Professional feasibility studies, if you have a new project idea and want to make good profits from it, and you immediately started thinking about implementing the project with actual steps and want to launch it on the commercial arena, then you should stop here until the implementation of the most important step in the project that you must think about well, which is Make a feasibility study for your project or idea, and it must be like any professional feasibility study.
Professional feasibility studies
All owners of companies and small or large projects need to do a feasibility study, but it differs only in the aspects that must be studied in the feasibility study from one project size to another.
In the coming lines, we will discuss in detail the answer to what is meant by feasibility studies and how to carry out professional feasibility studies, and we will try as much as possible to clarify the most important aspects related to the work of feasibility studies.
This is so that a person can understand his own idea and implement it to ensure the feasibility of his next project, because the feasibility study is important in helping to protect your project from failure afterwards.
In a nutshell, the feasibility study brings you to the answer to the most important question: Should I go ahead with this project, or should you exclude the idea of the project from the ground up?
You can do the feasibility study yourself, and this is what we will guide you to step by step to implement the feasibility study of your project with ease, but senior entrepreneurs advise that if your capital exceeds two million, it is better to go to specialists in the work of feasibility studies.
This is because the specialist will give you a comprehensive feasibility study based on a good foundation and effective practical experience, and one of the best companies specialized in this field is the Technical Company for Administrative and Economic Consultations in various fields and sectors.
It has a long experience in the field of completing feasibility studies for various projects with all professionalism and skill, because it studies all the data related to the project an analytical study to ensure the success of the project, and it also develops alternative plans in cases of unexpected loss.
Feasibility study for a small project
Dear project owner, you must realize several basic elements before starting to implement your project with the actual steps, as you should know that there are two types of feasibility study, namely the preliminary feasibility study and the detailed feasibility study, and we will explain both of them in the following lines.
First, a preliminary or preliminary feasibility study:
It is often preferred to do it with high-investment projects, and it is a quick research work aimed at reaching a preliminary judgment, and you have to do a detailed feasibility study for this project, or is the idea not acceptable from the beginning.
This is what the business experts recommended at the beginning to conduct a preliminary feasibility study before the detailed, because the primary study aims to reach signals and indications that indicate the possibility of the project’s success.
Through it, you can prepare mini-reports with the following:
A brief description of the approximate product price and its characteristics, a statement of the competing alternatives in the market, and knowledge of their prices, with a mention of the nature and size of competition and the extent to which the product is expected to flourish in the market.
Estimated project costs, expected revenue and net profit.
A brief description of all production supplies that must be available and how much they cost to reach the customer.
Second, the detailed feasibility study:
It consists of 6 basic types, each of which must be studied in detail:
Marketing feasibility study.
Technical feasibility study.
Financial feasibility study.
Economic feasibility study.
Legal feasibility study.
A social and environmental feasibility study.
Simplified feasibility study
In order to conduct a simplified feasibility study for any project, you must be familiar with the following project stages:
Project identification stage.
The drafting phase (feasibility study) of the project.
The stage of project evaluation to reach a decision.
The stage of implementation and establishment of the project.
The stage of operation and the start of the task of managing the company.
Perhaps you are now wondering how I can prepare an effective feasibility study for my project, and we tell you, dear, that you must implement these four conditions, which are:
First, the idea of the project:
The idea must be good as if it is studied it leads to successful projects.
Second, the market study:
In short, there must be buyers for the commodity that is being produced, and this entails studying all aspects of the market well.
Third, the financial study:
It is the summation of the types of total costs of the project, whether the costs of establishing or operating or any other costs.
Fourth, the technical study:
In it, the size of the project is determined in terms of determining the following:
Production method and appropriate means for the project.
Technical machinery and equipment.
Determine the necessary manpower and management personnel.
Locate the company.
Determine the costs of establishing the company.