Feasibility studies can come in many different formats and can cover an array of different areas and topics. Here at Appetite Me, we tailor each study to your requirements and ensure we work through all the details relevant to your business. Our expert consultants will give you a formalised written approach to evaluate your idea and can aid you in identifying:
- Useful facts and figures to aid decision-making
- Alternative approaches and solutions to putting your idea into practice
The main reason business ventures fail is through lack of planning and research, we make sure you have all the information needed to make educated decisions about your new business plan. Through detailed planning, knowledge of the market place, customers, competition, the environment and growth you are equipped with invaluable knowledge that will enable you to foresee potential obstacles, as well as the best solutions to deal with them. This process considers all areas of your idea and ensures you have something concrete on paper before you proceed.
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
- An assessment of the impact of each main option on your group’s structure and products
A feasibility study reduces the risk of making poor decisions and increases your success. Through this objective and independent view it allows you to make informed decisions and see the true potential of your idea, as well as the best way it can be implemented and launched. It can also be an invaluable tool when applying for grant funding, bank loans, and pitching to investors for your projects as the study forms a solid base of a business model.