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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Featured Biz Question
What is all included in a feasibility study? My business idea is a water park.
From Sherry from South Carolina
Answer from our Guest Expert Kent Capener of Capener Consulting
Feasibility Study
Well, Sherry, there are two possible answers to your question. And just like it's your birthday, I'll give you both for your enjoyment and information.
In a nutshell, successful studies address all of the pertinent issues (a.k.a. "the cosmic forces acting on the agrarian virtue") to your project.
Now let’s narrow that down some. You can proceed in two ways -- either by inclusion or elimination. For example, if the fact that the sun rises in the morning has no bearing on whatever your issue is, then it’s eliminated from the study. If you're aware, however, the length of the summer season could have a bearing on your issues, then you must include it. In this way, you can move from and between broad “big picture” views and “micro-cosmic” views. When you're done going down your list of "cosmic forces," you'll have a menu of topics to include in your particular feasibility study.
Unfortunately, I don’t know how you define water park. So, I'll presume it to be of “ordinary” size and capitalization and land requirements, and so on. Now, ordinary isn’t a negative term, it's simply descriptive of what the park would be -- for example, two teen to adult pools with one wave pool, one kids' pool, four slides, a water tube, concessions, arcade, and parking. An extraordinary water park would be one with an underwater air cannon ride or one with a mile-long water tunnel.
Let’s start to make your inclusion and elimination list. continued
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About the Expert
Kent Capener
Owner of Capener Consulting
Kent is an expert on marketing; advertising; print, radio, and TV production; biz plan writing; trade show services; and direct response television. He relishes helping start-ups grow. more