Planning and Feasibility
Before starting any new business venture it is essential to consider in depth the realistic likelihood of success, in order to decide whether or not the idea is worth pursuing and investing in.
A thorough feasibility study can not only help to determine the likely success of a project, but can also improve focus, clarify objectives and aid decision making. The study should assess a range of different elements for example:
- Technical feasibility – do you have the technical resources and team to successfully manage the project?
- Economic feasibility – will the benefits of the project including income outweigh the costs associated?
- Legal feasibility – will the project be able to comply with the legislative or regulatory requirements?
- Operational feasibility – who is going to run the project, and where from? Do you have (or can you put in place) the necessary operational and logistical structure to manage the project?
- Scheduling feasibility – what are the necessary timescales for the project, and can it be completed on time?
A good study should incorporate detail about the proposal, how it is going to managed, what market research has been undertaken to support the project, accounting statements and forecasts, competitors, potential risks and legal requirements.
We work with a range of rural and agricultural businesses in assessing potential business ideas and whether or not they would be suitable for your objectives. Please contact us for more information.