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.

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.

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.

• 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

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.