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How to Write A Business Plan in Nigeria (Template for Nigerian Businesses)

The first time I thought about writing a business plan was when a friend asked for my help writing his. I could imagine the stress he had gone through before asking for my help.

Many times, the subject of a business plan comes up when one wants to start a business, and for the majority of people, it almost always seems like some special type of document that only gurus write.

A large number of Nigerian startups fail to understand the true significance of this one document. This fact has made many Nigerian business startups botch the preparation of their business plans by focusing totally on the wrong things.

Good plans prune your projections into realistic thresholds and consider as many parameters as are available to you.

Before we move on to how to write a business plan, we need to define and establish what a business plan is or what it should be.

Table of Contents

What is a Business Plan?

 A business plan is a document describing a business, its products or services, how it earns (or will earn) money, its leadership and staffing, its financing, its operations model, and many other details essential to its success.

A well-written business plan should be able to prove to just about anyone who reads it how feasible your goals are, including potential investo rs.

How to Write A Business Plan (Template for Nigerian Businesses)

Writing a business plan may seem daunting and complicated, but with a systematic approach, you can easily achieve this task with the right guidance.

Below are strategies to help you narrow it down to easily actionable bits.

Know the purpose of the plan

When an entity’s purpose is unknown, abuse is inevitable, and often this tendency is not effectively maximising such.

Before unknowingly wasting precious time writing a plan that wouldn’t fit its purpose, you must know who exactly is going to be reading your plan before taking any steps.

For example, a simple plan written to attract investors would always differ from one written for internal use only.

Furthermore, before writing any part of your plan, even in the search for investors, you should consider especially who your readers are and try as much to cater to their particular expectations without losing track of your initial road map.

You should also aim to make your plan adaptable, editing it as the situation demands.

Draft an executive summary

A good executive summary is a key section of your plan—it’s also the last section you should write.

The executive summary’s purpose is to briefly describe the other parts of your plan. It usually is the part of your plan that convinces the reader if they want to know more about your business.

It’s also an overview of your business that persuades investors to read further. This is why you mustn’t make mistakes here.

 While writing, keep in mind that it’s a summary, so make sure to highlight the key points you’ve uncovered

 Whatever summary you end up putting on the plan would serve as the façade, the doorway into your plan.

Be as brief as you can. Be passionate. 

Describe your company

This section of your business plan is the simplest part of the whole process. It caters for two fundamental questions: who are you, and what do you plan to do? Answering these questions introduces why you’re in business, why you’re different, what you have going for you, and why you’re a good investment bet.

Starting from a proper description of your company, you must share all the relevant information that connects to form your typical brand business plan.

These include market or industry analysis, organisation and management, service or product line, marketing and sales, your operations plan and your financial projections.

Make sure to present as detailed a description as possible using whatever medium can portray your ideas the best – tables, charts, verified industry statistics etc.

Read Also: How to Choose a Business Name in Nigeria

Do a thorough research

It doesn’t matter if you ever intend for anyone else to read it.

To write the most functional and perfect business plan, you need to know many things, which means research. It’s also called “doing a market analysis.”

It should include an overview of how big your estimate of the market is for your products, an analysis of your business’ position in the market, and a general overview of the competitive landscape.

It’s considered a safe bet to spend twice as much time researching as you would drafting the actual business plan.

This is because entrepreneurs need to know their market sphere, customers, and product and services very intimately to draw any plan of relevance.

Doing thorough research must include reading everything you can afford to read, talking to people, and seeking professional counsel. You should also check out videos on YouTube on what you are about. Scour the internet. 

 Finally, as a business owner, you’ll have to eventually make it into a habit and constantly inform yourself whenever the chance presents itself.

Read Also: How to Write a Business Report: Definition, Format, and Samples

Competitive analysis

After doing a market analysis, the next thing you should add to your business plan is a competitive analysis, i.e., you need to know who your competitors are. You cannot do this effectively if you do not take the time to study them. A good reason an investor would choose your business is if you have been able to study your competition and find a means to produce your services and products that are unique, better, and distinguishable. 

Take note of actual and estimated figures

When you are starting a business and using expected figures, you need to communicate that properly so as not to mislead investors. Of course, you should have actual figures if you are already running your business.

