Monday, September 2, 2013

3 Differences Between a Feasibility Study and a Business Plan

There seems to be a mix up between a feasibility report and a business blueprint or plan. While some say they are the same, others argue they are not. So I want to use this medium to draw a line between a feasibility study and a business plan.

Though the process involved in developing feasibility report and a business plan are similar, I will reveal to you some basic differences:

1) Feasibility is carried out with the aim of finding out the workability and profitability of a business venture. Before anything is invested in a new business venture, a feasibility study is carried out to know if the business venture is worth the time, effort and resources.

On the other hand, a biz plan is developed only after it has been established that a business opportunity exist. This simply means that a biz plan is prepared after a feasibility study has been conducted.

2) A feasibility report is filled with calculations, analysis and estimated projections while a business blueprint or plan is made up of mostly tactics and strategies to be implemented in other to grow the business.

3) Feasibility is all about business idea viability while a business plan deals with business growth and sustainability.

I hope this few words I have written has been able to point out the key differences between a feasibility study and a business blueprint or plan. I feel it's also worthwhile to know that a feasibility report or study can readily be converted to a business plan.

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