When you decide to launch a new business of any kind, you don’t move forward without a plan. Part of that plan should include a feasibility study that weighs the viability and sustainability of your venture using a number of precise benchmarks. Those benchmarks will give you the data necessary to determine whether it is a good idea to proceed with your business plan. In addition to determining the viability of a new start-up, a feasibility study can be used prior to an expansion of your current business to ensure that your goals for your company set you on a trajectory to success.
Aspects of a Feasibility Study
When you want to determine whether your new venture has a good chance of success, there are plenty of factors you want to consider as you make your decision to move forward. A comprehensive feasibility study looks at four basic areas of your organization:
Market Issues – How will your business fit into the current climate of your industry? This area will look at the industry and competition, prospective clients, and marketing your business to your target audience.
Organizational Issues – What will the corporate and legal structure of your operation look like? You may want to collect information here about the qualifications, reputation and experience of those that will be overseeing the operations of your business and providing care to your patients.
Technological Issues – What will your technology needs be for your business, both to launch and to maintain it? This is where you will examine the cost of necessary equipment, where you will get the equipment from and how it will be maintained.
Financial Issues – How much will you need to establish your business and keep it operating? Here, you will be studying the capital you will need up front, the revenues you hope to generate, the costs of operation, and the return you can expect on your investment.
Each of these components will take ample research in order to develop comprehensive data that will be accurate and apply specifically to your business plan. While the time and effort may be extensive, the payoff is a business that has greater odds of success due to the forethought and planning that went into the start-up process.
The Value of Professional Analysis
When you are ready to conduct your feasibility analysis, enlist the help of seasoned professionals that will get the job done correctly the first time around. Rather than expending resources on a subjective decision-making process, C4 Consulting will determine the feasibility and requirements for a new venture – including operational, marketing, technical and financial – before you pull the trigger. This analysis characterizes the level of support necessary and provides specific planning and budgeting recommendations.
Our studies will include:
- Conducting comprehensive operational assessments of existing services
- Designing innovative service options
- Defining the potential market for prospective programs
- Determining the type and demand for a geographic region, state, or area
- Forecasting the financial impact of establishing various services
- Assisting with Certificate of Need activities
A full analysis from C4 Consulting addresses the market, operations, organization, budget, and planning needs vital to launching your new business or implementing your new program. We specialize in well-researched, provider-specific feasibility studies that take into account the entire continuum of inpatient and outpatient care. To learn more about our feasibility analysis services, contact C4 Consulting at 866.329.7170!