CUSTARD PRODUCTION BUSINESS PLAN IN NIGERIA
This sample Custard Production Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Notes, Competitions, etc. Custard Production Business Plan is a lucrative business that needs a lot of strategic Planning to start and a business coach like Dayo Adetiloye to help you start the Implementation.
Business Description of Custard Production Business Plan in Nigeria
Business: CUSTARD PRODUCTION
Industry: Fast-Moving Consumer Good [FMCG] (Custard Production Business plan in Nigeria)
PATILAD Production Company, Inc. is a registered business that process and produce Custard in Ogun state. This business aims to promote investments in corn processing in Nigeria thereby providing food and reducing waste in Nigeria.
In order to do these, we have conducted in-depth feasibility research and created a business plan to demonstrate the inherent profitability of this venture.
We intend to maintain the high standards we have set for our custard and all other corn products made in our facility by ensuring our clients get only the best from us in terms of both product and service. Within the first year of operation, we want to turn a profit. By the third year, we also intend to expand to three more locations across the nation and reinvest in the business.
We at PATILAND Production Company, Inc. will experience increased traffic as the city continues to grow at a rapid pace.
The Nigerian food industry is one of the best-performing industries in the country despite the economic downturn and huge decline in consumer spending power over the years. The industry has grown so well, and consumers are still making the switch from unpackaged and unbranded products to packaged products as they become more aware.
Nigeria, which has a population of over 190 million, has high development potential and a rising need for custard powder. The annual national demand for custard powder is estimated to be around 450,000 tonnes and rising, creating an excellent investment opportunity. It is a fast-moving consumer good that is great for people in the country across all ages, religions, ethnicities, genders, and social strata as a delicacy and as a cheap source of carbohydrates for energy supply and dietary fiber.
Nigeria has a vast market of consumers that is only set to grow in the next few decades. The fast-moving consumer goods industry is essential for the Nigerian economy in both financial contributions and employment terms. In fact, fast-moving consumer good is one of Nigeria’s largest manufacturing industry.
Our target audience includes households, wholesalers, retailers, working-class individuals, the elderly, students, business people, men, and women, and caterers.
Justifications For Entry Into The Business
- The data published by the USDA shows that Nigeria produced 11.6 million metric tons of maize in 2021. This means that the major resources needed for production is readily available.
- High Nigerian Urban development which is growing at 8% annually is also a contributing factor for the demand of Custard Powder.
- Sustainable and readily available local technology
- The switch from unpackaged and unbranded products to branded alternatives in the country.
- Research has shown that custard production is one of the best forms of business to do that could stand the test of time in the food industry
The Benefits of Our Products and Services are;
- Prevention of wastage
- Our product help manage cholesterol levels
- Provision of quality products
- Excellent customer care services.
- Lowest possible prices.
- Bringing simplicity to the cooking process
- Our custard is richly fortified with vitamin b12 and high in protein.
Our Products and Services
Although fresh corn comprises the majority of the corn consumed in Nigeria, corn processing has become an essential element of the culture. The majority of these unofficial processors turn corn into wet pap (ogi), which is where our business, PATILAND Production Company, Inc. fits in. We intend to sell the products described below at this point of our company’s development, but we’ll increase our range of products as we grow over the next years.
- CUSTARD POWDER: Custard powder is a flavored corn starch (free of fungi) with added colure fortified with vitamins to increase the nutritional value. It is a good substitute for breakfast cereals such as Quaker oats, Cornflakes, and other ready-to-serve cereals.
- “OGI” POWDER: Ogi is a fermented product made from corn with a creamy-white color and mild sour taste which is traditionally obtained in wet form. It comprises mainly carbohydrate starch (90-95%) with protein, fat, vitamins, and minerals composition of about 10%
Keys to Success
The keys to success for our Custard Production business include:
- Good retail location in a residential/business area.
- Hygienic and neat environment
- Online presence
- Maintain low operating costs
- On-time delivery
- production of quality products
- Maintaining and growing relationships with customers to generate new and repeat sales
- Competitive pricing.
Business Objectives for Custard Production in Nigeria
- To make available Custard Production to all at affordable rates
- To increase sales by at least 75% in the second year
- To ensure customer satisfaction so that at least 60% of our customer base are return customers
Vision For the Custard Production Business in Nigeria
- To create the finest quality all-natural custard powder with a commitment to incorporating the richest ingredients into a world-class product.
- To meet the highest standards of excellence with superb service and product offerings in a friendly atmosphere.
Management Team of the Custard Production Business in Nigeria
Pelumi Agunbiade: She has over nine years of experience in the Food industry, having worked for some leading brands in Nigeria. She has a B.Sc. in Business Administration from the University of Lagos (UNILAG). She is an alumnus of the Enterprise Development Centre (EDC) of the Lagos Business School (LBS).
Mr. Dayo Adetiloye – (B. Agric., MBA, and PMP): He has over 15 years of experience in business management, business start-up dynamics, financial management of business, and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan African University (PAU). He is our business development strategist and a strategic partner.
Lilian Mfon- Lilian is the head of our marketing team, most of our marketing strategies are online-based and she is the best personnel for the job she has a well-established digital marketer with proficiency in content management social media marketing, search engine optimization, and marketing.
We brought to the business:
- Academic skill and practical experience in the Custard Production business.
- Capacity to consistently provide high-quality goods and products all year round.
- Good understanding of the market trend.
- Our staff brings operational, marketing, and promotional skills to the business.
We were able to evaluate our strengths, weaknesses, opportunities, and threats to which we might be susceptible in the market. This is to prepare us for the competition that lies ahead and the best way to approach it. Below is a summary of the findings from our SWOT Analysis:
- Availability and easy accessibility to raw-materials
- Good knowledge of target customers and their needs
- Access to cheap labor
- Well-organized business structure
- The business is new to the market place and as such, the brand is not well known yet
- As a start-up and the future is always uncertain for most start-up companies
- Lack of adequate capital of the business require an enormous amount of investment
- The huge switch from unpackaged and unbranded products to branded alternatives in the country.
- The corn processing food production industry is still untapped
- The continued growth in the middle-class population within Nigeria
- This being a new entity there is a threat from new business entrants
- Government policies and regulations.
- There is a threat of other more established companies starting this line of business thus leading to the stiff competition that the company might not be able to
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