The biggest lie an investor tells himself is: 'I did a feasibility study.' In a call with a client who intended to open a restaurant, I asked him: 'Did you do a feasibility study for the project?' He replied: 'Yes.' I said: 'Excellent... May I ask you a few questions?' 'What competitive advantage did you find among your competitors?' 'And what will make the customer leave one, two, or three restaurants on the same street and come to you?' 'Did you study the market and confirm that the business is still in demand?' 'Or is the market saturated with projects similar to yours?' He paused for a moment and said: 'Actually, I didn't think about these questions.' We all need to understand that a real feasibility study is not just printed paper. A real feasibility study is what prevents you from losing hundreds of thousands before you even open your restaurant's doors. Therefore, before you start your project, the feasibility study must answer 5 important questions: 1. Who is the customer you will sell to? You need to know their age, income, needs, when they buy, and what they prefer. 2. Does the market need your project, or is it saturated? The presence of many restaurants doesn't mean the market is successful; it might mean the competition is very tough, and most of them are struggling to survive. 3. Who are the competitors, and what are their strengths and weaknesses? You need to know their prices, quality, service, reasons for their success, and reasons for customer complaints about them. 4. What is your competitive advantage? Better taste? Reasonable price? Larger quantity? Faster service? Different experience? You must have a clear reason for the customer to choose you. 5. Is the capital sufficient until the project stands on its own feet? It's not enough to open; you need a reserve to cover expenses until sales start to stabilize. Before you start, ask yourself: Why will the customer buy from me? What will I offer differently? Does the market actually need me? If you can't answer these questions, then you still need to review your feasibility study before risking your money........ If you plan to open your own restaurant and have some questions, I would be honored to answer them in a free 30-minute phone call...... Consultant for establishing, operating, and developing restaurants and catering. I help restaurant owners and investors discover opportunities and reduce risks based on scientific and practical market studies.