Read Also: How to Write a Good Pitch: The Ultimate Guide for Freelancers

Service or product plan

This section should explain your service’s life cycle and what you sell. Explain how this benefits your customers. Share plans of intellectual property filings and research on your product or service. Also, describe the problem you are solving and how you plan to solve it. Of course, you have to talk about the competition as well.

Outline management and organisation

Your business plan’s management and organisation section should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as a corporation or create a limited partnership or sole proprietorship. 

If you have a management team, use an organisational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart.

Communicate how each person will contribute to the success of your startup. If you do not have enough hands to produce the desired result, have a plan to hire capable people to fill in the gap.

You can add documents (resumes, permits, leases, product pictures, letters of reference, etc.) to support your business plan; however, this is optional. 

As you write a business plan that serves its purpose, remember that your words should persuade the reader and convince them as it convinced you.

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Adedokun Boluwatife is a content, Ghostwriter, and Medical student. She uses storytelling to write compelling articles and books. Writing is the greatest instrument to share what she knows with the world. Proficiency is a skill she always wields.

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How To Write A Business Plan In Nigeria (Free Samples And Templates)

This post concludes is the last of the series on “How to write a business plan” . The major challenge when it comes to writing a business plan is knowing where to start from. This most business owners and entrepreneurs don’t always get right. Looking through existing business plan templates gives a clear picture of what your business plan should look like.

This post contains a long list of free sample business plan templates that will give you the easy start you really need to write your own business plan.

1. Catering Business Plan

If you love to cook and are thinking about starting a business, combine the two and start a small catering business. But how do you start a small catering business? It’s by having a great business plan detailing every aspect of the business before you get started.

2. Event Planning Business Plan

Starting a catering business in Nigeria is a lucrative business with very good returns, with thousands of events and parties happening every weekend across the country. Event planning business requires a combination of education if necessary, an experience and excellent networking.

Also Read: How to Write a Business Proposal for Clients in Nigeria.

3. Hair & Beauty Salon Business Plan

Salon Business is one of the best and lucrative business in Nigeria right now because it does not cost much and requires little capital to start. Either a barbing salon or beauty salon for women pay a lot because it requires no college degree to start one but skill.

4. Day Care & Child Care Business Plan

Many Nigerian mothers are working at paid jobs or running their own small businesses which consume most of their time. As a result of this trend, there is a growing opportunity for convenience services like child and day care center businesses.

5. Driving School Business Plan

Are you an expert driver? Can you successfully teach others how to drive? If yes, you may be qualified to start a car driving school. There is a great opportunity in this business because most Nigerian are looking forward to owning their own cars. School leavers are also eager to learn how to drive.

6. Agriculture Farm Business Plan

Nigeria is blessed with a favorable soil and climatic condition that can accommodate crops such as onion, carrot, cocoa yam, pear, potatoes, okra, vegetables, beans and so much more. Starting an agriculture farm business is a profitable business opportunity with so much market to serve.

7. Feed and Farm Supply Business Plan

The feed farm production industry has been largely promoted as one of the most profitable agribusinesses to venture into. Africa, especially Nigeria, has a major impact on the worldwide production and distribution of livestock feed.

Also Read:  [PART 1] How to write a business plan – Tips when writing your business plan.

8. Fitness Gym Business Plan

Health they say is wealth; the need for health is the need of all both young and old, both for the rich and the poor alike. Would you like to invest in the fitness business, or are you thinking of a business to invest in? You should consider this business option.

9.Pharmacy Business Plan

Pharmacy or drug store business, whether we like or not, has become an integral part of the Nigerian economy today. In a nutshell, drugstores are described as retail establishments that market drugs, be it prescription-based, proprietary, or nonprescription medicine.

10. Fast Food Restaurant Business Plan

The fast-food business in Nigeria is a very profitable business. Food is something we cannot do without even if it’s once a day. The growing population of Nigeria with over 180 million people is also a high contributing factor to the profitability of fast food business in Nigeria. Amidst the current global crisis, one line of business in Nigeria that continues to promise greater returns on investment is the fast food business.

11. Bakery Business Plan

The consumption of bread and other bakery products such as biscuits, chin-chin, gala and meat pie among others, has created a huge market for the wheat flour industry. This sector has provided a lot of opportunities while more opportunities are still open for interested investors that are willing to invest some cash.

