Both documents help evaluate a proposed venture, but they answer different questions.
Feasibility study vs business plan at a glance
| Aspect | Feasibility study | Business plan |
|---|---|---|
| Question answered | Should we do this? | How will we run and grow it? |
| Focus | One project or idea | The whole business |
| Content | Market demand, competition, technical and operational requirements, financial viability, risks | Business model, market, customers, marketing, organisation, operations, financial projections |
| Main users | Owners and investors deciding whether to proceed | Investors, lenders and management |
| Timing | Before committing capital | Once the venture is viable |
In short, a feasibility study tests whether a specific project is worth pursuing and flags its risks. A business plan sets out how the whole business will operate and grow. Many ventures need both: the study first, then the plan.