Feasibility Plan Examples
Description of the Project H-T Consulting was engaged by the Board of El Paso Representatives to provide a feasibility business plan of market conditions with the proposed building of Hilton Hotel in El Paso City Center. The plan is based on knowledge and marketing research information presented concerning the El Paso infrastructure. As in all our feasibility studies, results are developed by our competent and efficient management team. These studies are also built on estimations of current economic situations in…
End Your Struggles by Using a Feasibility Plan Example
The study of feasibility, an evaluation of profitability, is the path that any businessman should pass before starting his or her business. The reason is because the business owner can not afford to make the slightest mistake; it can cost him or her not only a nervous breakdown, but also loss of business, and, consequently, a complete collapse.
To begin with, clearly decide what kind of business you want to do. If you are going to manufacture products of a specific nature, you need to study the market, analyze the needs of customers and your capabilities, consider all the alleged risks in this area, etc. To achieve good sales figures, you need to place your goods in the right market. To do this, it is not enough to simply talk with your friend, even if he or she is a successful person. It is necessary to study the market in detail, and interviews of thousands of people who have already passed this stage – this experience is always useful.
What to Look for in a Feasibility Plan
After the analysis conducted on each of the markets separately, you need to consider the price policy that you will develop as a strategist and the founder of a particular business. The prices should be set taking into account certain features of the market, and should be within reasonable limits, so that none of your potential customers find it difficult to purchase. The price of the goods should be what people would happily pay. As well as other sectors in the study, pricing must enter into the feasibility plan example of the project as well.
Analytics and feasibility studies are aimed at a real assessment of both the project itself and the business plan for implementing this project. This is a survey, an analysis, an assessment of the market regarding consumer preferences and tastes, an assessment of purchasing power, an assessment of the degree of competition in this segment of the market, and an assessment of the risks that a businessman may encounter, and of which he or she does not learn without studying their root causes.
How to analyze and study the feasibility of a project? To do this, you can look through a feasibility plan sample or hire professionals who are proficient in this field, and who will be able to perform this work in time for a modest fee. The method of work of these companies is that they study all the routine literature on a specific market segment, and for this they attend a variety of seminars, trainings, and conferences, and also look for materials on the network. And thanks to the enormous potential of knowledge, they practically do not have problems while doing the analysis and study.
But if the business that you want to start is already determined a niche of the region’s economy, then you should contact a trade union or an association. They will help you in the search for literature and help with advice, so let’s call them “veterans” of this business. If there are none, you will have to hire specialists who have studied all the factors and indicators objectively, who will give you subjective decisions and ideas on business tactics.
The importance of learning and analytics is to determine the potential of the market. The analysis will give you a clear understanding of whether your product is now on the market, and if so, how acute the issue of its necessity is, at what prices will consumers be able to buy it, and how often they will be able to buy at a particular price. All this you have to study with the help of pre-analysis programs. Also, this all will help you with pricing, in the manner of quite a delicate character. But clearly and competently conducted analytics and a good feasibility plan template is the key to your success and prosperity.
Requirements for Feasibility Analysis Phase
- The feasibility analysis phase ends when the requirements are approved, usually in 1 to 10 weeks after the end of the research phase. Often during this period a decision is made to stop further development.
- With the beginning of the feasibility phase, planners and planning administrators in the planning team are required to assist those who perform this analysis by responding to all emerging issues related to previous plans or other functions.
- The result of the analysis is a report sent directly to the planning group and a method of giving clear recommendations. If the results of the feasibility study show that the product can be created, this report takes the form of a development plan (best if it is a requirement agreement), which guarantees thorough project forecasting and avoids duplication of efforts after the plan is approved.
- During the feasibility study phase, the development team formulates and documents the requirements and objectives of the product. During this period, the test group has the first opportunity to influence the quality of the product, presenting its materials for the development of an agreement on requirements. In the search for a compromise of solutions accompanying the development, revision, and approval of this document, the required levels of testing are determined and recorded, and certain provisions concerning product properties are formulated. The test function thus plays the role of the most active driving force, which encourages developers to agree, including quantitative characteristics of requirements and objectives, so that later there would be a basis for testing. The requirements agreement is also a development plan. Therefore, it contains not only a description of what needs to be done, but also a lot of information about the ways of implementing the project so that its participants can be convinced of the validity of the plans.
- Throughout the feasibility study phase, the test group studies the draft requirement agreement and, based on this analysis and other input materials, formulates the objectives of the next planned project stages. The following steps are considered to be important steps: transfer of the test plan and test specifications for analysis; approval of these documents; transfer of the acceptance program to the development team; establishment of initial test dates.
- The second important event in the feasibility study phase is the allocation of resources for conducting project feasibility studies. Here, the principle of incremental financing is particularly valuable, on the basis of which similar feasibility studies of a variety of products can be subsidized, and only the most promising of them should continue to be financed after the completion of the feasibility phase. Regardless of the way in which investments are made (by direct subsidies or only by financial support from the interested units), the planning administrator tries to obtain the budget allocation in the official way. At this stage, it is important to have a formal task to conduct feasibility studies. A very large number of projects fail to meet the deadlines because too little effort is spent on determining the amount of work required and agreeing on product creation plans.
- The construction phase usually begins as early as the feasibility analysis phase, as soon as some preliminary goals appear on the paper. Construction is carried out until the end of the feasibility phase, when it is required to confirm the feasibility of implementing the objectives and briefly formulate them in the form of requirements.
- The last task performed by the planning group in the feasibility phase is to review and approve the agreement on requirements for the product or service. This is the most important point in planning, as it establishes the direction of development and initiates a chain of events that are not controlled by the planning team as long as the established requirement agreements are complied with. In addition to all other functions, the planning team also deals with the alignment of the lower-level plans with the production plans of the population and the product series, because no other functional group except the planning group is interested in such coordination.
- After approval of the budget, resources are allocated, which gives rise to the feasibility study phase. At some point in time after the resources are distributed (at the beginning of the feasibility phase), but before the approval of the requirements agreement (the end of the feasibility phase), the new product is considered, taking into account future conditions for its use. There are two means for this: the configurator and the release plan. A configurator is a plan for creating high-level interfaces, defining connections, and facilitating the interaction of functional groups that jointly develop some product.
Our service offers you the chance to look at a feasibility study business plan example. The focus is on helping you develop your own plan. With the right sample, you can save your time greatly, as you will have a clear idea of what to write in your paper. There are different samples of business papers that you can use for your own purposes. A template is a plan for creating high-level business papers, so feel free to use it! As well as our guide on how to make a feasibility study for a business.