12. Internet Cafe Business Plan

The demand for internet cafe services in Nigeria is high especially in business enabled environments like tertiary institutions, offices and in different work areas. This business is one of the profitable medium scale businesses in Nigeria; the business can give a high-profit margin when managed properly.

13. Clothing Boutique Retail Business Plan

Starting your own clothing shop boutique is a good business idea in Nigeria because the fashion industry is one powerful sector that will always be vibrant in any economy because all over the world, people have a basic need for clothing. Beyond this need, fashion is also evolving on daily basis due to the huge and diverse interest in styles.

Also Read: [PART 2] How to write a business plan – Basic template contents & structure.

14. Automotive Car Repair Business Plan

Nigeria is and will always be a big market for cars, both used and new ones. Compared to other African countries, Nigeria alone spends up to $5 billion dollars every year importing vehicles (especially second-hand) from the USA, Canada, Europe, and Asia. Which makes the industry an area worthy of investing.

15. Car Wash Business Plan

The good aspect of this business is that it does not necessarily require a large amount of capital or funding especially when you intend to start. For those who have enough money to invest, this will be a good decision as with more money invested, the business can grow much better and faster leading to better and profitable returns.

Other business plan samples and templates include;

16. Used Cars Sales Business Plan.

17. Online Print Shop Business Plan .

18. E-commerce Retailer Business Plan .

19. Coffeehouse Business Plan.

20. Night Club Business Plan.

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How To Write The Perfect Business Plan In Nigeria and Africa That Will Get Funded: The Complete Guide

In today’s business world, having a well-thought-out and comprehensive business plan is crucial for success. This is particularly true in Nigeria and Africa, where the business landscape is rapidly evolving, and entrepreneurs face unique challenges and opportunities. According to a report by the African Development Bank, small and medium-sized enterprises (SMEs) account for approximately 90% of businesses in Africa, making them critical to the region’s economic growth and development.

Developing a comprehensive business plan is critical to the success of any startup or existing business in Nigeria and Africa. A business plan serves as a roadmap that outlines the company’s goals, strategies, and objectives, as well as a tool for securing financing from investors and financial institutions. According to the World Bank, Africa has been experiencing rapid economic growth over the past decade, with the continent’s GDP expected to grow by 3.4% in 2022. In Nigeria, the largest economy in Africa, the SME sector contributes approximately 48% of the country’s GDP, with over 41 million MSMEs operating in the country.

To succeed as an entrepreneur in Nigeria and Africa, it’s essential to have a solid business plan that outlines your goals, strategies, and tactics for success. This plan should include a detailed analysis of the market, competition, and financial projections to help you secure financing and attract investors.

A well-prepared business plan is crucial for securing funding and attracting investors. The availability of funding for businesses in Nigeria and Africa has improved in recent years, with various financing opportunities from the government, venture capitalists, and angel investors. Additionally, there are various international organizations and development finance institutions, such as the International Finance Corporation and the African Development Bank, that provide funding and technical assistance to businesses in Africa.

With the right business plan and financing, entrepreneurs can successfully navigate the competitive business environment in Nigeria and Africa.

This article will provide a step-by-step guide on how to write a comprehensive business plan for businesses in Nigeria and Africa. It will cover key elements such as market analysis, financial projections, marketing strategies, and risk management, providing practical insights, and relevant data to ensure that readers can create a successful business plan that meets the needs of their specific business.

See Also:  The Difference Between A Business Idea And A Business Opportunity

What Is A Business Plan?

A business plan is a written document that outlines the goals, strategies, and financial projections of a business. It serves as a roadmap for entrepreneurs to organize their ideas and plan how they will start and grow their businesses. A well-crafted business plan can help attract investors, secure funding, and guide the decision-making process for the business.

A business plan is sometimes known as a “strategic plan” or “roadmap”, as it involves the creation of a detailed strategy for achieving the goals of a business. In Nigeria and Africa, creating a business plan is crucial for entrepreneurs looking to secure funding and navigate the unique challenges of the local business environment.

Why Should You Write A Business Plan In Nigeria and Africa?

