A feasibility study, each applicant searches for new project ideas to study the feasibility of a successful and profitable project in order to help them determine whether their choice is good or not. During this article, we will learn about the feasibility study and how to prepare it professionally.
A feasibility study is a study carried out by the owner of a project or a new idea to be able to implement it on the ground and ensure its success. The feasibility study shows the required investments, the expected financial profit, and the external influences of the project, such as licenses and laws of the state.
In addition to knowing the obstacles that may face the project or affect it negatively or positively, such as competitors, etc., the study is usually divided into many sections, including feasibility (financial, legal, social and economic), and each of these studies is specialized in one of the affairs through which it can Reach your desired goals from that study.
You can do the feasibility work on your own, but if you are a beginner, we advise you to resort to one of the companies specialized in the field of work and implementation of feasibility, and the technology company is the only one capable of implementing your goals efficiently and professionally.
It specializes in providing thousands of electronic services that any project owner may need, especially in administrative, economic and other consultancies, and everyone praised her in designing feasibility studies for various projects.
This is because it studies all aspects related to the project to be implemented in addition to preparing all the licenses and papers necessary for construction, and this is not only what the technology company offers, but it offers all its clients the best ways and promotional means to advertise the project or service in a wonderful way.
And all this and more than the wonderful services that help you fly your project towards success at unparalleled prices compared to many other companies in the same field.
The meaning of a feasibility study
Planning for any economic project is one of the most important steps to achieve its success, as proper planning ensures the success and effectiveness of the project, as well as the expected financial return for that. Before starting the implementation of any project, the study must be done.
It is the process of collecting information about the proposed project and then analyzing it in order to know the possibility of implementing it on the ground, as well as working to reduce the risks that it may be exposed to and obtaining the highest possible profit rate.
The basics of feasibility are divided into the following elements:
Determine project objectives.
Preparing a preliminary feasibility study.
Preparing a detailed study, which is divided into a feasibility study:
● Environmental, depending on the type of project.
Feasibility is prepared according to the target project, audience and location. Feasibility varies according to the required goals. We have already mentioned together, dear reader, what does feasibility mean and what are its basics.
So let’s take a look at those basics and what they include of elements that you must realize in order to make a full feasibility and implement a successful project, and the feasibility preparation is as follows:
First, how does marketing feasibility work:
This study includes the expenses of marketing your project or product and advertising it among the target areas and the target audience, so we can build this study on several points:
● Identifying the most prominent competitors in the market.
● Determine the target market for the project.
● Develop an effective and good marketing strategy commensurate with the requirements and data.
● Test your chosen marketing method and product.
Second, how does financial feasibility work:
This study is one of the most important elements in any feasibility study, given the importance of money in financing and establishing projects, even if sometimes some projects that you can start implementing without capital, but for large projects, it may not be that easy.
Third, how the technical feasibility works:
It includes all the needs of the project until the final product is out. For example, if we are talking about a factory, this means equipping machines and some specific tools and labor, and so on in other projects, but in the end all services must be provided for production and distribution to the fullest.