17 Steps to Prepare to Write Tony Elumelu Grant Business Plan and Pass the Business Plan Stage [Comprehensive Guide]
What is a business plan?
A business plan is a document that helps you clarify your thought in to starting, growing or expanding your business. According to investopedia.com
A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints. Both startups and established companies use business plans.
A business plan is an important document aimed at a company’s external and internal audiences. For instance, a business plan is used to attract investment before a company has established a proven track record. It can also help to secure lending from financial institutions.
Since we all know that the business plan stage of Tony Elumelu Foundation Grant is a sensitive stage and this stage will separate the men from the boys. In 2021 edition, according to statistics released from the foundation, 69,016 submitted business plan and 15,007 were selected to move to the next stage. If we put it in percentages, it will be 21.7%. Also, according to the same statistics, 4,949 we selected as final winners after the 15,007 submitted their Video pitching. Check this website for my guide on video Pitching to finally win the TEF $5000 grant.
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17 Steps to Prepare to Write Tony Elumelu Grant Business Plan and Pass the Business Plan Stage [Comprehensive Guide]Let’s go straight to the main topic of this article
17 Steps to Prepare to Write Tony Elumelu Grant Business Plan and Pass the Business Plan Stage [Comprehensive Guide]
1. Your business idea must meet the following criteria:
- Feasibility of the business idea.
- Market opportunity: the entrepreneur must have a good knowledge of the market, customers/clients and competitors for the business idea.
- Financial understanding of the necessary requirement of running the business, including costs and revenue.
- Scalability: the business idea must be able to create jobs and wealth on the continent.
- Leadership potential: The business must have the potential to attract people, customers and resources.
2. Illegal or unethical Businesses or Business Ideas will not be selected. Here are 117 ideas you can select from
3. Your business must be a business idea or an early-stage company, in the range of 0 to 5 years old.If your business plan reveals that your business is more than 5 years old, that is automatic disqualification.
4. Your business idea must be unique with a very unique innovation.If your business is going to be run like any other business without a unique innovation, you will not be selected. E.g You want to do poultry business and you have no idea of how yours will be different from others, it will not fly. Your innovation can be in marketing, operations, feeding, infusion of technology, technical components, or final product design etc.
5. Your business plan must showcase the understanding of the 12 weeks online training.You must demonstrate that you passed through the online training in your business plan.
6. TEF has her Business plan format and you are to follow it strictly. If you have already written a business plan, you can use it to answer the Business plan format of the TEF.
7. The TEF Business format is called the Business Summary Document. I will show us the format of 2022 below.
8. There could be some significant changes in 2022 format when it is released, so this is just the past format I am sharing with you.
Here is 2021 Business plan format to Write Tony Elumelu Grant Business Plan and the list of the questions you are to answer.
THE BUSINESS SUMMARY DOCUMENT
write your company name here
write your name here
Your email address you used to apply to the programme
write your training category here
CATEGORY
DATE:
Please Note: The document sections highlighted with “Required for Pitching” are the sections that we encourage you to speak mainly on when you deliver your pitch videos during the Pitching Phase.
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.
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
OPPORTUNITY
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 wordsmiths
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
9. After using the above format to write, you will need to get a professional to review it for you. Any good business expert within your network can help you check it.
10. If you are new to business plan writing and you will need a general business plan template in your field to fill the format, we have over 120 already written business plans that you can buy from. To get that call or whatsapp me on 08060779290. The general business plan templates can help you access loans, grants and investment funds.
11. If you want us to review your write up professionally before you submit it, you can Call or whatsapp us on 08060779290. We do your review within 3 days of any grant applications.
12. Ensure you register your business with Corporate Affairs Commission (CAC). This is important because you will need it to open your bank account when you win this grant.
13. If you have a business website, it is good you showcase it in your business plan.
14. Ensure you follow the no of words strictly. This is important as not following it can disqualify you from the programme.
15. Remember, a very good high score is needed at the online training stage to sustain your business plan to move to the next level, which is the pitching stage.
16. Ensure you write it on time and submit it early. You can imagine the number of business plans they will mark. Sometimes, they mark as you submit so that they can mark all in the shortest time possible.
Watch this Video: How to Answer the Business Summary Document of Tony Elumelu Foundation $5000 Grant
17. Pray! Pray!! Pray!!! – After you have done your best and get others to review for you, ensure you continue to commit it to prayers until you see your name on the list of winners. The final selection is subject to a lot of criteria based on donor specifications which can include location, gender, etc.
For general enquiries on our business plan writing services call or whatsapp us on 08060779290
Contact us today for your Strategy sessions, business consultancy and business advisory services. We can help you fine-tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write a business plan and help with fundraising strategies and Grant applications. We can help you start, grow, and expand your business. 08060779290
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