IS IT TIME FOR YOUR COMMUNITY TO PURCHASE A FEASIBILITY STUDY

To say we get this question a lot is an understatement. We have answered that question so honestly that it has lost us business but the thing about that questions is that we know that if the community is truly ready, we will be a success just as much as their potential project will be.  Yes, we have had many studies come back without enough need to have a project make good business sense but we strive to keep that number low. We are not in the business of taking half a community or company's money and saying, "have a nice day".

There are many things to consider when deciding to purchase a market feasibility study. The major thing to consider in this stage of your process is, is there need for a new project. Need is the all determining factor that puts a project over the edge, into making money. Sure there are other factors like land cost/availability in the area, is there interest in the market from the industry ( as a side note a positive feasibility study is a marketing tool to bring interest), labor costs in the market, competitors and much more. The key to all of those factors is that they are all address in the market feasibility study. Need. Need. Need. We cannot say it enough.  Now a large percentage of people that contact us have already be told for months and even years that there is a need in the market but if that is not the case, find out. Here are two questions to ask yourself to make a more educated and money saving decision:

1. Have community leaders complained about not having a hotel for visitors?

2. If community leaders have complained, have they complained because they have tangible need or because they want a hotel to improve the economy? This is key to your process. There is a very large difference between NEED and WANT. A lot of communities want to see a project for jobs and other economic impact reasons.  Simply put, if you do not have quantifiable need, you will end up with an empty building that no one wants.

When you can answer both these questions and still feel that it is time to take the next step in conducting a market feasibility study, give us a call. We will discuss our process and all the other aspects of the development process with you.