Many aspiring candidates for the GoGettaz Agripreneur Prize often wonder what they need to include in their application form. In short, the judges require an outline of your business plan to assess the potential of your company to achieve significant success.
A business plan is a dynamic document that serves various purposes, such as approaching investors, applying for loans, or attracting new partners who want assurance that their investment will yield returns.
According to Michael Jones, writing for Success.com, there are eight key elements of a successful business plan. In this article, we will provide a summary of each element and highlight the corresponding application questions for the GoGettaz Agripreneur Prize.
1. The Executive Summary:
The executive summary is the first section of your business plan and should create a compelling and clear overview of your business, emphasizing its value proposition and revenue generation strategy. This section often receives the most attention from readers, so it should make a strong impression.
For your GoGettaz Agripreneur Prize Application:
In the application form, your entire submission essentially acts as an executive summary of your business. You need to provide administrative details such as your company name, tagline, website, social media pages, relevant dates, and indicate whether your business is in the idea stage, startup stage, growth stage, or already a mature business.
Additionally, including links to media mentions, awards, or recognitions your business has received can serve as valuable social proof for the judges.
2. Company Description:
This section focuses on explaining what your company does and how it differentiates itself from competitors. It should highlight major customers and target markets, along with any competitive advantages, such as expert personnel.
For your GoGettaz Agripreneur Prize Application:
Here, you will need to tell the judges about your business model and answer questions like: How does your business generate revenue? How does it or will it achieve profitability? What are your plans for scaling up your business?
You should also indicate whether your business operates in the B2B, B2B2B, B2B2C, B2B2G, B2C, C2C, B2G, or NPO space. These symbols represent different transactional relationships within a business, where B stands for Business, C for Customer, G for Government, and NPO for Non-Profit Organization.
Moreover, specifically for GoGettaz, you need to address how your venture directly contributes to the United Nations Sustainable Development Goals (SDGs), if applicable. You should explain the positive social or environmental impact of your business and how you minimize any negative impacts.
3. Market Analysis:
In this section, you identify and provide details about your target market, including its size, historical and projected growth rates, demographics, needs, and purchasing trends. It’s also crucial to analyse your competitors and understand the ecosystem in which your business operates.
For your GoGettaz Agripreneur Prize Application:
To enter the GoGettaz competition, you must demonstrate knowledge of your customers and the market potential. You will be asked about your main competitors, your company’s competitive advantage, and why it surpasses others.
4. Organization and Management:
This section focuses on the structure of your business, including the number of owners, operational responsibilities, delegation of tasks, and your promotion and incentive structures. Visual aids such as charts and graphs can be effective in conveying this information.
For your GoGettaz Agripreneur Prize Application:
Here, you need to provide information about your co-founders (if applicable) and the composition of your team. How many employees do you have? Who is in your leadership team, and what expertise do they bring? Additionally, you are required to upload your CV as the applicant.
5. Service or Product Line:
This section delves into what your business offers, how it benefits customers, and the frequency of product or service replacement. It is important to highlight any patents or copyrights your business owns.
For your GoGettaz Agripreneur Prize Application:
For the GoGettaz application, you should address the problem your business solves for customers, describe its unique solution or innovation, and indicate whether you hold any intellectual property rights, such as patents, trademarks, copyrights, or logos.
6. Marketing and Sales:
In this section, you explain how you will find and attract customers by defining your marketing and sales strategies. It should cover your communication strategy and channels for sharing your messaging. For sales, focus on the individuals or team responsible for handling sales activities.
For your GoGettaz Agripreneur Prize Application:
Much of this information will be evident when describing your business model in the Company Description section (#2). However, you will also be required to outline your go-to-market plan.
7. Funding Request:
The funding request section is intended for investors and lenders. Here, you provide a clear breakdown of how much funding you require and how you plan to allocate it to achieve profitability. It is crucial to address how you will repay the funds or provide a timeline for investors to see returns on their investments.
For your GoGettaz Agripreneur Prize Application:
GoGettaz wants to know how you would utilize the US$50,000 investment to grow your company. Additionally, they inquire about your key business challenges and the support you require to overcome them.
8. Financial Projections:
This section outlines the financial goals of your business, including revenue and cost predictions. It is essential to maintain realism and accuracy when projecting your business’s financial position. Unrealistic projections hinder the ability to take practical steps towards growth.
For your GoGettaz Agripreneur Prize Application:
In the GoGettaz application, you will be asked to indicate your annual turnover in US dollars. You should also answer questions such as when you secured your first paying customer and whether your business is currently profitable. If you haven’t made a sale or recorded a profit yet, you can leave those fields blank.
Now that you understand how your business plan informs your GoGettaz Agripreneur Prize application, start your application today! Remember, the deadline for entries is 19 June 2023.
