Choosing The Best Business Idea/Concept for YouWIN -Part2

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Choosing The Best Business Idea/Concept for YouWIN

Choosing a good business idea that is inline with YouWIN requirements is the first step you should take in your quest to winning YouWIN grant. Not all ideas would be acceptable by YouWIN especially when the business idea will take longer time to breakeven, capital intensive or the person submitting the concept does not have what it takes to run the business.

In this article I will discuss 2 or 3 business concepts that would never scale through except certain conditions are made. Many people have consulted me on various business concepts and I have discovered why many ideas would never sale and why some of the ideas were rejected.

In YouWIN1, about 120 awardees were asked to go and review their business plan before disbursement can commence because those ideas were not feasible. This is because the programme is so transparent that they have to select better ones from the nonsense hat were sent- it was more or less “let my people go”. After the initial edition, more and better ideas are submitted. It is now more competitive. A lot of mistakes were made and YouWIN have learned a lot from many of the business that have failed. Many of those business ideas are capital intensive, some of the awardees collected money and imported equipment and were running here and there looking for fund for operational expenses and never get started.

The target of 100,000 jobs has not been met and the programme has been reengineered to focus on SMEs with high growth potentials, turnover, and sustainability among others to reduce the rate of failure. Therefore, some ideas would never yell. Two of such ideas I will discuss here are:

  1. Palm Oil Plantation: I decided to talk about palm oil because a lot of people call me to look at this idea. Some of them submitted in previous edition and were not picked. What I normally do when I receive request like this is to ask few questions. Is it a new or existing business? What structure do you have? What about your background in this field?

    Is not that this idea cannot yell, it just that this idea requires a lot. You must consider few things- i. Are you aware that it takes 3-4years for palm oil to yield? Is that in line with YouWIN vision- a business that break even in 12 months or a business that break even in 5years or more?
    ii. Another thing they would look out for is your background- What are your experiences, what do you have on ground already.
    This idea can still be accepted if you have put certain things in place like if your farm has grown to certain stage and you want to expand or want to go into processing of palm oil. My advice is that you focus on palm oil processing than palm oil plantation for the purpose of YouWIN!.

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  2. Setting Up A School: Another business that hardly picked is school. I can tell you that I have receive well over 8 requests on setting up a school in YouWIN4 alone. To setup anything from nursery school in Nigeria, you must have degree in education (B.Ed) or you partner with someone that has degree in education to get license and approval. In some state you must have permanent or your own building. So if you are an accountant working in a school and you are seeing how monies flow in, so you decide to submit a proposal on that, I can bet you would fail. Another reason is that school is capital intensive and requires a lot. It takes time to breakeven depending on the environment and the competition.
    But if you have existing school and you are looking for opportunity to expand, you can submit your proposal to YouWIN and if well packaged, your proposal can win.

    If your dream is to still have a school and you are really passionate about it, I would advise you start with Creche/day care, You don’t all those requirement like having a degree in education and is much easier to setup and the market is large and still growing and show no sign of going. Competition is not that stiff.

The main thing here is that you need to take time and analyse your idea to determine the chances of that idea winning. Know what it cost to setup, the requirements, the license etc. Many people are too lazy to carry out research and feasibility study. Consult expert to help you review your idea.

 

Are you finding it difficult writing a good business plan for YouWIN4, get my YouWIN4 Success Guide (Video and Ebook). In the guide I have answered all the questions for you.

If you need someone to write a business plan for you, contact me on 07031542324 or BBM: 275E28F6 or utibeman@gmail.com

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Utibe Etim is a social entrepreneur, an IT expert and a business developer. He is committed to solving some of the biggest problems in entrepreneurship eco-system by support young entrepreneurs in identifying opportunities and resources to help them plan, start and grow their businesses. He is the founder of UtibeEtim.com, a platform that focuses on promoting entrepreneurship as a viable career option and a solution to unemployment for young Nigerians and Africans which in turn create wealth and economic development. Utibe Etim develops business plans, feasibility studies, website development, social media marketing just to mention a few. He writes unique and inspiring articles and share tips on business and technology. You can connect with him on Facebook personal profile or Facebook Business page or Twitter: @Twitter or Phone: 07031542324 or or contact me on info(at)utibeetim.com or utibeman(@)gmail.com