You have a great idea for a new product, maybe a homemade cherry jam handed down to you by your grandmother. It’s really good jam and you want to bring your idea and your product to market. That’s a great beginning, but you’ll probably need a business feasibility study, too.
A feasibility study is a process that tests your idea’s viability. It helps you to get a handle on whether your idea will fly or if it’s likely to flop. Feasibility studies can also serve as a basis for creating a small business plan and a marketing plan, both of which you’ll need going forward. These 10 steps and considerations can get you started.