Answer:  Yes, you may do a “feasibility study”.  Such a study involves the gathering, analyzing, and recording of data with the purpose of answering the question: Should I go into this business?

A feasibility study could be called a screening tool and can be formal or informal.  It is said that a Business Plan should be like a roadmap…it shows you where you are, where you are going, and how you are going to get there. A feasibility study is the tool which can be used to help you determine direction and destination.  Most important, this study can help you decide if the trip is worth taking.

Many times, the feasibility assessment process uncovers unforeseen opportunities or roadblocks that might necessitate an adjustment to your original idea. Please remember that a feasibility study should be limited in scope.

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