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Re: Youwin Business Competition 2013 by habapalapa: 10:55pm On Dec 02, 2013 |
Hey guys, Very informative thread so far. Pls one question though: in the part where it is asked "how much do you expect to take out monthly? I am a bit confused, I intend to write "0" since it is a new business I have no intention of wanting to reap from it till I break even. Do you think such answer is feasible, for the application? |
Re: Youwin Business Competition 2013 by newacca: 7:51am On Dec 03, 2013 |
habapalapa: Hey guys,I think u r on d right track.why do u want to take out of the income,when u are included in the payroll? It's a new biz and u are not expected to take frm it,u r rather expected to contribute to it later. |
Re: Youwin Business Competition 2013 by mgbo: 8:06am On Dec 03, 2013 |
kindly advice me is baking n making of small chops gud application for youwin? |
Re: Youwin Business Competition 2013 by Nobody: 12:07pm On Dec 03, 2013 |
mgbo: kindly advice me is baking n making of small chops gud application for youwin? As long its feasible and can employ a considerable number of youths. |
Re: Youwin Business Competition 2013 by bgberbo: 1:50pm On Dec 03, 2013 |
fagin1982: @ Tayeni ....I made the comment of 6months breakeven. , when u quoted my statement I wanted to reply you and make clarifications , but I read in between lines of your comment you seemed to me like the type that knows it all so I decided to let it be Haba Bros, while it is true that, there are businesses that can break even within six month. It is also true that because a business break even 24 month from start does not make it a bad business. It all depend on the busines cost structure etc etc |
Re: Youwin Business Competition 2013 by Richtalk: 2:29pm On Dec 03, 2013 |
habapalapa: Hey guys, You have to put a figure for it, because in a business you are expected to make withdrawals as your own salary. Though at the beginning ,there is no withdrawal expected, but once you start making good income withdrawal is necessary and acceptable. Also from the the cash flow at the second stage, you are expected to fill in your expected withdrawal for each month. ( I saw the second stage cashflow from a Youwin awardee). So my advice to is that you should put a figure that is low and will cover the average withdrawal in a month for the first one year. |
Re: Youwin Business Competition 2013 by LEvuls(m): 2:47pm On Dec 03, 2013 |
guys pls wat do they mean by minimum eqipment cost necesary to comence or xpand biz? ASAP |
Re: Youwin Business Competition 2013 by Obummalachy(m): 3:44pm On Dec 03, 2013 |
habapalapa: Hey guys,@habapalapa there just want to test you to know how far you can take the business. You have to put yourself on a salary so that you wouldnt steal from the business. |
Re: Youwin Business Competition 2013 by newacca: 4:19pm On Dec 03, 2013 |
Richtalk:I am always eager to know more. what if I already included myself on the payroll,is it necessary for me to withdraw from the income? I believe since I have included myself on the payroll,it won't be smart for me to withdraw from the income. Unless I am withdrawing to save for investment with the intention of pulling it back to the business. House,please let's discuss. |
Re: Youwin Business Competition 2013 by Obummalachy(m): 4:26pm On Dec 03, 2013 |
LEvuls: guys pls wat do they mean by minimum eqipment cost necesary to comence or xpand biz?first you should let us know what kind of business is that. But assuming is animal production(poultry) and you already have a land with no structure, the minimum equipment cost to comence biz should be cost of the structure+cost of animals and feed+cost of salary for like 6 months,etc |
Re: Youwin Business Competition 2013 by Obummalachy(m): 4:41pm On Dec 03, 2013 |
newacca:no you dont touch the income you wil only spend your salary while the incomes wil be shared some % say 30%for re-investing another % say 50%to pay back for owed loan and 20% for saves. Thats why u need to be on a salary. |
Re: Youwin Business Competition 2013 by habapalapa: 4:47pm On Dec 03, 2013 |
Thanks guys for the feedback, you all gave very vital points. I will give it a hard thought and decide a reasonable amount. God's grace to us all. |
Re: Youwin Business Competition 2013 by newacca: 4:59pm On Dec 03, 2013 |
Obummalachy: Thanks for your response, the question asked: How much money do you plan to take out of the business personally? I don't think I need to take any money out of the business for personal reasons. I have already included myself on the payroll(which means I am included in the salary) The payroll is part of the operational cost and it had already been included in the start-up fund required,which will cover you up for few months say 3 months. I think we are saying the same thing. You shouldn't take any money from the business for any reason. The profit during these period should be re-invested. After about 1 year,and the profit is growing,you can draw from the money monthly for (salary or personal) and you can even take more in the subsequent years,as the profit and business grows. |
Re: Youwin Business Competition 2013 by newacca: 5:13pm On Dec 03, 2013 |
@blink182, Bad guy,you just dey enta dey commot. |
Re: Youwin Business Competition 2013 by Tayeni(m): 7:16pm On Dec 03, 2013 |
newacca: @blink182,oga blink na sharp guy. As the thing be competition, him no wan talk to much. Every man for himself ni o. Lol. |
Re: Youwin Business Competition 2013 by Nobody: 7:35pm On Dec 03, 2013 |
