What are the main components of a facility feasibility study?

A facility feasibility study is primarily concerned with assessing whether a proposed project is viable from multiple perspectives, particularly market demand and financial viability. The main components typically include market analysis, which evaluates the demand for the facility, competition, and trends in the industry. This ensures that the facility will attract sufficient customers.

Financial projections are another key component, as they determine the expected revenues, costs, and potential profitability. This includes assessing funding sources, sponsorship opportunities, operational costs, and any anticipated returns on investment. These elements combine to give stakeholders a clear picture of whether moving forward with the project is prudent and financially sound.

While aspects like ticket pricing and marketing strategies, design layout, operational assessments, staff training, and event scheduling are important in the overall management of a facility, they fall more under the purview of operational planning rather than feasibility assessment. The feasibility study aims to establish a solid foundation of understanding the market and financial landscape before diving into specific operational details.