How to do a feasibility study for a small project, make a feasibility study for any new project idea, whether it is small, medium or even large, an important and essential step before starting the implementation of any project you want to succeed on the ground, as feasibility studies depend on the availability of a large number of information related to all Aspects of the project, or as others say from A to Z, so the feasibility study is a step that should not be neglected. In this article, we will study together how to make a feasibility study for a small project.
How to do a feasibility study for a small project
The purpose of doing a feasibility study for any project is to prove that there is no problem or impediment that leads to the non-implementation of this project, but also to actually prove that this project will succeed and its owner will recover the amount he spent upon its establishment.
The feasibility study searches for any impediment that leads to the inability of the project to be established, such as the inappropriateness of the place in which the project will be held, and this is an initial step that must be studied well and ensure its effectiveness.
The feasibility study works on doing many studies on the social and economic situation and provides the best results for these factors so that the project is in a suitable environment for it. It also provides a full study of the market situation and its response to the production of the small project to be established.
And the feasibility study in general are studies that you can do on your own, or studies carried out by others that are used to start a profitable and successful project.
This is done by resorting to the distinguished technology company in providing administrative and economic consultancy for major governmental and private companies and factories, in the field of development and investment and various sectors as well, such as the health, educational, tourism and other sectors.
The technology company has also proven its ingenuity and professionalism in the field of work and implementation of feasibility studies for various projects, by studying everything related to the project a good study to develop an adequate feasibility study that achieves the best possible percentage for the client, and it also develops effective solutions and alternatives in case the project is exposed to loss or danger stage.
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Simplified feasibility study
After we know together what is a feasibility study, what is its importance for any project and what is the best place you can use to do a feasibility study, and in the following lines we will present to you, dear reader, how to do a feasibility study for a small project.
Through a simple and understandable feasibility study, we hope to provide all the information you are looking for. The feasibility study includes a small project in several stages, which are as follows:
First, the environmental feasibility study:
In this step, the impact that the project could have on the environment around it is studied, and in the event that negative effects of the project on the surrounding environment are discovered, the feasibility study provides solutions to avoid that problem.
Second, the marketing feasibility study:
This study of the project provides a complete report on the percentage of demand for what the project produces through a complete analysis of data and sufficient information to know the needs of the target market, in addition to determining the quantity of production that must be available and put on the market.
The consumer category will also be determined and ways to reach them by setting ways in line with their culture so that they are affected by marketing ads, and here we must note that the technology company has the experience and skill in providing marketing ads.
Third, the technical feasibility study:
This study depends entirely on the marketing study that was mentioned in the previous paragraph, where by knowing what the target group needs to produce, then all the costs needed to produce this type of goods or products are determined.
In most cases, the operating costs of the project, such as machinery and equipment, even the labor required, are put into place.
Fourth, the financial feasibility study:
At this stage, a complete study is presented based on calculating the amount of cost and revenues on the continuity of the project, and through this study the project owner gets to know the size of the benefits and benefits that will accrue to the project owner after carrying out its implementation.
Fifthly, the legal feasibility study:
In this step, a precise definition of the laws related to the project is made so that they do not conflict with the project’s activity, and so that the project owner is not subjected to any legal accountability.