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A feasibility study for a project: A plan that must be written before starting any project, whether the project is large or small, it is important to develop tasks, expectations and results, and the successful company is determined exactly what to do, studying the market well and competition and potential customers.
Many people have the money to do the project and the new ideas, but they are not able to work out a study and plan of action, which led to the emergence of companies and individuals specialized in the field of feasibility study of projects in certain areas, so we will give you how to do the feasibility study of the project and its most important elements.
How to do a feasibility study
Write a summary of the project: This step is very important, and the summary of the project in the first page of the plan that you will write, although it is on the first page, but the writing is at the last stage, summarizing all the study that you have, and includes several things including a description of the summary Project, description of the product or service provided by the project, a description of the elements distinguishing the project from other business projects, a description of the market targeted by the project, and a financial summary.
In this section, identify the project name and logo, the administrative policies you intend to follow, and includes an analysis of the competitors and how they work in the market, and compare them with your new project in terms of benefits and ideas, and It is important to know how to deal with suppliers and their number.
You will also need to specify the location of the project that will be worked out, and determine whether the place is rent or owned by you, and everything related to the place such as parking for employees or staff accommodation. This section includes a description of the human resources required to work in the project, periods of work, It also includes talking about licenses and governmental and legal procedures necessary before starting the project.
Write marketing plan: People often think that marketing begins after the project works, but in fact marketing is one of the most important elements of the feasibility study and planning for the work of the project. The successful project starts from studying the needs and desires of the market to make sure that people need the item and will buy it. The department should focus on the nature of the product or service to be provided, the proper definition of it, and the interpretation of its social and economic importance to society.
Study the goods and services available in the market, in terms of benefit, advantages, advertising, prices, promotion methods and everything related to them, and determine what you will do to make your project a success. You should follow a different marketing policy, through the additional services provided to customers and the way you deal with the types of customers And develop a clear and attractive advertising plan to introduce people to your project and encourage them to experience the product or service you offer.
TV ads alone are not enough. Try to find other ways to advertise, such as social networking sites, trade fairs, and retailers to intensify your sale of goods and place them in special places and shelves.
Write a financial plan: Fixed costs include rent, salaries and insurance. Variable costs include raw materials, maintenance, water and electricity bills, etc. The capital recovery period is defined as projects with a repayment period of one year and another after five years, Examine the expected volume of sales during each period of time, income and expected profits.