As a business consulting firm, feasibility study in Kenya is a service we offer to entrepreneurs and investors. Are you a novice entrepreneur with a brilliant idea that you believe will change the world while generating enormous revenues or are you a veteran entrepreneur wanting to diversify your investment portfolio? Consider running a feasibility test on your idea before plunging into the deep. Feasibility studies cut across all levels of organizations such as Non-Governmental Organisations, Governmental Projects, and private enterprises.
The business world is akin to a jungle where only the fittest survive. You, therefore, need to prepare accordingly and base business decisions on accurate and credible data rather than instinct.
A Feasibility study enables you to determine the viability and practicability of your business idea lest you sink your life savings and capital investment. It achieves this by giving you a wholesome outlook on your operational activities and possible outcomes.
A feasibility study is not to be confused with a business plan. While the business plan gives you a bird’s eye view of the entire business, the feasibility study capitalizes on the economic, legal, environmental, and operational viability of a project to determine if the project meets the cost versus revenue threshold. A feasibility study should guide your business strategy and business plan
What is a business feasibility study?
This is an in-depth analysis of your business idea in light of the prevailing market conditions to assess its viability, sustainability, and profitability. Feasibility studies comprehensively cover the strengths and weaknesses of a given business venture.
In recent times the stakes in business are quite volatile due to the looming recession and unpredictable economy. Business strategy should no longer be based on assumptions.
Importance of feasibility studies in a business
Helps you determine viable investment options to explore.
Pre-determines statutory requirements and approvals.
Enables you to predict and measure risks involved and formulate mitigation measures as well as to identify existing opportunities.
Helps you gain an understanding of consumer needs through consumer and market research.
Developing a marketing strategy and brand development.
Formulation of pricing strategy.
Improves the probability of business success.
Enables you to secure financing and funding as it highlights the returns that would follow the investment. A feasibility report projects cash in-flows and out-flows.Potential investors and banks will ask you for a feasibility report to safeguard their interests.
Helps you pre-determine legal requirements, licenses and permits required, tax obligations, supplier qualifications, and human resources required.
Presents you with the best approach to take on your project.
Helps you align your business with the highest standards of corporate governance.
Elements of a feasibility study report
Project Overview - This highlights the project and goals of the study.
Economic Overview - This takes into account economic factors such as GDP (Gross Domestic Product), inflation, trends, and infrastructure.
Market Analysis - This is an objective assessment of the market environment, prospective customers, and available sources of revenue, competition, and sales projection.
Demand and Supply Research.
Business Advisory and recommendation from the experts in light of the findings.
Financial and Investment Analysis.
Valuations to determine the cost of executing a project.
A feasibility study is the blueprint you need before embarking on your new venture as it offers you the tools and expertise you need before embarking. We conduct the social, technological, managerial, market, environmental, and economic analysis of a project. You need a feasibility report if your business has been in operation but needs to either expand or restructure. We assist businesses in reviewing current practices and restrategizing for the next course of action.
A feasibility report is not a one-size fits all rather it is customized for your particular business/project. Customization is based on your timeframe, budget, requirements, and complexity of the project. Send us an email to start right. We will promptly get back to you.
Done by: Joy Waweru
Email: Joy@wyldeinternational.com
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