If you've been quoted $10,000 or more for a feasibility study, you're probably wondering whether there's a more affordable option. If you've been doing it yourself in spreadsheets for the past three weeks, you're probably wondering whether there's a faster option.
The good news: feasibility study costs have changed dramatically in the past two years. AI-powered tools have introduced a new category between expensive consultants and painful DIY — delivering professional-grade analysis at a fraction of the traditional cost.
This guide breaks down exactly what a feasibility study costs in 2026 across all three approaches, what you get for each price point, and how to decide which option makes sense for your situation.
Feasibility Study Pricing Overview
| Approach | Cost Range | Timeframe | Best For |
|---|---|---|---|
| Traditional Consultant | $5,000–$50,000+ | 2–8 weeks | Complex, high-stakes projects ($1M+ investments) |
| Boutique/Freelance Consultant | $2,000–$10,000 | 1–4 weeks | Mid-sized projects, local businesses |
| AI-Powered Tool | $200–$2,000 | 2–15 minutes | Quick validation, SME projects, multiple scenarios |
| DIY (Self-Prepared) | $0 (your time) | 2–6 weeks | Very early-stage, budget-constrained founders |
Let's unpack each option.
Option 1: Traditional Consulting Firm ($5,000–$50,000+)
When people think of feasibility studies, they typically think of the consulting approach — hiring a firm to conduct a thorough, bespoke analysis over several weeks.
What You Get
A traditional feasibility study from a consulting firm typically includes:
- Primary market research (surveys, interviews, focus groups)
- Comprehensive competitor analysis with field visits
- Custom-built financial model with detailed assumptions
- Multi-scenario sensitivity analysis
- Legal and regulatory assessment
- Site/location analysis (for physical businesses)
- Professional report (40–100+ pages)
- Presentation to stakeholders
- Follow-up revisions and Q&A sessions
What Drives the Cost
The price variation is enormous because feasibility studies vary enormously in scope:
$5,000–$10,000: Basic feasibility study for a small business (restaurant, retail store, small service business). Primarily desk research with standard financial modelling. Suitable for bank loan applications. $10,000–$25,000: Comprehensive study for a mid-sized project (boutique hotel, medical practice, multi-location retail). Includes primary research, detailed competitive analysis, and thorough financial modelling. Suitable for institutional investors. $25,000–$50,000+: Full-scale feasibility study for major projects (resort development, large real estate projects, manufacturing facilities, hospital expansion). Involves extensive primary research, engineering assessments, environmental studies, and multi-year financial modelling. Required for major investment decisions. $50,000–$100,000+: Enterprise-grade studies for mega-projects (new hospital, major tourism development, industrial facility). Often involve multiple specialist consultants, extensive fieldwork, and months of analysis.Pros and Cons
Pros: Maximum depth and customisation. Primary research that AI can't replicate. Human judgement and industry expertise. Defensible in high-stakes investor presentations. Relationship with a consultant who can answer follow-up questions. Cons: Expensive. Slow (weeks to months). A single set of assumptions — testing different scenarios requires additional work and cost. Quality varies dramatically between firms. The consultant's reputation matters more than the methodology to many investors.When This Option Makes Sense
Hire a consultant when the investment at stake is large enough that the cost of a wrong decision dwarfs the cost of the study. If you're investing $5 million in a hotel development, spending $25,000 on a feasibility study is insurance that represents just 0.5% of your total investment. If it prevents a bad decision, the ROI is infinite.
Also hire a consultant when you need primary market research — original surveys, customer interviews, or field assessments that can't be conducted remotely.
Option 2: Boutique or Freelance Consultant ($2,000–$10,000)
A middle ground exists between large consulting firms and doing it yourself: independent consultants and small specialist firms.
