How To Do A Feasibility Study The Right Way
As you and your staff prepare to build your new community or recreation center, there are a lot of things that need to be done before you officially break ground. These things include promotional and branding strategies, financial planning, and community surveying, among other things. One of the more important things that will happen before your facility breaks ground is a feasibility study. This study will be important as you analyze whether or not your potential facility will be successful, but the study itself is also important. How can you make sure that you are conducting a successful study? In today’s blog post, Sports Facilities Advisory will answer that question.
What Is A Feasibility Study?
The first thing that must be addressed is the study itself. In short, a feasibility study is a study conducted by a business or organization to determine if the action they want to take is a good action. For instance, a restaurant might do a feasibility study to determine if it makes sense to open a new branch in a neighboring town.
These studies are important because they give you an idea of what you are up against, either financially or with the community. You might think that your town wants a rock climbing facility but learn through this study that they have less interest in rock climbing than you thought.
What Questions Do You Want Answered?
The first step in putting together a good feasibility study is knowing what questions you need or want answered. The overall question, as discussed, revolves around whether or not a specific action should be taken. However, there are a variety of smaller questions that will help you answer the umbrella question.
Many of these questions will be aimed at the community. If you want to build a recreation center, you need to know if the community is interested in a community center. Before conducting the study, it’s important to have a decent amount of preliminary research to prepare you for any surveys you might conduct in the community.
How Can You Get Those Answers?
First, you need a solid business plan and a strong scope of the project. During a feasibility study, you will go to the community, local businesses, and potentially local government officials. To get the answers you need, your plan and vision needs to be in place. In other words, you don’t just want to present the idea in your study, you want to be able to present the plan will make the idea come to fruition.
Again, much of your feasibility study will come through your own preliminary research, such as demographic studies and competitor analysis. You will also want to look at the market conditions of your community and survey the public to gauge their interest.
Contact SFA For A Consultation
If you are looking to build a community or recreation center, a feasibility study will be vital to the process. These studies are, however, increasingly complicated. SFA helps you conduct your study with ease. For more information, get in touch with us at (727) 474-3845 or contact us online today.