If you’re planning a sports facility, feasibility studies must come first.
The very first step in our facility planning process is feasibility studies. A feasibility study determines the likelihood of the success of the business before it is funded and opened. Feasibility studies are very important; they show you if the project is really worth pursuing, and they give potential investors the information they need to know before they will finance the project. Here are just four questions feasibility studies will help you answer.
1. Is there a market for a new sports facility in my area?
To answer this, you have to take into account the demographics in your area. Things like median income and age can affect how successful a sports facility would be in a specific location. You also need to know if the community has a stable economic base that will make a good environment for your business.
2. What kind of competition am I dealing with?
Is your community in desperate need of a recreation center, or are there a lot of other sports facilities nearby? If there are sports facilities in your area already, is the population large enough that the market demands another? Or, what will your facility be offering that the others don’t have and could make people want to come to you instead?
3. What kinds of activities should I focus on to create revenue?
Analyzing sports facilities in similar markets to yours is the key to answering this question. We can see what has been most beneficial to them and use that information to your advantage.
4. What considerations are involved when it comes to choosing a location?
First, you have to determine who your customers are and the importance of their proximity to your location. You also need to keep an eye out for nearby competing companies. If that is something that is only going to be an obstacle to you, you may need to look elsewhere. City ordinances or zoning restrictions are also something to take into consideration.
Feasibility Studies from Sports Facilities Advisory
Clients come to Sports Facilities Advisory for the most reliable feasibility studies of our financial forecasting models and market research results. Our process is designed to solve problems and find new revenue-generating opportunities for your facility. Our feasibility studies will answer absolutely every possible question you may have before the planning of the sports facility goes any further; this guarantees that it will be a success.
