Choosing someone to run a feasibility study before you commit capital

A feasibility study is supposed to tell you whether your idea works, not whether you'll like to hear that it does. When you're about to invest significant capital—whether in a new product line, facility expansion, or market entry—the consultant you hire will shape how honestly that question gets answered. The real selection challenge isn't finding someone with the credentials; it's finding someone whose incentives and experience make them trustworthy on *your* specific decision.

The gap between a credible feasibility study and a dressed-up endorsement of your plan comes down to how the consultant is chosen and framed. A good feasibility consultant is not a cheerleader for your idea. They're someone who will cost you money to potentially tell you no—and who has structure in their process to make sure that answer is grounded in evidence, not opinion.

Independence and how they're paid

Who has hired this consultant before, and for what? If they mostly work for property developers, banks, or government agencies with formal tender processes, they've had to defend their findings publicly and stand behind them. That's different from someone who mostly takes ad-hoc work from entrepreneurs and has built a client base on being "easy to work with."

The fee model matters more than the hourly rate. A consultant paid a flat fee for the full study has one incentive: to do thorough work and finish on time. A consultant on a per-site visit or per-interview basis can drift into padding. Worse still is a consultant who takes a cut of the deal if it goes ahead; they're no longer evaluating feasibility, they're advocating.

Ask directly: "If the study recommends we shouldn't proceed, will you still deliver the same report in the same format?" Listen to whether they get defensive. A consultant who's done this work properly will give you an unflinching yes. They should also be able to tell you about a time they recommended against a project and the client trusted them anyway.

Depth in your specific context

Feasibility studies cover market demand, operational viability, financial projections, regulatory hurdles and competitive fit. The weight of each depends on *your* business. A consultant choosing to spend three weeks on market research but three days on supply chain risk might be perfect for a retail concept and useless for a manufacturing operation.

When you're comparing candidates, describe your biggest uncertainty—the factor that most threatens the deal. Is it whether customers will actually buy at the price you need? Whether you can source materials reliably? Whether you'll get the licence? The consultant should demonstrate they've done this type of assessment before and can explain how they'd stress-test that specific variable. Generic methodology is a red flag.

Look at their previous studies, if they'll share examples (ask for permission to contact a past client). You're not judging the conclusions; you're judging the rigour. Did they interview five potential customers or fifty? Did they test one pricing scenario or six? Did they identify regulatory gaps or assume compliance would be straightforward? A consultant who's done hard work leaves visible scaffolding—assumptions stated, sources cited, trade-offs explained.

You should also sense whether they'll push back on your brief. If you give them a scope and they simply nod and quote a price, you may not get the study you need. The best consultants will ask: "What decision are you trying to make with this study?" and "What would change your mind?" These questions let them tighten the scope to what actually matters instead of delivering a comprehensive but unfocused report that leaves you no clearer.

One last test: ask about timelines. A rushed study is a weak study. If someone quotes a turnaround that feels optimistic for the breadth you need, ask how. If they're farming interviews or data collection to junior staff who barely understand your sector, that's a clue. The lead person should be doing significant work directly.

When you're ready to brief a candidate seriously, Strove's network of verified consultants includes those with track records in business strategy and feasibility work. You can check their reviews and ask referees specifically about studies that affected real capital decisions.