Feasibility Study Basics The basics of the feasibility study, the feasibility study is considered the most important step that any owner of a new project idea must prepare before he sets out to implement this idea and turn it into a project on the ground. The laws of the country in which the project is being established and the identification and knowledge of competition and technical and technical development, and through this article we will explain to you the basics of the feasibility study and what it is intended for and what are the most important steps that you must follow to ensure the success of the project.
Feasibility Study Basics
First, the feasibility study is the study carried out by the owner of a new project idea to be able to implement it and achieve the desired success, and it shows the required investments and the expected return.
It also helps to know the possible risks and losses, based on the results determined by the study if the project is economically feasible or not.
The importance of the feasibility study lies in the fact that it clarifies the ideas of the project and all its details, and helps investors choose between the opportunities available to invest the project in the right way.
Its results are a means of following up on the implementation stages, and achieving the objectives of the project, which leads to material benefit, in addition to working to identify the appropriate sources of income for the project.
The feasibility study aims to develop a set of methods that help:
Dealing with the project in an innovative and sophisticated manner.
Understand the terminology of economic projects, and study the general market situation.
Selecting and hiring individuals with experience in the field of economic projects, provided that they are able to make your project a success.
Measuring the results or effects of the project, determining the extent to which the project can continue, or choosing another project.
Foundations of feasibility studies for small projects
The feasibility study analyzes new projects, whether they are in the establishment stage or if they are already in place.
In the beginning, it must be determined what the product or service will be provided by the project, and what distinguishes this idea from others, as well as the extent of its susceptibility to spread and expansion in the future.
The next step, which is one of the most important foundations of feasibility studies for small projects, lies in defining the target segment. Your full knowledge of the customers you deal with is the key to studying the market, as well as the methods and means of marketing that will be adopted.
Then, the legal form of the project must be defined in terms of the necessary licenses to start commercial activity and business continuity, as well as the decision to contract with various parties, starting with suppliers and ending with customers.
This is followed by a study of the technical and operational aspects of the project, which means how to manage the various resources and assets of the activity, in addition to the adopted management style, which determines the culture of the company or the activity, and it is one of the most important factors in defining the identity of the project.
The technical aspects of the project detail the process of producing or providing the service, and everything related to it is registration, evaluation and implementation, including the financial system.
After making sure of all the foundational aspects of the project and its applicability, the role of the financial feasibility study comes in, which identifies the project’s foundational variable and fixed costs.
And then determine all the resources needed to be invested in the project and the expected return on investment
Feasibility study ready
Dear project owner, after we got acquainted together with the basics of the feasibility study, and the most important implementation steps for it, you may ask, how can I actually complete the feasibility study to start implementing the project, and we will answer you in the following lines.
You can carry out a feasibility study for your project on your own without anyone’s help, but you should search and browse to have as much information and tips as possible to avoid wasting time, effort and money in the wrong way, causing damage to the project.
You can also use the Technology Company, which is one of the major companies specialized in the implementation of feasibility studies for various projects, as it has long experience and sufficient skill to help you complete a feasibility study for your commercial or investment project.
And not only that, the technology company has perfect professionalism in providing economic and administrative consultancy for various fields and sectors, and even major institutions and factories, and this helps you that it provides you with any necessary advice that you may need when implementing the project.
The company also provides thousands of other electronic services that help you achieve the widest possible spread, and attract a lot of customers, which brings you a high percentage of profits.