Before investing a single pound in any project, study your project very well.
Know its numbers, understand its marketing, and study the market you are entering. See who is at the top in the field, why they succeeded, and see those who failed before you and ask yourself: What were the reasons for their downfall?
Know the best suppliers, compare quality and price, and know when to buy cash and when buying on credit is better for you, and what is the highest discount you can negotiate.
And if you can work in the same activity for a year, do it. Practical experience will teach you in months what you might not learn in years. And if you have a relative or friend working in the same field, sit with him once, twice, and ten times, ask him about every big and small detail, and understand the business from the inside.
Ask yourself:
- Where will I get my first customer from?
- How will I make them come back to me?
- What is the advantage that will make the customer choose me and leave the competitor?
- Is the capital I have enough until the project stands on its feet?
The market today is harder than before. What does not develop disappears, and what does not market properly disappears, and even if it has an excellent product, without management and marketing, it will be difficult to continue.
And if you don't have the time or experience to do all this yourself, seek the help of a specialized company or a consultant who understands the field, or even an honest and experienced person who preceded you in the same activity. The cost of consultation will often be much less than the cost of a wrong decision.
In the end... preserve your money, and take your time studying your project, because the right decision before starting saves you significant losses after operation.
Mohamed El Shenawy
Projects and Restaurants Development Consultant, and Catering Kitchens
I help investors and project owners make correct investment decisions by preparing feasibility studies, evaluating projects, analyzing risks, and developing operational plans, with the aim of reducing the risk rate and achieving the highest possible return on investment.