Feasibility Studies
A feasibility study will provide you with the discipline and insight to reassure yourself that your idea is worthwhile pursuing.
Feasibility Studies
A feasibility study will provide you with the discipline and insight to reassure yourself that your idea is worthwhile pursuing.
Understanding Market Opportunities
A new product feasibility study is a market research methodology that aims to guide the next steps for marketing, sales, and product development. Sirius Consultancy International enables business and marketing excellence by using proven toolsets. Applying decades of knowledge gained from our experience in business, technology and application aspects, we assist clients in the biobased materials and chemicals sector to assess potential market opportunities for new and existing products.
The feasibility study, combined with market intelligence, evaluates the project’s potential for success.
How can we help you unlock the true market potential for your biobased product?
Components of a feasibility study
There are usually three components to the feasibility study:
Market Analysis
The market analysis should be conducted first because it is critical to the success of the business to understand the environment in which you will compete. There must be adequate demand for your product or service. If not, your business idea may not be feasible and there is o need to go any further. Market analysis results in compiling information about the market potential. Its basic components include:
Technical Analysis
In addition to the market analysis, the financial assessment is a critical component of a feasibility study. Without the “financials” it will be impossible to determine how feasible the business idea is. Included in the financial assessment is revenue and income projections for the first year along with start-up costs to determine how much funding your business will need. Key components of the financial assessment include: