 2020 and is expected to reach USD 380.6 million by 2028, growing at a compound annual growth rate (CAGR) of 4.1% during the forecast period. This growth can be attributed to several factors, including the rising number of start-ups, the expanding construction and infrastructure sectors, and the growing emphasis on risk assessment and project viability.

The market for feasibility study services is not limited to a specific industry or region. It spans across various sectors, including real estate, energy, healthcare, transportation, manufacturing, and many others. Feasibility studies are conducted for a wide range of projects, such as new business ventures, product development, market expansion, mergers and acquisitions, and infrastructure development.

North America currently holds the largest share in the global feasibility study market, owing to the presence of well-established industries and a strong focus on innovation and technology. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, driven by rapid urbanization, increasing foreign investments, and government initiatives to boost economic development.

The COVID-19 pandemic has also had an impact on the feasibility study market. The uncertainty and disruptions caused by the pandemic have made businesses more cautious and risk-averse. As a result, there has been an increased demand for feasibility studies to assess the viability and potential risks associated with new projects or business ventures.

In conclusion, the global market for feasibility study services is experiencing steady growth due to the rising need for thorough analysis and evaluation of potential projects. This market spans across various industries and regions, with North America currently dominating but the Asia Pacific region expected to witness the highest growth. The COVID-19 pandemic has further emphasized the importance of conducting feasibility studies to mitigate risks and ensure the success of new ventures.

Target Market

Target Market

The target market for a feasibility study business can vary depending on the industry and the specific type of feasibility study being conducted. However, there are a few key groups that are commonly sought after by businesses in this field.

1. Startups and Entrepreneurs: Many startups and entrepreneurs require a feasibility study to determine the viability of their business idea. They need to assess potential risks, market demand, financial projections, and other factors before investing time and resources into a new venture. Feasibility study businesses can assist these individuals by providing comprehensive analysis and recommendations.

2. Existing Businesses Expanding or Diversifying: Established businesses looking to expand their operations or enter new markets often rely on feasibility studies to make informed decisions. Whether they are considering opening a new branch, introducing a new product line, or entering a new market segment, these businesses need to evaluate the potential risks and benefits. Feasibility study businesses can help them assess the feasibility of these expansion or diversification plans.

3. Real Estate Developers and Investors: Feasibility studies play a crucial role in the real estate industry. Developers and investors need to assess the viability of potential projects, such as residential or commercial developments, before committing significant capital. Feasibility study businesses can provide market analysis, financial projections, and risk assessments to help these professionals make informed investment decisions.

4. Non-profit Organizations and Government Agencies: Non-profit organizations and government agencies often require feasibility studies to evaluate the viability of projects and initiatives. These studies help them assess the potential impact, cost-effectiveness, and sustainability of their proposed programs. Feasibility study businesses can assist by conducting thorough assessments and providing recommendations based on their findings.

5. Small and Medium-sized Enterprises (SMEs): SMEs may also benefit from feasibility studies when considering new business strategies, potential mergers or acquisitions, or entering new markets. These businesses often have limited resources and require expert analysis to determine the feasibility and potential returns on investment. Feasibility study businesses can provide valuable insights and recommendations tailored to the specific needs of SMEs.

It is crucial for a feasibility study business to identify and target these key market segments. By understanding the unique needs and challenges faced by each group, a feasibility study business can tailor its services and marketing strategies to effectively reach and serve its target audience.

Business Model

When starting a feasibility study business, it is crucial to establish a solid business model that aligns with the nature of the services you plan to offer. A business model serves as a blueprint for your company's operations, revenue generation, and value proposition. It defines how you will create, deliver, and capture value in the market.

There are several business models that can be adopted for a feasibility study business, depending on your target market, resources, and competitive landscape. Here are a few examples:

1. Consulting Model: This is one of the most common business models for feasibility study businesses. As a consultant, you will provide expert advice and analysis to clients who are exploring the feasibility of a new project or venture. Your revenue will primarily come from charging clients for your time and expertise.

