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A feasibility study is an in-depth study that determine the profitability of a business idea. This type of research also tries to determine if it is possible to turn the idea into a commercial venture.
The objective of a feasibility study is to determine the potential benefit that may exist in a new business idea. The study can be carried out from several different angles, so that all aspects of a new idea or business are reviewed in detail before it is launched.
GEC GROUP is formed of a multidisciplinary group of experts that gives a sharp point of view on different aspects of the same issue. We offer various types of feasibility studies, among are:
Consists of the evaluation of economic factors to determine the financial viability of the project. Simply put, a cost-benefit analysis is used to compare the financial costs with the expected benefits.
Determines whether the necessary technical resources and experience are available to meet the project requirements.
It consists of the adaptation of the project to the planning of the capacity, resources, strategic goals and business objectives of the organization.
Is important to highlight that all our studies consider Temporal feasibility, which refers to the allocation of a certain time to carry out the execution of the project and the compliance deadlines for each phase of the project, thinking about how the project schedule fits with the current operations, demand planning or production schedule.
The list can be infinite! but here are some of the benefits of conducting a feasibility study:
Feasibility studies can be a fundamental part of sizing the scope of a business vision. By assessing the specific conditions surrounding that vision, including where customers would come from and who you'll be competing with to get them, you can realistically gauge the likelihood of success.
A feasibility study will help you clarify what business objectives and strategies need to be put in place to be successful, providing benchmarks for the feasibility of a project.
It will also let you to understand the costs of your investment, as well as its earning potential. With this information in hand, you can source the resources needed to complete your project or size it based on available resources.
With the help of a feasibility study, the objectives are defined more naturally, and the next steps process will develop organically with a better understanding of the complete cycle. From there, we develop a plan and combine it with a financial forecast and an economic impact study that can attract possible financing partners.
By understanding development costs, the competitive landscape, where potential customers are coming from, and revenue potential, you'll have an idea of the sources of capital, partners, and business model needed to be successful.
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