Many business owners would probably frown when reading the title of this article, but we can assure you that there are some differences between feasibility report and business plan as much as you think that they are one and the same. If you inquire among the range of various entrepreneurs, many of them will agree with the fact that these two are very similar.
While they may have some similarities included along the way of developing them, you should read on the following lines and find out the differences:
* When it comes to feasibility report, you should know that this one is developed as a result of proving a business workability and profitability on the market. It is therefore important for you as a prospective business owner to run this feasibility test before you even invest deeply in the business.
Looking at the things from this perspective, you must be aware of the fact that a business plan is developed once you are certain of the business opportunity that has opened to you. As such this plan comes only after the feasibility study was conducted.
* Feasibility analysis comes merely as a report containing calculations, estimated projections. On the other hand, the business plan comes as a gathering of data that represent strategies that need to be included in order to make the business grow. So, the plan will end up being more complex relying as well on the feasibility report.
* As the term ‘feasibility’ signifies, it shows how feasible a business idea can become while the business plan will be developed on sustaining the idea and making it grow into a profitable business.
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