2. Subscription Model: In this model, you can offer a subscription-based service where clients pay a monthly or annual fee to access your feasibility study reports and ongoing support. This model can be attractive for clients who require regular feasibility studies or have multiple projects in the pipeline.

3. Project-based Model: Under this model, you can offer comprehensive feasibility study services for specific projects. Clients will engage your services for a defined scope of work, and you will charge a fixed fee or a percentage of the project cost. This model allows for flexibility in pricing and can be lucrative for larger projects.

4. Partnerships and Collaborations: Collaborating with other professionals or firms in related industries can be an effective way to expand your service offerings and reach a broader client base. For instance, you can partner with architectural firms, engineering companies, or real estate developers to provide integrated feasibility study services.

5. Software as a Service (SaaS) Model: If you have the technical expertise, you can develop and offer a specialized software tool for conducting feasibility studies. Clients can subscribe to your software platform, which provides them with the necessary tools and resources to conduct their own feasibility studies effectively.

It is important to note that the chosen business model should align with your target market's preferences, needs, and budget. Conduct market research and competitor analysis to understand the demand and pricing structures in the feasibility study industry. Additionally, ensure that your business model allows for scalability and growth as you expand your client base and service offerings.

Lastly, do not underestimate the importance of providing exceptional customer service and maintaining strong relationships with your clients. A satisfied client is more likely to refer your services to others, helping you build a solid reputation and a sustainable business in the long run.

Competitive Landscape

The competitive landscape for a feasibility study business is diverse and dynamic, with multiple players offering similar services. Understanding the competitive landscape is crucial for starting a successful feasibility study business as it helps identify key competitors, their strengths and weaknesses, and potential opportunities for differentiation.

One of the main competitors in the feasibility study industry is established consulting firms. These firms typically have a strong reputation, extensive client base, and a wide range of services. They often have well-established relationships with key stakeholders, such as government agencies and industry leaders. However, these firms may have higher fees and a more bureaucratic decision-making process, which can be a disadvantage when compared to smaller, more agile feasibility study businesses.

Another competitor in the space is independent consultants and freelancers. These individuals often have specialized expertise in specific industries or sectors, which can be a competitive advantage. They may have lower overhead costs and can offer more personalized services to clients. However, they may lack the resources and scalability of larger consulting firms, which could limit their ability to handle complex feasibility study projects.

Furthermore, technology-driven solutions have emerged as a competitive force in the feasibility study industry. Software platforms and online tools have made it easier for businesses to conduct their own feasibility studies, reducing the need for external consultants. However, these automated solutions may lack the human touch and industry-specific knowledge that a dedicated feasibility study business can offer.

To navigate the competitive landscape successfully, it is important for a feasibility study business to differentiate itself from competitors. This can be achieved by focusing on specific industries or sectors, offering specialized expertise, providing personalized services, or leveraging technology to enhance the efficiency and accuracy of feasibility studies. Building strong relationships with clients and establishing a reputation for delivering high-quality results are also essential for standing out in the market.

Additionally, keeping an eye on emerging trends and innovations in the feasibility study field is crucial. Staying up-to-date with new methodologies, technologies, and regulations will allow a feasibility study business to adapt and evolve, ensuring its continued competitiveness in the industry.

Overall, the competitive landscape for a feasibility study business is diverse and dynamic, with a range of competitors offering similar services. Understanding the strengths and weaknesses of competitors, identifying opportunities for differentiation, and staying ahead of industry trends are key factors for success in this industry.

Legal and Regulatory Requirements

Legal and Regulatory Requirements

Starting a feasibility study business requires compliance with various legal and regulatory requirements to ensure that your business operates within the bounds of the law. While the specific requirements may vary depending on your location, here are some common legal and regulatory obligations to consider:

1. Business Registration: Before launching your feasibility study business, you will need to register your company with the appropriate government authorities. This typically involves choosing a business name, filing the necessary registration documents, and paying the required fees. Registering your business ensures that you operate as a legal entity and can avail benefits and protections offered to registered businesses.

