Feasibility Study vs Business Plan

Study paperwork.

Feasibility Study vs Business Plan

Sports Facilities Advisory has covered the importance of conducting a feasibility study before. In researching how to get started on a construction project, you have also likely already started a business plan. What is the difference? It can be easy to become lost in all of the business and industry-specific terms when it comes to sports facility funding and planning. Sports Facilities Advisory is here to help. In this blog, we are going to look at what separates a feasibility study from a business plan.

Potential vs. Practicality

The core of a feasibility study is to identify whether a project is viable at all. It uses a wide breadth of information and research in order to identify just how feasible a project is — from financial planning to consumer demand assessment. By contrast, a business plan goes beyond just focusing on the potential of a sports or recreational facility, instead focusing on the practicalities of how to build and manage it.

Identifying the Market vs. Serving It

A major part of the potential outlined above is identifying the market. When conducting a feasibility study for a sports complex or recreation center, it is important to identify whether there is a market for your facility. Part of this includes identifying which amenities are in demand and are likely to be successful. Once again, the contrast in the business plan is that the focus becomes how to construct and market the desired amenities, rather than whether they are practical or necessary in the first place.

Wider Scope vs. Narrow Specifics

For a good feasibility study, there needs to be a lot of consideration and broad research. This includes current demand in a market, potential future demand, potential growth or if the market is likely to shrink, sports participation rates, competition, and so on. For a business plan, the focus is on much more specific aspects such as marketing, management, general operations, staffing, and other details.

Precision vs. Revision

Finally, the permanence of a feasibility study is much more concrete than a business plan. A feasibility study must be accurate in order to provide a solid foundation of information for a project to begin. A feasibility study will reveal if the business is flawed before the shovels ever hit the ground – potentially saving project stakeholders millions in bad investments. A business plan, on the other hand, can always be revised and improved to subsequently optimize the way a facility operates.

Looking for More? Sports Facilities Advisory is Here to Help

Knowing which avenue is best for your project and your business is a challenge you are likely to face multiple times. Having the right team to guide you is vital. Sports Facilities Advisory has helped start projects of all sizes worldwide, and we can bring our industry-leading expertise to you. Contact Sports Facilities Advisory about facility financing and planning services today.

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