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In other words, it is ‘doable’ and also ‘viable.’A viable business, for example, is one we expect will make a profit every year for a long time.
They will also take into account how disruptive the project might be for staff and patients.
The study may have to gauge public opinion regarding the new extension.
A feasibility study is an evaluation and analysis of a project or system that somebody has proposed. The study tries to determine whether the project is technically and financially feasible, i.e., is it technically or financially viable?
Financially feasible, in this context, means whether the project is feasible within the estimated cost.
In other words, would the local community be in favor or against such a project?
It is important to determine how the stakeholders will respond.
These USPs provide a solid foundation for your business, giving you a competitive advantage that can be promoted in your marketing and potentially justifying larger profit margins.
As a business owner, it’s important you have an intimate understanding of the figures.
As part of this you’ll need to check your business name doesn’t conflict with that of another business.
To do so, check the free online registers provided by the Intellectual Property Office of New Zealand (IPONZ) and the NZ Companies Office.