Describe the decision
Clarify whether you are considering a new business, branch, product line or expansion. State the decision the study should support and who will review it. That determines the questions to investigate and the appropriate depth of analysis.
Separate evidence from assumptions
Collect supplier quotations, location options, proposed staffing and available customer or market information. Mark uncertain estimates clearly. A model is easier to discuss when everyone can see which inputs are evidence and which require research.
Think beyond opening costs
Consider how the operation will buy, sell, collect money and pay its obligations. Document capacity, pricing and timing assumptions. Discuss working-capital needs and alternative scenarios rather than relying only on a headline revenue forecast.
Agree the outputs and limitations
Ask what research, financial model and written analysis are included. Agree how assumptions will be reviewed and where information is incomplete. A study supports assessment of a proposed project; it does not guarantee its success.