favoryourl:
what u shld do now is let me know
1, ur total fixed cost
2, how much u need in total ( youwin and personal savings) to run your business
3, total sales that is revenue for the whole year
4, total cost (cost of production) for the whole year
I will use the first formulae to get your break even amount.

My total fixed cost is 1,785,000
amount needed- 10,450,000
total sales- 14,800,000
total cost- 12,290,547

Actually the second formulas gave me the correct answer i sed for the stage 2 submission but the first formulas didnt give me that.

[quote author=TAJIBADE]My total fixed cost is 1,785,000
amount needed- 10,450,000
total sales- 14,800,000
total cost- 12,290,547
contributions margin = 14,691,195-12,290,547
= 2,509,453
contr margin ratio. = 2,509,453÷14,691,195
= 0.1708134
Break even amount = 1,785,000 ÷ 0.1708134
=10,450,000
keep me posted where u still have challenges
remember that your break even point is that point when your revenue is equal to the money u needed to start your business

TAJIBADE: My total fixed cost is 1,785,000
amount needed- 10,450,000
total sales- 14,800,000
total cost- 12,290,547

Actually the second formulas gave me the correct answer i sed for the stage 2 submission but the first formulas didnt give me that.

NB
your fixed cost are the cost of your machinery and equipment. pls no depreciation. also known as your capital cost. then your variable cost are the cost of good produce and running cost (direct and indirect cost)

TAJIBADE: My total fixed cost is 1,785,000
amount needed- 10,450,000
total sales- 14,800,000
total cost- 12,290,547

Actually the second formulas gave me the correct answer i sed for the stage 2 submission but the first formulas didnt give me that.

total fixed cost is 1,785,000
amount needed- 10,450,000
total sales- 14,800,000
total cost- 12,290,547
contributions margin = 14,691,195-12,290,547
= 2,509,453
contr margin ratio. = 2,509,453÷14,691,195
= 0.1708134
Break even amount =1,785,000÷0.1708134
=10,450,000
keep me posted where u still have challenges remember that your break even point is that point when your revenue is equal to the money u needed to start your business

any Nairalander in here at Best Western? i can see a lot of bright future aliko dangotes here.

not enough time to prepare but i pray for the best.

thanks

Denn: any Nairalander in here at Best Western? i can see a lot of bright future aliko dangotes here.

not enough time to prepare but i pray for the best.

thanks

Just finished...

Was different from expectations.

I was not told to present.... Questions galore from the first second!

They were all brilliant chaps who listened attentively to everything you said and spoke like business people.

You need to understand your business and your figures as questions were thrown from different angles.

I was given a chance to explain the risks and my mitigates.

In addition, my knowledge of the market was tested.

I got advices and noted them down.

If you are presenting a food related business, please include nafdac.

For all businesses, consider insurance too.

In addition, what will you do if your planned customers don't buy from you?

What will you do when competition tries to freeze you out?

For accreditation, if you are an existing business, please go with a copy of your business bank statement and your tax clearance certificate.

Tax clearance certificate should be for the business and not your Individual name.

For new businesses, go with your certificate and other registration documents... Include originals and copies.

For not yet completed registrations, please go with any evidence of process. Validated name search and copies of submitted forms.

That's all

Denn:

Just finished...

Was different from expectations.

I was not told to present.... Questions galore from the first second!

They were all brilliant chaps who listened attentively to everything you said and spoke like business people.

You need to understand your business and your figures as questions were thrown from different angles.

I was given a chance to explain the risks and my mitigates.

In addition, my knowledge of the market was tested.

I got advices and noted them down.

If you are presenting a food related business, please include nafdac.

For all businesses, consider insurance too.

In addition, what will you do if your planned customers don't buy from you?

What will you do when competition tries to freeze you out?

For accreditation, if you are an existing business, please go with a copy of your business bank statement and your tax clearance certificate.

Tax clearance certificate should be for the business and not your Individual name.

