How to get a comprehensive benefit, many project owners and businessmen, especially beginners, wonder why the feasibility study is very important for any project because the feasibility study is the basis on which the rest of the project is built. If you cannot support your idea or project with a thorough study that shows you its importance, this is not called a project, so you will find most owners of commercial and service projects wondering about the way to obtain comprehensive feasibility, and this is what we will answer in this article, so let us, dear reader.
How to get a comprehensive benefit
Let’s start first by clarifying what a feasibility study is, and a feasibility study is simply an evaluation of the plan, practical application or the proposed method, as its name implies to clarify the importance of your service or commercial project.
The feasibility study also shows whether it is possible to launch the project with actual steps or not, and the study also helps in identifying potential markets and competitors and analyzing the market well to evaluate the idea of working with it.
The feasibility study is important for anyone looking to start a business and value for any budding business owner, for example, to find out that you answer these questions:
Do you own or can adopt the technology to do the initiation of the project.
Will the project provide you with the return on investment you expect?
Have the labor, tools, and materials needed to run the project.
By answering these questions, you will realize the extent of the success or failure of the implementation of the project on the ground, or make some modifications in the feasibility study, or dismiss the idea completely.
As for how to complete the feasibility study, you can implement it on your own, but if you do not have enough experience or information, do not take risks, so that your project does not fail against your will.
Then you can use one of the companies specialized in the field of feasibility studies, and one of the best example companies in the electronics world is the Technology Company.
This is due to the adequate economic and administrative advice it provides to various sectors and to major institutions and factories. The Technology Company also has extensive experience over many years in the completion of feasibility studies for all projects.
The technology company is also distinguished by the fact that it provides thousands of other electronic services that any business owner can need to enlarge his project.
Feasibility Study Steps
All commercial projects go through several important stages from the idea to the feasibility study and then the stage of launching the project. These steps contribute a lot to the success of your project and include the following:
First make a preliminary analysis:
This step is considered one of the most important steps of the feasibility study for any project, as it determines your plan, as it helps you to:
Focus on the market need for your project.
Determine where demand is greater than supply.
Determine if your product or service has a unique advantage over other similar products.
Knowing and evaluating the difficulties that the project may face in order to prepare for them as soon as they occur at any time.
Secondly, prepare a statement of expected profits:
You must start with the expectations of the target income and then what the investment is required to achieve the goal of establishing the project, and this step includes the things that must be taken into account such as the required services and the amount of cost required for them, and any adjustments to the project’s revenues such as payments and others.
Third, conduct market research and survey:
This step is key to the success of the feasibility study so you should make it as comprehensive as possible, even if your organization does not have the resources to do the job.
You can use market survey and research experts or hire an outside company to do this, as it will give you market research in a clear and special way for the revenues that you can actually expect from the project.
Fourth plan for organizing operations and business:
After completing the feasibility study steps, the stage of preparing a plan to organize the project’s operations comes. The plan must be comprehensive and include all costs of launching the project and operating costs (such as sales methods, project headquarters, overheads, etc.).
Fifthly, prepare the budget:
At this stage, an estimate of the launch day budget is prepared as well and as accurately as possible, and you can do this by creating a list that includes the component, source, cost and available funding.
Sixth: Analyzing and reviewing all data related to the project:
Both review and analysis remain especially important to make sure everything is going right.
So re-examine the previous feasibility study steps such as the income statement and compare it to your expenses and commitments, and see if this is a good time to think about risk, management and prepare contingency plans.
Seventh, decision making:
Now you are about to make a decision about the possibility of implementing the project or not, and there is something that you must consider before moving on to launch the project, which is if the commitment is worth the effort, time and money and is it in line with the project’s strategic objectives