How to measure success of a project?
Do you want to know whether your project is successful or not?
How do you choose a successful project? There is no doubt that owning a private project is one of your great ambitions in this life, and there is no doubt that many ideas are running around in your head and you do not know which ideas will be more successful than others? And with every fleeting thought, dozens of questions and inquiries are generated in your mind to the extent that you may get confused and feel confused, confused, and perhaps frustrated..! This is what you really don’t want.
The basis for the success of any project in general is its ability to exploit gaps and investment opportunities in the markets, and translate them into goods and services that satisfy the needs and desires of consumers, and at the same time achieve a satisfactory return for its owner.
7 criteria for knowing the success of any project
Before actually starting to implement your project, there are several criteria that help you know whether your project will succeed or not, which will be explained in succession:
1. Does your idea solve a problem?
The reality says that most successful projects solve a problem that already exists. The success of a product or service depends on the consumer’s need for this particular service or product.
Your awareness of the need in the market and touching the problem that the community suffers from, is the first element required to create a successful idea, so you must know what the market needs, and whose problem you solve with your project idea, and therefore will need your product or service that you provide.
2. It satisfies or creates a need in the market
The reality is that the mere production of a specific product or service does not necessarily mean that the consumer will accept it. Rather, this product or service must be linked to fulfilling a desire or satisfying a specific need of the consumer, otherwise the project will lose the most important reasons for its success.
The rule here says: Find a need that already exists and then think about how to satisfy it. Do not exaggerate with an unusual idea that is difficult to accept easily, unless you want the money and effort to be wasted in marketing and promotion. Small projects do not bear the length of time and do not usually have enough financial resources to withstand. Only giant companies can bear the costs of marketing and promoting an unfamiliar product and creating demand for it.
3. The extent of competition
Competition is always there! How do you choose a project and start implementing it without studying the size of the competition, which is necessary to prove the feasibility of your idea.
The presence of great competition means that the product has demand and demand, and there is a need for it in the market. While the absence of any competition, even if simple, means that the idea must be canceled and others searched for, unless you see that your idea is unique and has no equal in the market. However, beware! The degree of risk in this case is severe, and the idea must be studied well.
Also, the existence of very limited competition may mean that there is some kind of monopoly that is difficult for you to confront its whales, or that the demand for what you are considering is weak.
4. Growth potential
It is not enough to ensure that the market responds to the idea of the product or service that you seek to provide through your project. For each project, its life span may be prolonged or shortened, as it is subject to obsolescence when technology exceeds it, or when the consumer becomes bored with it due to many considerations, foremost of which is a change in style, tastes, or fashion.
There is no doubt that every project has great growth opportunities, as it will last for the longest possible period with the continuity of profit and return behind it.
Among the things that you can measure the potential for the growth of your project, is to determine if what you produce is required in the area in which you live only, or is it required in your city as well, or at the level of the whole country? Is there competition that can weaken your growth and expansion opportunities?
5. Frequency of sales
The consumer’s constant need for what your project offers is a good indicator of its success. Because this means that the consumer will buy from you many times due to his constant need or desire for the product or service that you provide.
After people get to know what your project offers, and they buy it the first time, their continuation in buying means an increase in sales volume and financial flows, and thus achieving a higher profit margin.
6. The extent of the possibility of evolution
Markets change quickly and the demand for a product may decrease as a result of a change in consumer tastes or needs, or as a result of the gradual entry of competitors into the market. In this case, your project must be characterized by the ability to develop the product and make improvements to it to meet the competition.
Your project must be able to develop or modify to maintain your market share.
7. Personal abilities
After completing the evaluation of your project and making sure of its ability to succeed, you must have experience in the field as well as have the skills and practical experience that enable you to start your project and succeed in it.
How do you choose a project just because it seems to be successful with others without having even minimal experience in the field of the project! You should know that one of the common reasons for the failure of small projects is that a person chooses his project in a field that he is ignorant of, even if this field is capable of achieving a lot of profits.
Finally, after evaluating your project according to these criteria, you will have a clear idea about the extent of its success and growth. It may really be an opportunity worth investing your time and money in. After that, you must conduct a feasibility study to ascertain the usefulness and return of this idea or two. Each project has its degree of risk, profitability and method of implementation.
Tip 1: Do not get attached to an idea just because you personally like it and proceed to implement it, as the chances of its acceptance in the market may be very weak, and the matter may cause you a loss that you may not bear.
Tip 2: After evaluating your idea according to the above criteria, keep in mind that feasibility studies are the basis that determines the success of any project or not.