Five Reasons Why You Absolutely Need A Feasibility Study For Your Facility

Five Reasons Why Your Facility Needs A Feasibility Study

During the facility planning and development process, there are many moving parts. This is why it is crucial to be organized and prepared for the process before you begin. One of the best ways to do that is to conduct a feasibility study. Today, Sports Facilities Advisory will give you five reasons why you need a feasibility study conducted for your facility.  

1. Gauging Community Interest

  The most significant purpose of a feasibility study is to gauge the community interest in your facility. When you conduct one of these studies, you will get an inside look at how the community thinks and feels about your planned facility. Without community interest, your facility will be set up for failure. So before getting too far into the development process, you need to know if your community wants this facility built.  

2. Looking At Financial Viability

  Another common purpose of a feasibility study is to look at the financial viability of your facility. With these studies, you can gauge community interest, but also the community’s willingness to spend their money to help pay for the facility. You will be able to look into potential funding sources to see how viable the development of your facility is. It is vital for you and your team to know if you are financially stable enough to begin developing. A feasibility study like this will help you do that.  

3. Developing A Vision

  The most important aspect of facility development is your vision for the facility. What needs does the community have that you can fulfill with your facility? In what ways can you deliver something new that the community might not realize they need yet? Without a proper vision, your facility will lack direction, and a feasibility study will help you develop that vision.  

4. Seeking Community Engagement

  While you ultimately want and need community support for your facility to be successful, you will need to build community engagement first. For community support to come, you need to get them engaged in the process and let them know what your plans are. A feasibility study will directly engage the community with your project.  

5. Being Fully Prepared

  At the end of the day, preparation is the key to success. Going through a structured process like a feasibility study will reveal any gaps or blind spots in your current plan. The study will help you fully prepare for the planning, development and financial challenges you will face.

Contact SFA For More Tips On Your Feasibility Study

You cannot overstate the value of preparation for facility planning and development. A feasibility study will help you appropriately prepare for any potential challenges. For more information or tips on these studies, get in touch with Sports Facilities Advisory today at (727) 474-3845 or contact us online for more information.