A feasibility study is a study designed to determine the practicability of a system or plan. Polaris conducts detailed analyses of startup/development and expansion costing, market area trends, reported industry performance, and the subject operation's past financial performance. We also provide financial projections based upon the conclusions from these analyses.
Contact us today to discuss your needs for a Feasibility Study!
Feasibility Studies: How likely is your business to succeed?
While feasibility studies are primarily done to outline the viability of a proposed venture, they can also be used for other types of businesses such as an expansion of an existing business or purchase of an existing business. The use of feasibility studies is to use objective and rational methods to determine the strengths and weaknesses of an existing business or proposed venture. They highlight opportunities and threats the environment has to offer, the resources required to accomplish a goal, and overall the likelihood for success of the venture. Our feasibility studies also analyzes financial feasibility for all phases of operations, to include breakeven analyses.
Why Should a Feasibility Study be done for Your Business?
It is good practice to do a feasibility study before going into any new business venture. Here are a few of the reasons why all businesses should conduct a feasibility study:
- Provides quality financial and operational information to aid in decision making- Provides documentation that you fully investigated the proposed venture;
- Identifies any possible reasons not to proceed with the venture;
- Gives detailed focus to the project;
- Increases the probability of success by identifying factors that could threaten the venture early on;
- Outlines and narrows alternatives to the threats that affect the venture;
- Helps in securing funding from lending institutions;
- Helps attract equity investment;
- Identifies new opportunities through the investigative process.
We pride ourselves in building these feasibility studies with an objective and unbiased approach in order to provide valuable information in which rational decisions can be made based off of our findings and conclusions.
Contact us today to discuss your needs for a Feasibility Study!