When you have decided to introduce a novel product into practice in Dubai, you must first conduct what is called the business feasibility study to find out if this idea is going to fetch you returns. For instance, you may have a groundbreaking recipe for cakes that have been there in your family through generations, and you wish to use it to launch a new business. You may think that you can reap huge profits and your friends may even encourage you on going ahead with this. But, without researching the practicability of the idea, it would be unwise to invest in it.

How Does It Work?

The aim of a feasibility study is to determine how viable your product idea is. So, once this is done, you will know whether the project can take off or it is likely to end in a fiasco. The study enables you to design a concrete plan for marketing the product and launching a product, that you will invariably need if you go ahead with the project. In a feasibility study, the analysis looks into the nature of your business, condition of the market and target audience, a technology used, infrastructural requirements and monetary details, and finally, your future growth plans.

Things to Consider in The Study

• One of the first factors is the safety of the product. In case the product has something that may put the customer at risk, even if the chances are slim, you need to get legal consult before progressing. When there are precautionary questions, investors are going to be reluctant.
• It is essential to create a product that can fill the market gap. In order to do that, the product should be unique or offer a solution to an existing problem. So, it must be better than what your competitors are selling in terms of durability, cost, quality, and look.
• The research and development time must be kept brief because investors want short-term gains; if you have very long lead times the outcome may not be as profitable.
• Your study must be able to anticipate possible technical problems right at the beginning to avoid future problems. Likewise, you need to calculate the costs of production to be able to see whether making and selling the product later will bring you revenue.
• You must check whether your product depends on any other product or system, that could, in turn, affects its profitability. This is because any economic downturn or unprecedented development in those systems or products can adversely affect your growth plans. 
• This analysis is performed to examine whether consumers will buy your product. For instance, there might be issues including cost and technical errors, that may prevent the product from being promoted and sold as per your requirement.
• The study must review market sectors that may be declining or prone to economic factors; the aim is to identify growth trends and existing market conditions because the market is where you will ultimately be selling the product.
• Finally, your analysis will determine whether the price for selling the product can compensate costs of production, advertising, as well as distribution expenses.