When first getting into the facility planning process, some developers might not know the importance of a feasibility study. Despite how common these studies are, some developers still might not be convinced of their importance. Today, Sports Facilities Advisory wants to spend some time looking at three ways that a feasibility study can save you money in the long run.
Determining Market Conditions
The first important factor to consider when facility planning is the status of the market for this specific type of facility. If you are looking to build a new aquatics center for your community but there are already multiple aquatics centers in your area, a feasibility study might reveal that the project could be scrapped.This also includes determining if you would be able to get development funding under the current market conditions. Even if you decide to go through with the project with other similar facilities in the area, you might not get the support needed.
Determining Financial Viability
Another aspect of a feasibility study is determining the financial viability of the facility or complex in question. This includes determining if development funding or fundraising will be possible as well as determining if the facility will be able to generate revenue. This is a very important part of the study because it will ultimately determine if you will be able to turn a project into a reality. Without the ability to generate revenue and make your project financially viable, the chances of it getting off the ground will be very slim.
Determining Community Interest
Lastly, a feasibility study will help you determine the interest the community has in your proposed facility. While you might have the vision and support to develop your project, if it does not have the support of the community, it will be unlikely to succeed. At the end of the day, the community is who will keep your facility profitable and financially viable. So, if you conduct a study and find that your community lacks interest in your project, it might save you a significant amount of money to just scrap the project. If there is legitimate interest, however, a study will also show you that your project is good to go.
Contact Sports Facilities Advisory For Feasibility Study Tips
A feasibility study is a major part of your facility planning process and Sports Facilities Advisory wants to help walk you through it. For more tips, give us a call at (727) 474-3845 or contact us online today.