SOY-MILK PRODUCTION BUSINESS PLAN IN NIGERIA
This sample Soy-Milk Production Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Notes, Competitions, etc. Soy-Milk 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-Milk Production Business Plan in Nigeria
Business: SOY-MILK PRODUCTION
Industry: food processing (Soy-Milk Production Business plan in Nigeria)
PATILAD Production Company, Inc. is a registered business that process and produces Soy-Milk in Ogun state. This business aims to promote investments in soya processing in Nigeria thereby providing food and reducing waste in Nigeria.
In order to do this, 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-Milk 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.
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.
There is a huge demand for soy-milk in the Nigerian market, as a result of numerous essential nutrients imbibed in soy milk. Soya milk can also be severed at occasions, such as naming, wedding, burial, housewarming, seminars, workshops, conferences, and so on, just like normal fruit juice and wines. The national annual demand estimate for soymilk is in excess of 500 million liters 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 the highest amount of protein of any other grain or legume, and substantial amounts of fat, carbohydrates, dietary fiber, vitamins, and minerals.
Our target audience includes households, wholesalers, retailers, working-class individuals, the elderly, students, business people, men, and women.
Justifications For Entry into The Business
- High Nigerian Urban development which is growing at 8% annually is also a contributing factor to the demand for well packaged Soy-Milk.
- The escalating trend of veganism is projected to influence the growth scale of the market over 2021-2027
- Sustainable and readily available local technology
- The switch from unpackaged and unbranded products to branded alternatives in the country.
- Research has shown that Soy-Milk market size is poised to exhibit prolific gains in the ensuing years, driven by the rising health benefits of the product including improving brain and heart health, reducing symptoms of menopause, and others.
The Benefits of Our Products and Services are;
- Prevention of wastage
- Our product has several health benefits
- Provision of quality products
- Excellent customer care services.
- Lowest possible prices.
- Our Soy-Milk is very high in protein like in cow’s milk.
Our Products and Services
There are several roadside Soy-Milk sellers on the streets of Nigeria but the majority of these unofficial processors are not healthy due to the poor processing process which is where our business, PATILAND Production Company, Inc. fits in. We intend to sell the following well-produced 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.
- SOY-MILK: It is a creamy, milk-like product made from soya beans. It is generally opaque, white or off-white in color and has approximately the same consistency as cow’s milk. It is a good substitute for the popular carbonated drinks and comes much more health benefits for everyone.
- Tofu / Tokwa and its derivatives such as tofu curds, tofu burgers, tofu brochettes and tofu pizza – Tofu is the most popular among all soy products. It is a tasty and very nutritious product made by coagulating hot soy milk with some food-grade chemicals and then pressing the resulting curds into blocks. The making of tofu from soy milk is similar to the technique of making cheese from milk. Tofu is the perfect and least expensive substitute of milk cheese
Keys to Success
The keys to success for our Soy-Milk 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-Milk Production in Nigeria
- To make available Soy-Milk(and its nutritional benefits)to all at affordable rates
- To increase sales by at least 75% at the second year
- To ensure customer satisfaction so that at least 60% of our customer base are return customers
Vision For the Soy-Milk Production Business in Nigeria
- To create the finest quality all-natural Soy-Milk 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 Soy-Milk 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 brought to the business:
- Academic skill and practical experience in the Soy-Milk 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, 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 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 requires 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 middle-class population in 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 stiff competition that the company might not be able to
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