Feasibility studies are critical for all new product ideas. In fact, they are so critical that we offer a preliminary feasibility study free of charge on any* NPD project.
Who is this for?
Anyone with an idea.
Feasibility studies are essential for anyone who has a dream. So often dreams can be wild. Wild and maybe unrealistic.
Feasibility studies help to stop the dreamers wasting money on ideas that may not ever be able to bear fruit.
They can also reveal some extraordinary new opportunities…
What is a feasibility study?
A reality check.
It’s an independent assessment of the practicality of a proposed product, plan, or method.
We will check if it’s “feasible”.
Do we have, or can we create the technology to do this? Do we have the people resources? Will we get our ROI?
When should I do one?
First point on the checklist.
The feasibility study is one of the first things you need to do when thinking about launching a new product or service. You will likely roughly do this anyway while immersed in Dreamland.
But a systematic and independent assessment is hard to beat.
PS. Feasibility studies are carried out throughout the product life-cycle, so don’t think that you can do one at pre-launch, rub your hands and expect your product to forever disappear off the shelves…
Why is this module important?
Two words: Laser focus.
Carrying out a structured systematic feasibility study that is tailored to your unique needs will determine and clarify what factors will make the new product or service a success.
Realising a project takes more than a good idea.
- Is it profitable or cost neutral in the long run?
- Have we chosen the right location?
- Is it possible to live up to the time schedule and operating budget?
A feasibility study can give your project a necessary reality check. With the current conditions as the starting point, we estimate the potentials in your project or business case to make sure that your vision is realistic, fundable, and socio-economically sustainable.
What are the steps to take?
Once we engage, we’ll:
- Conduct preliminary analyses
- Prepare a Projected Income Statement
- Propose business organisation and operations
- Review and analyse all data
- Recommend a “Go / No Go” Decision
It sounds scary and formal. It’s not really. Just structured and systematic.
What do I get?
A great decision tool.
You’ll end up with a professional report with the following sections beautifully completed with our findings and recommendations:-
- Executive summary
- Description of the product or service
- Technology considerations
- Product/service marketplace
- Suggested outline marketing strategy
- Organisation and staffing
- Financial projections
- Findings and recommendations
This report will be critical if you are needing an investor. PS Did we mention that the preliminary feasibility study is offered free of charge on any new NPD project?