What You Get
Boutique consultants typically provide:
- Desk-based market research using published data
- Competitive analysis from public sources
- Financial model built in Excel
- Professional report (20–40 pages)
- One to two rounds of revisions
- A phone call or meeting to discuss findings
What You Don't Get (Usually)
- Primary research (surveys, focus groups)
- Field visits to competitor sites
- Deep regulatory analysis (often recommended separately)
- Ongoing support beyond initial delivery
Pros and Cons
Pros: More affordable than large firms. Often staffed by former Big Four or industry specialists. Personal attention and faster turnaround. Good for local market expertise. Cons: Still takes 1–4 weeks. Quality is highly variable — there's no certification or standard for feasibility study consultants. You're dependent on one person's availability and expertise. Testing alternative scenarios still requires additional time and cost.When This Option Makes Sense
Use a boutique consultant when you need human expertise in a specific market or industry, when the investment is in the $100,000–$1 million range, or when you need a study that carries the weight of an expert's name for credibility with local banks or partners.
Option 3: AI-Powered Feasibility Tools ($200–$2,000)
This is the category that didn't exist two years ago. AI-powered feasibility study generators use large language models combined with real-time web data to produce comprehensive feasibility analyses in minutes rather than weeks.
What You Get
Taking SimpleFeasibility as the reference (since it's the most fully-featured tool in this specific category):
Simple Report ($200):- 9 AI research stages, ~3 minutes
- Market sizing with TAM/SAM/SOM from Google Search-grounded data
- CAPEX breakdown, staffing table, operating expenses
- Revenue projections by stream
- 3-year financial projections with NPV, IRR, payback period
- Professional PDF report
- Interactive What-If analyser with live sliders
- 16 AI research stages, ~8 minutes
- Everything in Simple Report plus:
- Competitor and location analysis
- Regulatory overview and sensitivity analysis
- 5-year financial projections
- Editable 12-sheet Excel financial model
- Goal Seek functionality
- 30 AI research stages, ~15 minutes
- Everything in Complete Analysis plus:
- Full business plan document
- Risk analysis and implementation roadmap
- 10-year financial projections
How AI Feasibility Tools Compare to Consultants
| Dimension | AI Tool ($200–$2,000) | Consultant ($5,000–$50,000) |
|---|---|---|
| Speed | 2–15 minutes | 2–8 weeks |
| Market Data | Google Search-grounded, cited sources | Mix of published data and primary research |
| Financial Modelling | Automated NPV/IRR/payback | Custom Excel models |
| Scenario Testing | Unlimited via interactive What-If | Limited to 2-3 scenarios (or extra cost) |
| Customisation | Based on your description | Fully bespoke |
| Primary Research | Not available | Surveys, interviews, field visits |
| Human Judgement | Not available | Industry expert opinion |
| Iteration | Instant (run multiple studies) | Weeks per revision |
| Excel Model | 12-sheet editable model | Custom model (varies) |
Pros and Cons
Pros: Dramatic cost savings (up to 96% vs consultants). Instant results. Ability to test multiple concepts and scenarios rapidly. Real market data with cited sources. Professional output with PDF and Excel exports. No scheduling or coordination required. Cons: No primary research (surveys, interviews). No human industry expertise or judgement. May miss nuances specific to your local market. Newer technology — less established credibility with some traditional investors.When This Option Makes Sense
Use an AI feasibility tool when you need fast validation of a business idea before committing significant resources. When you want to test multiple variations of a concept (different locations, scales, price points) to find the optimal approach. When your budget doesn't stretch to a consultant but you need more than DIY guesswork. When you want a credible starting point that you can then enhance with additional research.
The smartest approach for many entrepreneurs: start with an AI-generated feasibility study for $200–$500 to validate the concept. If the results are promising, invest in a consultant study for the specific areas that need deeper analysis (primary research, regulatory details, site-specific factors).
Option 4: DIY / Self-Prepared ($0)
The zero-cost option is doing everything yourself. This means conducting your own market research, building your own financial model, and writing your own report.
What You Need
- Strong research skills and access to data sources
- Financial modelling ability (Excel or Google Sheets)
- Understanding of NPV, IRR, and other financial metrics
- Writing skills for a professional report
- 2-6 weeks of dedicated time
The Hidden Cost
While DIY is financially free, it's far from costless. The time investment is substantial — 40-120 hours for a thorough study. If your time has any economic value (and it does), the true cost may exceed some paid alternatives.
