A feasibility analysis is what you carry out to find out whether some proposed venture or project is likely to be successful. In it, you will examine, in detail, its costs, its technical requirements, its risks, and its estimated ROI, among many other things. In other words, it will answer the question, “Is this going to be worth it? Should we bother trying?” This is used in many professional settings, from commercial manufacturers to research science and investment companies, for any project that will likely be a costly effort.
You can also think of this as a kind of Business Analysis Template but narrowed down to the key areas that point toward a project’s feasibility. To help guide you in this process, take a look at these feasibility analysis templates, all of which you can download for absolutely free. (Now that’s something that’s worth it.)
Over the course of managing your company or your research project, you’re naturally going to find yourself conducting a Financial Analysis or a Sales Analysis to determine how you are doing. Some things can only be gauged in the process of doing it.
But business is always a costly affair, and often (read: always) you will want to plan ahead and scope out a proposal before you start investing precious resources to what could be a dead end.
These documents can help you get a running start on conducting a feasibility analysis during key moments:
And, if you’re just starting out and wondering whether to take the leap or not, the Small Business Feasibility Analysis might just help you square your dreams with reality and help you attain success more realistically.
Depending on your context, these samples should give you a good idea of what elements to consider. Some broad categories of testing for feasibility or practicality:
Think it over carefully, but don’t overthink it. These templates will show you how.
One common mistake of first-time entrepreneurs is to consider their idea or their venture in isolation. The best company proposal is a bad proposal in the wrong circumstances.
Search our archives for a good Industry Analysis to help place your company on the map of the larger market and help you hone your strategic business mind.