Feasibility Studies: Assessing the Viability of Your Business Idea

Launching a new business venture is an exciting yet challenging endeavor. To ensure that your idea has the best chance of success, it's crucial to conduct a feasibility study—a rigorous analysis that evaluates the viability of your project. Feasibility studies help identify potential risks, estimate costs, and assess market demand, enabling you to make informed decisions and avoid costly mistakes.

The Importance of Feasibility Studies

Skipping this critical step can lead to significant financial overruns and project failures. Statistics show that projects without proper feasibility assessments often exceed their budgets by 27% on average, with some suffering even greater overruns. Moreover, about 70% of projects fail to meet their original goals due to poor planning and inadequate risk management. By conducting a thorough feasibility study, you can safeguard your investment and set your project up for success.

How to Conduct a Feasibility Study

A well-structured feasibility study involves several key steps, including defining the project's scope, conducting a preliminary analysis, gathering detailed data, and formulating recommendations. Mikel Consulting provides expert guidance at each of these stages, helping you navigate the complexities of your project and make data-driven decisions.

Explore how a well-prepared business plan can significantly enhance your chances of navigating the Canadian immigration system for entrepreneurs. This post delves into essential strategies and detailed components every business plan should include to meet specific visa requirements, ensure compliance, and align business objectives with immigration goals.

How to Attract Investors with an Investor-Ready Business Plan

In the competitive global landscape of startups and new ventures – where millions of founders compete for a slice of the global venture capital pie and its estimated $468.4B market volume in 2024 – securing investment is a major step to entrepreneurial success.

At Mikel Consulting, we believe that a well-crafted business plan is your most powerful tool in attracting investors and staking your claim in your sector of choice. Through this brief guide, we delve into the critical components of investor-ready business plans – highlighting the key factors that investors consider and showcasing how smart business planning has helped our clients connect with top investors and raise more than $1 billion in funding.

What is an “Investor-Ready” Business Plan?

An investor-ready business plan is a comprehensive, custom-tailored document that clearly articulates your company’s business model, market opportunities, competitive advantages and key points of differentiation, financial projections, and funding needs – most importantly, in ways that are attractive to and easily understood by institutional and private investors. Unlike internal documents, investor-ready business plans are fundamentally outward-facing and designed for the specific purpose of helping your company acquire direct investments.

Navigate the complexities of today's business landscape with precision. Our latest blog post delves into how Mikel Consulting leverages sophisticated financial models to forecast business outcomes, secure funding, and drive strategic decisions. Discover the transformative power of integrating revenue forecasts, asset management, and risk analysis to not only survive but thrive in the competitive market. Learn how dynamic financial modelling isn't just about numbers—it's about shaping a sustainable future.