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Feasibility Studies for Canadian Small Businesses
RK Fischer & Associates - Feasibility Study in Toronto
A feasibility study is an analysis of a business or project opportunity. It is used to determine whether or not the business opportunity is worth pursuing. The feasibility study will consider all aspects of the business, including the market, the competition, the business model, and the financials.
A feasibility study is an essential asset for any business owner. It can help you determine whether or not your business idea is viable and help you plan for success. In many cases, lenders or investors will take a feasibility study instead of a business plan for financing start-ups.
Suppose you are thinking about starting a business, already in the early stages of a business, or adding a new project to an existing business. In that case, you should definitely consider conducting a feasibility study. A feasibility study can save you time and money by helping you avoid pursuing a business opportunity or project that might not be successful.
Our expectation for performing a feasibility study is that your business or project is much more than an idea and that you have some understanding of the market. Feasibility studies start at the idea-only phase and require heavy primary research costs in the range of $15-$50K, depending on the industry and market. The average small business will not spend that kind of investment. We expect the business to have some understanding of the business and the market they plan to sell into, and we can provide help on where to obtain the information needed. There are different types of feasibility studies, and ours focuses on Financial and Operational Feasibility, which is required if you require financing or investment. The article below outlines the different types of feasibility studies, as the term is sometimes misunderstood.
If you need a feasibility study to determine if your business can make money in Toronto or anywhere in Ontario, contact RK Fischer & Associates. Here at RK Fischer & Associates, we offer business coaching and business consulting to owner-operated businesses to achieve their business goals by developing and implementing the right strategies, plans, and processes based on best practices, including feasibility studies.
If you would like to find out more about feasibility studies, click the button below or signup for a free consultation and find out if a feasibility study is what you need for your business.
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