  • Helps to clarify business goals and objectives: A business plan helps to define and set specific goals and objectives for the business.
  • Provides a roadmap for the business: It serves as a guide that outlines the steps to take in achieving the business’s goals and objectives.
  • Helps to secure financing: A well-written business plan is a critical tool in securing funding from investors or lenders.
  • Helps to attract potential partners: It can attract potential business partners or collaborators.
  • Provides a framework for decision-making: It can serve as a decision-making tool to help businesses weigh different options.
  • Helps to identify potential challenges: A business plan helps identify potential challenges and risks to the business and how to mitigate them.
  • Helps to identify target customers : A well-written business plan helps to identify and target the right customers for the business.
  • Helps to create a marketing strategy: It serves as a guide to creating an effective marketing strategy.
  • Helps to evaluate the competition: A business plan helps evaluate the competition and come up with a competitive advantage.
  • Helps to manage cash flow: A business plan helps to manage cash flow and allocate resources effectively.
  • Helps to identify the right pricing strategy: It helps to identify the right pricing strategy for the business.
  • Helps to evaluate the business’s strengths and weaknesses: A business plan helps to identify the business’s strengths and weaknesses and how to improve on them.
  • Helps to identify the right team: A well-written business plan helps to identify the right team members for the business.
  • Helps to identify the right suppliers: A business plan helps to identify the right suppliers for the business.
  • Helps to measure performance: A business plan helps to measure the business’s performance against its goals and objectives.
  • Helps to plan for expansion: A well-written business plan helps to plan for expansion.
  • Helps to create a contingency plan: A business plan helps to create a contingency plan to mitigate potential risks.
  • Helps to create a succession plan: It can serve as a guide to creating a succession plan for the business.
  • Helps to create a culture of accountability: A business plan helps to create a culture of accountability within the organization.
  • Helps to plan for an exit strategy: A business plan helps to plan for an exit strategy if the need arises.
  • Helps to attract and retain employees: A well-written business plan can attract and retain top talent.
  • Helps to comply with legal requirements: A business plan helps to comply with legal requirements in the industry.
  • Helps to secure patents and trademarks: It serves as a guide to securing patents and trademarks for the business.
  • Helps to create a social impact: A business plan helps to create a social impact through the business.
  • Helps to create a legacy: A business plan helps to create a legacy for the business that can be passed down to future generations.

See Also:  The Difference Between A Business Plan And A Business Proposal

Types Of Business Plans In Nigeria and Africa

When it comes to writing a business plan, there are different types of plans that entrepreneurs can choose from depending on their business needs. Here are some types of business plans commonly used in Nigeria and Africa:

  • Traditional Business Plan: This is the most common type of business plan. It covers all aspects of the business, including the executive summary, market analysis, products and services, marketing and sales strategies, financial projections, and management structure.
  • Startup Business Plan: This is a type of plan that is usually written when starting a new business. It outlines the objectives, strategies, and financial projections of the business.
  • Lean Business Plan: This type of plan is a more streamlined and condensed version of the traditional business plan. It focuses on the most critical aspects of the business and can be used as a roadmap for growth.
  • Operational Business Plan: This type of plan is designed for internal use and is used to guide the day-to-day operations of the business. It outlines the processes, procedures, and responsibilities required to run the business efficiently.
  • Strategic Business Plan: This type of plan focuses on the long-term goals and objectives of the business. It outlines the strategies and tactics required to achieve those goals and helps the business stay on track.
  • Internal Business Plan: This plan is written for internal use within the organization. It may be used to set goals and objectives, allocate resources, and track progress.
  • Growth/expansion business plan: This plan outlines strategies for growing an existing business, including market expansion, product diversification, and financial planning.
  • Feasibility Study: This type of plan is used to determine the viability of a business idea. It assesses the market demand, competition, financial feasibility, and potential risks and challenges associated with the business.

By understanding the different types of business plans, entrepreneurs in Nigeria and Africa can choose the one that best suits their needs and helps them achieve their business goals.

See Also:  How to Choose A Business Plan Consultant

How To Write A Business Plan In Nigeria and Africa: Step-By-Step Guide

Section 1: executive summary.

The executive summary is a crucial part of a business plan, serving as a brief overview of the entire plan. It is usually the first section of the plan and should be written in a clear, concise and compelling manner. The purpose of the executive summary is to grab the reader’s attention and provide a quick understanding of the business and its potential for success.

It typically includes a brief description of the company, its products or services, target market, marketing strategies, financial projections, and key management personnel. The executive summary should highlight the unique selling proposition of the business, as well as any competitive advantages or challenges.

