10 Steps to Creating an Awesome Feasibility Plan in the UK

You’re an entrepreneur with a brilliant idea that’s going to change the world—or at least your mum’s opinion of you. But before you go full steam ahead, you need to know if your brainchild is realistic or just another flight of fancy. Enter the feasibility plan. Here’s your no-nonsense, cheeky guide on how to create one without pulling your hair out.

1. Define Your Business Idea (And Keep It Simple, Einstein)

Start by defining your business idea in the simplest terms possible. If you can’t explain it to a six-year-old, it’s back to the drawing board. Remember, clarity is key. Write down what your business will do, who it’s for, and why anyone should care. Think of this as your elevator pitch—but with less awkward small talk.

2. Conduct a Market Analysis (AKA Stalking Your Competitors)

Next, you need to understand your market. Who are your competitors? What are they doing right (and wrong)? Use tools like MarketResearch.com or IBISWorld to gather data, or simply put on your detective hat and start Googling. Look at their strengths, weaknesses, and customer reviews to find your edge. Sherlock Holmes would be proud.

3. Identify Your Target Audience (No, It’s Not “Everyone”)

If your answer to “Who is your target audience?” is “Everyone,” we need to have a chat. Narrow it down. Are you targeting millennials who love avocado toast or baby boomers who still use landlines? Create detailed buyer personas to understand their needs, preferences, and pain points. This will help you tailor your product and marketing efforts. Trust me, your future self will thank you.

4. Conduct a SWOT Analysis (Not as Painful as It Sounds)

A SWOT analysis is a fancy way of saying you’ll look at your Strengths, Weaknesses, Opportunities, and Threats. Be brutally honest here—no rose-tinted glasses. What makes your business unique? Where do you need to improve? What opportunities can you exploit? And what threats could derail your plans? Knowing these will help you strategise like a pro.

5. Develop a Business Model (The Blueprint for World Domination)

Your business model is essentially a detailed plan of how you’ll make money. Will you sell products online, offer a subscription service, or maybe charge for premium content? List all possible revenue streams and outline your pricing strategy. If you’re unsure, look into different business model frameworks like the Business Model Canvas. And remember, it's not about reinventing the wheel—just making it spin faster.

6. Estimate Financial Projections (Maths Is Your Friend, I Promise)

Time to whip out the calculator. Estimate your startup costs, operating expenses, and revenue projections. Include best-case, worst-case, and most likely scenarios. Use financial modelling tools or templates if maths isn’t your strong suit (no judgment here). Investors will want to see that you’ve thought this through and aren’t just relying on a miracle.

7. Assess Legal Requirements (Because Nobody Looks Good in Orange)

Every business has legal obligations, so don’t skip this step. Research the licences, permits, and regulations specific to your industry. Consider intellectual property protections and GDPR compliance if you’re dealing with customer data. Consult with a legal expert to ensure you’re covered. It’s better to spend a little now than a lot on fines later.

8. Evaluate Technological Needs (No, a Website Isn’t Optional)

In today’s digital age, you need to think about your technological requirements. This could include a website, e-commerce platform, CRM system, or other software tools. Determine what you need based on your business model and budget. Tech can be daunting, but remember, YouTube tutorials are free!

9. Plan for Marketing and Sales (Time to Get Loud)

Marketing and sales are the lifeblood of your business. Create a marketing plan that outlines your strategies for reaching your target audience. This could include social media, content marketing, email campaigns, and more. Don’t forget to set measurable goals and allocate a budget. Remember, if you build it, they won’t come—you need to shout from the rooftops.

10. Review and Revise (Because Nobody’s Perfect)

Finally, review your feasibility plan with a critical eye. Seek feedback from mentors, industry experts, and potential customers. Be open to making changes and iterate until your plan is solid. A good feasibility plan is a living document—adapt it as your business evolves.

There you have it—your ultimate guide to creating a feasibility plan in the UK without losing your sanity.