Feasibility - Look Before Leaping

A feasibility study can mitigate risks if conducted as one of the first steps before leaping into a venture, a relationship, a project, a job or a change.

Why would an individual or company research feasibility?

The following simple definitions are a great start for building the case for investing time, money, resources and talent...

• "The quality of being doable" (wordnetweb.princeton.edu)

• "Doable, possible, achievable, workable" (en.wiktionary.org/wiki)

• "A determination that a process, design, procedure, or plan can be successfully accomplished in the required time frame."thequalityportal.com/glossary/f.htm

What are the elements for a successful feasibility study?

There are six basic elements for determine feasibility...

1. Identify Market/Customer Needs.
   

• What are the past, present and future needs of the market or client base?
  
• What are the services or products they have used, are currently using or would like to use?

2. Identify the Present Benefits and Results.

• What are the benefits that the products or services will bring?
• What results will the market or client base receive from this product or service?

3. Identify the Future Benefits and Results.

• What are the future needs of this endeavor to ensure sustained success?
• What will it take to ensure that these needs are met?
  

4. Identify the Resources, Costs, Investments.

• What will it cost to deliver the product or service?
• What resources are available to support this endeavor?
• What are the other investments that are required to make this effort possible?

5. Identify the Alternative Source of Supply or Service, A.K.A. competitive analysis.

• What sources are currently providing this product or service?
• How customer friendly are these current competitors?
• What are the current challenges that the alternative sources of supply are encountering?
  

6. Identify the Strategy and Financial Plan.

• What is the purpose of this endeavor?
• What is the vision and mission of this venture?
• What are the values required to support this product or service?
  
• What are the financial projections for a successful venture?

A feasibility study is not an exercise to delay to the start of a project or change. It is an investment in time, money, and resources to ensure that thoughtful business and life decisions are made. The ultimate benefits and results - leaping into deep water and finding that when you leap you can and will swim and sustain success.