An event feasibility study is a controlled process for identifying challenges and opportunities, determining objectives, defining successful outcomes and assessing a range of costs and benefits of an event concept. It is a preliminary study undertaken before the real work of an event/festival starts, to ascertain the potential of the events success.
Developing a successful inaugural event can be a risky investment and taking the event concept from an initial idea through to the operational stage is often a complex and time-consuming effort. Red Horizon Events consulting expertise in feasibilities studies provides decision makers, within your organisation, with the opportunity to make better, more informed decisions on new event concepts.
Benefits of Completing a Feasibility Study for Inaugural Events
- An effective analytical tool that assists decision makers in determining if the event concept will meet objectives and is viable
- Provides supporting evidence for recommendations and demonstrates the strengths and weakness of the event concept
- Helps to analyze the business idea in more depth, providing greater clarity on the event concept, defined objectives and key stakeholders
- Allows for better, more informed decisions on the event concept at a logistical, financial, resources and marketing environment level
- Reduces the risk of a wasted investment in – time, resources and money
- Helps reduce the event project planning time for the event – should it go ahead
If you are interested in further information on our feasibility consulting practice, please contact Rebecca Taplin on 08 9244 4621.