Feasibility Study vs Business Plan What is the difference

CHAPTER TWO Is a feasibility study the same as a business plan? What is the difference between a feasibility study and a business plan? Can a feasibility study be converted into a small business plan? Well, I encourage you to read on to find the answers you are looking for.

There now seems to be confusion between a feasibility study and a business plan. While some say they are the same, others say they are not. I therefore want to use this medium to draw the line between a feasibility study and a business plan. Although the process of developing a feasibility study and a business is similar, I will explain some of the key differences between conducting a feasibility study and writing a business plan.

Feasibility study and business plan What is the difference

1. A feasibility study is carried out to determine the efficiency and profitability of the business. Before investing anything in a new business, a feasibility study is done to see if the business is worth the time, effort, and resources.

On the other hand, the business plan is only developed after it is created that the business opportunity exists and the business is about to start. It simply means that the business plan is prepared after the completion of the feasibility study.

2. The feasibility study is completed with calculations, analyzes and estimates of business opportunities. Whereas a business plan mainly consists of tactics and strategies that need to be implemented by others in order to start and grow a business.

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3. The feasibility study is the viability of the business idea, while the business plan is related to the business development plan and sustainability. A feasibility study reveals the earning potential of a business idea or opportunity for an entrepreneur, while a business plan helps an entrepreneur raise the necessary start-up capital from investors.

I hope these few words have been able to highlight the main differences between the feasibility of a course and a business plan. I also think it is good to know that a feasibility study can easily be transformed into a business plan. . To achieve this, all you need to do is include your business strategies and tactics in a feasibility study; and you have to go.

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