Tayeni: oga blink na sharp guy. As the thing be competition, him no wan talk to much. Every man for himself ni o. Lol.lol, I have nothing to say and I don't want to tongue lash anyone. When people are done submitting, some are still asking if their business is viable and how to write. Let me add that for once I agree with stagger-if you are too lazy to research and write a business plan, how do you hope to run the business? Being an entrepreneur is the hardest thing ever, I can't even start to explain. I just wish everyone the best. |
Re: Youwin Business Competition 2013 by newacca: 7:35pm On Dec 03, 2013 |
Tayeni: oga blink na sharp guy. As the thing be competition, him no wan talk to much. Every man for himself ni o. Lol.Funny enough,sharing ideas won't limit our chances of winning. We can guard our concepts and still share knowledge and ideas. 1 Like |
Re: Youwin Business Competition 2013 by newacca: 7:38pm On Dec 03, 2013 |
blink182: lol, I have nothing to say and I don't want to tongue lash anyone. When people are done submitting, some are still asking if their business is viable and how to write. Let me add that for once I agree with stagger-if you are too lazy to research and write a business plan, how do you hope to run the business?Bro, Entrepreneurship no be beans oooo but it's interesting. Youwin or no Youwin, this competition has broaden my knowledge. |
Re: Youwin Business Competition 2013 by Nobody: 7:39pm On Dec 03, 2013 |
newacca: @blink182,lol, I'm fully on duty. At this point you need to watch information you come in contact with. You could end up with analysis paralysis and mess up everything. |
Re: Youwin Business Competition 2013 by Nobody: 7:39pm On Dec 03, 2013 |
newacca:very true. |
Re: Youwin Business Competition 2013 by newacca: 7:46pm On Dec 03, 2013 |
blink182: lol, I'm fully on duty. At this point you need to watch information you come in contact with. You could end up with analysis paralysis and mess up everything.very correct. |
Re: Youwin Business Competition 2013 by Tayeni(m): 7:47pm On Dec 03, 2013 |
blink182: lol, I have nothing to say and I don't want to tongue lash anyone. When people are done submitting, some are still asking if their business is viable and how to write. Let me add that for once I agree with stagger-if you are too lazy to research and write a business plan, how do you hope to run the business?I agree too.....that most pple want to be spoon fed. I've noticed pple like that get swindled easily. Being an entreprenuer isn't easy like you said especially when you're starting out. |
Re: Youwin Business Competition 2013 by Nobody: 7:55pm On Dec 03, 2013 |
Let me derail a bit, I just finished a bowl of eba and ogbolo soup with dried fish, okporoko, I don forget the others name. Going home with peppered fried fish so I can smoke it later with a bowl of soaked limited edition ijebu garri aka garium sulphate. If you no dey there, there is no way I mean no waaaaay you will understand. |
Re: Youwin Business Competition 2013 by Tayeni(m): 8:03pm On Dec 03, 2013 |
blink182: Let me derail a bit, I just finished a bowl of eba and ogbolo soup with dried fish, okporoko, I don forget the others name. Going home with peppered fried fish so I can smoke it later with a bowl of soaked limited edition ijebu garri aka garium sulphate.u didn't just "derail a bit". U derailed enter bush ni o! U just made me feel like taking garri.....I got some plantain I can fry to go along with my garri. This slight harmatan is making me thirsty...... |
Re: Youwin Business Competition 2013 by Nobody: 8:07pm On Dec 03, 2013 |
Tayeni: I agree too.....that most pple want to be spoon fed. I've noticed pple like that get swindled easily. Being an entreprenuer isn't easy like you said especially when you're starting out.you totally get my point. There are some things that can't be explained and this is the reason this grant favours people that already have a business. |
Re: Youwin Business Competition 2013 by Obummalachy(m): 8:08pm On Dec 03, 2013 |
newacca:the question "How much money do you plan to take out of the business personally"? means how much wil you take as salary from the business 1 Like |
Re: Youwin Business Competition 2013 by Nobody: 8:11pm On Dec 03, 2013 |
Tayeni: u didn't just "derail a bit". U derailed enter bush ni o! U just made me feel like taking garri.....I got some plantain I can fry to go along with my garri. This slight harmatan is making me thirsty......harmattan is something I haven't seen this year and it is still raining everyday here even today. |
Re: Youwin Business Competition 2013 by newacca: 9:02pm On Dec 03, 2013 |
Obummalachy:Thanks for the information. Learning never stop,not until one is dead. |
Re: Youwin Business Competition 2013 by newacca: 9:56pm On Dec 03, 2013 |
Now I know better. I'm actually expected to take "owner's draw" from the business |
Re: Youwin Business Competition 2013 by Mftivi: 10:29pm On Dec 03, 2013 |
Name five of your existing or expected top customers, How will you attract these customers to your point of sale? I need more explanation of this question. my customers are established business and services in Nigeria. do I write their names one by one? I hope someone understands my question |
Re: Youwin Business Competition 2013 by Nobody: 10:52pm On Dec 03, 2013 |
Mftivi: Name five of your existing or expected topwrite their names and say how you intend to attract them. It is that simple. |
Re: Youwin Business Competition 2013 by omode2(m): 8:24am On Dec 04, 2013 |
omode2: pls i need quick response can materials and equipment mean d same am applying in d agric sector |
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