A feasibility study is a method in which market researchers or business owners perform a detailed analysis of a market or business or determine if a proposed business or project will be successful. The research considers all the factors of the projects, ‌including finance, technical, legal, economic, and environmental. This study or ‌analysis is helpful for business owners or entrepreneurs to decide whether to proceed with the project or business or not!
Also, a feasibility report is a comprehensive evaluation of the feasibility study and includes a set of proposed projects or business solutions to determine if they are viable. People who prepare a feasibility report would evaluate the feasibility of different proposed solutions and then recommend the best solution. A business feasibility study in Dubai is a similar process followed by business owners or market researchers to determine the viability of their business in Dubai (UAE).
Here we will try to understand in 6 steps how to prepare a feasibility report for a client in Dubai:
Step 1: Explain the problems and scope
To begin with, explain the problems or opportunities. Tell why it is essential for any organisation, stakeholders, or customers. When you evaluate the proposed solution, recognise the objectives and criteria you will use in the process. With this, your report will become more focused and easily readable, and your readers will understand the background to establish the context.
Step 2: Study and analyse different options
The second step is to study and analyse other potential options to reach a solution or grab an opportunity. You then collect reliable and relevant data from different sources, like the market, industry trends, customer opinion, expert views, and best practices. Here, you perform a SWOT analysis to compare and contrast every option for strengths, weaknesses, opportunities, and threats. Then, identify how they match your objectives and criteria.
Step 3: Recommend the best solution
Next, in the third step, suggest a solution that looks best to you, depending on your research and analysis. Explain the reasons for choosing it over other options. Also, mention how it will exceed your expectations, objectives, and criteria. Include examples and evidence to support your recommendation and to make it easier for your readers to understand. The explanation and examples will help you describe or demonstrate ‌how your recommended solution will help work in reality regarding operational, technical, financial, and social factors.
Step 4: Plan for the recommended solution
Then you will have to include the implementation plan for the recommended solution. That is how your proposed solution will be implemented. Include all the steps that one needs to take, a roadmap, resources, responsibilities, activities, timelines, and milestones that one will need to materialise the plan. The outline should also include the potential risks, challenges, and assumptions identified during implementation and your plans or strategies to address them.
Step 5: Summarise the benefits and costs
In the fifth step, include a summary of the benefits and costs of the solution you suggested. Emphasise the good things the proposed solution will deliver to the company, stakeholders, or customers. The proposal could include increased revenue, enhanced productivity and efficiency, happier customers and employees, or reduced waste. Also, estimate the total costs and investments needed to implement and operate the solution.
Step 6: End with an executive summary
End your report with an executive summary. This will be a brief overview of your proposal and should include the main points, findings, analysis, and estimates. Include it at the end of your report when you have completed other sections. You must also include the purpose, possibility, target audience, and action.
Final Thoughts
Above is a brief explanation of how to prepare a feasibility report. The points about it will help you understand it better. However, if you are in Dubai and finding it complicated, we are here to help you. We are among the leading firms helping businesses in preparing their business feasibility study in Dubai! All you need to do is reach out to us at your convenience.
