How to do a feasibility study, the feasibility study of your project or idea is the first step that you must take when a business idea comes to your mind, so that you can decide whether the project is worth investing or not, and when making the decision to implement the project, if it turns out that the idea is successful then you will start taking all The necessary procedures to establish it on the ground, or to exclude the project if it turns out to you to the contrary.
How to do a feasibility study
A feasibility study is a process of collecting information about a proposed project and then analyzing it to know the possibility of implementing the project and reducing risks. The main outcome of the feasibility study of your project is to answer the question of whether the project is feasible for investment or not.
The establishment and continuity of any project require taking into account its many requirements and needs in terms of marketing, financial and technical aspects. The feasibility study aims, through its three components, market study and technical and financial study to identify those needs.
You can do the feasibility study on your own or use one of the companies specialized in the field of electronic services, and most importantly, be experienced in conducting feasibility studies for various projects, and the only place where you can find all these advantages and more.
It is a distinguished technology company, which everyone praised for its constructive economic and administrative advice for government and private companies and factories, in addition to the field of development and investment and various sectors such as the health and tourism sector, construction and construction and others.
The technology company is also characterized by conducting adequate feasibility studies for various projects and ideas, by studying all aspects related to the project, and it also develops alternative solutions and suggestions in the event that the idea or project suffers any loss.
The technology company’s services are not limited to these only, but it also does the electronic marketing of the product or service provided by your project, after its implementation, as it provides integrated services for managing advertising campaigns on Google and social networking pages.
And that is through marketing experts who develop the best possible path for your advertising plans so that you can benefit from them, to suit your business and achieve your goal.
Feasibility Study Basics
After we learned what a feasibility study is, it is time to learn about the basics of a feasibility study and when we can be sure that this study is successful. The feasibility study must answer the following questions clearly and accurately. The questions are:
Do you have the technical and technical qualifications to implement the plan.
Is the plan legal and feasible?
Can the project be implemented within the specified time frame?
Will the project achieve an appropriate financial return, meaning are the costs that will be spent?
In the event that the feasibility study answers these questions clearly, based on objective and real data that has been analyzed in a scientific and accurate manner, then it will allow you to make a wise decision to implement the project or to dismiss it or to make changes to the study.
Feasibility Study Steps
If you are thinking of preparing a feasibility study for a project and want to implement it yourself or present it to the funders, you must follow the correct steps for the feasibility study, which will save you a lot of time and effort in analyzing and describing data.
The methods used by project owners in developing a feasibility study differ, but despite the great difference between the models, all of them agree on three main and important steps to prepare a complete feasibility study covering various aspects of the project. These steps are:
Study the market in which the project aims to offer goods or provide services:
This stage evaluates the market situation in which the products or services of this project will be offered, in order to determine the capacity and potential of the project under different and changing market conditions.
As well as determining its ability to exploit these opportunities within the market and participate with full force and confidence in front of competitors, and the market situation is evaluated through several factors, the most important of which are:
The size of the target market, the speed with which the market is developing, and how much profit is obtained within it.
Knowing the products and goods that the market provides to consumers.
Study the fluctuations and changes that may occur in the market from time to time and the strong competition between those projects within the market.
Careful analysis of the services or goods to be provided by the project:
This step aims to know the reaction of the public consuming the goods and their acceptance of the services that the project will offer.
Financial study of the project:
It is the main component of any project, especially major projects, as there are some small projects that may not need capital at the start of the project. This study evaluates the status of the project and the possibility of its success from the financial side.