₦airaland Forum

Tingle22: pls i am interested in the youwin program. i am writing my proposal right away. pls send me the questions for the first stage to my email: chinnybekwe@gmail.com. thanks in advance

As in, are u serious?

Tayeni: I must confess that question left me a little stumped too. Say I sell to retailers and also retail my products myself, who then do I list as my top 5 customers....my retailers or end users?

The question is based on who are the kind of customers that mostly need the kind of product you retail.
If you retail seasoning,fish,pepper,rice then your top customers will be Restaurant,Women,Hostel,Caterers. You see they are in different categories. Restaurants need your product for their kitchen, Women need ur product for domestic cooking, hostel need ur product for cooking for hostel students, Caterers need your product for preparing dishes for outdoor events.

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

You are expected to write the kind of people that will need ur product/services mostly. For instance,you produce biro n books, ur expected customers are Students,Schools,Corporate organizations,NGO ,Government etc Those dat mostly need ur product or service and those that will definetely patronize u.

Now I know better. I'm actually expected to take "owner's draw" from the business

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

Thanks for the information. Learning never stop,not until one is dead.

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.

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.

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

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.

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

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.

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.

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.

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.

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?

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.

Tayeni: @newacca, i dont understand your last paragraph. Pls expatiate. You mean the start up cash as in the initial one million( first tranche)?

You need certain amount of money at hand (cash) to cover operational expenses for a period of time. This start-up cash should be planned and budgeted for. So this cash should be included in the fund you are requesting.

Tayeni: Oga sir! Na fight? I'm not claiming to be the only one that knows it. Infact I don't even know as much as I should, that's why I'm here to learn and to share my thoughts. Like I also said, (read my lips); its not impossible to beat your "6months breakeven point". However, it would be a rare feat.
While your "what ifs" maybe right, given the contexts you sighted, you should have noticed I was particular about startups and not existing businesses.
In most industries and markets, a new product may not start off selling in droves on the first day you open business. Publicity, advertising to build up your clientele and Customer base will take sometime off the 6 months. I know you know this cos you sound like a business savvy person. So no need to go back and forth with me. We r both right depending on the context. But I am "righter" than you are because the case you sighted is rare and an exception to the norm.

Everyone is learning everyday and life itself is an institution of learning where you graduate only when you are dead.
I was outta town,and I got back to see more comments. Good!
Back to our argument

1) it would be a rare feat.

My brother,it is no biggie at all to break-even within 6 mths.
Given the fact that you understand the field or your proposed/existing business as the case may be.
Break-even point doesn't mean profit margin. It means the point at which you neither make profit nor loss;so therefore,if you make sales beyond the point,then you are making profit.


2) I was particular about start-ups and not existing businesses.
I am speaking in general term. My argument points to both existing and new business.

3) [s]In most industries and markets, a new product may not start off selling in droves on the first day you open business. Publicity, advertising to build up your clientele and Customer base will take sometime off the 6 months. [/s]

(i) In my industry and some other industries, if it happens that you work as employee or apprentice,when you leave,your clientele move with you. So,if you start your own business and they are aware,they follow you.

(ii) Do you know why some new businesses do grand opening and some ads like coming soon,guess what's coming to town? even before the product/service is launched?
Do you know why some businesses are making use of social media? You can actually make your proposed business known to potential clients( Publicity) even before opening for business.
The positive side of it is that,some certain amount had already been ear-marked,which is part of the fund you will request,if you are smart enough with your plan. You are expected to do advert before you start,middle of the business year and end of the year( promo, sales discount etc)
Some businesses are personal and your gain customers through your reputation,expertise,popularity and influence. So,who tell you can't make promising sales volume from your first day of opening?
All businesses are not product based. Some businesses are service providers. Even some product based can make high sales volume from day-one of opening.


4) I am "righter" than you are because the case you sighted is rare and an exception to the norm.

No,you are not "righter" than me because you are viewing the point from the perspective of your own concept and idea.
I admit it is not easy to break-even within few months,but it is not really a tall order and not exception from the norm,get your fact.
We are learning from ourselves and I have learnt from this topic. Thanks to you and other lads for sharing ideas with us.

Tayeni: I think you are wrong here also. Why do you think they put a cap of 40% on capital expenses...with d larger bulk of the grant money meant for working capital. They see through most people's blind optimism. They know in the first few months of a start up ; the fixed cost(salaries, rent, utilities etc) is constant and unforgiving...while sales start from zero and rises with time. I'm a go getter and I'm as optimistic as the next fellow but I'm also a realist.
This is the major cause of why most start-ups fail. They don't plan for the slow period when the business is taking off. they tie down all their capital in machinery...and struggle to pay bills when they become cash strapped.

Do you realize it is smarter to mark some amount from your start-up cash to cover these operational cost for some months? The start-up cash is part of the start-up requirement(fund) you need from Youwin.

I wish everyone of us all the best.
Alles gute: All the best in German

Tayeni: well, its my opinion and u dont have to share it. Its not impossible. But highly rare for a manufacturing, agric, ICT or services business to breakeven within 6months after winning the grant(10 million o).
First off, one needs time to make orders, purchases, registrations recruitment and all the initial set up wahala. Then, it takes time for sales or revenue to gear up to expected levels. Besides, all the money wont even be given to you at once to start with.
Breakeven Point has a mathematical expression(no be just by mouth or a figure you just pull from the air. Go check it out and calculate yours then come back and tell me if u still believe deep within your heart if 6 months is enough to break-even. If its enough, then i think u need to share that biz concept of urs with me o.

... and what makes you believe you are the only one who understand that Break-even point has mathematical factors? I maintain,what applies to your concept does not necessarily apply to other person's. what of those who have existing business? what of those who have been in another business before and have practical knowledge of the business world.

