One day, you had an idea. From there, you worked on fleshing out this idea, putting together a business plan, and trying to figure out the best way to turn this idea into a reality.
But at this point, you're unsure if your idea is actually feasible or if it's worth investing further time, money and effort into. Is there a way of knowing? Or do you have no choice but to dive into the unknown and hope for the best?
While there's no magical entity that can tell you with certainty whether or not your idea will succeed, there's a tool that can help you gauge its potential - a feasibility study. And to conduct a thorough and accurate feasibility study, you need to hire a consultant who specializes in this area. But there are things to consider before hiring a feasibility study consultant if you want to get the most out of this process.
What's a Feasibility Study?
A feasibility study is an analysis of a proposed project or idea to determine its viability. It looks at the potential risks, costs, and benefits involved in implementing the project and helps you make an informed decision on whether to move forward with it.
The study typically covers areas such as market demand, financial projections, resource availability, technical requirements and potential obstacles that may hinder the success of your project.
What's a Feasibility Study Consultant?
A feasibility study consultant is an expert in conducting these types of studies. They have the knowledge and experience to assess your project's potential and provide you with comprehensive and unbiased insights.
What To Consider When Hiring a Feasibility Study Consultant
A lot of people may claim to be feasibility study consultants, but not all of them are truly qualified and capable of providing you with the information and guidance you need. When looking for a feasibility study consultant, here are some things to consider.
Experience
First and foremost, look at the consultant's experience in conducting feasibility studies. How many have they done? What industries have they worked in? Do they have any success stories or recommendations from previous clients?
It's important to find someone who has a proven track record of delivering high-quality feasibility studies.
Specialization
Not all feasibility studies are the same. Some may require specific knowledge and expertise in a particular industry or area. Find a consultant who has experience in your field and can understand the nuances of your project.
Communication Skills
A good consultant should be able to communicate clearly and effectively with you throughout the study process. They should also be able to present their findings in an easy-to-understand manner, without using complex jargon.
Cost
You have a budget for your project, and a feasibility study is an additional expense. Make sure to discuss the consultant's fees upfront and understand what services are included in that cost.
Timeframe
Time is of the essence when it comes to conducting a feasibility study. You want someone who can work efficiently and provide you with accurate and timely results. Discuss the expected timeframe for completing the study and make sure it aligns with your project's timeline.
Compatibility
A feasibility study consultant will work closely with you throughout the process, so you want to find someone you can work well with. Do they understand your vision and goals? Are they willing to listen to your ideas and concerns? Find someone who’s a good fit for you and your project.
Honesty and Objectivity
It's nice to hear, "your idea is great, and it will definitely succeed!" But in reality, that may not always be the case. A good feasibility study consultant should be honest and objective in their assessment of your project.
They should be willing to point out any potential flaws or drawbacks of your idea, as well as provide realistic projections and recommendations for improvement. It's better to hear the truth now than waste time and resources on a project with low chances of success.
Thoroughness
A feasibility study should leave no stone unturned. The consultant you hire should be willing to conduct thorough research and analysis.
This includes looking at potential competitors, analyzing market trends, and considering any external factors that may impact the success of your project. A comprehensive and detailed study will provide you with a more accurate assessment of your idea's feasibility.
Flexibility
While a feasibility study consultant is an expert in their field, they should also be open to your input and ideas. They should adapt and adjust the study based on any new information or changes in your project.
A good consultant will also be willing to work with you to find creative solutions and alternatives if necessary.
Reputation and References
Finally, look into the consultant's reputation in the industry. Search for any reviews or feedback from previous clients, and if possible, ask for references.
This will give you a better understanding of their work ethic, professionalism, and the results they have delivered in the past. A consultant with a good reputation is more likely to provide you with a high-quality feasibility study.
Methodology
Different consultants may have different approaches to conducting a feasibility study. Discuss and understand their methodology before hiring them.
Some consultants may use surveys and market research, while others may rely on data analysis or interviews with industry experts. Find out which methods they will use and if it aligns with your preferences and needs.
Having a clear understanding of the process can help you ensure that the results are accurate and reliable.
A feasibility study can provide valuable insights into your project's viability so you can feel confident in your decision to move forward. But you need to choose who conducts this study wisely. By considering the factors mentioned above, you can find a qualified and capable consultant who will provide you with accurate and valuable information to help you decide: to pursue your idea or not?
If the venture you're interested in pursuing is a self-storage facility, then consider Box Pro as your feasibility study consultant. We have extensive experience in the self-storage industry and can provide you with an in-depth analysis of the market demand, potential obstacles, and financial projections for your project.
Because we're experienced, we're able to provide self-storage feasibility studies at a fraction of the cost of our competitors without compromising on the quality of our work. We also offer fairly quick turnaround times, so you can make timely decisions for your project.
Contact us today to schedule a consultation and see how we can help you turn your idea into a successful reality.