What am I going to make out of paying the feasibility experts?
It's an idea now in your mind, you talked it to your friends and to those around you, you discussed some ideas together, you went into some details, the role came now to make sure that it was useful and dangerous, so it's at the approximate numbers stage, and the questions that you have to find more precise answers and document on paper, it's the role of a feasibility study.
What is Feasibility Studies?
It's the process of analyzing the project that you're going to do and then evaluating it in a number of ways, and how much profit the project is supposed to make.
When do people do feasibility studies?
It's supposed to be done by anyone coming up with a new project, but most people just ignore it and do it when they start big investment projects.
What's the importance of a feasibility study?
The importance of feasibility studies is that they answer two key questions.
• Can my project become a reality on the ground?
And if the answer is "yes" comes down to the second question.
• How can my project become reality on the ground?
That is, the feasibility study reviews success and failure, reviews target groups and competition their advantages and disadvantages, identifies the hallmarks that your project must have for preference, and needs market analysis as well as competition analysis.
Feasibility studies are carried out in several basic stages:
1. Set the objective for the project, to build on the subsequent elements.
2. The study is in two sections, which we will discuss later on this subject.
3. Analysis, accordingly, decisions are made.
What are the most important aspects of feasibility studies?
• Client
• Market Analysis
• Competitors
• Financial assessment
What's the point of feasibility studies?
So how do you convince partners and investors of your idea? If you don't prove how successful the numbers are, how steady, what they are and what they are, you can't get them full support for your project.
What are the feasibility sections?
• The initial feasibility study, which is at an early stage of work, is based on a microscopic study of the project. On the basis of the return from it, the final study is launched, or a study of the competing market and its characteristics and disadvantages is undertaken only to build on its detailed results, usually when there is a strong competitive market such as real estate.
• The detailed feasibility study, called the Profitability Study, examines what the results of the first study have achieved, based on analyses, the results of strength and vulnerability, and the extent to which the initial feasibility study matches the results achieved, the final study is launched. It will carry out extensive studies on many of the following:
A –The technical study, one of the first to be carried out in detail, may be done in part in the preliminary study. It includes the project's engineering staff to determine the shape, needs and costs of the work.
B- Financial Study, Actual Requirements for Women Enterprises and Financial Requirements for Marketing, and Expectation of Revenue and Profits from Both Sides.
C - Marketing study, in which the supply and demand of real estate enterprises are studied.
Of course, after all this, there are weaknesses and risks, but you're supposed to have identified avoidance and alternative ways to proceed with the project.
What reasons would I have for a feasibility study?
Nothing compels you to do a feasibility study, if you're the employer without partners, and if loss makes no difference to you, and surely you don't want to take risks, but once you get into partners, you'll definitely need it for the following reasons:
• Promotion of alternatives
• Assessment of opportunities
• Risk assessment
• Identification of potential obstacles
• Information for decision-making
• Helping to bring in offshore finance and loans
• Helps attract investment from shareholders
• A driving step towards the completion and success of the project if undertaken by reliable experts in the field.
• In the case of a project, but there is a desire to know whether there are possibilities for expansion.
What are the side elements of feasibility studies?
If you aim to expand investment and profit in your project without facing problems from society, your feasibility study should include some of the following elements:
The environment, community, legal, cultural, and these four elements are particularly important for large enterprises, while some small enterprises may not require these details.
What should real estate feasibility studies discuss extensively?
• The site, in fact the site, is based on many other factors such as
- Space cost
- Cost the necessary materials in construction
- Proximity and dimension of our target group
- Public and private services and facilities for the target group of the project
Some other factors depend on the quality of the real estate facility.
• Costs, which are divided into two main site sections:
- Investment costs required to start the project and usually discussed in the preliminary feasibility study
- Operational costs are intended to maximize the use of the project and are usually discussed in the detailed study.
When will the feasibility study be an ineffective and dispensable step?
• If we are to enter into a competitive market that is guaranteed success by the time factor, wasting time in the feasibility study is the path to failure.
• If the work is already in place for years, then there's no point in studying it.
• If our work is involved with another company, and the other trusted company has done a feasibility study, we don't have to do it.
What if the feasibility study shows the failure of the project, what are the possibilities of going on or off?
This is one of the most difficult things for entrepreneurs, but you have to wait a little bit before you cancel the project, new ideas, or use new tools and techniques that are actually hard to judge. Some may see them as failing by numbers while the mind sees them as successful in the long run, but the risk factor remains high in the beginnings of the projects, and you need a lot of patience, as with Walt Disney, who has gone from a failed idea like some saw it as a company 199.000 employees around the world, and it became a brand of a lot of real estate, fashion, toys, that is, the idea that some considered a failure was too successful for some minds to absorb, but it needed smart launch and management.
Summary
The feasibility study is just a way for project leaders to go, identifying the value of the product, the public's desire for it, the obstacles they will face, and the advantages that help them overcome the obstacles.
Input data, analysis, and results are the three main steps of the feasibility study. The accuracy of inputs means a more healthy output. If the positive effects of the study overcome their disadvantages, the chances of success of the project are high.