How To Write A Feasibility Study Report In Nigeria Or Africa: The Complete Guide
Do you plan to start a new business but don’t know how to go about it? Is there an exciting new idea you just can’t wait to launch in the marketplace? Or are you overseeing a project and need to get the full estimates and amount of work that will go into it?
If your answer to everything is a yes, then what you need to prepare is a feasibility study report!
What Is A Feasibility Study Report?
A feasibility study report is a document that shows the results gotten from testing the viability of a business idea. This is usually done by carrying out a market research, survey, and a whole lot more, to determine the potential size of the market, the current prices of products and services, the types of customers, their age brackets, and covering several other important pointers.
A feasibility study is usually done prior to writing a business plan, so you can have full market information on what to highlight in the plan.
So How Then Do You Prepare A Feasibility Study Report?
A feasibility study report has a couple of sections that must be covered and explained in the simplest possible ways. By following these steps, you’ll prepare a feasibility study report that doesn’t just detail the entire results of the study, but will also make understanding a lot easier.
That said, here are the 10 steps to prepare a feasibility study report:
Step 1: The Introduction
The introduction of your feasibility study report should show the advantages and importance of the business you’ve set out to research. It should carry a detailed explanation of the project, its benefits, the process flows, and how it will all entirely be achieved.
While this is a detailed explanation of your entire project, in reality, it should be a summary that details everything in short forms.
Step 2: Description Of The Project
The description of the project should show its mission and vision, its objectives, the proposed project location, resources available for the project, the project’s history, and what motivated you to embark on this project.
Step 3: Market Description
Here you’ll identify your target market and how you intend to convert them into paying customers. You’ll also talk about your industry, mention what link or distribution chain you intend to play in it, and your competitive advantage.
Step 4: Description Of Products And Services
Here you should talk about all the different products and services you’ll be buying or selling during the course of the project. You should highlight their prices, what makes them differ from the competition’s, and also show the process you went through in selecting them.
Step 5: Organisation Plan
Here you should state the type of business you’re registering, the licenses and permits you’re going to acquire, your team members, their qualifications, and their individual responsibilities.
Step 6: Technical Specifications And Production Plan
Here you should talk about your production process, the steps that’d be involved, the machineries you’d acquire, and what you need to do to get your products and services ready for the market in premium quality and the shortest possible time.
Step 7: Marketing Plan
Here you’ll talk about the different segments of your market, explain what makes each unique, talk about your customer acquisition strategies, distribution links, competition, and a general overview of how your promotional strategies will successfully help you penetrate the market.
Step 8: Risk Assessment
In this section, you’ll evaluate the potential risks that will be involved in your project and highlight ways to mitigate against them.
Step 9: Financial Plan
Here you’ll state your potential startup capital, how you intend to use it, your expenses, asset acquisitions, how you intend to generate revenues; and with this values, you will prepare your balance sheet, profit and loss statements, and cash flow projections.
See Also: How to Choose A Business Plan Consultant
Step 10: Evaluation And Conclusion
After covering every other step, here you’ll include the references used in the course of preparing your feasibility study report, your total observations, recommendations, and its viability.
Feasibility Study Report Writing Service
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