INSTANT POUNDED YAM FLOUR BUSINESS PLAN IN NIGERIA
INSTANT POUNDED YAM FLOUR BUSINESS PLAN IN NIGERIA
This sample Instant Pounded Yam Flour Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Notes, Competitions, etc. Instant Pounded Yam Flour 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 Instant Pounded Yam Flour Business Plan in Nigeria
Business: INSTANT POUNDED YAM FLOUR
Industry: FOOD AND BEVERAGES (Instant Pounded Yam Flour Business plan in Nigeria)
PATILAD Yam Flour Production Company, Inc. is a registered business that will process and produce yam flour in Benue state.
We chose Benue state for her massive production of Yams, cassava, and other agricultural commodities. The urban center of the state has been the site of extensive recent infrastructure investments.
We at PATILAND Yam Flour Production Company, Inc. will experience increased traffic as the city continues to grow at a rapid pace. In the second year in business, we are actively aiming for a 50 percent growth in sales due to our solid supply routes.
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.
West Africa accounts for 90-95% of world yam production with Nigeria the largest single producer. These factors, along with the country’s geometrically expanding population and ongoing rural-urban migration, continue to increase demand for food products that are well packaged, particularly for poundo yam, a staple item.
Instant pounded yam flour is in high demand in both the domestic and global markets. A sizable portion of the global market is found in Europe and America, where many Nigerians live.
Nigeria has a vast market of consumers that is only set to grow in the next few decades. The food and beverage industry is essential for the Nigerian economy in both financial contributions and employment terms. In fact, food and beverage processing is Nigeria’s largest manufacturing industry.
Our target audience includes households, wholesalers, retailers, working-class individuals, the elderly, students, hospitals, business people, men, and women, event planners, and caterers.
Justifications For Entry Into The Business
- Nigeria, which is the world’s largest yam grower makes the major resources needed for production available.
- High Nigerian Urban development which is growing at 8% annually is also a contributing factor to the demand for Yam flour.
- Sustainable and readily available local technology
The Benefits of Our Products and Services are;
- Prevention of wastage
- Provision of quality products
- Excellent customer care services.
- Lowest possible prices.
- Bringing simplicity to the cooking process
Our Products and Services
Our products are as follows;
- YAM FLOUR: This will be enriched with vitamins (such as A, B, B2, and B3) or minerals (such as iron) and be free of mold (fungi). Products made from dried yams have a shelf life of around a year.
- FROZEN YAM CHIPS: This is a product made from yam tubers that have been frozen to keep them safe before being used or prepared. When prepared, frozen yam chips are also known as French fries.
Keys to Success
The keys to success for the Instant Pounded Yam Flour 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
- Excellent customer service
- Competitive pricing.
Business Objectives for Instant Pounded Yam Flour in Nigeria
- To make available Instant Pounded Yam Flour 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 Instant Pounded Yam Flour Business in Nigeria
- To be among the first three Instant Pounded Yam Flour company in the next 5 years.
- To produce high-quality, locally produced Instant Pounded Yam Flour that is produced in a clean and sustainable environment and also affordable to end users
Mission for the Instant Pounded Yam Flour Business in Nigeria
- To make our Instant Pounded Yam accessible in both the local and domestic markets.
- To make our price rate accessible and affordable.
Management Team of the Instant Pounded Yam Flour 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 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 the 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 Instant Pounded Yam Flour 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 strength, our weakness, 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 customer 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 for the business requires an enormous amount of investment
- Huge demand for African food by the large population of Nigerians living abroad
- The yam 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
READ ALSO: YAM BUSINESS PLAN IN NIGERIA
Competitor Analysis for Instant Pounded Yam Flour Business Plan in Nigeria
The market is open and not exclusively driven by any firm as most firms compete with price differentiation and top-of-the-mind brand awareness. Some of our major competitors however include;
AYOOLA POUNDED YAM FLOUR
Plot 7-9, Ayoola Street, Gemade Estate, Ipaja, Lagos
GOODLIFE AFRICAN FOODS
Moshalashi Street Off Anjorin Street, Okeagbo Ajangbadi, Lagos Nigeria
YUSOL INTERNATIONAL FOODS | United States
Ola Ola® brand of Instant Yam Flour is well-known worldwide by Africans in the diaspora
Our three significant competitive advantages are:
- We have been able to create a good supply channel
- Excellent customer care services that allow for feedback and ensure that at least 80% of the customer complaints are resolved within 3 working days.
- Our affordable prices and discount offers.
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