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| Feasibility
Study: |
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As the name implies, a feasibility study is
an analysis of the viability of an idea. The
feasibility study focuses on helping answer
the essential question of “should we proceed
with the proposed project idea?” All activities
of the study are directed toward helping answer
this question.
Feasibility studies can be used in many ways
but primarily focus on proposed business ventures.
Farmers and others with a business idea should
conduct a feasibility study to determine the
viability of their idea before proceeding with
the development of the business. Determining
early-on that a business idea will not work
saves time, money and heartache later.
A feasible business venture is one where the
business will generate adequate cash-flow and
profits, withstand the risks it will encounter,
remain viable in the long-term and meet the
goals of the founders. The venture can be a
new start-up business, the purchase of an existing
business, an expansion of current business operations
or a new enterprise for an existing business.
Horwath Mak Business Consultants can assist you in
successful feasibilty study of markets you wish
to move on.
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Feasibility
Study vs. Business Plan |
A feasibility study is
not a business plan. The separate roles of the
feasibility study and the business plan are
frequently misunderstood. The feasibility study
provides an investigating function. It addresses
the question of “Is this a viable business
venture?”
The business plan provides a planning function.
The business plan outlines the actions needed
to take the proposal from “idea”
to “reality.”
The feasibility study outlines and analyzes
several alternatives or methods of achieving
business success. So the feasibility study helps
to narrow the scope of the project to identify
the best business model. The business plan deals
with only one alternative or model. The feasibility
study helps to narrow the scope of the project
to identify and define two or three scenarios
or alternatives. The consultant conducting the
feasibility study may work with the group to
identify the “best” alternative
for their situation. This becomes the basis
for the business plan.
The feasibility study is conducted before the
business plan. A business plan is prepared only
after the business venture has been deemed to
be feasible. If a proposed business venture
is considered to be feasible, then a business
plan constructed that provides a “roadmap”
of how the business will be created and developed.
The business plan provides the “blueprint”
for project implementation. If the venture is
deemed not to be feasible, efforts may be made
to correct its deficiencies, other alternatives
may be explored, or the idea is dropped.
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| Why
Feasibility Study? |
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Conducting a feasibility
study is a good business practice. If you examine
successful businesses, you will find that they
did not go into a new business venture without
first thoroughly examining all of the issues
and assessing the probability of business success.
Below are other reasons to conduct a feasibility
study.
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• Gives focus to
the project and outline alternatives
• Narrows business alternatives
• Surfaces new opportunities through the
investigative process
• Identifies reasons not to proceed
• Enhances the probability of success
by addressing and mitigating factors early on
that could affect the project
• Provides quality information for decision
making
• Helps to increase investment in the
company
• Provides documentation that the business
venture was thoroughly investigated
• Helps in securing funding from lending
institutions and other sources
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A patent is a right granted to an inventor for
an invention, which in most cases is a product
or a process of a new way of creating something
or providing a new solution to a certain technical
problem.
Once granted, a patent confers protection upon
the owner thereof. The period of protection
ranges between 15 to 20 years. The protection
period is not renewable except in rare and particular
cases.
In order for an invention to be patentable,
it must be new, capable of solving an existing
technical problem and liable to practical application
in industry.
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The feasibility study is a critical step in the
business assessment process. If properly conducted,
it may be the best investment you ever made.
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2008-2009, Horwath Mak Business Consulting |
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