GSP Insights - Feasibility studies

Feasibility studies

Before you launch into writing a business plan, there's an essential step to take - a feasibility study. Doing a feasibility study before you undertake a project or new business can ultimately save you time and money.

Feasibility studies can be used to consider if a project is feasible when there are specified constraints or to assess the resources needed for a project. A business feasibility study ensures that informed decisions are made when starting a business or expanding into new markets.

GSP insights has a strong track record in feasibility studies. We bring a high level of skill and expertise to each of our feasibility studies. We offer the New Business Feasibility Study and the Business Expansion Feasibility Study.

New Business Feasibility Study

Unfortunately, having a great idea isn't enough. Many entrepreneurs start a business without checking the commercial viability of their project. It's not surprising that 50% of new businesses fold in the first two years, and over 80% don't survive 5 years.

Before you launch a new business, you need to check out its commercial potential by pulling together and analysing a considerable amount of information.

A New Business Feasibility Study by GSP insights has four stages:

Examining the expertise of the entrepreneur
Analyzing the market: characteristics, trends, principal players, likely risks and opportunities, consumer behaviour and preferences
Analysing the operational and technical feasibility
Evaluating the economic viability of the project.

This approach gives you the opportunity to call a halt to the study at any stage if it becomes evident that the project is not viable. You'll save time, money and heartache if you find out early that a business idea will not work.

Business Expansion Feasibility Study

A Business Expansion Feasibility Study by GSP insights can cover any or all of the following:

Identify and evaluate target markets
Identify and assess location options
Identify and assess the legal and statutory constraints of a project
Appraise export opportunities
Evaluate potential overseas markets
Calculate financing needs and access to financing