In any long-term project, detailed planning is absolutely essential. Whether you are planning a recreation facility, a sports complex, or a large-scale community center, knowledge and preparation will lead to success. A feasibility study is one of the most important parts of your planning and contains many vital steps for successful preparation. What makes a feasibility study so important? The team from Sports Facilities Advisory explains in this new blog.
Defined Steps Towards a Clear Plan
A good feasibility study will have defined steps that make things clear from beginning to end. These steps will help you create a practical plan for many parts of the project, including development funding, your business plan, management and staffing, and plans for opening, among many others.
The detail involved in the feasibility study has the potential to be overwhelming, which is why it is important to enlist the services of an experienced company like Sports Facilities Advisory. Our team will take our extensive experience from other large-scale projects and use it to prepare a detailed feasibility study for your project.
Key sections in a feasibility study often include:
- An introduction
- The market area or environment
- Details about the industry
- A business model
- Marketing strategy
- Management and staffing requirements
- Risk factors
- Financial planning and predictions
- The conclusion
It is important to remember that these sections or topic areas may be different depending on the type of project.
Accounting for Unexpected Circumstances
Much of the detail that goes into a feasibility study will relate to the unexpected circumstances that may arise in the project. Unanticipated changes in a project do happen, and a feasibility study should account for them. For example, it is important to account for unexpected changes in funding sources in your feasibility study. Accounting for unexpected as well as planned outcomes can ensure that your feasibility study serves its purpose and your facility is ultimately profitable and successful.
Conclusions Are Not Concrete
One of the most important things to remember about a feasibility study is that it is not your business plan. This is a common mistake made by some in the early stages of planning, and it is an understandable misconception. Nevertheless, it is vital to understand the distinction.
The purpose of a feasibility study is to assess how viable a project is, while a business plan focuses on the actual operations of a facility. A feasibility study will be done before a business plan is developed, once workability is determined. The end result of a feasibility study may not present a single solution to a specific problem, but rather serve as a tool to determine whether to move ahead, what to change, and what to adapt depending on results.
Ultimately, a professional, detailed feasibility study can help you to avoid making expensive mistakes and ensure you maximize not only your profit but the positive impact on your community.
Talk to SFA About Effective Feasibility Studies
Sports Facilities Advisory can help you take your project from concept to concrete. Our team of industry professionals has helped develop sports and recreation facilities in the US and worldwide. Contact Sports Facilities Advisory today.