c5-64 - File C5-64 March 2006...

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When to Do and How to Use a Feasibility Study File C5-64 March 2006 www.extension.iastate.edu/agdm Don Hofstrand Co-Director Ag Marketing Resource Center (641) 423-0844 [email protected] I f you are considering conducting a feasibility analysis to investigate the viability of a potential business venture, answering the following six questions will help guide you through the process. By using these as a guide, it will help you move through the process efFciently while helping you get the most out of the analysis. What is a Feasibility Study (http://www.extension. iastate.edu/agdm/wholefarm/html/c5-65.html) helps you understanding the concept of a feasibility study and how it is used in the business development pro- cess. Feasibility Study Outline (http://www.exten- sion.iastate.edu/agdm/wholefarm/html) provides you with a framework for creating your feasibility analysis. You also need to understand how a feasi- bility study Fts into the overall business develop - ment process. When to do a study? The decision to conduct a feasibility study should not be taken lightly. It is an expensive and time- consuming process. However, not doing a feasibility analysis can be even more expensive in terms of the poor decisions you may make from not conducting the proper analysis. To help you understand when to conduct a feasibility study, you may want to review the Idea Assessment / Business Development Pro- cess (http://www.extension.iastate.edu/agdm/whole- farm/html/c5-02.html). You need to be far enough along in the deliberation process of your business idea to make the best use of a feasibility study. So you need to have a clearly deFned outline of one or more alternative business models or scenarios that you want to explore. And you want to have conducted sufFcient initial inves - tigation of these alternatives to determine if they have the potential of being viable. You don’t want to spend your feasibility money investigating ideas that you can determine are not feasible by just making a few phone calls. This means that you will need to have already done
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This note was uploaded on 09/29/2009 for the course EGR 491 taught by Professor Staff during the Spring '09 term at Michigan State University.

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c5-64 - File C5-64 March 2006...

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