2. Business Licenses and Permits: Depending on your jurisdiction, you may need to obtain specific licenses and permits to operate a feasibility study business. These licenses and permits may include general business permits, professional licenses for consultants or researchers, and any other industry-specific permits that are required. It is essential to research and comply with all relevant licensing requirements to avoid potential fines or legal issues.

3. Intellectual Property Protection: As a feasibility study business, you may develop proprietary methodologies, software, or other intellectual property that needs protection. Consider consulting with an intellectual property attorney to understand how to safeguard your unique ideas through patents, trademarks, copyrights, or trade secrets. Protecting your intellectual property can prevent others from using or copying your work without permission.

4. Confidentiality and Non-Disclosure Agreements: Feasibility studies often involve sensitive information and data provided by clients. It is crucial to establish confidentiality and non-disclosure agreements with your clients to protect their information and maintain their trust. These agreements outline the terms and conditions of confidentiality, ensuring that your clients' data remains confidential and is not shared with unauthorized individuals or third parties.

5. Data Privacy and Protection: Feasibility studies may involve collecting and analyzing personal data from individuals or organizations. To comply with data privacy laws, such as the General Data Protection Regulation (GDPR) in the European Union, you must ensure that you handle personal data in a secure, lawful, and transparent manner. This includes obtaining consent, implementing appropriate security measures, and providing individuals with the right to access and control their data.

6. Ethical Considerations: Conducting feasibility studies ethically is of utmost importance. Ensure that your business adheres to professional and ethical standards set by relevant industry associations or bodies. This may include avoiding conflicts of interest, maintaining objectivity, and protecting the interests of your clients.

7. Tax Obligations: Starting a business means understanding and fulfilling your tax obligations. Consult with an accountant or tax advisor to determine the specific tax requirements for your feasibility study business. This may include registering for taxes, maintaining proper financial records, and filing periodic tax returns.

It is essential to consult with legal and financial professionals experienced in business startups to ensure that you meet all the legal and regulatory requirements specific to your jurisdiction. By complying with these obligations, you can establish a strong foundation for your feasibility study business and operate with integrity and legality.

Financing Options

Starting a feasibility study business requires careful planning and consideration of various factors. One crucial aspect that needs attention is financing. Adequate funding is essential for setting up the business, covering initial expenses, and managing day-to-day operations. Here are some financing options to consider when starting a feasibility study business:

1. Personal Savings: Using personal savings is a common way to finance a new business venture. If you have saved up a substantial amount, you can use it to cover the initial costs of starting your feasibility study business. Using personal savings eliminates the need for borrowing or incurring debt, allowing you to retain full ownership and control over your business.

2. Small Business Loans: Applying for a small business loan from a bank or financial institution is another viable option. You will need to create a comprehensive business plan, including financial projections, to convince lenders of the viability of your feasibility study business. The terms and interest rates for small business loans vary, so it's important to shop around and compare offers from different lenders.

3. Investors: Seeking investment from individuals or groups who are interested in your business idea is another financing option. Investors can provide the necessary funding in exchange for a percentage of ownership or equity in your feasibility study business. This option can be beneficial if you require a significant amount of capital or if you are looking for expertise and guidance from experienced professionals.

4. Crowdfunding: Crowdfunding platforms allow you to raise funds from a large number of people who are interested in supporting your feasibility study business. You can create a compelling campaign highlighting the value and potential of your services to attract potential backers. Crowdfunding can not only provide the necessary funds but also help in building a community of supporters for your business.

5. Grants and Competitions: Researching and applying for grants and business competitions can provide additional funding opportunities. Various organizations, government agencies, and foundations offer grants specifically for entrepreneurs and small businesses. Participating in business competitions can also give you a chance to win financial prizes or gain exposure to potential investors.

6. Business Incubators and Accelerators: Joining a business incubator or accelerator program can offer not only financial support but also valuable resources, mentorship, and networking opportunities. These programs are designed to help startups grow and succeed by providing access to funding, office space, and professional guidance.

7. Self-Financing: If you have other sources of income or existing assets, you may consider self-financing your feasibility study business. This could involve investing personal assets, such as property or equipment, or using income from other ventures to fund the new business. Self-financing provides full control over your business and reduces the need for external funding.

