The steps of the feasibility study, that good planning for any matter is the fruits that a person reaps and tastes the taste of success in them. The good, so if you have a project idea that you want to implement on the ground, you must first do a feasibility study for your project and follow all the steps of the feasibility study to ensure the success of the project.
Feasibility Study Steps
Let’s start first, dear business owner, by clarifying the concept of the feasibility study, which is the process of collecting all data and information related to the project from the smallest to the largest. It is an actual evaluation of the proposed practical plan.
The feasibility study shows how important your business project is to the market and the public, and whether the project can be launched or not. The feasibility study also helps you determine the market to evaluate the business idea and competitors in the markets.
As for how to complete the feasibility study, you can carry it out on your own without using anyone, but you must search and look well to own as much information as possible, in order to help you in making an effective feasibility study for your project or company.
You can also use one of the companies specialized in the field of feasibility studies, so what do you think of the Technical Company for Economic and Administrative Consultations for various sectors such as the health, education and tourism sectors, and the field of development and investment.
The Wonderful Technology Company has also proven its capabilities in the field of carrying out feasibility studies for various commercial and service projects, and not only this, but it also provides the project owner with solutions and alternatives, which he can refer to in the event of any project losses.
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Simplified feasibility study
Any feasibility study includes several steps, whether for a large or small project, in order for this study to be effective and achieve the best possible profit rate. The steps are:
Conducting a preliminary analysis: This step is considered one of the most important steps of the feasibility study. This step defines your business plan, through which you must focus on the market need for your project, in addition to identifying the difficulties that may face the project.
Preparing the expected profit statement: This step requires you to work well, as you must start with the target income forecast, and then what the investment is required to achieve this goal, as it includes the things that must be taken into account such as the required services, their cost percentage, and any adjustments to those revenues.
Conducting a survey of the target market: Make this stage of the feasibility study as comprehensive as possible. It is important that your company or business project has the necessary resources, to carry out the task of occupying the market in which your expected product or service will be launched. You can also seek the assistance of research and survey experts to do this, as it will give you Market research is a clear picture of the revenue that you can realistically derive from the project.
Operations and Business Organizing Plan: This stage comes directly after the implementation of the previous feasibility study steps. This plan must be comprehensive and include all costs of launching the project (such as operating costs of equipment, machinery, sales methods, project headquarters, staff) and so on.
Preparing a budget: The budget of any project can be described as the main nerve responsible for advancing the project and its emergence to the light, so you must be accurate when preparing a report for your project budget, in order to avoid unexpected losses after the implementation or operation of the project.
Review all project information and make decision: The task of review and analysis is very necessary to make sure that everything related to your project is OK, or whether there is some change or modification in the work strategies, and after completing that step, finally comes the stage of deciding whether to start Implementation of the project with the actual steps.
Feasibility Study Basics
After we learned what a feasibility study is, its importance and how to implement it, it is time to learn about the basics of a feasibility study, and what are the most important questions that your project’s feasibility study must answer in order to make sure that it is successful, which are as follows:
Do you have the technical and technical qualifications to implement the plan.
Do you or the investor have the ability to abide by the legal conditions of the project?
Is the plan feasible?
Is there a justification for the costs that the project will incur, and are they commensurate with the profitability returns.
Can the plan be implemented in the reasonable time frame.