We are currently carrying out a valuation of a hospital based somewhere in Muthaiga for receivership purposes. The hospital owes its creditors more than 800 million kenyan shillings!!!! The hospital is owned by 4 Indians who sought credit and pulled together their resources to start a hospital which they though would eventually turn out to be very profitable and match the likes of Aga Khan and Nairobi Hospital. The project was launched towards 2012 occupying an area of 8000 square feet! With the current rates that equals about Kshs. 800,000/= monthly as rent!!
The guys imported the latest medical equipment from India, Britain and America and stocked their hospital very well. The hospital is really nice and well equipped except that it failed to rise and match the expectations of the owners. Business nose dived and hit a rock bottom. Poor advertising and knowledge of the market contributed to this.
What they dint do is carry out a market research on how their health services could be received by the target group. They started so hugely without first sampling the market with a small clinic, right now am sure that wherever the owners are, they are stressed beyond reparable damage!! to make matters worse, specialized equipment like those in hospitals hardly find market locally, hence even if the items are sold, the creditors will still go at a huge loss!! imagine if after working and saving your entire life, you decide to venture into a business and due to lack of information and market research, all your savings are blown up in 2 years!!!! sema kufidel mara that!!
Its very important to carry out a market research before venturing into any form of business, however sure you are about the returns.
Enjoy every moment of your life, you never know when your time will come.