Feasibility studies come in many guises, we tailor each study to your requirements and ensure we work through all the detail relevant to your business, Appetite Me will give you a formalised, written approach to evaluating your idea and can help you identify:
- If your idea is viable or not
- Useful facts and figures to aid decision-making
- Alternative approaches and solutions to putting your idea into practice
There are many reasons why ventures fail, but lack of planning and research is the main one. As we plan, knowledge of the market place, customers and the environment in which you will work will grow. You’ll also find out obstacles to your idea as well as solutions to deal with them! This process considers all areas of your idea and ensures you have something concrete on paper.
What can a feasibility study involve?
- An assessment of the current market
- An assessment of your potential position in the market
- An evaluation of the possible options for entry into the market
- A short list of the possible options
- Capital expenditure forecasts
- Profit and loss calculations
- Staffing requirements
- Suppliers – food, drink and non-food suppliers
- The development of a financial model to size the market and estimate the potential income and expenditure for each of the short listed options
- An assessment of the impact of each main option on your group’s structure and products
Commissioning a feasibility study may seem pointless if you are confident that your idea is a sound one, however decisions made without thorough research can be costly. A feasibility study reduces the risk of making poor decisions and increases your success. It gives you an objective and independent view of your idea potential and enables you to make informed decisions about how it can be implemented and launched.
Not only does a feasibility study give you professional perspective and analysis on if a project has potential to be viable, it can also be used to back up an application for grant funding for your project (see LEADER). A feasibility study also forms a sold base of a business model. Potential investors and\or banks will require this level of detail before committing to you financially.
We have carried out detailed feasibility studies for the likes of Bidwells, Elveden Farms Limited, Boardwalk Investments, House of Fraser, and many independent land owners – in all cases it has been a benefit and used as a structure to make sound business decisions.
see also: Artisan Cafes – Artisan Food Shops – Artisan Product Ranging – Artisan local Sourcing – Interior Shop Design