Feasibility Study Services in South Africa: 20 Critical Questions You Must Ask

Last updated: 5 October 2025

Feasible or not? A Feasibility Study is an important component that many new entrepreneurs fail to consider. Before you reach the stage of starting your own business and opening your doors for the first time, there are two vital aspects that most individuals find very challenging: first, generating a new business idea, and second, determining whether this new idea will succeed.

Before launching any business venture, implementing a new project, or making a significant investment, it’s essential to answer one fundamental question: Is this idea feasible?

This is where a feasibility study comes in—a powerful tool that provides a clear, data-driven analysis of whether a proposed initiative is viable from financial, operational, and market perspectives.

Feasibility studies help business owners, investors, and stakeholders avoid costly mistakes by identifying potential challenges, assessing resources, and evaluating the likelihood of success. Whether you’re planning to start a business, expand into new markets, or develop a cutting-edge product, a feasibility study is your roadmap to informed decision-making.

In this blog, we’ll explore the importance of feasibility studies, the key components they include, and how they can empower entrepreneurs to build sustainable and profitable ventures. Additionally, we’ll demonstrate how JTB Consulting can assist with expertly crafted feasibility studies tailored to your specific needs, providing you with all the necessary tools to secure funding, mitigate risks, and make informed strategic business decisions.

Before you commit capital or time, validate viability. These 20 critical questions form a practical checklist for feasibility in South Africa and the SADC region. Use them to test market demand, execution risks, and financial outcomes. Then, brief JTB Consulting to deliver the bankable feasibility study, financial model, and decision memo that lenders expect.

We have included a Free Checklist you can use as you conduct your feasibility study.

How to use this checklist:

• Score each question 0–2.
• 0 = Not addressed. 1 = Partially addressed. 2 = Addressed with evidence.
• A total of ≥32 suggests proceeding with a comprehensive feasibility study with JTB Consulting—a total of ≤24 signals a reconsideration or scope adjustment.

Do you need a Financial Model Template for your Business Idea?

If you’re contemplating starting a business, it’s crucial to consider whether your idea addresses a gap in how people live or work. Identifying an unmet need and a clear target market could be the foundation of a promising venture. But where do you begin when searching for a great small business idea? 

To make starting your business even easier, we have partnered with BestFinancialModels.com, which offers ready-made financial projection models and financial model templates for most of these business ideas. These tools are invaluable for planning, budgeting, and applying for funding, helping you turn your vision into a bankable business reality. 

Are you ready to unlock the potential of your business with financial clarity and precision? At BestFinancialModels.com, we take the guesswork out of financial planning, empowering you with expertly crafted templates designed for businesses of every size and industry. Whether you’re seeking funding, scaling your operations, or preparing for strategic decisions, our models provide the insights you need to succeed.

Imagine having a tool that’s easy to use, customisable to your business, and backed by professional expertise. That’s exactly what our financial models offer—whether it’s projecting cash flow, valuing your business, or developing a comprehensive business plan. Each template is built with intuitive dashboards, pre-populated examples, and step-by-step instructions so that you can focus on growth, not spreadsheets.

Best Financial Models is the first Financial Model Template Marketplace in Africa, founded by South Africans. Why Choose Them?

• Expertly Designed for Success: Our models are trusted by entrepreneurs, analysts, and investors worldwide.
• Save Time and Effort: Start planning immediately with ready-made templates that are easy to customise.
• Maximise Your Impact: Present professional, accurate financials to stakeholders and investors.
• Tailored to Your Needs: From startups to established enterprises, we have a model for every stage and sector.

We have more than 60 Industry-Specific Financial Model Templates Available. It’s time to turn your financial data into actionable strategies. Visit BestFinancialModels.com today to explore our comprehensive library of financial templates. Whether you need a startup financial projection, a valuation model, or a cash flow forecast, we’ve got you covered.

Take the first step toward smarter decision-making and greater success—download your perfect financial model today!

Still unsure which financial model template suits your business? Contact BestFinancialModels.com for expert recommendations, and let us help you achieve your financial goals.

Evaluating the feasibility of your business idea is crucial. In a commercial context, a feasibility study (viability study) refers to a business’s ability to exist, be profitable, and grow sustainably. How do you determine whether the business idea is viable? Many ideas for products and services appear to deliver significant customer value.

However, along with delivering great consumer value, the company’s long-term profitability is vital to sustaining the business. As an entrepreneur, before taking the plunge, it is highly recommended that you conduct certain feasibility checks to determine whether to start your business. A feasibility study is a crucial tool for testing the viability of a startup. It defines and tests conditions that influence the feasibility of a startup. A feasibility study encompasses marketing, technical and financial components.

