Drafting a feasibility study

[Ceeny007]

So in the business world if you want financial assistance from a financial institution you must draft a business plan with which will show that you're a serious business man or woman. Is this the norm in other countries or just in developing countries too?

 

[Snazzy001]

I feel that this is just a tradition or culture that is just there because it has to be there but in the real sense we don't need it that much. It depends on what one has to offer and not of those processes

 

[Kane]

Feasibility study means researching the market to see whether your business will excel in the market or not. The feasibility study involves checking on customers and competitors.

 

[Nurudeen]

This is a norm in developed countries as well. As an entrepreneur who needs a loan to setup a business you need to draft a business plan to atleast convince the finanacial Institution that you know what you are doing

 

[Alexandoy]

To be frank, I still cannot understand the concept of crowd funding or finding an angel investor. For me, a business idea is yours so you have to do the start up by yourself. But in fairness to this thread I know that there are start ups that were funded by investors who were strangers.

 

[Alisco]

Drafting is like a culture that has been part of the process of obtaining a loan to start up a business while feasibility study how to do with the study of where to situate the business,know more about product .

 

[Senator]

It is not only for the developing countries alone but also forbtue developed ones too. This ora tice is always sorted in order the financial houses to be sure that your loan request is worthy of the said business you're talking about based on the plan you presented

 

[kayode10]

If it happens that you don't know how to draught a feasibility studies for your business, there is no problem about that as you can still hire an expert to do it for you and you repay it in return.

 

[Chizfab]

Feasibility study is an important tools for start ups, it's like the blue print of a company. It gives you a glance of how your business will operate and grow once it starts functioning. Let's not forget that it's an important requirement when applying for loans and grants.

 

[Ceeny007]

To be frank, I still cannot understand the concept of crowd funding or finding an angel investor. For me, a business idea is yours so you have to do the start up by yourself. But in fairness to this thread I know that there are start ups that were funded by investors who were strangers.

The topic of the thread is about carrying out feasibility studies for a proposed business, getting to know the strength and weakness as well as opportunities and threats that may avail themselves and not angel investors

 

[tyrim88]

So in the business world if you want financial assistance from a financial institution you must draft a business plan with which will show that you're a serious business man or woman. Is this the norm in other countries or just in developing countries too?

The principles on how business is run is actually universal and cuts across board from different countries,it is the approach that really differs.So is it with giving out loans to prospective busineses,they have to show reason why their business should be finance.

 

[Ayojesu]

Here is a step-by-step guide to help you write your own feasibility study:

1. Describe the project.
2. Outline the potential solutions resulting from the project.
3. List the criteria for evaluating these solutions.
4. State which solution is most feasible for the project.
5. Make a conclusion statement.

 

[Kaffyfolla]

The feasibility study must be done when you want to go for a particular business. What is the aims and objectives of setting up a business. After that. which environment suit my business, how to raise capital either from your own saving, borrow from friends and family. sought for loan, do I need to employ somebody, all these must be studied before going to business

 

[Bousine123]

I think it's the same in every country there is. You need to find out effective ways to draft a really convincing plan otherwise you won't get a dime.

 

[Kubiat-Abasi]

Drafting a business plan, especially in this global economy is mandatory, even when you want to apply for government loans and grants you have to submit a business plan in order to get your application approved.

 

[Ezekiel]

One cannot just start erecting a building structure without a proper building plan,same also with business you should also have a business plan(feasibility study),this makes business organization easy

 

[Godspower]

Putting up a business plan or strategy is one of the most important factors that will determine if a business does well or not. Whether in a developed or developing economy, a good feasibility study of your business will help guide you in the right direction.

 

[Kaffyfolla]

A feasibility study is a report that aims to determine the practicality, strengths and weaknesses of a proposed project, existing system or corporation as a whole. Further, feasibility studies also help professionals do the following:

• Plan a course of events to complete the project
• Identify the challenges that could arise
• List potential solutions that would come about as a result of the project
• Feasibility studies are important because they encourage professionals to consider all of the factors that go into a project or business start-up. These include areas such as background, project summary, description of operations, market research and legal and financial documents.

 

[Good-Person]

So in the business world if you want financial assistance from a financial institution you must draft a business plan with which will show that you're a serious business man or woman. Is this the norm in other countries or just in developing countries too?

Business plans are usually developed by many major companies who have a bigger financial and business structure. However, almost all the businesses have a plan to some extent. Even a small shop keeper also has a plan in mind.

 

[YERUS]

So in the business world if you want financial assistance from a financial institution you must draft a business plan with which will show that you're a serious business man or woman. Is this the norm in other countries or just in developing countries too?

I believe every business plan should cover feasibility studies. Apart from it showing financial bodies that one is a serious business person, it helps you as a business person know the strengths and weaknesses of your business.