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Have you ever conducted a feasibility study on any project? what of a Business plan? Do you know the difference? How important is it you? Does it affect your cash flow? Let's discuss...........


4 Differences between Conducting Feasibility Study and Writing 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 and the venture is about to commence. This simply means that a business plan is prepared after a feasibility study has been conducted.

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

3. A feasibility study is all about business idea viability while a business plan deals with business growth plan and sustainability.

4. A feasibility study report reveals the profit potential of a business idea or opportunity to the entrepreneur, while a business plan helps the entrepreneur raise the needed startup capital from investors.

I hope this few words have been able to point out the key differences between feasibility study and business plan. I feel it’s also worthwhile to know that a feasibility report can readily be converted to a business plan. To achieve this, all you need to do is incorporate your business strategies and tactics into the feasibility report; and you are good to go.

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