TEF $5000 Grant BUSINESS Plan SUMMARY Template to prepare your business plan and pitching for 2022 Application that will start by 1st of January 2022
TEF $5000 Grant BUSINESS Plan SUMMARY Template to prepare your business plan and pitching for 2022 Application that will start by 1st of January 2022
PROBLEM & SOLUTION
About Your Business- Required for Pitching
Describe an overview of your business, highlighting:
- How you came up with this business idea.
- What problem you are trying to solve.
- How your business solves this problem.
When describing your problem, make sure that you quantify the significance of the problem in terms of loss (i.e., time, money, other resources) or uncaptured value (# of people or entities that need a solution to this problem) Not more than 150 words. –
BUSINESS PROCESS
Features & Functionalities- Required for Pitching
How does your business work? Describe the unique features of your business offering and how they address your identified problem. Not more than 100 words
How will you produce or provide your business offering? Tell us how you will create or develop your product. If you are offering services, describe how you will equip yourself/your team to provide these services. Not more than 50 words.
Pricing
What is the average price of your product/service (in $USD and in local currency)? If you have not determined the price yet, talk about what you will consider in deciding the price of your business offering. Not more than 20 words
Profitability- Required for Pitching
How will you make profit? Tell us how many users you expect to sell to in a year. If your business earns revenue by usage instead of by user/customer, indicate the level of usage you expect. Give a summary of your cost of operations or cost price and mention what profit margins you expect to make from your business. Not more than 50 words.
MARKET OPPORTUNITY
Target Audience/Customers– Required for Pitching
Describe the size of your market in currency (in dollar $), your target customer, and how many customers you anticipate will benefit from you solving the problem you have identified. Not more than 50 words.
Marketing & Sales- Your Marketing Plan
Explain how you plan to get your product or service to your target market(s). Highlight what tactics you will use to grow your customer base, maintain relationships, and build customer loyalty. What offline and online channels will you use to create visibility for your business and tell us what distribution systems or partnerships you will utilize to get your business offering to the market Not more than 100 words.
TEF $5000 Grant BUSINESS Plan SUMMARY Template to Prepare your Business Plan and Pitching for 2022 Application that will start by 1st of January 2022
TEF $5000 Grant BUSINESS Plan SUMMARY Template to Prepare your Business Plan and Pitching for 2022 Application that will start by 1st of January 2022
BUSINESS ANALYSIS
SWOT Analysis (Strengths, Weaknesses, Opportunities, & Threats)- Required for Pitching
Describe the strengths and opportunities for your business. Highlight the threats and weaknesses you see in your business and your plans to overcome them.
Your analysis can include any of the following: product, competition, political, environmental, social. technical, economic, and regulatory barriers or any relevant macroeconomic trends. Not more than 50 words
YOUR NEEDS
Resource Requirements- Required for Pitching
What do you need for your business right now? Describe the resources that you will need to meet your financial and business goals (i.e., equipment, additional employees, funding, etc.). Not more than 100 words.
Building a Team
Who is on your business team? Write a brief overview of you and your team, and describe what makes your team uniquely capable of leading your business to success? Not more than 100 words
YOUR PLANS
Business Forecasting and Planning– Required for Pitching
Tell us what stage you are in your business. Is it still an idea, or do you have a prototype? Are you testing your markets with surveys or a pilot version of your offerings? Or have you started manufacturing / offering your services? If so, tell us how long you have been in business and what are your key business achievements till date. Not more than 150 words
What are the next steps for your business?
Talk about the milestones you hope to accomplish over the next two years, on a quarterly basis. Note: Your milestones may be financial (e.g., attain xx million in revenue/profit. etc.), operational (e.g., expand branches, purchase new equipment, etc.), customer focused (e.g., attract xx number of new customers, gain xx new customers in xx region, etc.) or capability-building (e.g., build staff competencies to be able to execute xx, hire staff skilled in xxx, etc.) Not more than 150 words
Here is a video explanation of how to use this template by TEF
Read Also: 17 Steps to Prepare to Write Tony Elumelu Grant Business Plan and Pass the Business Plan Stage [Comprehensive Guide]
To review what you have written call or Whatsapp me on 08060779290
Here are Coaches Notes on how to write it
Something for ATTENTION of all
1. The deadline for your business summary submission is June 25th
2. Your business summary must be 4 pages maximum
1 page for cover
And
3 pages for all other
Pls, don’t let you write up exceed 4 pages. If you do, then you are already out of the competition because you have violated the Tef instructions and requirements.
