Make Decisions with Confidence, Not Guesswork
In order to acquire financing, a feasibility study is usually required by investors or lenders (including USDA or SBA) prior to launching a project, product or service. At Strategic Performance Group LLC (SPG) we have prepared feasibility studies for hundreds of business start-ups, as well as, established companies seeking to introduce a new product or service.
Typically, a feasibility study includes several key components in order to provide a thorough analysis of the business opportunity. This includes market, economic, technical, financial and management. Among other things, market feasibility includes demographics of the target market area, competitive analysis and market demand. Financial feasibility often times require 5 year financial projections along with a high case and low case financial scenarios to provide upside potential and downside risk.
In addition, a SWOT analysis is typically performed to better understand the business Strengths and Weaknesses and market Opportunities and Threats. Armed with an in depth analysis of the data, a feasibility report is presented with key findings and a recommended GO / NO GO decision regarding the feasibility of launching the business venture.
When to Conduct a Feasibility Study?
- When you are considering the opening of a facility
- When you are considering the launch of a new product
- When you are considering offering a new service
- When lending institutions require a feasibility study
- When seeking financing or loan guarantee from the USDA or SBA
Feasibility Study Process
- Complete a thorough analysis of the industry in which you will be competing
- Profile desired demographics and psychographics of target market using subscription databases
- Assess your direct competitors to determine their strengths and weaknesses and your competitive advantages
- Identify market opportunities to exploit
- SPG’s unbiased assessment of your business opportunity based on decades of experience. In addition to using our market research methodologies to acquire the best data available, SPG will leverage its extensive experience of past business successes to ensure a thorough analysis of the entire project.
- Assessment of market demand, competition, financial projections and SWOT analysis
- Professional report with key findings and conclusions that can also be used by you to acquire financing from lenders or investors for your business venture
- Go or No Go recommendation
Knowing which way to turn requires an in-depth understanding of the marketplace.