Feasibility study is a very important step in every project. In simple words, feasibility study means the investigation which proofs the feasibility of a project. Feasibility of something can be defined as its practicality and achievability from economical, technical, and social perspectives. According to this definition, a project without feasibility is nothing more than an imagination or a dream.
Feasibility study becomes even more important in new businesses where the main goal is to earn maximum possible profit in minimum possible time frame. For this purposes, different steps are taken which include feasibility study and then making a business plan for the project.
After that, marketing strategies are made, and all these factors contribute to the successful business of an organization. For example, if you are opening a new company for offering your products or services, conducting a feasibility study is crucial. It can include market analysis, surveys and interviews, geographical location where you are going to start your business, type of technology required, etc. Finally, a feasibility study can become your preliminary plan for obtaining financing for major projects. The feasibility study details the potential success of the project, including whether it will be profitable for investors.