Executive Summary of Chin-chin Business Plan in Nigeria.
Overview
PATILAD Chin-chin is a start-up company located at Awada, Onitsha. We specialize in the production of different flavored Chin-chin made from finely sourced ingredients, highly nutritious and of excellent taste. We ensure we provide a wide range of nutritious and healthy chin-chin that is a delight to the entire household. Quality and presentation is our watchword, and we use the finest ingredients to ensure that our Chin-chin and desserts taste and look great. PATILAD expects to catch the interest of a regular loyal customer base with its broad variety of Chin-chin and other related products. The company plans to build a strong market position in the town due to the partners’ industry experience and mild competition in the area. PATILAD Chin-chin aims to distinguish itself by branding its own product yet offer products at competitive price to meet the demand of the middle-to higher-income local market area residents.
The Company
PATILAD Chin-chin is established as a limited liability company owned by Temidayo Awofeso and Aliu Aminu. The company is managed and overseen by Temidayo Awofeso, a first class caterer of over twenty years whose expertise has been procured by top-notch companies like Hilton hotel, KFC, Mix and Bake but has now decided to work for himself.
Executive-Summary-of-Chin-chin-Business-Plan-in-Nigeria
VISION
To become the leading brand name for accessing varieties of freshly baked Chin-chin and other related products through its excellent low-cost product offering and efficient distribution network and to grow till we become the largest Chin-chin industry in Anambra and beyond.
MISSION
PATILAD Chin-chin mission is to become the premier Chin-chin producing industry in Nigeria. This is accomplished by offering an unprecedented distribution network coupled with great and varied products and reasonable prices and also to provide Onitsha with the tastiest and most fluffy Chin-chin and other products they have seen in recent times.
OBJECTIVES
- To gain target customers and market our new product in Anambra.
- To satisfy the needs of our target market and support our company goals within six months.
- To drive awareness and drive sales through referrals and social media campaigns.
- Attract both residents and workers alike into becoming loyal customers of the establishment.
- To become the premier fast-casual Chin-chin industry in every market entered.
- To satisfy our market segment that demands higher quality products and to maintain a steady growth in sales volume that will sustain the company for future years.
- To achieve net profit in year one, increasing in year two, by containing costs and meeting sales goals.
- To provide quality sales service and products at fair and best possible prices.
KEYS TO SUCCESS
- Good retail location in a high-density residential/ business area.
- Hygienic and neat processing facility.
- Outstanding customer service.
Executive-Summary-of-Chin-chin-Business-Plan-in-Nigeria
The company intends to hire two full-time caterers, contract staff and several part-time workers to handle customer service and day to day operations.
Products and Services
PATILAD Chin-chin will offer varieties of breath-taking Chin-chin and unusual flavored Chin-chin ranging from milky, coconut milk, chocolate flavored chin-chin and so many others all produced from the freshest ingredients. We cater for birthdays, engagements, weddings, anniversaries, christenings and any special event you may be celebrating. Our company will provides freshly baked chin-chin and other demanded baked products all times during business operations. We will also maintain an actively serviced and robust chin-chin distribution network. We are committed to seeing our ideas blossom into a nationally recognized outstanding Chin-chin Company, and will work within budget without compromising on the great quality we are known for.
We will also make dessert, ice cream, cupcakes, puddings, pies, cookies and a range of other treats for events as well as personal consumption. We will also include a catering service to deliver large orders for big events such as birthdays and weddings which will provide significant convenience for consumers.
We will also offer chin-chin training classes, consultancy and several small chops recipe formulation session in our training arm thus becoming the leading chin-chin production company in the industry.
The Market
The Chin-chin industry in Awada, Onitsha has recently experienced rapid growth. Customers have become accustomed to the supply of unusual speciality Chin-chin of high standard, and PATILAD Chin-chin will position itself to cater for this fastidious market. The local customers are looking for high quality product in a relaxing atmosphere, where they can meet friends and refer family to.
PATILAD Chin-chin wants to establish a large regular customer base, and will therefore concentrate its business and marketing on local residents, which is the dominant target market. This will establish a healthy, consistent revenue base to ensure stability of the business. In addition, customer traffic is expected to comprise approximately 35% of the revenues. High visibility and competitive products and service are critical to capture this segment of the market.
Executive-Summary-of-Chin-chin-Business-Plan-in-Nigeria
Competition
In the true sense of the word, so many other competitors are in the same town, a couple of other Chin-chin companies also exist in the neighboring towns. Despite the similar business in the area, PATILAD Chin-chin will contain a few beneficial strengths to make it more desirable than its competitors. The central location of our PATILAD is an additional value aspect of the company.
To rise above competitors, PATILAD Chin-chin will offer numerous options to satisfy common health and diet need of consumers. Whether it is required by allergies or simply a choice, a desire for gluten-free, organic, naturally sweetened, reduced-fat and vegan foods has recently grown. By offering Chin-chin which meets these requests, more consumers will feel welcome to our shop because their needs is recognized and satisfied. Our competitive edge is also in our unique flavours of Chin-chin and recipes. We will invent new flavours and recipes regularly to keep our product offering fun and interesting and to motivate our customers to return to our shop.
Finally, the convenient catering service and the comfortable lounge for customers to relax in as they indulge in their delicious delights is a major advantage for PATILAD Chin-chin.
Management Team
Temidayo Awofeso
Temidayo is bringing in 20 years’ experience as a trained caterer. He holds a B.A Catering from Obafemi Awolowo University Ile-Ife, having worked as a caterer with KFC, Hilton, Nicon Hotels and a host of others.
ODETOLA Akinbode Oluwaseun – is highly knowledgeable in the Chin-chin business. He has over 7 years’ experience in the industry. Moreover he is a graduate of Food Science and Technology from the prestigious Obafemi Awolowo University, Ile-Ife. He is a Project Management Professional and certified Business Consultant. He is in-charge of day to day activities of the business.
Mr Dayo Adetiloye – (B. Agric., MBA, and PMP): He has over 15 years’ 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 Anambra Business School (LBS), Pan African University (PAU). He is our business development strategist and a strategic partner.
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We brought to the business:
- Educational skill and practical experience in Chin-chin business.
- Capacity to consistently provide high quality, fresh baked and unusual flavoured Chin-chin.
- Valuable processing skills that make us own the value chain to a good extent.
- Quality processed product and good understanding of the market trend especially as it is affected by seasons.
- Our staffs bring operational, marketing and promotional skills to the business.
Financial Considerations
PATILAD Chin-chin seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital. Funding for the launch of the business is provided primarily by equity from the partners and investors.
Our market survey and research shows that PATILAD Chin-chin holds the promise of reaching positive cash flow in its 12th month of operation. The advantage of this is the provision it makes for accelerated repayment of its loan obligations, as well as for dividends to be paid to the owners.
Revenue is expected to amount to N44,995,800 and gross margin of N12,616,135 in our first year of operation.
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