Feasibility Study

A feasibility study is a detailed analysis used to determine whether a proposed business idea, project, expansion, acquisition, or new location is practical and financially viable. It examines the market opportunity, operating requirements, technical needs, regulatory considerations, costs, risks, and financial outlook before significant time or capital is committed.

A feasibility study helps reduce uncertainty before moving forward with a major decision. It can identify risks, test assumptions, estimate costs, evaluate market demand, and determine whether the project has a realistic path to success. For investors, lenders, boards, and internal stakeholders, it provides objective support for deciding whether a project should proceed, be revised, or be paused.

A feasibility study may include market analysis, customer demand, competitive research, location analysis, operational requirements, staffing needs, technical feasibility, legal or regulatory considerations, startup costs, capital requirements, revenue potential, financial projections, risk assessment, and final recommendations. The exact scope depends on the project and the decision the study is intended to support.

Feasibility studies are commonly used for new business launches, real estate developments, acquisitions, expansions, manufacturing projects, franchise opportunities, community projects, large capital investments, new product lines, and location-based businesses. They are especially useful when the decision involves meaningful financial risk, multiple stakeholders, or uncertainty around market demand and profitability.

A feasibility study evaluates whether a project should move forward. A business plan explains how the business or project will be launched, operated, funded, and grown. In simple terms, a feasibility study helps answer “Is this viable?” while a business plan helps answer “How will we execute it?” Some projects may require both documents, especially when seeking funding or stakeholder approval.

The timeline depends on the complexity of the project, the amount of research required, the availability of information, and the depth of financial analysis needed. Some focused studies can be completed within a few weeks, while more complex feasibility studies may take longer. Mikel Consulting provides a project-specific timeline after reviewing the scope and required level of analysis.

Our feasibility studies start at $2,500 CAD. Pricing is custom because feasibility studies can vary significantly in scope. A focused market and financial feasibility study may require less work than a multi-location, technical, regulatory, or acquisition-focused study. After reviewing your project, we can provide a clear quote based on the research, analysis, and deliverables required.

Yes. A feasibility study can support funding discussions by showing that the project has been reviewed objectively before capital is committed. It can help investors, lenders, grant providers, boards, or partners understand the opportunity, risks, financial requirements, market potential, and expected return. In some cases, the feasibility study can also be used as a foundation for a full business plan or pitch deck.

We typically need information about the proposed project, business goals, location, target market, estimated costs, planned revenue model, available resources, project timeline, funding needs, and any research or documents already prepared. For more complex projects, we may also request supplier quotes, lease details, technical information, stakeholder input, or historical financial data.

Yes. Feasibility studies can be customized around the areas that matter most to the decision. For some clients, the main concern is market demand. For others, it may be startup costs, technical requirements, location suitability, regulatory approval, financial viability, operating capacity, or risk. We tailor the scope to match the project and the specific questions stakeholders need answered.

We focus on practical assumptions, credible research, clear financial logic, and transparent analysis. The study is built around the available facts, market conditions, project requirements, and reasonable assumptions rather than overly optimistic projections. Where uncertainty exists, we can use sensitivity analysis, risk discussion, and scenario-based thinking to show how different outcomes may affect viability.

After the feasibility study is complete, you can use the findings to decide whether to proceed, revise the project, seek funding, prepare a business plan, approach investors, or complete additional due diligence. If the project is viable, the study can help shape the next steps. If the study identifies major concerns, it can help you adjust the concept before committing significant resources.