What a feasibility study costs, and what a thorough one covers

The biggest trap is confusing a low quote with a bargain. A low quote isn't itself a red flag, but watch for specific signs of thin scope—no written outline of what's covered, sources you can't verify, or a refusal to name what research will actually be done—since those gaps can go unnoticed until money is already spent. Understanding what drives the cost, and what a thin quote typically omits, is how you separate a real study from a box-ticked exercise.

What actually gets priced

A feasibility study's cost reflects the time and depth that go into it. Research is the heaviest lift: desk research into market size, competitor landscape, regulatory environment and historical trends; field research through customer interviews, site visits, supplier calls and demand validation; and financial modelling that tests assumptions under different scenarios. A consultant pricing this work needs to account for the hours spent interviewing, travelling, cross-checking sources and stress-testing conclusions.

Some studies also include prototyping or pilot work—visiting a potential location, running a small survey, testing a concept with real users. These add days or weeks but often catch fatal flaws that pure desk analysis misses. Analysis and synthesis are invisible labour: making sense of conflicting data, stress-testing your assumptions, and writing it up clearly enough that a funder or board can actually make a decision. Writing a study that doesn't just pile up facts but answers your go/no-go question takes time.

Where thin quotes cut corners

A quote that seems too low often reflects one or more of these savings. Minimal primary research: relying mostly on published data without talking to real customers, competitors or suppliers. Shallow competitor analysis: naming a few rivals without understanding their pricing, volumes or margins. Untested assumptions: taking your target market size at face value rather than validating it. Weak financial modelling: basic spreadsheets rather than sensitivity analysis that shows what happens if costs rise or sales miss targets. No site assessment or demand testing: studying a location on a map rather than visiting it. Generic deliverable: a template report with your company name swapped in, not one built for your specific question.

A study built this way can still have sections, numbers, and a conclusion, but if it skips primary research, skips sensitivity testing, or skips site visits without explanation, it may not answer whether this will work, under what conditions, and where the real risks lie—ask directly whether these steps were done.

What varies the cost

A feasibility study for a simple service business in one location, with a clear market and few unknowns, is cheaper than one for a manufacturing venture in multiple provinces, novel product, or heavily regulated sector. Sector complexity matters: opening a salon needs less exploration than launching a fintech startup or a food manufacturing plant. Geographic spread costs more—a consultant studying demand across several provinces or provinces needs more travel and more local interviews than one examining a single town.

Your brief's clarity affects cost too. If you arrive with a well-shaped question—"Can we profitably run this type of cafe in this suburb with this team and this budget?"—a consultant can scope tight work. If the brief is "Should we start a business in our field?" the study sprawls and costs more.

Data availability is real: some sectors have rich public information; others force the consultant to do legwork. Turnaround speed also pushes price up—a two-week study costs more per day than a ten-week one.

What to compare

Instead of just asking "What's your price?", ask what's included: How many customer interviews will be conducted? Will you visit the site or location? How far will competitor research go? Will financial modelling include sensitivity analysis—what if revenue is 20% lower or costs are 20% higher? Who are the sources, and how will you validate them? How long is the delivery, and what are the checkpoints?

Ask for examples of past studies in your sector or a similar complexity level. That tells you what thoroughness looks like. And be clear on your go/no-go question—the tighter your brief, the more focused the cost and the less room for scope creep.

When you're comparing quotes, you're not buying hours or pages. You're buying clarity on a big decision. A study that costs more but saves you from a failed investment is the bargain. On Strove, you can vet consultants by their track record and ask them directly what their approach covers—start there to find someone who'll do the work properly.