SOY-DAWADAWA (IRU) PRODUCTION BUSINESS PLAN IN NIGERIA
SOY-DAWADAWA (IRU) PRODUCTION BUSINESS PLAN IN NIGERIA
This sample Soy-Dawadawa (Iru) Production Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Notes, Competitions, etc. Soy-Dawadawa (Iru) 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 Soy-Dawadawa (Iru) Production Business Plan in Nigeria
Business: SOY-DAWADAWA (IRU) PRODUCTION
Industry: Seasoning, Sauce, and Condiment Production (Soy-Dawadawa (Iru) Production Business plan in Nigeria)
PATILAD Seasoning Production Company, Inc. is a registered business that process and produce SOY-DAWADAWA (IRU) in Ogun state. Our location is convenient and our facility has government approval for the type of business we wish to operate. We do that on purpose to make it simple for raw materials and finished goods to move around.
This business aims to promote investments in soya bean processing in Nigeria thereby providing food, promoting healthy living, 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 soy-dawadawa (iru) and all other soya 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.
In addition to producing soy-dawadawa (iru) of superior quality and food safety in large quantities, We at PATILAND Seasoning Production Company, Inc. also want to provide unmatched customer service. To do this, we have implemented CRM software that will allow us to maintain a personal connection with every one of our distributors, regardless of how big their customer base may become.
Food condiments and seasonings, mostly branded and packaged are in high demand in Nigeria. A notable trend in the seasoning and condiment production industry reveals that operators are restructuring product lines to better fit the demand for healthy products and not ignoring the fact that organic products and rising health concerns have stimulated demand for food-friendly seasoning.
Fermented seeds (‘soumbala’, ‘dawadawa’, ‘netetu’) serve primarily as a condiment for seasoning sauces and soups. Soy-dadawa is a food flavoring condiment prepared by fermenting the whole soybean. It is widely consumed by the people of Ondo, Benue, and Plateau States of Nigeria and its consumption is now extending to the southern part of Nigeria.
Local condiments have a large national market. Nigeria has a big market for indigenous condiments thanks to its population of over 165 million people, the anticipated annual population growth rate of 5.7%, and the average economic growth rate of 3.5% over the past five years.
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.
Our target audience includes households, wholesalers, retailers, working-class individuals, the elderly, students, business people, families, caterers, restaurants, etc.
Justifications For Entry Into The Business
- According to the Global Agricultural Information Network report, the Nigerian soybean production in marketing year 2021-22, which begins July 1, to reach 1.25 million tonnes, a 43% increase from the most recent 2020-21 USDA estimate. 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 to the demand for Soy-Dawadawa (Iru).
- Sustainable and readily available local technology
- The switch from unpackaged and unbranded products to branded alternatives in the country.
- Research has shown that Soy-Dawadawa (Iru) is one of the most important traditional food condiments in the Savanah region of West and Central Africa.
The Benefits of Our Products and Services are;
- Prevention of wastage
- Our product help manage Diabetes levels
- Provision of quality products
- Excellent customer care services.
- Lowest possible prices.
- Bringing simplicity to the cooking process
- Our Soy-Dawadawa (Iru) is richly fortified with vitamins and high in protein.
Our Products and Services
Soya processing has become an essential element of the culture. The majority of these unofficial processors turn soya beans into Soy Cake, Soy oil, Full Fat Soya, Soy meal, soy flour, and soy milk, amongst other things, which is where our business, PATILAD Seasoning Production Company, Inc. fits in.
PATILAD Seasoning Production Company, Inc. is going to operate a standard Soy-Dawadawa (Iru) seasoning production company whose product will not only be sold in Ogun state Nigeria but also throughout the West African countries.
We intend to sell the product described below at this point in our company’s development, but we’ll increase our range of products as we grow over the next years.
- SOY-DAWADAWA: Soy-Dawadawa (Iru) is a name for a fermented food condiment made from African locust bean. It is also known as “Iru” and “Ogirilgala” in Yoruba land and Igbo land responsively. Soybean, a more readily available and nutritious raw material has been used for production of dawadawa. It is a protein-rich substitute for the local dawadawa made from a local beans.
Keys to Success
The keys to success for our Soy-Dawadawa (Iru) 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 Soy-Dawadawa Production in Nigeria
- To make available healthy Soy-Dawadawa (Iru) 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 Soy-Dawadawa (Iru) Production Business in Nigeria
- To create the finest quality all-natural Soy-Dawadawa (Iru) which will not only be sold in Ogun state Nigeria but also throughout the West African countries
- To meet the highest standards of excellence with superb service and product offerings in a friendly atmosphere.
Management Team of the SOY-DAWADAWA (IRU) 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 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 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
- 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
- The lack of adequate capital for the business requires an enormous amount of investment
- The huge switch from unpackaged and unbranded products to branded alternatives in the country.
- There are loads of wholesalers and retailers who rely on the supply of our seasoning.
- The continuous increase in the rural-urban movements 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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