When considering financing options, it's crucial to analyze the costs, risks, and benefits associated with each option. Create a comprehensive budget and financial plan to determine the amount of funding required and the repayment capacity. Additionally, consider consulting with a financial advisor or business consultant to guide you through the decision-making process and help you secure the necessary financing for your feasibility study business.

Marketing and Sales Strategies

Marketing and Sales Strategies

To successfully start and grow a feasibility study business, it is essential to have effective marketing and sales strategies in place. These strategies will help you reach your target audience, generate leads, and ultimately convert them into paying clients. Here are some key strategies to consider:

1. Identify your target market: Before you can effectively market your feasibility study services, you need to clearly define your target market. Consider the industries or sectors that would benefit most from your services, such as real estate developers, construction companies, or entrepreneurs looking to launch a new business. Understanding the specific needs and pain points of your target market will allow you to tailor your marketing efforts accordingly.

2. Develop a strong online presence: In today's digital age, having a strong online presence is crucial for any business. Create a professional website that showcases your expertise, services, and past projects. Optimize your website for search engines to improve its visibility in search results. Utilize social media platforms like LinkedIn, Twitter, and Facebook to engage with potential clients, share industry insights, and establish yourself as an expert in feasibility studies.

3. Content marketing: Content marketing is an effective way to attract and educate potential clients. Create relevant and informative content such as blog posts, whitepapers, and case studies that highlight the benefits of conducting a feasibility study for businesses. Share this content across your website, social media channels, and industry-specific forums. This will not only help establish your credibility but also increase your visibility and attract leads.

4. Networking and partnerships: Networking is an essential aspect of growing any business. Attend industry conferences, trade shows, and local business events to connect with potential clients and industry professionals. Building strong relationships with architects, engineers, and other professionals in related fields can lead to referrals and collaborative partnerships, expanding your client base.

5. Offer free consultations or workshops: Providing free consultations or workshops can be an effective way to showcase your expertise and generate leads. Offer insights into the benefits of conducting a feasibility study and how it can help businesses make informed decisions. This not only helps establish trust and credibility but also gives potential clients a taste of the value you can provide.

6. Referral programs: Encourage satisfied clients to refer your services to others by implementing a referral program. Offer incentives such as discounts on future projects or monetary rewards for successful referrals. Word-of-mouth recommendations are powerful in this industry, and a referral program can help you tap into this valuable resource.

7. Monitor and analyze results: Regularly monitor and analyze the effectiveness of your marketing and sales strategies. Keep track of key metrics such as website traffic, conversion rates, and client acquisition costs. This data will help you identify which strategies are working well and which ones need adjustments or replacements.

In conclusion, starting a feasibility study business requires a well-thought-out marketing and sales plan. By understanding your target market, establishing a strong online presence, providing valuable content, networking, and implementing referral programs, you can effectively promote your services and attract clients who are in need of your expertise. Continuously monitor and analyze your strategies to ensure you are making the most of your marketing efforts.

Operations and Logistics

Operations and Logistics

Starting a feasibility study business requires careful planning and organization of operations and logistics. These aspects are crucial to ensuring the smooth and efficient execution of projects and delivering high-quality results to clients. Here are some key considerations to keep in mind:

1. Office Setup: Establishing a well-equipped office space is essential for conducting feasibility studies. This includes acquiring the necessary hardware, software, and other office supplies such as computers, printers, scanners, project management software, data analysis tools, and stationery. Consider investing in a comfortable meeting room where you can meet with clients and team members to discuss project details.

2. Staffing: As a feasibility study business, you will need to assemble a team of experienced professionals who possess the skills and expertise required for conducting thorough analyses. This may include professionals from various fields such as market researchers, financial analysts, engineers, architects, environmental experts, and legal consultants. Carefully consider the size of your team based on the scale and complexity of the projects you plan to undertake.

