We all have great ideas at one point in our lives. The kind of idea that would change everything and make you a rich and happy person. However, most of the time, the fear of failure stops us and we go back to our ‘normal’ but honorable life. Well there is a way to get closer to that wish with little risks.
It is essential to determine if your project has potential for success and if it is sustainable. By executing a feasibility study, you will have a better idea about the market you are about to enter.
A feasibility study will permit you to objectively and realistically determine how good your business idea is, and by doing so, you can save money, time, and most importantly, headaches. Nowadays, markets are saturated with new companies trying their luck without real knowledge and conviction in the path they are taking. The lucky ones will find a sweet spot and will generate enough cash-flow and profit to survive. As for the non successful ones; they will disappear without leaving a trace.
During the study, it is very common to conduct a survey in order to test the market and gather as much information as possible. After reviewing the survey and other information collected on the field, you will be able to see if your project is going to be profitable or if you need to make some changes and adjustments.
To sum it up, don’t rush your decisions and make sure that you are not going to drive your dream project into a wall. Take the time and money to conduct a feasibility study in order to start your business the right way.
– Loic Toullec