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APA
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Business & Marketing
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Topic:

Feasibility Analysis (Essay Sample)

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Description
"A feasibility analysis is a chance to open your eyes, ask yourself some very tough questions, then check to see whether your idea, as originally conceived, needs to be modified, refocused, or changed dramatically. (Or perhaps even scrapped altogether.)" (Abrams, as cited in Scarborough & Cornwall, 2015, p. 237). With this assignment, you will be addressing the fundamental question: Does this business have profit potential? Referring to the same business you either started or purchased in the first assignment, write a three to four (3-4) page paper in which you: Conduct a feasibility analysis in which you research: Industry and Market Feasibility Product or Service Feasibility Financial Feasibility Entrepreneurial Readiness Based on your assessment, does the business idea need to be modified, changed significantly, or abandoned? (Note: If you abandon the business idea, then you will need to select and analyze a new business that has profit potential.) Include at least two (2) references outside the textbook. Your assignment must follow these formatting requirements: This course requires use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details (more information and an example is included in the Strayer Writing Standards left menu link). Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required page length. The specific course learning outcomes associated with this assignment are: Describe and analyze the necessary activities and key decisions to start a small business. Use technology and information resources to research issues in small business management. Write clearly and concisely about small business management using proper writing mechanics. Click here to view the grading rubric.

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Content:


Feasibility Analysis
Name
Institutional Affiliation
Establishing Private Healthcare Hospital
The idea to venture into the health industry was pegged on the feasibility study, which did not just ask fundamental questions but also offered a rational answer on whether to continue with the business adventure or not. The business study is captured in terms of the healthcare industry and market feasibility, healthcare service feasibility, financial feasibility, and entrepreneurial readiness.
Industry and Market Feasibility
Healthcare industry is constantly growing due to increased diversity as well as specialization therein. Notably, there are increased reported cases of illness and sickness calling for more healthcare providers especially in the US where the business is to be established. Currently, the healthcare industry has a net worth over $ 11.7 Trillion, hence among the top leading industries in the global scope (Sujan et al., 2020). Even though there is competition in the industry, the global population stills demands healthcare facilities that do not just offer medical advice and treatment but also support the local communities. Over time, the health sector has been affected by challenges in relation to finances, improvement measures have been developed and being utilized to ensure efficiency and cost-effectiveness thus the ability to enjoy economy of scale therein (Sujan et al., 2020).
Healthcare is projected to have a net worth of over 40 Trillion in the next decade thus an industry worth investing. Even though having a certification was tremendous, the business will be started as one of the affiliates to one of the mega-hospitals in the US thus lowering the starting costs. This will eliminate the chances of entry blockage to the promising industry. Generally, the healthcare industry is profitable knowing what is needed in terms of legislation as well as offering diverse healthcare solutions from children care to offering home care to the early people in the community.
Service Feasibility
The business service will be offering many medical services. These include surgical diagnosis and treatment, nursing, optometric services, dental services, mental care as well as children and elderly care. Drawing from the collectiveness of the render services, it is different from other services offered by many other healthcare providers. Through technology adoption through the business synergy with the affiliate mega-hospital, it will help in improving the services from patients’ information storage to modern diagnosis and treatment (Li et al., 2019). This implies that the costs of operation will be relatively low thus fair costs on medical services rendered in the market. This will give the business room to accommodate all socio-economic classes thus the ability realized the economy of class. The healthcare facility will be having a motivated, skilled, and experienced workforce in medical and management departments.
Since the market is real and growing, after effective advertisement and campaign, the services will not be only scaling in the paths of realizing return on investment but also attaining premium status in the community. Based on the projected net profit after three years, over $ 20 million, the business is worth undertaking. The market is stable, thus, guaranteed customers due to the projected cases of health complications in the next few years. The business service will be offering 24/7 services thus full time maximization with recommended work schedule among the healthcare practitioners on board (Li et al., 2019). Most risks in the market are mitigated thus the service will be able to market itself. After a short duration, the business will be able to meet other objectives such as community services and offering free medical checks among the children and the early people.
Financial Feasibility
As a result of financial constraints, the service-based business decided to use affiliate means to mitigate the initial capital (Li et al., 2019). The project needs capital worth $ 150 million for the start, in terms of structure, technology, and relevant workforce with support from the mother hospital. In order for the operations costs, business owner savings and short bank loans will service the service business for at least a year after which the business will start meeting basic operational costs. 50 percent of the capital will be used in technology adoption, 30 percent for facility structure, and processing legal documents.
In addition, ten percent will be used in recruitment, selection, and training of employees. The remaining amount will be utilized in miscellaneous expenses. Based on the project,

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