Feasibility studies for startups- Everything you need to know

Feasibility studies for startups- Everything you need to know

Feasibility studies

A feasibility study Singapore is crucial for startups. Your feasibility study consultant Singapore is a highly experienced individual who will focus on the singular question – is your business idea practical /feasible? In the process, he will cover all related areas like technical feasibility, operational viability, legal requirements, financial viability, etc., and help you understand with supporting facts and figures as to whether you should proceed with your project idea. This way you can save precious resources and even look for a new project if need be. 

Significant savings in energy, time, and money

Conceptualizing a project involves a significant amount of energy and time followed by the investment needed to launch the project. When a feasibility study consultant Singapore hands over his report you will quickly see the larger picture of the project itself which would ideally include a SWOT analysis prepared by your consultant. 

You can discover opportunities

A feasibility study can highlight the positive elements of your project and even identify untapped markets or new ways to implement your ideas and even throw light on the current market trends for your product or service. Depending on how you fix the terms of reference with your feasibility study consultant Singapore, the report may even include effective advertising and promotional strategies so that your business can take off from a high pedestal.

How it works 

When you engage a feasibility study consultant Singapore for your startup project, he will start with a preliminary analysis for an in-depth of your project to determine its viability and also carefully look for any roadblocks that can become overwhelming with time. Fundamentally, the service or product that you are offering should be unique and capable of quenching a market that is thirsting for a solution. 

Market survey

Your feasibility study consultant Singapore will conduct an exhaustive market survey to understand competitor activity if any, the market size for your product/service, demographic characteristics, how the target market responds to new products, and purchasing power. For small and medium-scale projects, this study can also include operational and technical feasibility.

Income projection

The project feasibility study will also include an income projection to give you an idea of the revenue and income you can expect when your project is up and running. This income projection would generally be drawn up for 3 years 

The feasibility study should be the first step for your project

To ensure that you are launching into a viable and profitable startup business, you should ensure that you find the best feasibility study consultant Singapore to provide you with a well-structured study report.

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