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Feasibility Services Companies in India
Feasibility studies are carried out by individual business owners, enterprises, and investors that are starting n.....
- February 29, 2024
- Posted by: Admin
- Categories: Service Sector
Feasibility Services Companies in India
Feasibility studies are carried out by individual business owners, enterprises, and investors that are starting new ventures. It is done prior to committing any substantial capital, time, and resources into a business. Preparing a feasibility study can help a business owner assess the viability of a business idea.
In a lucrative economy like India, there is no dearth of prudent business ideas. However, not every idea will succeed and make profitable business venture. Hence before making an investment, it is important to verify the feasibility of the business from multiple points of views: market, financial, legal, technology, etc.
A feasibility study can help in this and enable the owners and promoters of the business to make yes or no decision about going ahead with the business.
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In addition to a simple yes and no decision, a feasibility study can also help the business owner in numerous other ways
- To know about the market, value chain, customer segments, retail structure, competition in details.
- To plan what all resources will be required to start the business venture.
- To evaluate the potential risks in a business and accordingly prepare a plan to manage the same.
- Many private investors specifically ask for a feasibility study before committing a capital. Thus a feasibility report can assist in fundraise.
- It improves the decision making by giving the owner a wide range of information, insights, and perspectives.
Blue Print of a Feasibility Study
The scope of feasibility study varies from case to case. A feasibility study for starting a restaurant in the golf course extension road Gurgaon will need different approach from a starting butter manufacturing factory in the state of Punjab. Both will be very different from opening a gym-cum-fitness center at Bangalore.
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The scope of a feasibility study report will depend on multiple factors such as nature of business, size of investment, location, distribution structure & retail reach, customer segments and targeting, regulatory environment and much more.
In this regards, there is no fix formula for preparing a feasibility study report. However, there are certain things, which might be common in a wide range of feasibility study reports (if not all).
Some of the major parameters studied in a feasibility study report comprises of the following
- Market & Industry Analysis: Learn more about the sizing of the industry including past trends, future projections. Evaluate the sizing at both national level as well as local level, where the business will be set-up, so that one can have more clarity. Likewise, learn about the latest industry trends, growth drivers, historical evolution of the business. For instance if you are planning to open a restaurant in Mumbai, evaluate the size of the restaurant industry in the past 5 years as well as estimate it for next 5 years. Do it at a national level as well as local level (Mumbai). Do an analysis to know the growth driver of F&B business in Mumbai and evaluate key trends. Market & industry analysis will enable a business owner to get a broader view of the industry.
- Market Share Analysis: In the next step of a feasibility study, market share analysis is conducted. In this the market is split as per the numerous parameters (such as volume, customer type, revenue size, type of business, etc.). To illustrate better, let’s take the example of restaurant business. While conducting the market share analysis of the restaurants, we will look at it with multiple angles such as: types (fine dining/ casual dining / café/ QSR/ PBCL), outlet (branded/ non-branded), management (franchise/ non franchise), etc. Market share analysis will enable the business owner to look at the market closely and understand it better.
- Customer Behavior Analysis: Probably the most important part of the study. This includes learning about the key customer segments, their ideal consumer profile, and needs and want mapping of each individual segments. A customer behavior analysis is mostly done with some element of primary research. It involves surveys, interviews, or a mix of both. The nature of primary research will depend on budget, scope of engagement, primary objective, complexity of data, etc. Now let’s understand more about consumer research with the restaurant example. Consumer research can help in refurbishing insights on average spending by consumer, their preferences, motivation to eat out (leisure or lifestyle or social hangout), and level of satisfaction with the current offerings in the market and identification of gaps. Thus customer behavior analysis will enable a business owner to not just understand their customers better but also to plan effectively.
- Competitive Insights: Business should learn more about the competition including their size, revenue, product offerings, price points, USP, positioning, future strategy, etc. Detailed competitive analysis can help businesses learn more about the market and identify a successful strategy to set-up their business and expand it fast. For instance in case you are starting a fine dining restaurant in Gurgaon, try to collect information about other finedining restaurants in the same location. Learn in details about their footfalls (weekend and weekday both), average spending by customers, investments, seating capacity, average occupancy, monthly revenue, break-up of consumption (food vs. drink), etc. Try to learn more about the marketing strategies, USP, discounting strategies adopted by the competition. This will help you not just to keep track of the competition but also to learn how the market functions properly.
- Financial Analysis: Any feasibility study is incomplete without a proper financial analysis. Financial analysis will help to assess whether the business idea is financially feasible or not. Prior to starting a business, it is always advisable to learn more about the projected revenues, costs, ROIs, ratio analysis, through a properly built financial model, etc. Doing a through financial analysis can also help a business owner strategize their business better?
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Feasibility Study Advisory in India
There are many feasibility study advisories in India. One of the successful advisories that cater to a wide range of clients is The India Watch. The company which opened in 2020 has served clients from numerous sectors such as F&B, lifestyle, healthcare, retail, ecommerce, hospitality, manufacturing, logistics, and much more.
The profile of its clients varies and includes bigger corporate enterprises, HNIs, international investors as well as mid-scale companies, SMBs, start-ups, etc.
Our approach of preparing a feasibility study incorporates the following
- A 30-35 page tailor made feasibility report
- Completely customized approach based on the business on hand
- We include a healthy mix of secondary and primary research to prepare the study
- A detailed financial analysis prepared by a charted accountant.
- Detailed recommendations backed by deep insights, fresh data, and successful case studies.
- We generally prepare our report in word doc format. However, if required we can produce it in other formats such as a presentation, designed report, etc.
If you are a business owner and looking for a feasibility study report, feel free to connect with us at info@theindiawatch.com
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