There is nothing quite like owning your own business. It can give you not only a lot of satisfaction and with the proper care and attention grow into one that will take care of your financial needs. When the time comes for growth you might find that you have to seek the help of a set of financial investors. If you have to present your expansion plans to them in order to secure the money you need, you best chances of success are likely to come if show them a well documented feasibility study.
What is a Feasibility Study?
If you have never worked with a feasibility study then you may not understand what one is let alone how to use it to your advantage. This type of study is undertaken when a business needs to make changes or grow and needs t show its investors that the ideas presented are sound. Considering the current economic climate most businesses are shrinking rather than growing and you will have to work hard to prove that yours can sustain the growth.
If you have never written one of these studies you can use a template that will help you to understand what information you will need and where it should be placed in your report. Essentially your study intended to help show your potential investors that your ideas and plans for expansion can and will work as long as you have the financial backing to follow through with them.
What Information Should be Included?
If you are using a template for your feasibility study you will see that there are specific areas assigned to cover each aspect of your reports. You will need to provide a complete description of what your plans for the future changes are. Your report should also include any research that you have completed in order to verify the feasibility of the project and the expected outcome of your project. You must include figures that show how much you expect your projected changes to cost and approximately how much your changes will affect the profit level of your company.
In essence a feasibility study is designed to show your investors that you have taken into consideration the costs, potential pitfalls and any risks you expect to see. Your template will also have an area dedicated to showing how you plan to deal with any problems that are likely to crop up along the way. This is the one chance you have to show your potential investors that you have thought of every eventuality and that your plans for expansion are solid. A well thought out and written report is far more likely to secure the finances you need for your project than any other means and is an industry standard.