A feasibility study is an in-depth analysis of how successfully a project can be completed, accounting for factors that affect it such as economic, logistical, geographical, legal and scheduling factors. Feasibility studies determine potential positive and negative outcomes of a project before investing a considerable amount of time and money into it. The goal of a feasibility study is to place emphasis on potential problems that could occur if a project is pursued and determine if, after all significant factors are considered, the project should be pursued. Feasibility studies also allow a business to address where and how it will operate, potential obstacles, competition and the funding needed to get the business up and running.
Every feasibility conducted by Appetite Me is bespoke to the project or client. Having a professional, independent feasibility conducted on a potential project has many advantages, chiefly among them are:
- A professional perspective and analysis on if a project has potential to be viable
- An independant feasibility study can make the difference on whether grant funding is approved or not (see LEADER)
- A feasibility study will form a sold base of a business model. Potential investors and\or banks will require this before investing
What does a feasibility study contain?
A feasibility will be tailored to suit your individual needs (following a free consultation), and address all aspects that affect your project. An initial first stage demographic report, will look at the land you are interested in diversifying, the logistics of of a potential renovation, the demographics of the area, competition in the area, and analysis on what (or if) diversification projects would have the potential for success. These work best if you have land or buildings you are keen to diversify, but are perhaps not sure in which direction to proceed. Appetite Me is regularly called upon by land development agencies such as Bidwells to give exactly this kind of insight before they commit to a project.
If you already have an idea for a project that you are looking to explore, Appetite Me can conduct a more in-depth study that will address the specifics of your project. This will include the logistics of of a potential renovation, the demographics of the area, competition in the area, as well as a review of architectural plans, 3D concept design, interior design themes, proposed structures for the day to day running of the business, and fully customisable financial projections and budgets.
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
By going into such detail in a feasibility study, we can transform your idea, or plan for underused property into a tangible framework for getting your project underway. Remember, there is no obligation to use Appetite Me for the project management of your diversification, but the feasibility study will outline every single area that you will need to address (and suggestions where appropriate) and your next stages for moving forward.
If you have rural diversification idea, or are keen to expand your existing business with the addition of a cafe, restaurant, farm shop, or play barn, Appetite Me can offer you impartial, experienced advice on the best way to move forward.
For a free consultation, simply inquire at firstname.lastname@example.org, or give us a call on 01284 729 664
To view an actual Appetite Me feasibility study (redacted to ensure the clients anonymity) click here. This report was commissioned by a garden centre that was undergoing a renovation to increase the size of their store. Within the new extension they asked Appetite Me to perform a full feasibility study on including an artisan farm shop within the new build.