4 Key Steps in Analyzing a Tourism Project: From Diagnosis to Applying for Support

The tourism sector is one of the pillars of the economy in many countries, particularly Portugal, with significant potential for economic growth and job creation. However, to fully harness this potential, it is essential to carry out careful analysis of tourism projects before investing significant time and resources. In this article, we will explore the four key steps in analyzing a tourism project, from initial diagnosis to application.

1. Tourist Framework Diagnosis:

The first step in the analysis of a tourism project is the diagnosis of the tourist framework. At this stage, the objective is to evaluate the tourist potential of a property or land for the creation of a Tourist Accommodation Unit. This step is crucial when there is only a desire or intention to invest in a tourism project. During this process, it is important to consider factors such as location, nearby tourist attractions, accessibility and legal feasibility.

2. Preliminary Feasibility Study of the Preliminary Tourism Project:

Once the tourism framework diagnosis has been completed and with the intention of moving forward with the project, the next step is to assess the viability of the preliminary tourism project. This stage is based on the architectural design and aims to determine whether the project is viable from a technical, economic and regulatory point of view. It is an essential phase, especially in projects that are in a phase prior to the formal submission of the architectural project to the City Council.

3. Business Plan:

The third step involves creating a business plan. This document provides a detailed framework that describes the venture's viability, financial outlook and business strategies. The business plan is essential for making informed decisions about resource allocation. Furthermore, it can serve as support for applications for incentive programs, such as the Productive Innovation Incentive System (SIIP) or the Offer Qualification Support Line (LAQO).

4. Applying for Support:

The last step is to apply for financial support or incentives, such as SIIP, LAQO or other available lines of financing. The objective here is to fit the project into existing financing lines, according to the most viable way of supporting the defined investment. The application must be made whenever eligibility is validated and represents a significant step towards guaranteeing the necessary financing for the implementation of the project.

A careful analysis of a tourism project, from initial diagnosis to application for support programs, incentives or lines of financing, is essential to maximize opportunities for success in this sector. Each step plays a critical role in making informed decisions, assessing feasibility, and obtaining the financial resources necessary to bring the project to fruition. By following these four key steps, tourism sector managers can maximize the likelihood of successful and sustainable tourism ventures.