Nigeria - Business creation project

Describe your project or startup in a few words

Haisoj Rise is a digital trade startup poised to transform the informal retail sector by addressing key challenges faced by retailers. Our goal is to revolutionize revenue management, streamline distribution channels, and optimize inventory management.

01.01 Describe your project in more detail

Haisoj Rise is a digital trade startup idea poised towards addressing the pressing challenges encountered by informal retailers in Nigeria, notably the lack of access to capital, lengthy distribution chains, and inefficient inventory management. We aim to develop a three prong mobile application software solution that leverage revenue management as an alternative to traditional financing methods, empowering retailers through our innovative daily savings financial service. This service allows retailers to set aside a portion of their daily revenue, fostering a culture of savings and building financial resilience over time. Our innovative solution combines daily savings as a revenue management solution, B2B e-commerce to mitigate the long chain of distribution of fast moving consumer goods FMCGs, and our inventory management system will streamline the operating system of informal retailers.

01.02 What is the main problem you are trying to solve?

Haisoj Rise aims to address a four prong challenge faced by informal retailers in Nigeria, these challenges includes, lack of access to credit, inadequate revenue management, lengthy distribution chains, and inefficient inventory and bad debt management. With only 4% of MSMEs having access to credit, our mission is to provide alternative financial solutions through our daily savings financial service focusing of revenue management. Additionally, we seek to streamline distribution channels by partnering with FMCG manufacturers and offer efficient inventory management solutions to enhance operational efficiency and profitability for retailers. Through these initiatives, we aim to empower informal retailers, unlock their growth potential, and contribute to the economic development of Nigeria.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

There are several benefits accrued to the Haisoj rise business solutions listed below are some of those benefits 1. Enhanced Financial Stability: Haisoj Rise's daily savings financial service provides informal retailers with a reliable and accessible alternative to traditional credit, helping them build financial resilience and stability over time. 2. Streamlined Distribution Channels: By reducing the long chain of distribution and establishing direct partnerships with FMCG manufacturers, our platform enables retailers to access products more efficiently and at lower costs, improving their profit margins and competitiveness. 3. Improved Operational Efficiency: Our inventory management solutions empower retailers to optimize stock levels, reduce losses from inventory spoilage and bad debt, and make data-driven decisions to enhance overall operational efficiency and profitability.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Haisoj Rise operates within the Nigerian informal retail sector, targeting a significant market opportunity with substantial growth potential. Our primary target market comprises small-scale retailers in the Nigerian informal sector, including kiosk owners, street vendors, neighborhood stores, and similar businesses. These retailers play a vital role in the local economy, serving as crucial touchpoints for consumer goods in their respective communities.

01.05 When did you start working on your project?

2022-01-09

01.06 How many other partners are associated with your business venture?

3

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Timnan is a skilled computer science graduate with expertise in software development. As our CTO, he brings technical proficiency and innovation to our team. Osamudiamhen, a business administration graduate, has extensive experience as an operations manager in the furniture industry, making him an ideal COO. Deborah, with a background in marketing, excels in sales and customer relations, leveraging her experience as a sales executive in a microfinance bank to drive our marketing efforts effectively. Together, they complement each other's skills, ensuring a well-rounded leadership team for Haisoj Rise.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

Haisoj Rise business solutions contributes to the goal of "No Poverty" by providing opportunities for informal retailers, who often operate in low-income communities, to enhance their financial stability and resilience. By offering daily savings services and streamlining distribution channels, we will empower these retailers to improve their revenue management, increase profitability, and ultimately lift themselves out of poverty. Additionally, by fostering economic growth and entrepreneurship within underserved communities, Haisoj Rise contributes to broader poverty alleviation efforts. Haisoj Rise three-year customer loyalty plan aimed at fostering community engagement and promoting economic empowerment. Through this initiative, loyal customers have the opportunity to nominate family members for training and mentorship in personal and financial development, as well as entrepreneurship. We believe that this initiative aligns with the SDG number one

02.02.01 My project contributes to the Zero hunger goal

3

02.02.02 Zero hunger - Justification

02.03.01 My project contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification

02.04.01 My project contributes to the Quality education goal

4

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

Haisoj Rise's business idea aligns with the United Nations Sustainable Development Goal of Gender Equality by actively promoting economic empowerment and inclusion among women, particularly in the informal retail sector. As the majority of our target market consists of female market traders and women involved in small-scale businesses, our platform provides them with opportunities for business growth, and entrepreneurship. With our digital trade software solution we help streamline the operating system, and empower women to overcome economic barriers, enhance their livelihoods. This fosters gender equality by creating a level playing field where women can thrive as entrepreneurs and active contributors to their communities' economic development.

02.06.01 My project contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

3

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

5

02.08.02 Decent work and economic growth - Justification

Our business plan aligns with the United Nations Sustainable Development Goal of Decent Work and Economic Growth by promoting inclusive economic growth and enhancing employment opportunities, mostly within the informal retail sector. By streamlining the operating systems of informal retailers through our innovative platform, we enable them to operate more efficiently, expand their businesses, and create job opportunities within their communities. Our solution encourages entrepreneurship by providing retailers with access to tools and resources to manage their businesses effectively, leading to increased productivity and income generation. Additionally, our platform stand as a single intermediary between retailers and manufacturers, reducing the need for multiple intermediaries, promoting fair trade practices. By empowering informal retailers and facilitating economic transactions, Haisoj Rise contributes to the goal of decent work and economic growth.

02.09.01 My project contributes to the Industry innovation and infrastructure

4

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification

02.11.01 My project contributes to the Sustainable cities and communities goal

3

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

4

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

4

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

3

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

05.02 The product/service we envision creating represents an entirely new type of product/service.

5

05.03 The product/service we envision creating could be described as a new technology.

5

05.04 The product/service we envision creating is an improvement on an existing product or service.

7 - Strongly Agree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

7 - Strongly Agree

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

7 - Strongly Agree

05.08 Justification

While there are existing companies in the B2B e-commerce segment targeting informal retailers, Haisoj Rise stands out due to its unique combination of innovative solutions. Unlike competitors that solely focus on FMCG distribution, Haisoj Rise integrates three distinct business solutions into one platform. Firstly, our B2B e-commerce platform facilitates direct transactions between retailers and manufacturers, streamlining the procurement process and reducing costs. Secondly, our inventory and debt management tools empower retailers to efficiently track inventory levels and manage their finances, addressing critical pain points in the sector. However, what truly sets Haisoj Rise apart is our daily savings and revenue management solution. This innovative approach provides an alternative source of capital for informal retailers, enabling them to save a portion of their daily revenue and build financial resilience over time. By offering this comprehensive suite of services, Haisoj Rise no

05.09 Who are your main potential competitors and what makes you stand out from them?

Haisoj Rise's main potential competitors include Alerzoshop and Omnibiz, prominent players in the digital trade sector. However, Haisoj Rise distinguishes itself through its unique savings model, direct access to FMCG manufacturers, and integrated inventory management tools. Additionally, our personalized marketing approach, extensive reach through partnerships, and focus on customer loyalty and community engagement set us apart from competitors like Alerzoshop and Omnibiz. These factors collectively position Haisoj Rise as a leading choice for informal retailers seeking efficient and affordable solutions to their business needs.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

While I am not currently initiating formal actions within my community to promote the role of female entrepreneurs, I actively support their entrepreneurial initiatives by consistently patronizing female-owned businesses. This practice aligns with my commitment to fostering gender equality and empowering women in entrepreneurship.