In starting a business, you will need to draft a feasibility study of the business you plan to start or a project you want to execute. Creating a feasibility report is key so you can understand the project and to see if it will be a success. A feasibility study is a detailed analysis of a proposed project to determine whether it is feasible and should be used as layout to start your business.
Below are 5 basic things you should have in your mind when writing a report:
1.) Write the project description: In this process you have to gather the background information on the business idea and write the description. A business exists if you have a problem to solve. For example you want to start a small eatery, you have to note the reason you want to start an eatery. Maybe because it will help those around the environment eat healthy and eat fresh using your service, write it in the report.
2.) Describe possible solutions: Provide a possible way that the company can go about creating thus small eatery in a proposed firm; it should be one for a start. Each of the solutions should be carefully analyzed, and necessary information required for making the final decision is available for the management team.
3.) Evaluate the solutions using the following criteria: i) Financial Spec- the budget at hand ii) Market - the available market iii) Technical design Spec - those that you will need in starting the business, as in staffs.
4) After evaluation, recommend the most feasible solution. The most economical, reasonable and a technically feasible solution should be advised for implementation.
5.) Finally, summarize the project's aim and the most feasible solution in the concluding writeup.
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