In this section you will:
- Define your idea for a co-operatively-run business
- Use our feasibility study to TEST your idea, and build confidence
This section will get your business planning off to the best possible start. A bold claim? Yes. But it's a really important step in the process of planning your business, so it's important not to skip it.
By working through this section, you will test your business idea to understand whether:
- It will work as an idea
- It will serve the purpose you intend it to - whether that's a profit-making business, or fulfilling a need in your community
What is a Feasibility Study and why is it important?
A feasibility study helps you to:
- Work through the different aspects of setting up a co-op or social business
- Ask questions to challenge you and encourage you to think about, plan and research your idea
- Prepare the different elements for when you're ready to write a business plan (you'll write a business plan later in the process, and it will define HOW your business will work)
- Understand if the idea is viable: If it's good enough as it is, whether it could be improved by some small tweaks; or if it needs a lot more work before you start investing money and time in it
- Work out the tasks in hand – who is going to do what
- Test the idea – before anyone invests in a co-operative, the idea should be thoroughly tested
All businesses or organisations should undertake some sort of feasibility study. You might be convinced that your idea is foolproof but this isn’t enough!
Whether it’s starting up a new business or expanding/changing something that exists already, you (and your group) need to answer some really important questions, which will make up your feasibility study.
Let’s get startedUpdated: 21/03/2016