Starting a business requires a substantial investment not only of an entrepreneur’s time and money but also funds from outside funding sources. In order to minimize risk and significantly improve their success in funding viable business concepts, many lenders require an independent third party feasibility study to determine whether a project has a high probability of generating the type of profits necessary to fulfill the lender’s expectations.
A feasibility study defines the scope of your business, determines your objectives, identifies the problems and opportunities that you will face and explores alternative solutions for solving each problem. The result is an analytical cost-benefit tool that will give the lender a sound basis on which to make the critical “go/no go” decision on whether your business concept is viable and deserves funding.
The MSU Product Center’s Product Marketing Economist, Dr. Bill Knudson, specializes in applied economic analysis of agriculture, food and bioeconomy issues. He is an expert at conducting feasibility studies and ensuring that you are able to address the critical issues that will keep your business on the right track.
You can contract with the MSU Product Center to design and implement a third-party Feasibility Study for your business at a rate of $106/hour. An estimate will be provided based on the time involved and work begins with a 50% pre-payment.