3. Project Management: Implementing effective project management practices is crucial for achieving successful outcomes. Assign a dedicated project manager who will oversee the entire process, ensuring that all tasks are completed on time and within budget. Utilize project management software to track progress, allocate resources, and maintain effective communication among team members.

4. Data Collection and Analysis: Feasibility studies involve gathering and analyzing vast amounts of data to evaluate the viability of a project. Develop a systematic approach for data collection, ensuring that the information gathered is accurate, reliable, and relevant to the project at hand. Utilize various research methods, such as surveys, interviews, focus groups, and market research reports, to gather data. Implement robust data analysis techniques to derive meaningful insights and draw conclusions.

5. Networking and Partnerships: Building a strong network of contacts within relevant industries is essential for attracting clients and staying updated on industry trends and developments. Attend industry conferences, seminars, and trade shows to meet potential clients and establish partnerships with other professionals or firms that complement your services. Collaborating with experts from different fields can enhance the quality of your feasibility studies and provide a comprehensive analysis.

6. Legal and Ethical Considerations: Ensure that your feasibility study business complies with all legal and ethical obligations. Obtain the necessary licenses and permits required to operate in your jurisdiction. Respect client confidentiality and handle sensitive data securely. Adhere to professional codes of conduct and maintain transparency in your operations.

7. Project Delivery: Always strive to deliver high-quality feasibility study reports to your clients. Develop a standardized report template that covers all essential aspects of the study, including executive summaries, methodology, findings, conclusions, and recommendations. Tailor each report to the specific needs and requirements of the client, ensuring that it is clear, concise, and easy to understand.

By focusing on these key aspects of operations and logistics, you can establish a successful feasibility study business that delivers reliable and valuable insights to clients, helping them make informed decisions about their projects.

Human Resources & Management

Human Resources and Management

The success of any feasibility study business relies heavily on effective human resources management. This involves the recruitment, training, and retention of qualified professionals who can conduct thorough analyses and produce accurate reports.

When starting a feasibility study business, it is crucial to assemble a team of experts with a diverse range of skills and knowledge. This team should ideally include professionals with expertise in market research, financial analysis, project management, and technical evaluation. By bringing together individuals with complementary skills, you can ensure a comprehensive assessment of various aspects of a potential project.

Recruitment is a critical step in building a strong team. Look for candidates who have relevant experience in conducting feasibility studies, as well as a deep understanding of the industry or sector in which your clients operate. Conduct interviews, review resumes, and check references to ensure you select the most qualified candidates.

Once you have assembled your team, it is essential to provide them with the necessary training and resources. Feasibility study professionals should be well-versed in research methodologies, data analysis techniques, and report writing. Invest in training programs, workshops, and certifications to help your team stay up-to-date with the latest practices and industry trends.

Effective management is also crucial for the smooth operation of a feasibility study business. As the business owner or manager, you should establish clear goals and objectives for each project, communicate them to your team, and ensure that everyone understands their roles and responsibilities. Regular meetings and progress updates can help keep everyone on track and address any challenges or roadblocks that may arise.

Furthermore, fostering a positive work culture is crucial for employee satisfaction and retention. Encourage open communication, collaboration, and professional development opportunities within your team. Recognize and reward outstanding performance to motivate your employees and maintain a high level of productivity.

In addition to managing your internal team, it is important to establish strong relationships with external stakeholders. This includes clients, suppliers, and industry professionals who may provide valuable insights and partnership opportunities. Maintain regular communication with your clients to understand their needs and expectations, and deliver high-quality reports that meet or exceed their requirements.

Lastly, keep up with technological advancements in the field of feasibility studies. Invest in software and tools that can streamline your processes, automate data analysis, and enhance the accuracy of your reports. This not only improves efficiency but also allows your team to focus on more complex and strategic tasks.

In conclusion, human resources and management play a vital role in the success of a feasibility study business. By assembling a skilled and diverse team, providing them with adequate training and resources, and fostering a positive work culture, you can ensure efficient operations and the delivery of high-quality reports to your clients. Additionally, maintaining strong relationships with external stakeholders and embracing technological advancements will help your business stay competitive in the ever-evolving field of feasibility studies.