Powell, 43, has started work on his recruitment for next season's National League One campaign after joining Rovers this week on a three-year contract.
Rovers chief executive Andy Prout said yesterday: "We are talking to a number of players but we are obviously doing it with a very close eye on the budget. We want people to play for the shirt not for the money.
"We won't bankrupt or re-mortgage the club - that's for sure. We'll only do what we can afford to do."
Former Sheffield, Keighley, Leeds and Great Britain stand-off Powell is set to play a key role in helping Rovers submit a Super League licence application for 2011.
Powell said: "We have to look at a staged progression by putting in place the building blocks to get us to where we can confidently put in an application for a Super League licence.
"There is a lot of work to do but the commitment, the passion and the right people are here to make it happen.
"There's certain things out of your control as a coach but in terms of performance on the field, I want to ensure the structure of the club is in the right state for when the licence application comes around.
"The people here now at Featherstone are sensibly ambitious and this is a good opportunity for me and them to grow together. I am looking forward to taking Featherstone where they need to be.
"A three-year contract gives me a great platform to develop the squad and the club so it can compete at the highest level.
"One of my first goals is to have part-time players working in a professional environment with a full-time mentality."
Powell met the Rovers players for the first time last night. They will report for pre-season training on October 6.
Powell joins Rovers from Leeds rugby union club where he had been on the coaching staff since July, 2005.
After a playing career that spanned more than 450 games, the 33 times capped Great Britain international became head coach at Leeds Rhinos in 2001. He steered them to the Challenge Cup final at Cardiff in 2003 and at the end of that season he moved to a new role of Director of Rugby.
Rovers chief executive Prout said: "Daryl's appointment as our new head coach is another demonstration of the ambition and determination of everyone involved with the club.
"This is a significant investment by the club as we have signed Daryl on a full time basis for the next three years, during which time we are confident that he will take us to the next level of performance both on and off the field.
"Daryl will work with all the coaching staff from scholarship to senior teams to build an effective end to end structure which we hope will attract and maintain a mix of quality young and experienced players to the club which we can develop into potential first-team regulars.
"Daryl is excited about the challenge ahead of him and is impressed with the facilities, ambition and potential at the club, and believes that this opportunity came at exactly the right time for him and we are delighted that he has chosen Featherstone Rovers to return to Rugby League.
"We hope that this announcement excites our loyal supporters as much as it does us, and brings renewed vigour for the coming season."
Gateshead Thunder coach Dave Woods, the former Castleford Tigers boss, was offered and rejected the Featherstone role last month but Prout said that was before Rovers became aware of Powell's interest.
"In retrospect I am pleased it didn't work out because I think we have got a better candidate in Daryl," he said.
Danny Evans, caretaker coach since Rovers parted company with David Hobbs in June, will stay at Featherstone.
Latest £500 winners in the Rovers treasure chest lottery are J Greendale (W5557), L Hallinan (L2454), M Little (G4137), J Fahy (B2377), A Bolton (T4922).