There's also an opportunity cost: those weeks spent on market research and financial modelling are weeks you're not spending on other aspects of launching your business.
And there's a quality risk: unless you have specific expertise in feasibility analysis, your study may miss critical elements or contain methodological errors that undermine its conclusions. Banks and investors can usually tell when a feasibility study was prepared by the founder rather than an independent analyst.
When This Option Makes Sense
DIY is appropriate when you have genuine expertise in financial modelling and market research, when the business is very small (under $10,000 investment) and the stakes are low, or when you're conducting a preliminary assessment before investing in a professional study.
Cost Comparison: A Real-World Scenario
Let's compare all four options for a specific scenario: evaluating the feasibility of a 60-seat restaurant in a suburban location.
| Option | Cost | Time | Market Data Quality | Financial Depth | Scenario Testing |
|---|---|---|---|---|---|
| Big Firm Consultant | $12,000 | 4 weeks | Excellent (primary + secondary) | Full NPV/IRR model | 3 scenarios included |
| Freelance Consultant | $4,000 | 2 weeks | Good (secondary research) | Custom Excel model | Base case only |
| SimpleFeasibility (Complete) | $500 | 8 minutes | Good (search-grounded, cited) | Full NPV/IRR/payback | Unlimited (interactive) |
| DIY | $0 (40+ hours) | 3+ weeks | Variable (depends on skill) | Depends on Excel skills | Whatever you build |
For a restaurant with a total investment of $250,000, the $500 AI-powered option delivers 90% of the value of a $12,000 consultant study at 4% of the cost. The remaining 10% — primary customer research, site visit analysis, and expert opinion — can be addressed separately if the initial feasibility results warrant further investigation.
What About Free Feasibility Study Tools?
Several free tools claim to generate feasibility studies — including Canva's AI generator, Grammarly's business plan tool, Template.net, and Galaxy.ai. These are worth mentioning but carry an important caveat.
Free tools generate text-based documents that look like feasibility studies but lack the critical analytical components: there's no real market data (they generate plausible-sounding but unverified claims), no financial modelling (no NPV, IRR, or payback calculations), no scenario analysis, and no Excel models. They're essentially AI-written reports without the analytical substance that makes a feasibility study useful.
If you need a feasibility study that will actually inform a business decision — or that a bank or investor will take seriously — the free tools won't get you there.
How to Get the Best Value
Here's a practical framework for deciding how much to spend:
Investment under $25,000: Use an AI tool ($200) or DIY. The feasibility study shouldn't cost more than 1-2% of the investment. Investment $25,000–$250,000: Use an AI tool ($200–$500) as the primary analysis. Supplement with targeted consultant input on specific concerns if needed. Investment $250,000–$1 million: Use an AI tool ($500–$2,000) for initial validation and scenario testing. Consider a boutique consultant ($3,000–$8,000) for the final study if investor presentation requires it. Investment over $1 million: AI tool for rapid initial validation and scenario exploration. Full consultant engagement for the definitive study. The AI output can serve as a brief for the consultant, potentially reducing their scope and cost. Multiple concepts to evaluate: This is where AI tools have the strongest advantage. Testing 5 different business concepts with a consultant would cost $25,000+. With an AI tool, it costs $1,000 and takes under an hour.The Bottom Line
Feasibility studies have historically been expensive and slow — a luxury for well-funded projects and a barrier for bootstrapped entrepreneurs. AI has fundamentally changed this equation.
For most small to medium business decisions, an AI-powered feasibility study costing $200–$500 delivers the market data, financial modelling, and scenario analysis needed to make an informed go/no-go decision. It won't replace a $25,000 consultant study for a $10 million development — but it doesn't need to. It serves the vast majority of business decisions that previously had to choose between expensive consultants and uninformed gut feelings.
The real question isn't whether you can afford a feasibility study. It's whether you can afford not to have one.
SimpleFeasibility delivers professional-grade feasibility analysis starting at $200 — with real market data, NPV/IRR/payback calculations, interactive What-If scenarios, and professional PDF and Excel exports. Up to 96% cheaper than traditional consulting, ready in minutes, not weeks. See Pricing and Start Your Study →Related Articles: