So often new product ideas can be wild. Wild and maybe unrealistic. Feasibility studies help to stop the dreamers wasting money on ideas that may not ever be feasible. They can also reveal some extraordinary new opportunities.
Feasibility studies basically help you to understand whether an idea, plan or product is feasible and likely to be a success. This includes considering factors such as whether it can be technically done, if it will cost more to make than the profits that can be made, as well as whether it’s worth the time and effort.
When should I do a feasibility study?
As soon as you’ve come up with your idea or product, jump right in. Weigh up both the negatives and the positives and assess how each one is likely to affect the overall outcome and success of your project. It’s important to be systematic and not too biased, which is why having an independent party give you a hand can be so valuable.
Why is a feasibility study so important?
It’s easy to get carried away when you have your mind set on something. Although your idea might seem amazing, you need to really figure out whether it will translate well into the real world. If you invest time and money into your idea before investing in finding out whether it is actually feasible, you could lose a lot of precious hard work.
How to go about carrying out a feasibility study
Here at Innovolo, we’ve devised a smart Innovolation Framework for new product development (NPD), and a feasibility study is the very first step. But what are the steps of a feasibility study?
- Conduct an initial review
- Assess where your product fits in with the current market
- Do some basic research to get an idea of what’s out there
- Take a look at potential competitors, what’s their activity like? How are they marketing themselves and are they being successful?
- Determine an expected return on investment, which may be an estimated range
If you do decide to choose us for your feasibility study needs, you’ll receive a detailed analysis of your project. This includes an executive summary, technology and marketing suggestions, as well as a schedule complete with financial projections.
Most importantly, you’ll have a breakdown of all our findings as well as our professional recommendation on whether or not we think you should proceed with your idea. After reading our report, you may decide to tweak your plans or go full steam ahead, the choice is yours.