# How to read your feasibility report

> Score, investment budget, revenue model, P&L, cash flow, break-even and sensitivity: what each number means.

Source: https://fizibi.com/en/guides/fizibilite-raporunu-okuma
Updated: 2026-09-06

## What the score says, and what it doesn't

The 0-100 feasibility score is a weighted sum of eight components: payback (20%), return vs hurdle (15%), break-even safety margin (15%), rent-to-revenue (10%), prime cost (10%), funding adequacy (10%), downside resilience (15%) and structural risk (5%). 80+ is strong, 65-79 conditional, 50-64 marginal, below 50 not feasible as designed. The score does not say "this will work"; it says "is the model consistent under these assumptions". If payback exceeds 48 months the score is capped at 49 regardless.

## What does the investment budget table show?

Fit-out, equipment, furniture and IT are "hard" investment; licences, signage and key money are "soft"; pre-opening payroll, rent and stock, deposit, working capital, input VAT and contingency complete the table. Compare investment per seat with the industry band: if it is far below, you have under-budgeted.

## How is the revenue model built?

Capacity uses theoretical turns (a cafe seat turns 4.5 times a day, a restaurant seat 2.8), then occupancy (55-70%) and the opening ramp (month 1 at 55%, month 12 at 100%) are applied. Takeaway and delivery are derived from dine-in demand. Covers are a daily average, not "full at peak".

## How do you read the P&L?

- **Net revenue:** sales excluding VAT. Of the ₺100 a customer pays, ₺90.9 is yours.
- **Gross profit:** net revenue minus ingredients.
- **EBITDA:** gross profit minus staff, rent and other costs. The venue's cash-generating power.
- **Net profit:** EBITDA minus depreciation, interest and tax.

Year-1 margin is low (ramp); year 2 is the "mature" year; make comparisons on year 2.

## Why does the cash trough matter?

Profit and cash are not the same. The cumulative cash curve starts with working capital, falls with early losses and rises after break-even. Its lowest point is the "cash trough"; if it goes below zero your reserve is insufficient. The ask must cover this trough.

## What do break-even and payback mean?

Break-even covers = monthly fixed costs ÷ (contribution per cover × days open). The safety margin against planned covers should exceed 30%. Payback is the month when cash in the business equals the money invested; 18-30 months is typical for cafes, 24-36 for restaurants.

## What do the scenarios and tornado chart tell you?

The pessimistic case includes ticket −10%, occupancy −15%, food cost +2 pts and a steeper rent renewal; the stress case adds higher inflation, a mid-year wage hike and an over-budget build. The tornado chart shows which variable moves year-1 profit most; in most plans it is ticket and occupancy, sometimes rent. Negotiate the widest bar hardest.

## Assumptions table and confidence

Every input is tagged "User", "Industry average" or "Derived". A high share of assumptions lowers confidence; update with a real rent offer and supplier quotes.

## What should you verify before signing?

Rent and title deed, licence eligibility, equipment quotes, three competitor menu prices, the local wage market, meal-card and platform commission offers.