For new businesses, go with your certificate and other registration documents... Include originals and copies.

For not yet completed registrations, please go with any evidence of process. Validated name search and copies of submitted forms.

That's all

Thanx Man. Please do the panel check your CAC cert and TCC or its only at the registration point? Do the panel use our interview template or second stage application?

medoty:
Thanx Man. Please do the panel check your CAC cert and TCC or its only at the registration point? Do the panel use our interview template or second stage application?

No, they didn't check mine.

Interview template was used. But I assume they have gone through your application because they had laptops

Please like how many people are invited for Lagos interview? I learn that they are about 670 in Enugu

Denn: any Nairalander in here at Best Western? i can see a lot of bright future aliko dangotes here.

not enough time to prepare but i pray for the best.

thanks

Please like how many people are invited for Lagos interview? I learn that they are about 670 in Enugu

Denn:
No, they didn't check mine.

Interview template was used. But I assume they have gone through your application because they had laptops

Please like how many people are invited for Lagos interview? I learn that they are about 670 in Enugu

drollster:

Yes my interview is in Lagos tomorrow. Please what do I need to know?

No Iv not done. Mine is in Abuja 30th Aug.

When is your own?

It will be good if we share idea and win together. We will surely win In Jesus name.

medoty:
Bro we are in the same line of business. Let share ideas. Have you done your interview?

Thank God for people like you. God will continue to lift you in Jesus name.

Please I need your assistance precisely in the area of financial. Most especially breakeven

Expecting your response. Thanks in advance

favoryourl:
bros by God's grace am already a millionaire just feel I shld help people climb the ladder of success. am part youwin 1
just keep me posted where u have challenges with ur interview questions

bamistol: No Iv not done. Mine is in Abuja 30th Aug.

When is your own?

It will be good if we share idea and win together. We will surely win In Jesus name.

mine is on 28th

Can financial experts in d house pls explain to me if i sud include in my implementation cost any part of d profit made during d year and used to augement d operating cost?

For example, if my operating cost is initially N3.8m and I later add N5.2m from my profit during d year totalling N10m operating cost and Fixed Cost N4m, sud I say my implementation cost is now N14m (10+4) or N7.8m (3.8+4)?

Hope to hear from u all soon. Thanks in advance.

Omaobe: Can financial experts in d house pls explain to me if i sud include in my implementation cost any part of d profit made during d year and used to augement d operating cost?

For example, if my operating cost is initially N3.8m and I later add N5.2m from my profit during d year totalling N10m operating cost and Fixed Cost N4m, sud I say my implementation cost is now N14m (10+4) or N7.8m (3.8+4)?

Hope to hear from u all soon. Thanks in advance.

Your implementation cost should be only your FC and OE. In this case 3.8 and 4 making a total of 7.8.

bamistol: Thank God for people like you. God will continue to lift you in Jesus name.

Please I need your assistance precisely in the area of financial. Most especially breakeven

Expecting your response. Thanks in advance

how do you need help in the financials, let me knw the particular area

medoty:
Your implementation cost should be only your FC and OE. In this case 3.8 and 4 making a total of 7.8.

Thanks so much.

Wrong, Breakeven is when total cost equals total revenue[quote author=favoryourl][/quote]

aofete: Wrong, Breakeven is when total cost equals total revenue

I understand that u have problem of language. pple like u always out to criticize without contributing.
now use ur common sense
total cost is the amount needed to cover both fixed cost and running cost abi
then when your revenue equals what u needed that is the BE
pls next time don't just comment be sure of what u want to say.
always remember to be constructive in ur criticism

[quote author=favoryourl][/quote]
My total fixed cost is 623,500
Amount needed- 10,000,000
My Contribution- 1,000,000
Total Amount needed- 11,000,000
Total sales- 7,700,000
Total cost- 5,945,200
price of one unit is 1,000,000.
Please help me to calculate my breakeven and at which month will i breakeven. thanks

favoryourl:
I understand that u have problem of language. pple like u always out to criticize without contributing.
now use ur common sense
total cost is the amount needed to cover both fixed cost and running cost abi
then when your revenue equals what u needed that is the BE
pls next time don't just comment be sure of what u want to say.
always remember to be constructive in ur criticism

Harsh! Why nah? Just because he picked what it seems to him like an error in your suggestn sudn't av warranted dis ur comment. We sud kno how to tolerate divergent opinions. Nobody knows everything. Since we see ourselves as brothers and sisters on our way to becoming millionaires, try and apoligise to him. He's ur millionaire brother my millionaire brother!

