Business Plan and Feasibility Study in Bahrain
The Business Feasibility Study is used to support the decision-making process based on a cost-benefit analysis of the actual business or project viability. A thorough viability analysis provides an abundance of information that is also necessary for the Business Plan. Project managers use feasibility studies to determine potential positive and negative outcomes before investing considerable time and capital into it.
The goal of a feasibility study is to place emphasis on potential problems that could occur if the project is pursued. Business Feasibility is conducted in order to determine the success and reduce the related to the project.
What Are the Essential Components Of Business Plan & Feasibility Study?
Feasibility study contains five essential components which include,
• Market Research
• Financial Research
• Management Research
• Schedule Determination
• Technical Research
How Can You Benefit By Conducting A Feasibility Study?
By conducting a proper feasibility study, the target audience can be clearly identified along with their purchasing power. This process will determine the economic ability of a proposal by a business. This is an important part of a business case that should be done after a business idea is created but before it is technically developed and long before the production of any product is started.
In essence, a feasibility study is to determine the viability of a business venture in a specific area or sector of business. This is the process that will identify any possible problems that might occur between the acceptance of the product with the consumer and how profitable the business venture might be.
Just because a business has a great and needed product for a region, does not necessarily make it a good business opportunity. Not all ideas that make sense are great business opportunities. Like selling water in a desert, since there is a shortage of water, it sounds like a great idea. But since there is very little water present, there is not a population that sustains a living there and sales would not exceed the cost of importing the water to the arid region, this is not a good and viable business venture.
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