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Business plan versus business feasibility study
Business plan (Business Plan) is a document that describes the business idea, the economic content, the growth plans and the development of the business. The purpose of a business plan is to present the idea to potential executors and persuade them to invest in the planned business. A business plan includes economic information, market information, technical information, information about managers and employees, and more.
Feasibility study (Feasibility Study) is the process of running business research whose purpose is to examine the possibility of carrying out a business project before you start building it. The check includes examining the need in the market and deciding where it is worth carrying out the project, checking economic profitability and checking the technical possibility of carrying out the project. The purpose of a feasibility study is to make sure the project can be profitable and that it suits the needs of the market, and therefore the resources required to build it can be invested in it.
In summary, a business plan and a feasibility study are different processes whose purpose is to make sure a business project succeeds.
When is it worth making a business plan?
A business plan is an important tool for anyone who plans to develop a business, realize a business idea or obtain financing for a business project. To know when it is worth making a business plan, consider the following situations:
New business: If you are planning to develop a new business, a business plan is essential. It will help you understand the potential of the business and get a fuller picture of the market, the competitors and the opportunities for growth.
Financing: If you are looking for financing for a business project, a business plan is important for attracting investors, market leaders and others who may help you obtain the required financing.
Change in an existing business: If you have an existing business and you plan to change its central aspects, a business plan can help you build an action plan and get a fuller picture of the economic effects of those changes.
When is it worth running a business feasibility study?
A business feasibility study is a process aimed at checking the business viability of a business idea or project in terms of the market, the product or service, the economics and the technology. To know when it is worth running a business feasibility study, consider the following situations:
New idea: If you have a new idea for a product or service, checking its business feasibility can be essential before you invest time and money in developing it.
Expanding an existing business: If you have an existing business and you plan to expand activity or add a new product or service, a business feasibility study can help you determine the economic and technological effects of those changes on the whole business.
New legislation: If new legislation affects your business field, you may need to check the business feasibility of the business under the new conditions.
Business consulting
To check what is better for you at this stage, building a business plan or a business feasibility study, contact us today. A first call Business consulting free of charge and without obligation.
