If not for the sake of some of my beloved friends, i don’t think i will be writing on a topic such as this. But i am forced to do so now due to my already made decision of sharing my little knowledge and experience with aspiring entrepreneurs and business owners.
There seem to be a mix up between a feasibility study and a business 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 study and a business are similar, i will reveal to you some basic difference between a feasibility study and a business plan.
1) A feasibility study 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 business plan is developed only after it has been established that a business opportunity exist. This simply means that a business plan is prepared after a feasibility study has been conducted.
2) A feasibility study is filled with calculations, analysis and estimated projections while a business plan is made up of mostly tactics and strategies to be implemented in other to grow the business.
3) A feasibility study 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 plan. I feel it’s also worthwhile to know that a feasibility study can readily be converted to a business plan. At this juncture, i rest my pen. Till i come your way again. Bye.
