Does Your Project Need a Feasibility Study?
Make an Informed Decision
Does Your Project Need a Feasibility Study?
What is a Feasibility Study?
A feasibility study is a process by which supporters and stakeholders of a project are interviewed to investigate their interest and willingness to support a project – most often, through a contribution to a capital campaign. Other elements, such as the interviewee’s perception of the nonprofit’s leadership, the sustainability of the project, and any unforeseen obstacles, are also tested. Interviews are conducted confidentially and, most commonly, by an outside consultant.
What is a Case for Support?
The case for support is the information presented to donors and stakeholders during a feasibility study. It should be a concise and compelling pitch for the project’s merit and value to the community. The crafting of the case for support is one of the most challenging elements of a feasibility study as it needs to find a balance between adequately conveying enough information and capturing the interviewee’s attention quickly and firmly.
A Good Nonprofit Feasibility Study will Deliver:
- Adequate data to make an informed decision on whether to pursue a project
- Increased trust and affirmed relationships with supporters and stakeholders
- Insight into the perception and value of the nonprofit to supporters and stakeholders
- Identification of key supporters who may be selected as campaign chairpersons and/or influencers
- Identification of potential lead gifts that will comprise the first 20% of the campaign goal
- Weaknesses of the project and/or case for support and ways to strengthen them