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A feasibility study

Planning

Before you implement your ideas, it’s helpful to think through carefully whether your approach is achievable and financially viable.


Questions worth asking

  • Who will use the service, product and why?
  • Are there other opinions?

Things worth considering

  • An analysis of the market for the idea, service etc
  • Examination of any options
  • Risk analysis
  • A concept plan outlining key aspects and rationale for your choices
  • A detailed breakdown of expected capital costs and anticipated sources of funds
  • A draft management plan, including details of expected budget
  • Sustainability – future financial, social and environmental impact

Tips

  • Consult widely, especially on demand, affordability and access
  • Make sure all decision makers and stakeholders share a collective understanding of what is being proposed
  • Allow for unexpected changes, either inside or external to your organisation

Outcome

At the end of this process, your organisation should have a good understanding of whether this concept will work both practically and financially. You can then decide to develop it, modify it, postpone it or abandon it.

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