Overall, the executive summary is an essential component of the business plan as it provides a snapshot of the business and helps potential investors and stakeholders determine whether to invest or participate in the venture

  • A. Overview of Business Plan – The Overview of a Business Plan is the first section of a business plan that provides a brief summary of the entire document. It typically includes information about the business idea, target market, competition, marketing and sales strategies, financial projections, and other key aspects of the business. The Overview serves as an introduction to the reader and provides a snapshot of the business plan, highlighting the most important information that the reader should know. It is important to write a clear and concise Overview that captures the reader’s attention and sets the tone for the rest of the business plan.
  • B. Key Business Objectives –  The Key Business Objectives section of a business plan outlines the goals and objectives that the company aims to achieve. This section focuses on what the company wants to achieve, how it intends to achieve those goals, and the timeframe for achieving them. It serves as a roadmap for the company’s success and provides direction for the company’s operations, marketing, sales, and financial plans. The objectives should be specific, measurable, achievable, realistic, and time-bound to ensure that they are attainable and relevant.
  • C. Financial Projections – The financial projections section of a business plan’s executive summary provides a summary of the company’s financial plan and projections, including revenue, expenses, and profits. It outlines the financial goals and objectives of the business and highlights key financial indicators that demonstrate the company’s ability to generate revenue and profitability. This section of the executive summary is crucial in convincing investors or lenders to provide financing or support for the business. It is important to provide realistic and accurate financial projections based on sound assumptions and data to ensure the credibility of the business plan.
  • D. Management Team –  The Management Team section of a business plan’s executive summary provides a brief overview of the key individuals who will be responsible for managing and operating the business. It includes their relevant experience and qualifications, as well as their roles and responsibilities within the company. This section is important as it highlights the expertise and capabilities of the team and can give investors confidence in the ability of the team to successfully execute the business plan.

See Also:  How To Start A Business In Nigeria & Africa: The Complete Guide

Section 2: Company Description

The company description is a section of the business plan that provides a detailed overview of the company. It outlines the company’s history, its mission and vision statements, its goals, and the products or services it offers. This section is essential because it provides readers with an understanding of what the company does, why it exists, and how it plans to achieve its objectives.

In Nigeria and Africa, the company description is particularly important, as investors and lenders often want to understand the company’s cultural and social impact. Including information on the company’s leadership team, its partnerships, and its community involvement can help demonstrate a company’s commitment to its customers, employees, and the wider community. This section should be concise but comprehensive enough to give readers a clear understanding of the company’s purpose and objectives.

  • A. Business Overview – The Business Overview section of the Company Description in a business plan provides a summary of the company’s history, mission, values, vision, and goals. It outlines the type of business, products or services offered, and target market. This section also includes information on the company’s legal structure, ownership, location, and any unique competitive advantages. It helps potential investors or partners understand the nature of the business and its potential for growth and success.
  • B. Business Goals – The Business Goals part of a business plan’s Company Description section outlines the specific objectives and targets that a company aims to achieve. This section should highlight the company’s short-term and long-term goals, including its growth projections, market share targets, and revenue targets. It should also include information about the company’s competitive advantage, target market, and key performance indicators. The Business Goals section should provide a clear picture of the company’s vision and direction, which will be critical to investors and stakeholders.
  • C. Mission Statement – The Mission Statement is a brief statement that outlines the purpose and values of a business. It explains why the business exists, its goals, and how it plans to achieve those goals. It is a crucial part of the Company Description section of a business plan, as it sets the tone for the entire plan and helps potential investors or partners understand the business’s direction and vision. The mission statement should be concise, clear, and inspiring to both internal and external stakeholders.
  • D. Legal Structure – The Legal Structure section of a business plan’s Company Description outlines the legal entity of the business, including its ownership structure, registration, and licenses. It provides information on the type of business entity chosen, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. This section also includes details about the business’s registration with relevant government agencies, such as the Corporate Affairs Commission (CAC) in Nigeria. Additionally, it highlights any licenses or permits required to operate the business in accordance with applicable laws and regulations.
  • E. Products/Services Offered – The Products/Services Offered section of a business plan’s Company Description provides a detailed description of the products and services offered by the business, including any unique features or competitive advantages. This section should also discuss the product or service development process and any intellectual property or patents associated with the products or services. The description should be clear and concise, highlighting the benefits and value proposition of the products or services. In Nigeria and Africa, this section should also consider the cultural, economic, and social context of the target market to ensure the products or services are relevant and desirable.
  • F. Industry Overview – The Industry Overview section of a business plan’s Company Description provides an analysis of the market in which the company operates. It describes the current state of the industry, including trends, opportunities, and challenges. This section should also include information on competitors, their strengths and weaknesses, and how the company plans to differentiate itself from them. Additionally, it may highlight any regulatory or legal issues that may impact the business. The purpose of this section is to demonstrate a thorough understanding of the industry and how the company plans to navigate it successfully.
  • G. Competitive Advantage – The Competitive Advantage section of a business plan’s Company Description outlines what sets the company apart from its competitors. This can include factors such as unique products or services, specialized expertise or knowledge, cost advantages, or customer service. It is important to clearly articulate how the company’s competitive advantage will translate into a profitable business, and to demonstrate an understanding of the competitive landscape in the industry. In Nigeria and Africa, it is important to also consider the local market and competition when identifying the company’s competitive advantage.

