habapalapa: 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?

mgbo: kindly advice me is baking n making of small chops gud application for youwin?

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

If you are into full time entrepreneurship and understand the understand how Banks ,investors , and Loan sharks appraise a Biz plan you will understand better . This grant is not your personal money , u are trying to convince FG that your business is good enough to carry along the goals and objectives of the program which include ur ability to sustain your running expenses which is key to every small scale business ...let's leave theory aside .....You have a staff of 5 people who you must pay monthly , you have a business running everyday with expenses. And you feel after 6months you can't break even ..Its simply says your business is struggling and might go down with time

I have worked in a system where loan applications are reviewed , and I simply borrowed that 6mnths break even target to spur fellow contestants up .....

2ndly So many viable small businesses break even after 3months including Agric ,IT and co that you mentioned

My Agro biz broke even the 2month I started ..Banks that you see around most corners of the streets break even after 1-2months ,Choose the right biz brother

habapalapa: 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?

habapalapa: 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?

Richtalk:

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.

LEvuls: guys pls wat do they mean by minimum eqipment cost necesary to comence or xpand biz?
ASAP

newacca:
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.

Obummalachy:
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. That's why u need to be on a salary.

newacca: @blink182,
Bad guy,you just dey enta dey commot.

Tayeni: oga blink na sharp guy. As the thing be competition, him no wan talk to much. Every man for himself ni o. Lol.

Tayeni: oga blink na sharp guy. As the thing be competition, him no wan talk to much. Every man for himself ni o. Lol.

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?

Being an entrepreneur is the hardest thing ever, I can't even start to explain.

I just wish everyone the best.

newacca: @blink182,
Bad guy,you just dey enta dey commot.

newacca:
Bro, Entrepreneurship no be beans oooo but it's interesting.
Youwin or no Youwin, this competition has broaden my knowledge.

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.

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?

Being an entrepreneur is the hardest thing ever, I can't even start to explain.

I just wish everyone the best.

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.

If you no dey there, there is no way I mean no waaaaay you will understand.

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.

newacca:

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.

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......

Obummalachy:
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

Mftivi: 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

omode2: pls i need quick response can materials and equipment mean d same am applying in d agric sector