Business Forecasting and Planning- Required for Pitching
Tell us what stage you are in your business. Is it still an idea, or do you have a prototype? Are you testing your markets with surveys or a pilot version of your offerings? Or have you started manufacturing / offering your services? If so, tell us how long you have been in business and what are your key business achievements till date. Not more than 150 words
1. What is the problems I am trying to solve
2. When and where does the problem arise
3. What causes the problem
4. List some of the symptoms of the problems
When you seat down and you do this exercise, you will then really understand the problem you want to solve.
So , when you begin to form idea in your mind about the business you want to do, the first thing you should do is
1. to immediately identify who and who are your potential customers. After that
2. It is critical to understand a specific problem that is experienced by your potential set of customers
You may have the perfect solution already, but it is unlikely that your customers we want your already design solution.
Most start up fail because they commit to a particular product or service (Solution) to early before the founders really understand their customers, or the size of the market
3. Now, you need to first identify the problem you want to solve, and focus on it, later we will focus on solution
To know the problem your business want to solve, answer the following questions.
You could say, I expect to sell my product or service to 1000 users in a year
Cost of operations per year could be $2000
Total revenue (total sales) per year could be $ 3000
Net income = total sales-total cost of operations
Net income= 3000-2000=1000
Profit margin =net income/ net sales
1000/3000= 0.3*100
Profit margin = 30%
SOLUTION
This class will focus on how to provide solution to the problem you have identified . I.e problem your potential market is facing and need urgent solution to.
PROFITABILITY in 50 words
Tell Tef how many customers you are assuming or projecting would have bought your product or service in a year.
To a tailor, you could say 500 customer would have patronize you
To shoe maker, you could say, you projected 200, 000 people would have bought shoes from your company.
What is the price of one pair of shoe, let say $500
So now, draft your answers for Tef in this format
SALEs projection: 200, 000 customers per year. Price per product is $500. My total sales per year is 200,000 * $500= $100, 000,000
Assume total cost of production is $56, 000, 000
Note:
this cost include cost of everything such as raw materials, rent, utilities, salary, etc
Net income = total sales – total expenses
$(100,000,000-56,000,000)=$44, 000,000
Profit margin= net income/total sales
44,000,000/100,000,000= 0.44
In percentage, 0.44*100=44%
In your company, your profit margin over a period of one year is 44%.
In my own Market ,
Population Size – 1,000,000
Target Market Area SIze- 120,000
Then i said if i sell to atleast 15% of my target market = 14, 400
(_if ur price of product/service is $20_)
it means 14,400 * 20 = *$288,000* ( this is ur size of maket in currency )
MARKET SIZE in Dollars
Your market size could be big or small, but what is asking you is market size in dollars, meaning how much would you have made in the market space over a period of one year.
So, go about it in the manner
Tell Tef
I assume the price per product or service tender by my company in the market will be $200
And if I sell my service or product to 20, 000 customers per year
This means your company has a market size of ($200 * 20,000)= $4,000,000
So, your market size in dollars per year is then $4,000,000.
PRICING
Draft your pricing 20 words like this
I charge 1 dollar (#460) per product. This low price is because we are new in the market space and to gain market-share
This sample pricing above can be adapted to ur state.
What is important is let tef know why you are Charging the price you are Charging. Yours price charging could be bcos you are the monopoly to ur market, may be you over values other don’t over.
Whatever is the reason you are charging your current price state it. Remember price will always change, but why you are charging your current price, jus state for Tef bcos that is the question they asked you.
To review what you have written call or Whatsapp me on 08060779290
Read Also: 17 Steps to Prepare to Write Tony Elumelu Grant Business Plan and Pass the Business Plan Stage [Comprehensive Guide]
Online Training usually takes place at Tefconnect.net
Source: Tonyelumelufoundation.org
Read Also:
How to write operations of a business plan
Business plan for 2021 template
How to write the executive summary of a business plan
Related