For lean startups, a feasibility study focuses on developing and validating the business concept (problem-solution fit), product-market fit and business model for scalability. The marketing study will define the market concept, strategy and execution metrics. The technical analysis will describe options for developing and delivering the correct business values.

The financial study will test the viability of the business and project financials. For entrepreneurial businesses, the feasibility study will primarily focus on answering key questions related to business concepts, customer validation and business models.

Need a Business Plan from South Africa’s Number 1 Business Plan Company?

Contact the JTB Team Today, or read our more than 85 5-star Reviews on Google. We have written Bankable, World-Class Business Plans for clients in over 25 countries, operating across more than 125 industries, for over 20 years.

Voted as one of the Top 10 Business Consultants in South Africa for 2024 and a Top Consulting Firm in South Africa for 2025, we are confident we can assist you, too.

For your Feasibility Study, before you ask the 20 questions, consider the following:

1. Feasibility Study Services South Africa―Food for Thought #1: First and foremost, is your business idea unique? It doesn’t have to be a completely new concept that will take the world by storm. You don’t even have to have a business that ‘reinvents the proverbial wheel’, but are there enough unique aspects to make your business different from others like it?
2. Feasibility Study Company South Africa―Food for Thought #2: Do you know what it will cost to start your business? Every company incurs significant expenses at the outset to acquire all the necessary marketing materials, assets, inventory, and products required to begin operating as a business. It will take time to recover that money, so be sure to plan to cover these costs immediately.
3. Feasibility Consulting South Africa―Food for Thought #3: Third, are you selling to everyone, or do you have a niche market to target? Do you know how you will reach these people? It may be best to start by broadening your focus as you determine who begins buying your products the most.
4. Feasibility Study Questions―Food for Thought #4: You must also consider the state of the economy and the time of year you will be opening. For example, is your industry growing, or are sales declining?
5. Business Feasibility Study―Food for Thought #5: What is the competition like for this idea? Are there many other businesses in my area that provide similar services? If so, are they successful, or do they struggle to maintain a business?
6. Feasibility Review―Food for Thought #6: How will my business idea stand out from similar businesses in the area? In other words, what are your competitive advantages/value proposition?

The Feasibility Study 20 Questions Checklist

The questions below are just some of the questions and research you need to do to determine whether you have a feasible business idea or not. Careful research is the primary method for determining the feasibility of your business idea. Assessing the viability of your business idea is crucial if you are considering starting a business.

JTB Consulting Feasibility Study Checklist―Section 1: Market and Customer

Feasibility Study Q1: Who is the paying customer in South Africa or SADC?

• Category of customer segments as (business-consumer) and/or (business-business).
• Personal information(age, gender, location,…).
• Educational information.
• Professional information (their profession/job).
• Job aims (what they are most trying to achieve in life, relevant to your business idea, and can be classified as professional, social and emotional).
• Pains (undesired outcomes in doing jobs, obstacles and risk of failure).
• Gains (required, expected, desired and unexpected).
• Priorities (customer’s priority of job listing, pains, gains).
• Requirements to buy your product (design, function, price,…).
• Motivation and fear factors.
• Hobbies and interests.
• What makes them special and identifiable?

Customer analysis is one of the most important steps in the feasibility study. Do you know what is going on in the minds of your Prospective Customers?

Feasibility Study Q2: Who is the target market, and is there real, current demand?

The target market (or launching market) will be fully described, including main players and their market shares, existing products and services, selling prices, competition structures, market size, market growth, weaknesses, strengths and key issues.

Feasibility Study Q3: What problem is being solved better than the status quo?

• The problem will be clearly defined. What pressing problem does your invention (or product) intend to solve?
• How the existing problem has been handled so far?
• Who are the main competitors or suppliers? What are the shortfalls with current suppliers?
• Why do you think this problem is pressing for the target customers?
• Does this intended problem affect a large group of people, and why?

Feasibility Study Q4: What is the solution?

The feasibility study will outline how the project addresses the pressing problem. What are the solution options, recommendations and justifications? To test the solution, it is advised to transform the idea into a visible object, such as a sketch or a prototype, that stakeholders can easily understand and access.

Feasibility Study Q5: What is the evidence for Problem-Solution fit, and how large is the accessible market today?

The study will show evidence collected from the market validating the problem-solution fit. Test findings will be judged on their reliability and consistency before acceptance. Size SOM, not only TAM/SAM. Cite sources and timeframes.

JTB Consulting Feasibility Study Checklist―Section 2: Competition and Differentiation

Feasibility Study Q6: What is the unique value proposition?

The project business can provide customers with a unique solution that other businesses (competitors) cannot. The explanation will also show why customers choose your product over others and what makes the project’s offering unique and challenging to imitate.

