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A feasibility study is designed to discover if a business or project is “feasible” or not. Before anything is invested in a new business venture, a feasibility study is carried out to know if the business venture is worth the time, effort and resources.On the other hand, a business plan is developed only after it has been established by the feasibility report that the business is worth investing. This simply means that a business plan is prepared after a feasibility study has been conducted.
A feasibility study report is filled with calculations, analysis and estimated projections of a business opportunity and its viability for investment. While a business plan provides tactics and strategies to be implemented in other to start, run and grow the business successfully.
A feasibility study, or business opportunity analysis, is a planning tool similar to a business plan. The feasibility study is done to flesh out the possibilities in an initial business idea.
The business plan then fully describes the business and its financial projections.
Differences in feasibility study & business plan as below:
1. A feasibility study is carried out with the aim of finding out the workability and profitability of a business venture. Before anything is invested in a new business venture, a feasibility study is carried out to know if the business venture is worth the time, effort and resources.
On the other hand, a business plan is developed only after it has been established that a business opportunity exist and the venture is about to commence. This simply means that a business plan is prepared after a feasibility study has been conducted.
2. A feasibility report is filled with calculations, analysis and estimated projections of a business opportunity. While a business plan is made up of mostly tactics and strategies to be implemented in other to start and grow the business.
3. A feasibility study is all about business idea viability while a business plan deals with business growth plan and sustainability.
4. A feasibility study report reveals the profit potential of a business idea or opportunity to the entrepreneur, while a business plan helps the entrepreneur raise the needed startup capital from investors.
business plan use after feasibility study and path for ur work
feasibility study use to know are our data to start business it is enough and good or need enhance and change
In addition to the answers, I would like to simplify it in this way:
1. Feasibility focuses more on financial, revenues and returns that the project will generate
2. Business plan is about describing steps, strategies and other related activities involved in setting up the business !
Thank You
A feasibility study is not the same thing as a business plan. A feasibility study, or business approach analysis, is a planning tool similar to a business plan. Hence, the feasibility study helps determine whether an idea or business is a viable option, a feasibility study is carried out to know if the business venture is worth the time, effort and resources. A feasibility study is filled with calculations, analysis and estimated projections while a business plan is made up of mostly tactics and strategies to be implemented in other to grow the business.
Thus, the business plan is developed after the business opportunity is created. None the less the feasibility study would be completed prior to the business plan or any business venture. Thereafter, the business plan then fully describes the business and its financial projections.
I agree with Mr.Vinod's answer.
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