A Feasibility study should be always completed before launching any major new project, investment or Joint venture. It’s were invented to avoid bad investment decisions, prevent businesses from targeting non-existent mistakes and to flag risks and pitfall in even the most well thought-out investment or strategic plans.
When the designer and the investor are one and the same person, the tendency is try to cut costs by doing their own feasibility study. Often the result is completely useless.
Market or economy study is different beast. This area focus is much wider and broad experience and sound methodology is much more important than technical expertise.
Don’t do it yourself, hire ‘LAMP’ professionals to do the feasibility study on “SWOT” analysis basis.