Aspects of Business Feasibility Study

Aspects of Business Feasibility Study
The process of analyzing each aspect is interrelated between one spec and other aspects so that the results of the analysis of these aspects become integrated. For example, when a researcher is analyzing financial aspects, he should utilize the analytical results of other aspects, although it is still possible to find the required data in accordance with his needs directly from the field. For more clearly see the following picture;

Market Aspects
The assessment of market aspects is important because there are no successful business projects without the demand for goods / services produced by the project. Basically, the analysis of market aspects aims, among other things, to find out how much market area, demand growth, and market share of the product concerned. Discussion of aspects of the feasibility study begins with aspects of the market and marketing. The reason why this aspect was put at the beginning of the systematic discussion of the feasibility study, included:
Products produced by the company must be marketable. If not, the feasibility study analysis activity should be stopped.
The tendency of demand for products to be produced must indicate an increase. If it decreases, the feasibility study process for the establishment should be stopped, unless the object of the study is development.
The material content of the product does not contain elements that are prohibited by the state or religion. If there is a legal aspect, it will not be recommended and must be stopped.
Technical and chronological aspects are very much determined by the results of recommendations from market aspects, especially those related to the selection of tools and machines.
Internal aspects of the company
In the internal aspects of the company is divided into several aspects:

Marketing aspects
The company's activities are aimed at selling goods or services produced by the company to the market. Therefore, this aspect is responsible for determining the characteristics of the market to be chosen. The feasibility analysis of this aspect is primary in terms of;
Determination of segments, targets, and product positions in the market.
Study to find out potential customers, such as about their attitudes, behavior, and satisfaction with the product.
Determine policy strategies and marketing programs to be implemented.

Technical and Technology Aspects
The technical aspects are aspects relating to the operation and process of project development technically after the project / business has been completed / established. Based on this analysis it can also be seen that the initial design of investment cost estimation including the start up cost / pre operational project that will be implemented.
Study of technical and technological aspects will reveal what needs are needed and how technically the production process will be carried out. For the manufacturing industry business, for example, it is necessary to study the production capacity, the type of technology used, the use of equipment and machinery, the location of the factory, and the layout of the factories that are most profitable. then from that conclusion, plans can be made for the amount of the cost of procuring fixed assets.

Human Resources Aspects
This aspect requires a high imagination to imagine what form of organization will be built later when standing. After the organizational picture is formed with all its completeness, the human resources procurement process is then analyzed to occupy and hold the parts and functions of the organization as planned.
Eligible Proposal Sequence Phase
If there is more than one proposed business plan that is considered feasible, it is necessary to choose a business plan that has the highest score compared to other proposals based on predetermined assessment criteria.
An evaluation of the two project ideas was carried out, apparently the decision making was only able to work on one project idea, for example the idea of a motorcycle rental project.

Implementation Plan Phase
After the business plan is chosen, it is necessary to make a work plan for implementing the project development. Starting from determining the type of work, the number and qualifications of planners, the availability of funds and other resources and management readiness.
For example, after choosing a motorbike rental business plan, the implementation to build a motorbike rental business project and routine operational plans need to be prepared.

Implementation Stage
In the realization of project development project management is needed. After the project is completed, the next step is to carry out routine business operations. In order to always work effectively and efficiently in order to increase company profits, operations need studies to evaluate the business's financial, marketing, production and operating functions.
The results of the evaluation can be used as feedback for the company to review this business process continuously.