Feasibility study
It is important to prepare a feasibility study of projects before starting and establishing online stores or taking any step whatsoever! Because this study helps you assess the success or failure of the project and know the challenges, opportunities and potential risks that you may face, so the feasibility study helps any project owner to grow from the first day and succeed continuously, where the feasibility study is an examination or evaluation of the possibility or feasibility of establishing a new project, and therefore it is a powerful tool that helps those in management positions in decision-making Moving forward with the project or abandoning it also helps you in implementation because the study period introduces you to secrets that you did not know in the market and your project needs them.
The main purpose of a project feasibility study is to identify potential problems that you may face, assess the risks you need to overcome and the opportunities you can exploit to grow your project, as well as evaluate the resources you have and may need to complete your project and make it a success!
A project feasibility study consists of different elements that must be included in any study, namely detailed market analysis, assessing consumer demand for the product, analyzing competitors’ performance, evaluating your resources.
There are many reasons that organizations and projects take to do feasibility studies, first of all, a feasibility study helps to identify whether a project has feasibility or not, and helps you fully understand and analyze the market and know the competition, your resources and capabilities!
Knowing the risks that you may face is also one of the basic things that will help you in doing a feasibility study for your project, but the feasibility study can predict problems before they appear, which saves you from loss!
Not only can the feasibility study of projects introduce you to your capabilities and the resources you have compared to the resources required to launch your project successfully, but these studies help you to identify early the results of potential partnerships between you and partners and what they can add to you from resources or experiences that you can exploit in your success and achieve your goals!
Pillars of Feasibility Studies
*Operational Feasibility Studies
This type of feasibility study assesses the technical requirements needed to launch and succeed your project, and at the end of this study you are supposed to determine whether you have enough tools, resources and expertise to successfully launch the project.
*Economic Feasibility Studies
A financial feasibility study helps you assess the costs of the project and the potential revenue you may make from it! It also determines whether the project is financially viable or financially viable, so this will help you know what resources you have, those you need, and the amount of funding you may require to support your project.
*Market Feasibility Studies
This type of feasibility study examines the level of supply and demand for the product or service that you will sell in your project, and is also interested in analyzing the level of competition in the market, and this type is the most famous and most important of all because it determines for projects whether the project has a place in the market or not, and what alternative markets may welcome more of your products
*Technical Feasibility Studies
This type of feasibility study assesses the technical requirements needed to launch and succeed your project, and at the end of this study you are supposed to determine whether you have enough tools, resources and expertise to launch the project successfully.
*Legal Feasibility Studies
This type of feasibility study covers the legal aspects and restrictions that may hinder the project now and in the future, as this type of feasibility study determines whether the project is in line with the laws and regulations that regulate the work of different institutions to know the legal aspects and risks or responsibilities related to your project.