Feasibility Study Package

Sometimes an entrepreneur has an idea for a business, but isn’t quite certain that it’s a GOOD idea. Before he or she sinks time and money into the idea, we at the SBDC like to walk them through a feasibility study process that helps them get an understanding of whether there is demand for their product or service, what kind of competition they are liable to face in the market, and whether the business model has a good chance of making a profit at the end of the day.

Here’s how the process works here at the SBDC:

Meeting #1 – Setting the Stage

In the first meeting, we will share a customized template for your company’s feasibility study. We’ll go over each of the questions so that you understand what kind of information we’re looking for and then we’ll decide which parts you will do and which parts we will do. At this meeting, we may choose to order some custom market research reports from our national partner (these can take up to a month to receive).

Meeting #2 – Feasibility Study Review

After we’ve completed our homework, we’ll come back together to go over our findings. We’ll be talking about things like what services you would offer, who your target market might be, who your competitors would be, whether the industry is growing, and much more. In the end, we’ll be able to tell you whether we think there is “market viability” and “business model viability” for your idea. But we’re not quite done yet!

Meeting #3 – Financial Projections & Final Findings

In this final meeting, we’ll go over the financial statements that were created in between the second and third meeting. These will include an income statement projection and a cash flow statement projection. Doing so will allow us to tell you whether we think there is “economic and financial model viability.” If it has been yes-yes-yes all the way to this point,  you’ve got a viable business and can move on to create your more fully-formed business plan. The good news is that you already have a good amount of the work done!