TEEP 2018 Application Guide With Answers And Advice (Part 4)

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Teep 2018 Application

SECTION 8: MARKET POTENTIAL

a. Addressable Market: How big is the Addressable market for your product or service? (50 words)

This part of the application is very important and it scores a big point. You have to briefly describe the market segment, size, and demographics which you are serving or hope to serve.

ADVICE: The market should be reasonably large! This scores a big point. You want to prove to the TEEP judges that you have a workable idea and business. There are some details and examples of how to answer this question and more at the TEEP 2018 E-BOOK GUIDE.

b. Revenue Model – How do you intend to generate revenue? What are the sources of Revenue for your Business? What are your Value offerings? What is The price of these value Offerings? And who will Be paying for the value? (50 words).

This is another very important part of the TEEP 2018 Application. Revenue generation is a very important aspect of any business. A business that doesn’t generate revenue would fold up.

There are different possible sources of revenue for the business. It Could be the sale of products, charges on services, affiliate Earnings, advert revenue, income from leasing, interest on Lending, profit from sales, etc.

“Our business would make money from selling high quality refined Garri to a mass market.  We have created value by making Garri with high quality, vitamin-A fortified, properly and beautifully package and it comes in different sizes. The added value would come with an advantage of higher patronage.”  

An Example…

It could be different for your business. some businesses have Different revenue streams. For example, a poultry farm can make money. By selling eggs and poultry wastes for manure. The value proposition is also important. Talk about the value your Product/service provides to your customers and the price of these Added value.

C. Market strategies: Explain how much you intend to (or already do) market Your products or services to your target market (50 words)?

Marketing is a very important aspect of any business. It is the lifeblood of any business! Market strategy refers to the plans and steps taken to achieve your marketing goals and objectives. Since every business is unique, marketing strategies are unique also, what strategies would you adopt in creating awareness for your product/service? The TEEP 2018 application guide would offer some ideas below.

Note that the list is exhaustive and some concepts repeat themselves in different forms. Choose the channels and strategies that applies the most to your business.

  • Digital marketing
  • Niche marketing
  • Email marketing
  • Mobile marketing
  • Search (Engine) Marketing
  • Content marketing (blogs, news websites, online brands)
  • Leads generation
  • Instagram marketing: works well for beauty brands and businesses that target young people

Others strategies involve the following attitudes;

  1. Investing in the right marketing team
  2. Having a reasonable and effective marketing budget
  3. Using effective branding to boost sales

The list above gives ideas on how to make a market strategy statement. This guide would go further ahead to give an example on for a fictitious Garri Production Company.

“We would sell our Garri through wholesalers, distributors, large retailers and directs marketing. We would use TV, social media, radio, billboard display and newspaper adverts. We plan to attend trade shows and exhibitions, do promos and giveaways. We would use effective pricing and branding to improve customer retention and loyalty.”

An Example…

d. Competitors: Who are your Competitors/benchmark organizations? List your top 3.

List 3 of your competitors here.

e. Differentiating Factor: what differentiates you from other existing business in your field? (50 Words)

This sub-section scores a very high point. Every purposeful business has a competitor. A differentiating factor reveals to the judges how your business plans to stand out from the competition. Anybody giving you money wants to make sure that you are not swallowed by the competition. Look inwards and around. What is different about your business? How do you stand out? The TEEP 2018 Application Guide gives a few ideas on the Differentiating Factor.

  • Very low price offering. If your price is far less than that of your competitors, you stand out.
  • Being the first business to start a products or service offering makes you outstanding.
  • Provision of money back guarantee.
  • Does your business solve a unique problem, let them know about it.
  • A business model that is difficult to replicate or copy is a big differentiating factor. If yours is one of such, write about it.
  • Have a niche or even micro-niche and stick to it. A narrowed target market by geography, gender, age grade, price segment, etc. is a big differentiating factor.

If you have no differentiating factor, create or invent one.

f. Current Milestones: What is your current milestone for business? (50 words)

Every business has goals, targets, and objectives. Whenever you achieve a goal you create a milestone. The TEEP 2018 Application Guide lists some common business milestones below;

  • Conceiving the business idea
  • Getting the business registered
  • Expanding the business place or relocating to a bigger, better premises
  • Getting (or redesigning) a website and social media channels
  • Buying a business
  • Making a major investment or buying a huge asset
  • Expanding or diversifying a business

g. Next Milestone: What is your next milestone for this business and how long will take you to reach it? (50 words).

Check the list above. These could also be our next milestone.

After this section, save and move to the next section.

SECTION 9. FINANCIAL INFORMATION

This important part of the TEEP 2018 Application has to do with financials. Please, the currency should be your local currency and not US Dollars.

a. Invested cash: What is the total amount of cash invested to date in this startup (in local currency)?

Fill in as it relates to your business

b. Monthly expenses: What are your current monthly cash expenses (in local currency)?

Fill in as it relates to your business

c. Life time revenue: How much revenue has your startup generated since inception (in local currency)?

Fill in as it relates to your business

d. Break-even volume: What number of units (products) will you have produce and then sell to generate enough money to cover for all fixed costs to the business? (business expenses that are constant irrespective of business activities)

Fill in as it relates to your business. Check our EBook Guide for a detailed example.

e. Break-even revenue: What amount (in local currency) must your business generate to cover to all its fixed operational cost?

Fill in as it relates to your business.

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