So,what happen to the question from Youwin site: what is the minimum equipment cost needed to start your business or expand it?

one needs time to make orders, purchases, registrations recruitment and all the initial set up wahala

so,what if all required equipment are available in your locality and you already have relevant information,fact and figures before even submitting application to Youwin?

what if you already have some issues fixed even before application,and you have already prepared your mind,in case you win?

what if you are already making some moves,doing some research,orders,request before you heard of Youwin grant at all?

what if you already know what it takes to launch your idea,and you have already contributed to launching ideas in similar areas,and you are seeking fund to launch your own,when opportunity knocks? Then will "initial set-up wahala take 6 months" ?

Brother, impossible is nothing! I maintain, if you cannot make breakeven point in 6 months does not mean other people can't.

It is not necessary for me to share my concept. It's a service business and I have practical experience in the field. Furthermore, I study the field everyday. I follow the boys' scout motto: BE PREPARED!
I have been doing my workings on the concept even before the Youwin opportunity comes. Youwin or no Youwin grant, be always prepared with your ideas, Investors/opportunities may come anytime.

It is very possible to breakeven within 6mths and 6mth is even too long for some.

ciao!

Tayeni: Someone on one other thread said to put 6 months as the breakeven period. How laughable! Even to my naive ears 6months sound so unbelievable.

so what is laughable about it? Do you think it's impossible? Rather, you made a laughable comment. If your proposal can't reach breakeven point within 6mths doesn't mean it applies to other people's.
What works better for Mr.A may work as the best for Mr.B

ilugunboy: Nulli Secondus! .....up school!

Second to none! Ol'boy

Omo olowu oduru. Ara owu kii ran ro, awiimenu kuro ni t'owu.
Akin l'oju ogun eru o bodo.
Asiwaju ogun ti o gbodo keyin ogun.
Hero!
I dey hail ooo my senior at the glorious BBHS. We are truly 2nd to none.
Rugged u sir.

Nice posts. Subscribing.

Flow11: pls,culd someone send me a copy or sample of a business plan,such as catering to my mail-florencerasaq@gmail.com..pls share with me ,am new to most of this business terminologies,

Google is your friend. Make use of it.

I wish everyone of us success and transition to the next stage and finally come out Winners.
Ciao!

stagger: Go and hang yourself by the scrotum. LOSER!

blink182: This is the reason I've never liked you. If you have real life experience to share then do so and stop being a biatch. No one has claimed he's a pro here, we've been making our contributions to help each other right from the very beginning until you came. If there's anyone claiming to be a pro here, it is you. Whatever anyone else has to say is rubbish.

Help if you want to or just phuck off. You are beginning to infect me with your bitchyness.

Pls. guyz stop childish act. Let's move ahead. Abeeeeeg!

blink182: Please all, forget this id card issue for now. We should concentrate on winning first, if eventually you win and are invited for training, sourcing 20k to get your international passport shouldn't be a problem.

First thing first na Let's work on winning first. You be Nigerian and getting means of identification won't be a problem jooor.

godello: Pls I want to open a barbing shop, and hire someone for weekly returns,hw much is really idea for returns. And hw do I close gap of excuses? Thanks

My suggestion is that u employee on a percentage basis,and u give him incentive sometimes. Like: A % for d barbershop owner,anoda % for the barber and other % for the shop maintenance.

dwittyc0der: Contact me if you are ready !!, i can develop something like dat for u within 5 weeks

Please can I have your contact? I am ready.

pureguide: @op didn't see anything great in the site.can do better than that.hit me up on my signature

I can't see your signature. Please guys,I am not trying to drive any traffic cos I don't know the owner of the site from Adam.
I would be looking forward to hearing from you.
ciao

Hello house,
Please I need the service of a competent web designer who can help me something similar or even better than this site below:
www.spreadshirt.com

I want to start a T-shirt printing business. I want a business where potential clients will be able to write their own words/quote as they want it on their T-shirts/other gift items,save it and make payments.

I would be very happy to get someone who is creative enough to come up with something nice at a cool cost.

I also look forward to working together with a creative graphic designer. I am located in Abeokuta at the moment,but I am mobile( I shuttle between Abeokuta,Lagos and IB)

fckyourman: First.

You need at least two clippers = (6000)
You need at least two Barbers chairs= (7,000)
Small Generator= (15,000)
DVD+ Speakers (5,000)
4 Waiting Chairs (9,000)
Mirrors on the wall (1,500)
Hair Products (2,000)
Hire Barber don't pay upfront

Total Around 45k might be cheaper depending on the market.

Original professional clipper costs more than 3k

MINIMAL LIST OF HAIR SALON EQUIPMENT YOU NEED(Please note: This list is minimal. You might need up to millions if you want to set-up an upscale salon)

Professional hair Clipper
Hair dressing chair
Styling station
Styling station mirror
Hair scissors/Combs
Head washing basin
Salon sundries: Clips,Cutting cape(cover cloth),brush,Tinting brush
Hair salon products: Hair cream,relaxer,shampoo etc
Generator
long waiting chair
Sound system or TV
Cooling system(Fan or A/C)

Rent is not included because you are the only one who knows where you want to set-up your salon.
Do your own research to know what the list will cost. Then let's start from there. But honestly, 50k won't make it.
Keep calm and set-up your barbershop.
Ciao!

Subscribing.

Chai! Honestly,she no go try am,not cos she is aware dat I'm a trained boxer,but cos she knws what I'm capable of doing without raising my hand at all.
I will keep calm and carry on...
She 'll receive more than she bargained for. Shikenah!

tbatbaby: pls whats d biz?

Transportation biz. Taxi to be precise.