Feasibility Studies

A feasibility study is a preliminary study undertaken to determine and document a project’s viability. The results of this study are used to make a decision whether or not to proceed with the project.

At ACREM Consultants, we undertake feasibility studies for different clients in different Industries and sectors. These studies are very essential in light of the fact that an estimated about one in fifty business ideas are actually commercially viable.

The studies provide invaluable information about the likely success of new product or service ideas. Thus any time you start considering changing your products or services, developing new ideas, moving into new geographic markets, or expanding your business or service offering.

We are available to provide you with accurate, timely, in-depth information that will help you make the best possible decisions, given the characteristics of your likely customer base and competitors. Conducting market feasibility early in the development cycle can provide a “reality check” on your idea as well as help define product development to ensure it appeals to your targeted clientele.

Our feasibility studies are designed in such a way that they enable our clients to have useful insights of;

  1. The likely demand for the product or service being considered.
  2. The potential customers’ needs and price expectations?
  3. Our clients’ competitors.
  4. The strengths and weaknesses of our clients’ competitors from our clients’ potential customers’ perspective?
  5. How our clients can design their products or services in the most effective ways, given the needs of our clients’ target market and the competitive environment?

Often our feasibility studies are three (3) fold as detailed below.

Focus Area What often we look out for;
Market analysis
  1. What does the competitive landscape look like?
  2. What is the current or projected demand?
  3. Is there a niche in which to operate?
  4. What are the target markets for this product or service?
  5. Will the location of the business affect success?
Financial resources and climate
  1. Start-up and operating costs (staffing, soft goods, etc.)
  2. Projected revenue and profit margins
  3. Sources of investment – small bank loans, venture capital, or bootstrapped, you’ll need understand the different avenues and how they apply to your industry
Technical Issues
  1. What are the technology/capital/equipment needs?
  2. Where and when can you purchase this capital?
  3. Does the business’s future success hinge on a single proprietary technology?