The feasibility study will demonstrate the benefits of the project’s product and how they translate into the value that customers derive from using it. The study must show how the project’s product benefits the customer by making him better, faster, and cheaper. This exercise enables you to persuade customers to purchase your product effectively. It will also help further develop the product to better fit customers’ needs.

Feasibility Study Q7: What are the product’s specifications?

The product’s specifications will be fully described, including its benefits, functions, design, and other relevant details. It is recommended that a product’s specification be transformed into a tangible representation, such as a brochure, prototype, or web landing page, allowing stakeholders to access and view it. For product testing, a prototype will be arranged and tested, including a market test (customer validation) and a scientific or laboratory test. The study must provide reliable and consistent evidence to test and approve the product for potential customers.

Feasibility Study Q8: Who are the top three competitors now?

Include local and import substitutes. Compare price, reliability, and delivery. Show a defendable edge: cost, speed, IP, contracts, or location. What happens if incumbents react, for example, by adjusting prices, offering service bundles, or implementing exclusivity agreements?

Feasibility Study Q9: What is the evidence for product-market fit?

The study will show how the product’s offering (including specifications, value propositions, commercial offering, and channel distribution) will fit the target market and customer segments’ requirements. It must also show reliable and consistent evidence that many potential customers will buy it.

Feasibility Study Q10: What are the distribution channels?

The study must provide full information on distributing and selling the project’s product or service to the target customers. Testing various distribution options will make recommendations and justifications. Will it be distributed through agents, distributors, direct sales, or a combination of these? The key considerations for choosing the right channels are those related to the most suitable channels that fit the target customers, the level of knowledge in the target market, dedication to sales, the cost of distribution, and others.

JTB Consulting Feasibility Study Checklist―Section 3: Technical, Operations and Business Model

Feasibility Study Q11: What are the revenue streams and the plan for selling?

A full description of revenue streams and selling plans will be made, including how to sell the product (transactional or recurring), what the pricing type of the product is (license fees, leasing, product price, etc.), offered credit facilities, cash flow projections, selling plan, marketing plan & budget, sales projections and others. The study must provide details on selling (capturing value), monetising value, and generating healthy cash flows. This section is closely tied to the project’s viability.

Feasibility Study Q12: What is the competitive positioning?

The study will evaluate the competition structure in the target market and define the target competitive positioning. Its importance is derived from the fact that competitive positioning will be based on the competitive advantages that the project can develop and pursue. To chart the competitive position, the study will need to define the top two competitive bases or advantages( i.e. price and quality) and define the project’s offering level for these two bases. 

The study must demonstrate reliable and consistent evidence of how well the project’s product aligns with the target customer’s top priorities. It will also explain how well the existing products meet the target customer’s top priorities compared to the project’s product. The study will analyse whether the chosen market opportunity (product) aligns well with the project’s core and customer priorities. The study will chart the competitive positioning and demonstrate how the project’s product, compared to other competitors, meets the customer’s top priorities.

Feasibility Study Q13: What are the resources and plan for acquisition?

The study will explain the resources required to create and operate the business. Resources are assets, human, money and intangible assets (patent, IP). The study will estimate the resources required and outline the methods for acquiring them. The study will also explain partnership requirements, justifications and how to develop them. Resource requirements will be calculated in terms of money to test the project’s operating cost, capital cost and viability.

Feasibility Study Q14: What is the cost structure, and how will you create, deliver, capture value, and grow customers?

The study will explain the production cost (in terms of variable or fixed costs) required to produce the specified products. It will also estimate operating and capital costs, as well as funding options. Projections of expenses and funds will be illustrated. It will also calculate the cost of a product produced (R per unit), project production cost, and class costs (variables and fixed), evaluate funding options, and recommend funding options and justifications.

The study will outline methods for creating, delivering, and capturing the project’s business value, encompassing securing sufficient funding, managing the team, launching the business, executing marketing and sales strategies, developing customers, selling, generating cash flows, and overseeing operations.

Feasibility Study Q15: How to develop, retain and grow customers?

The study will outline the steps to launch the product, attract new customers, and retain and grow them. It should define key assumptions and strategies for achieving all customer relationship deliverables. The key strategy for developing customers is to increase awareness, foster loyalty, and drive growth. The study will also describe tactics for each customer development strategy and metrics for control.

Feasibility Study Q16: What is the project’s investment cost, and how can it be funded?

The study will estimate the project’s investment cost, including working capital and fixed assets, as well as explore funding options, provide a recommendation for funding, and offer justifications. What capex is genuinely required to reach steady state, i.e., separate must-have from nice-to-have. Include contingencies. What funding mix is realistic, such as equity, debt, or a grant? Show sources and uses. Align covenants to ramp up risk.

Feasibility Study Q17: How do you validate the business model?