All we need is one love!
Who wins?! We win!

Omaobe:

Harsh! Why nah? Just because he picked what it seems to him like an error in your suggestn sudn't av warranted dis ur comment. We sud kno how to tolerate divergent opinions. Nobody knows everything. Since we see ourselves as brothers and sisters on our way to becoming millionaires, try and apoligise to him. He's ur millionaire brother my millionaire brother!

All we need is one love!
Who wins?! We win!

halo house,i had my interview in enugu on Saturday. from my experience and those around me that did theirs, i discovered that this interview is no big deal just have a preliminary knowledge of ur proposal. u guys should stop wasting time on ur break even analysis because u wont be asked. know ur selling point well, ur competitors, machinery and general description of ur business thats all. u are even allowed to make notes u can use during the interview. make una forget break even analysis 4 now abeg!!!

I believe you are full of yourself, for you to use that language it shows. What is this forum about? I believe for people to express their opinion and opinion are open to criticism. If you made a statement and I feel that it is not correct I have all the rights in this world to say my views, for you to insult me is very low of you and I DEMAND AN APOLOGY FROM YOU WHICH MUST BE POSTED ON THIS FORUM.
Let me post here what you said and I quote ‘’ remember that your break even point is that point when your revenue is equal to the money u needed to start your business’’ AND I SAID, I quote “ wrong that breakeven is when total cost equals total revenue” not the money you needed to start your business. When you are wrong you are wrong don’t start insulting the sensitivity of people. YOU MUST APOLOGIZE.

FOR YOUR INFORMATION TOTAL COST IS NOT EQUAL TO WHAT YOU NEED TO START A BUSINESS.
Just saw now that you belong to Youwin 1, no wonder let me tell you if the standard of Youwin 1 is used for Youwin 3, all 6000 first stage winners will qualify for Youwin 3. So don't think because you are a winner in Youwin 1 you know all.

favoryourl:
I understand that u have problem of language. pple like u always out to criticize without contributing.
now use ur common sense
total cost is the amount needed to cover both fixed cost and running cost abi
then when your revenue equals what u needed that is the BE
pls next time don't just comment be sure of what u want to say.
always remember to be constructive in ur criticism

Guys that have done panel interview so far,
Did the panelists find and discuss errors (arithmetic or otherwise) in your financial plans?
Thanks in advance

Nope! Nothing like financials was asked me.

studyexec: Guys that have done panel interview so far,
Did the panelists find and discuss errors (arithmetic or otherwise) in your financial plans?
Thanks in advance

Where will we get paid ooooooo

Please those that have done their interview,should please share their experience,especially the questions the asked,and how best to answer them abeg....so others can learn..so all of can form millionaires club

Any1 from Best Western, Lagos today? Pls update us how it went.

Omaobe: Any1 from Best Western, Lagos today? Pls update us how it went.

Some of 'us' were given packs of customized cakes by the panelists after the interview. A pack of 6 cup cakes with Y-O-U-W-I-N spelt on them. I guess some winners know themselves already. The rest of us can only hope for the best.

studyexec: Guys that have done panel interview so far,
Did the panelists find and discuss errors (arithmetic or otherwise) in your financial plans?
Thanks in advance

No. I would advice you to SUMMARISE your financials as instructed in the template.

Know your business very well

You need to be able to defend the amount you are asking for. How will you spend the money?

Success !!!