Starting a new school requires an up-front commitment of substantial amounts of money for rent (or construction), staff salaries and equipment.
At the start of the project, the details of the final outcome are necessarily uncertain. It is impossible to know with certainty, for example, whether the gender of applicants will be skewed to boys or girls, whether one age group will be more favoured than another etc.. Remaining flexible is key.
It is essential you minimise your risk in this fluid environment by having a detailed and accurate financial model of the business. This model can be used to support decision making by giving a detailed comparison of the financial outcomes of alternative scenarios as the project develops.