• Identify key assumptions: Assumptions defined in the business model above will be the key subjects for validation. In addition to identifying the assumptions, the criteria for approving the testing of each assumption should be roughly determined.
• Identify your next 10-20 customers: Identify at least 10 potential customers who fit the customer profile. Contact them to validate their similarity to your customer profile and evidence their willingness to buy your product. You will also conduct interviews with them, based on specific questions and assumptions, collect their answers, and validate the business model’s assumptions.
• Test key assumptions: Identify potential customers to interview and validate your key assumptions. Set a test plan, conduct a test, and collect and analyse information. Based on the evidence collected from potential customers, assumptions can be validated, and the business model can be refined.
• Refine the business model: Based on the above outcomes, the business model’s assumptions will be revised and replaced with a new set, modified, and refined.

Feasibility Study Q18: What is the Minimum Viable Business Product MVBP?

The study will provide information on the assumptions for developing an MVBP and testing it before commercialisation. The MVP should be defined, prototyped, tested, and ready for commercialisation. The study must provide comprehensive information on MVBP and produce a prototype that showcases the product’s specifications, benefits, and uses.

Feasibility Study Q19: What are the financial projections?

The study must show the financial projection assumptions and figures for at least five years. The financial projection will include the income, balance, and cash flow statements. The reliability and consistency of forecasts will be the basis for judging and acceptance. Financial viability tests will be carried out, including calculating the net present value NPV, internal rate of return IRR, payback period, and financial ratio analysis. The reliability and consistency of viability will be the basis for judging and acceptance.

What does base case vs downside look like? Include sensitivities on price, volume, and delay. Present DSCR and cash runway.

Find out more about the Critical Importance of your Financial Projections.

Feasibility Study Q20: What is the implementation plan?

After successful completion of the stages of problem-solution fit, product-market fit and business model testing, the study will show the implementation plan, including:

1. Manage teamwork: Form the founding team and distribute responsibilities and authority. This includes hiring key personnel required to successfully establish the business stage and appointing a board of directors to advise business management on the following levels.
2. License and formalise the business: This includes obtaining licenses, drafting articles of association, and fulfilling any other legal requirements to standardise and establish the company. It also includes acquiring an office to manage the business.
3. Raise seed funds: Evaluate the business and estimate the capital for the next phase. This includes approaching angel networks, venture capital, and other sources to raise seed funds against the investment cost.
4. Identify and communicate the business, including the vision, mission, goals, high-level strategy, and company and product market positioning.
5. Establish effective business governance by clearly defining policies, procedures, work instructions, and forms, including who is responsible and what actions to take to carry out business activities.
6. Articulate the business strategy: Where mission, vision, and strategic directions are well defined. Also, strategic objectives, action plans and control are clearly defined.
7. Business planning: Targets, action plans, and controls are well-defined over one year.
8. Budgeting: The budget required to carry on the business’s activities over one year will be arranged. It will also describe the funding options.
9. Launch the business: This involves creating a plan for launching the company and overseeing its execution.
10. Pilot commercialisation could include acquiring storage and production factory facilities or outsourcing production and pilot commercialisation.

Feasibility Study Services FAQs

What is a feasibility study, and when is it needed?

A feasibility study is a structured test of viability across market, technical, financial, legal, and operational dimensions. It is used before significant spending or fundraising to determine whether the project should proceed, pivot, or be discontinued. It provides lenders and investors with evidence, not assertions, and sets the basis for a bankable business case.

How long does a feasibility study take in South Africa?

SME studies typically take 4–8 weeks if data access is good. Complex, regulated, or capital-intensive projects can require 3–6 months due to permitting, technical validation, stakeholder consultations, and model iterations. Timelines should include time for management review and funder Q&A.

What should a feasibility study cost?

The cost depends on the scope, data effort, site work, modelling depth, and sector. As a guide, smaller business feasibility studies often range from ZAR50,000 to ZAR250,000. Industrial, property, or infrastructure feasibilities can be higher. Request a fixed-scope proposal with clear deliverables, timelines, and assumptions.

What deliverables should we expect from JTB Consulting?

A written feasibility report, Excel financial model with sensitivities, risk register, permitting map, and a decision memo with go/no-go criteria. Where applicable, a board-ready presentation is included. All deliverables align with the expectations of lenders and investors in South Africa and the SADC region.

Can a feasibility study guarantee project success?

No. It reduces uncertainty and flags risks early. It cannot control macro shocks or policy shifts. The value lies in evidence-based decisions, credible forecasts, and a realistic plan to mitigate risks that matter.

Ready to validate viability?

Move from assumptions to evidence. Obtain a customised feasibility scope and timeline tailored to your project.

Get a proposal • Feasibility services • Contact