MAKE YOUR BUSINESS IDEA A SCALABLE
It is another season of business plan submission, analysis and shortlisting of most viable business plan by YOUWIN…. A lot of factors will as usual play itself out as it used to, some will say am lucky my biz plan is selected why some will say ooo hard luck again. But the truth remains that most business plans could not work just because of one salient reason NON-SCALABILITY OF BUSINESS PLANS one will want to ask what scalable business is? And what criteria should you measure if a business is scalable? For clarity purpose let us restrict our scope to YOUWIN contest
What is scalable business? Simply it is the potential for a business or an aspect of a business to continue to function effectively as its size increases. Or the ability your business has to sustain tempos as it increases in both size and expand, Investors will tell you that they love to put money into startups that are scalable, and ready to scale. But what does that really mean? Simply stated, it means that your business has the potential to multiply revenue with minimal incremental cost. Ready to scale is when you have a proven product and a proven business model, about to expand to new geographies and markets.
Reason has been the bane of so many business plans that failed to make it through YOUWIN. Let me briefly say something before we proceed? A lot of people see youwin as a kind of father “Christmas gift” that require just go and write anything there and be hoping it will scale through and then you will be called to Abuja and free 10 million will be given to you in as far it is called a grant it or an avenue to share from the Federal Government largess Let me bluntly state that YOUWIN is not and cannot be a father Christmas thing for so long the government plan to invest in your idea you must convince them that you have what it takes to run the business So stop blaming your inability to scale through contest as ill luck and get back to the drawing board and weigh enviable strategy this time that will sail you r idea
YOUWIN makes use of all the tools investor who wants to invest profitably uses, therefore, YOUWIN weighs your business plan using SCALABILITY indicators to see if your business can survive or not. Take for instance somebody who wrote plan on poultry but have never seeing where chickens are rare before should check whether he is sick or not. Aside having beautiful written skill one thing is important all the question you are ask culminate to send make one thing clear and that is “SCALABILITY” ranging from your managerial experiences and understanding your market all these shapes the reality in the business idea. So stop fooling yourself this time around and be serious.
I met a lady who her business plan was fashion designing I found out that her business could not scale through because of muddled ideas, how can a startup fashion designing company in three months your company is already doing interior design of house all in bid impress
YOUWIN they already know is not tenable rather it got you further confuse. So instead to tell YOUWIN all these crap simply state a concept in fashion designing and state what you have in terms of experience and opportunities to drive the business not telling cock and boo stories that touches. Write as if they are there monitoring right there you. Of course, they made it obvious that they are not looking for a perfect business plan builder but also take note the fact they want to see a real sense of ingenuity present itself in reality. How can you write an idea to establish a fish farm business at the same the uniqueness you see in it is opening catfish pepper soup joint? Does that look scalable to you? Me? CAPITAL NO…. because both of them are businesses that are heading towards different directions. Imagine yourself skilfully raring your fish you still seek for skill to start cooking pepper soup, you may want to say I will employ other hand s to help me? But the truth of the matter is that you have gone contrary to basic principle of business start-up. For it is expected that as a start-up you are entitle to hold certain secret company successes not letting it out not even to your staff until it is mature to stand without shaking. Ask yourself this question do I have what it takes to be among the chosen ones
YOUWIN 4 is here what are the basic principles you need to imbibe in your plan? I have this for you first……..
Solutions to Construct a Scalable Business Plan
PLAN FOR A BIG FUTURE
. Since, the reason behind YOUWIN is creating jobs you must present to be an attractive idea, a business idea that is capable of growing into a larger enterprise than the original entrepreneur could do on her own. Planning a business to be scalable, requires multiple employees or locations and capture an ever-larger market share, requires thinking big. Choose the business, or business model, that allows for the maximum potential growth of the company.
The most critical component of a scalable business is its customers. The more potential customers, the more they spend on average, and the faster that customer demographic is growing, the better. Businesses only succeed when they can solve a specific problem for a specific customer, so getting to know that customer and their needs is the most crucial aspect of business planning. Your business ideas must detail customer’s demographics including location, age or size (depending on whether the customer is a consumer or a business), income and spending habits. Demonstrate that there will be more customers in the future than there are today. Please ensure in this section most of your point should be backed-up with facts and figure for clarity purpose YOUWIN; weigh your market by analysis your market opportunities and vast you are in knowing them
Your business idea must describe the industry in which the company will operate. For the company to be scalable there must be a market niche that is not being filled by competitors, and into which the existing competitors can’t easily grow or shift. This is especially difficult to demonstrate in industries with a great many competitors of equal size, or those dominated by one or two monopolies. So you are expected to know your competitors and their niches and carefully plan how to create a brand of your own through unique strategy. Just initiate what have never been in your business……
Note: do not overblow this segment by telling them you will build fish pond and the same time establish pepper soup joint….. but rather tell them what uniqueness that will make your own fish stand out in the market it may size, price or even popularity
Once the business idea has established that there is a large potential market that is not already being served by competitors, the company has to prove that it is capable of growing into a major player. The business owners should demonstrate that they have skills that allow them to grow or manage a large organization, and that the company’s operational plans are designed to accommodate growth. For example, early decisions about banking or manufacturing facilities have been made with the company’s future size in mind, and the bank is capable of scaling with the company, or the initial facilities are on a short-term lease or are part of a much larger facility that can be progressively taken over.
Believe You Can and yes you are……..