Example of Business Plan in Nigeria
A business plan is a well-written document consisting of various elements: an executive summary, company description, products and services, market analysis, organization and management, marketing and sales plan, operational plan, and financial plan. These elements written together provide a practical overview of your vision. It can turn your ideas into viable reality and help pitch your idea to investors when seeking funding.
There are different business industries and sectors you can write a business plan for. Few of the industries include; food and restaurant, real estate, education, software development, retail and online store, medical and health care, salon, spa and fitness, Non-profit organization, transportation, media and entertainment, agriculture, cosmetology, oil and gas, fintech, event planning, manufacturing, and others.
Why is a business plan essential?
- It helps in investment-seeking: To convey your vision to potential investors. Also, to attract key employees, suppliers and partners.
- It helps to know more about your business: It gives a proper insight into your business and how you can improve.
- It shows your company’s level of progress and what you need to do more to enhance productivity.
- To have adequate knowledge about your business industry and trending trends in the market
- To set better objectives that are achievable
- To know the business risks and how to reduce them.
Example of Business Plan in Nigeria
In writing a standard business plan, you need to ensure that all necessary requirements are in the business plan.
The table of content for a standard business plan;
- Executive Summary
- Company description
- Market Analysis and Competition
- Marketing plan and strategy
- Management plan and ownership
- Operational Plan
- Financial Plan
- Executive Summary: This should provide a quick overview of the problem your company solves, the solution you are offering, the business’s target market, financial highlights, and a summary of the management team.
Example: Water is an essential resource to human lives. Our body uses water to help regulate temperature and maintain other bodily functions. Our body loses water through sweating and digestion; therefore, it is important to rehydrate by drinking clean water and eating foods that contain water. People die daily in kanatuwa, Warri, because of a lack of clean water. At ABC factory, we produce clean water at affordable rates to the people of kanatuwa; our target market includes; individuals, households, students, churches, mosques, and corporate organizations.
- Company description: Company description includes company details and a general overview of the company. The company name, location, type of business structure, owners, board of directors, Mission and vision statement, products and services, ojectives, goals, and company origin story.
- Market Analysis and Competition: Analyze your market’s conditions, target market, latest industry trends, etc. The competitive analysis should include your competitors, your competitive advantage, and your unique selling point. Market research helps you identify your customers, set realistic targets for your business, develop new and effective strategies, investigate expansion opportunities, determine how to expand your products and services.
- Marketing plan and strategy: Creating a marketing strategy is an essential aspect of a business. Marketing plan will identify the ways your products and services will get to the market. It gives you a view of how you will sell your products and services and attract potential customers. These strategies may include advertising and promotion, sales and distribution, pricing strategy, and post-sales support.
Example: ABC will market their products through google ads, social media platforms, search engines, radio and television adverts, sharing of handbills, fliers, and billboard advertisements.
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- Management plan and ownership: This section describes the business management team, ownership, legal structure, and staffing requirements. You state the uniqueness of the management structure, roles of each staff and show an organization chart.
- Operational Plan: The operational plan shows the business’s physical requirements such as office, equipment, warehouse, supply chains, and human resources. It indicates specific employee’s obligations, how they should execute them with a defined timeline. The operational plan shows the day-to-day tasks and duties to ensure a clear path to business success.
- Financial Plan: This is one of the most crucial parts of the business plan; the financial plan must demonstrate the business growth and profitability potential. To do this, you need to calculate income statements, cash flows, and balance sheets. Outline your financial analysis, the operating cost, revenue projections, salary breakdown, and so on.
- Appendices: This section should contain any other detailed information needed to support other areas of the business plan, a list of equipment, brochures, resumes of key employees, and any other important document.
Conclusion: Business plans serve diverse purposes, and before you start writing, you need to think about who the audience is and the business’s goals. Your business plan must be well explanatory and understandable to anyone that reads it.
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