GENERAL REVIEW
An ecotourism feasibility analysis is a process used to determine whether or not a proposed ecotourism business idea is worth pursuing.
Although there might be variations in the different feasibility studies across business yet, there are fundamental issues that must be addressed in any feasibility studies.
Among the issues that must not be left out of the studies are:
- Thorough evaluation of the proposed business.
- Another vital issue that must not be left out is that it must have marketing as its focus.
- And it must be financially viable to warrant or attract feasibility to be carried out on it.
On completion of the feasibility analysis, the business owner (most often, the community) would be in a better position to know and make decision on whether to stop or to proceed with the ecotourism activity.
An ecotourism business should normally come after a thorough feasibility analysis had been carried out. It is the outcome of the feasibility analysis that would determine the progression to preparing a business plan.
The business owner through the outcome (either on a positive note or a negative note) would decide if it is worth devoting time and money for.
DIFFERENCES BETWEEN A FEASIBILITY ANALYSIS AND BUSINESS PLAN
Feasibility analyses though similar to producing a business plan, even identical in some sections, yet there are differences between the two.
In terms of the audience served, they are intended for different audience i.e. they are not meant to serve same audience and to some extent; the function of each is different from the other. A feasibility study (analysis) is majorly intended as a learning exercise for internal use.
But a business plan is written to be understood by people outside the business. And the essence of the business plan is to attract investment from the intending investors, while feasibility study is majorly for decision making.
Feasibility analysis in most cases is often a part of the business plan. Once a feasibility analysis is concluded, it is often incorporated into the business plan.
So, one could conclude that one is part of the other. Hence, feasibility analysis has “insiders” as the audience while business plan has “outsiders” as the audience.
“Insiders”- this refers to the business owners.
“Outsiders”- this refers to the intending investors.
OLOWOLE, Femi Peter
