The difference between a business plan and a feasibility study is frequently misunderstood, leading to confusion. The feasibility study is based on the investigation concept, addressing the question – “Is my initiative or plan a viable business venture?”
The business plan is based on the functional approach, outlining the necessary path and actions that can transform an idea into a real business.
While the feasibility study focuses on the analysis of the optional alternatives for business success, and identifies the best options to choose from, the business plan outlines the development of only one scenario. In fact the feasibility study becomes the basis for the business plan, thus it is usually conducted before the business plan.
In simpler words, feasibility studies answer the question “Will this work?”, and the business plan answers the question “How will this work?”.
Ortner Consulting specializes in writing professional business plans. Our business plans are constructed as roadmaps, enabling businesses to follow the path to success.