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Feasibility study and business plan Student writing guide

How to Research a Feasibility Study or Business Plan

A feasibility study asks whether a defined proposal appears workable under stated conditions. A business plan organises an intended venture, market, operations and resource assumptions. For academic work, the analysis needs a clear question, defensible evidence and an explicit scope; it should not present speculative revenue as a researched fact or guarantee a business outcome. Official business-planning and public-appraisal frameworks are useful method references but are not local market evidence.

A practical guide from FINAL YEAR NG Check your department's current instructions before you submit.

Define the decision and compare real options

  1. Describe the decision the study is meant to inform and who needs the evidence.
  2. Define a baseline or 'do minimum' option alongside the preferred idea and credible alternatives.
  3. Set comparison criteria before scoring options, such as need, delivery, resources, risk and constraints.
  4. Identify which evidence comes from published sources, stakeholder input, supplier quotations or explicit assumptions.
  5. Record why options were included or screened out so the preferred choice is not retrofitted.
Worked campus-service example

For a proposed bicycle-repair service near a campus, compare three bounded options: existing local repair providers, a student-run appointment service, and a small on-campus repair stand. Verify likely users through an approved method, map current providers from traceable sources, request dated cost quotations where permitted, and disclose missing evidence. Do not claim expected sales or profit without a justified demand estimate and transparent assumptions.

Separate evidence from planning assumptions

A feasibility table should distinguish observed or quoted values from estimates. Record source, date, units, geography and confidence for market size, prices, startup items, operating costs, staffing and capacity. Show a range or scenario when an input is uncertain, and state which assumptions most affect the result.

  • Market evidence: define customer group and geography; avoid using a broad population as the addressable market.
  • Operational evidence: list people, equipment, permissions, suppliers and delivery steps.
  • Financial assumptions: label each estimate, source and period; distinguish one-time from recurring items.
  • Sensitivity: show what changes if key assumptions are lower or higher.
  • Risks: identify evidence gaps, dependencies and conditions that could make an option infeasible.

Keep the conclusion proportionate

The conclusion should say which option looks more feasible against the chosen criteria and under which assumptions. It should not guarantee that the idea will succeed. A student appraisal is not professional accounting, investment, legal or financial advice; use verified local information and appropriate institutional review.

Sources and further reading

These university writing resources inform the general advice here. They do not replace your department's handbook or supervisor's guidance.

  1. HM Treasury: The Green Book 2026
  2. U.S. Small Business Administration: Plan your business
  3. NOUN FMS731 Research Methodology courseware
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