INFUSING LIFE INTO IDEA: HOW TO WRITE A BUSINESS PLAN 2

Content by Razaq Adedeji Jimoh

IN the first publication of this serial, we eventually delved into "Generating Idea" as the precursor to owning a business. To talk about how to generate idea is an expansive topic which may take the next ten serials if allowed to be stretched to it full contents. In part of it is the Forbes' claim that having no idea of a business to venture into is itself an idea in the first place because it will kick-start your capacity to think how to get what you do not have. So in this edition, we would like to round up on this topic of generating idea to begin the layout for writing a Business Plan.

To touch on the few feedback received over the first serial, the most significant enquiry was when the application site for the NYIF would be closed and if we would be able to finish this lesson before the time so that it serves it's purpose. My reply was that as at the time I took the query, I had not accessed specific information on the closing date. I nevertheless added that any interested applicant should work on his/her application as if it would close by this August ending. It should also be informing that about two weeks back, the update was that the fund had received about 80,000 applications. This is to note the degree of interest it has attracted. For the prospect of finishing this project 'Click Your BP to Fortune', which infers the lesson on 'How to write a Business Plan, I should say the commitment of the sponsor has been secured to that effect. What may be advised inclusively is that applicant in hope to use the materials from this serial publication should begin to also work in tow of each edition. What I mean is that once a subtopic has been discussed, we should also endeavour to begin to put it to use. After this second serial, for example, one would expect that a prospective applicant must have had a business idea to be enthusiastic about.

Before going into the business of this edition, let us not forget that 'Click Your BP to Fortune' is sponsored by the former aspirant to the House of Representatives for the seat of Alimosho Federal Constituency and currently Senior Legislative Aide to the Senate President, Prince Idris Balogun (Oluomo Kaafata). Currently also, he is aspiring to the seat of Executive Chairman of Egbe-Idimu Local Council Development Area (LCDA). At his declaration of this ambition, he made it clear that human capacity development would be the cornerstone of his administration. To the extent of that, he said creation of Egbe-Idimu Microfinance Bank and sustainable monthly empowerment of 200 residents would be his priority among other pressing issues that would alleviate hardship of the people. As Yoruba would say when enthralled by hopefulness of such promises coming to reality: Satide to ba ma ye'ni ojo JImoh ni ati ma mo -- meaning: the Saturday that would be favourable to us, the signs will begin to manifest from Friday.

While not being in control of government resources yet, Prince Balogun rolled out two long 80-seater buses to convey students, workers and traders commuting across the North and South of Alimosho Federal Constituency free of charge (see the video clip below). The project began operation immediately the government of President Bola Ahmed Tinubu (GCFRN) announced removal of fuel subsidy and the twin excruciating policy of harmonising official and parralel forex windows about the first of June 2023. It is now over a year that he has sustained the charity project in which the given cost of oprations hovers around N100,000 daily for fuelling alone. This excludes the overhead cost of the attached staff and needful maintenance and servicing of the vehicles. That being the amelioration of hardship, he ventured into this again with the aims to ensure that a large number of Lagos Youths, Nigerian youths Indeed, benefit maximally from the National Youth Investment Fund (NYIF). This, according to him, is to support the employment creation aspect of Governor Sanwoolu's THEMES+ agenda. Because of a feasibility of deadline for uploading the BP by interested applicants, he has promised to fast track the finishing as I said.

FROM IDEA TO BUSINESS PLAN: THE PATH TO INFUSING LIFE INTO YOUR IDEA In rounding up last serial on generating idea, we stated that an idea may be genetically intrinsic, which we literally stated as natural sources of idea. The given examples included music, sport, visual arts, drumming, dancing, etc. Of course, all these could as well be acquired artificially as we said, through knowledge acquisition. However, it is never hidden when it is naturally present. That is when you see a sportsman or woman beating co-contestants locally and yet going ahead to win at international competitions. The question now is how does a talent become a business Idea? It was just reported that Ronaldo, an international soccer star, had just opened YouTube TV channel. According to the report, it recorded over one million subscribers the instant it was launched. Even if the TV station would be about soccer programmes, it is another investment in the media sector all the same. One of the first sportsman to think out a business idea from his soccer talent in Nigeria is Segun Odegbami when he found a money spinning idea in print media with establishment of complete football newspaper at the wits end of his football career.

The implication of all this is that every innate skill - acquired or natural talent - is a potential business idea waiting to connect with the market. From the narration of his career history, the late Sikiru Ayinde Balogun (aka Barrister) said music never deserted him through his growing up that took him through a stint in military career. He would later generate the idea of a music genre called 'Fuji' when he found a market for his type of music among the Muslim community in purpose of entertainment for early morning hours of feast for fasting.

To put it in general perspective from here, I will say every musical album or single you listen to today was once an idea in which a spirit of life had been infused. Every visual art work you find in some homes and offices is an idea that had gotten the spirit of life. The simple inference to deduce from this is that an idea becomes personified when it has succeeded in transforming to a market value. Surely, as I strongly believe, there is something in everyone that be transformed into a market value. And if it is not in you, it should be present in your surrounding. Those things you might not have thought of as a useful idea to make money might turn out to be a money spinning venture when you get to sit down and think deeper into what could be their relevance to the society's problem.

Once you are satisfied about the service your idea could offer to worth being in the market, that is when you proceed to the planning phase. This stage is meant for you to properly situate the place of value your idea will serve in the open society. Knowing this will help you to define your market segment and consequently guide you on how to gather all the information you might need on what to do to enter the market. In the case that you are packaging the Business Plan to get funding as in this NYIF, there is a layout format to guide you. To emphasise this is to say that an effective BP will always be an aggregate harmonisation of the following elements of feasibility studies on your idea. They include: 1) Business Description, which is all about describing the business content of your idea; 2) the Industry the business belongs; 3) the Market, where in you try to give the impression of how well you understand the 'trend' and consumers' behaviour, especially their taste pattern; 4) the Production Process involved in the business; 5) the Sales and Marketing Strategy you intend to use to get consumers' patronage; 6) the Management Structure or style you would want to adopt; then your Costs and Revenue, which will ultimately be the bedrock of your financial forcasting for a period of time -- a minimum of six month or one year. Going into details of all this is your Business Plan in coming.