Section 3: Market Analysis

The market analysis section of a business plan aims to provide a comprehensive overview of the industry and market in which the business operates. This section requires extensive research to identify the target market, industry trends, market size, competition, and customer behavior. It should also analyze the strengths, weaknesses, opportunities, and threats (SWOT analysis) that the business may face in the market.

The market analysis section helps to demonstrate the business’s understanding of the market and its ability to compete effectively. It is essential to tailor the market analysis to the specific business’s needs, considering factors such as geographic location, target market, and industry type.

In Nigeria and Africa, the market analysis section is crucial as the business environment is highly competitive and constantly evolving. A detailed market analysis can help businesses identify opportunities and make informed decisions about their operations

  • A. Target Market –  The target market section of a business plan’s market analysis describes the ideal customer or client the business intends to serve. It includes demographic information such as age, gender, income level, education, and geographic location. This section also outlines the customer’s needs, interests, and preferences and how the business plans to meet these needs. Understanding the target market is essential for developing effective marketing strategies and creating products or services that meet the customers’ demands. In Nigeria and Africa, it is essential to consider cultural differences and regional variations in the target market analysis.
  • B. Market Segmentation – The Market Segmentation part of a business plan’s Market Analysis section defines the various groups of customers that a business aims to capture. This section identifies the characteristics and behavior of the target customers, including demographic, geographic, and psychographic factors. By segmenting the market, businesses can tailor their marketing strategies to each segment to better meet their needs and expectations. In Nigeria and Africa, it is essential to understand the various cultures, languages, and preferences of the target market when segmenting the market. It is also crucial to consider the socio-economic status of the target customers when developing the segmentation strategy.
  • C. Market Size and Growth – The Market Size and Growth section of a business plan’s Market Analysis provides an overview of the size and growth potential of the target market. This section helps to determine the potential revenue that the business can generate in the target market. It involves conducting market research to determine the size of the target market, the growth rate of the market, and any trends that may affect the market. In Nigeria and Africa, it is important to take into consideration the unique characteristics of the market, such as cultural differences and economic conditions, when analyzing the market size and growth potential.
  • D. Market Trends and Behavior – The Market Trends and Behavior section of a business plan’s Market Analysis outlines the current trends and patterns in the market, consumer behavior, and purchasing habits. It includes factors such as social, economic, technological, and political influences on the market. This section helps to identify potential opportunities and threats to the business, and guides the development of effective marketing strategies that resonate with the target market. In Nigeria and Africa, it is important to consider cultural differences and how they affect consumer behavior and purchasing decisions.

The competitive analysis section of a business plan’s market analysis provides a detailed examination of the competition within the target market. It identifies competitors, their strengths and weaknesses, market share, and marketing strategies. This section also analyzes the company’s competitive advantage over rivals in the industry. To write this section in Nigeria and Africa, it is essential to evaluate local competitors, their business models, pricing strategies, and how they position their products or services in the market. This information can help a business identify opportunities for differentiation and develop effective strategies to compete successfully.

  • F. SWOT Analysis – The SWOT analysis is a crucial part of a business plan’s market analysis section. It involves identifying the internal strengths and weaknesses of a business, as well as external opportunities and threats. Conducting a SWOT analysis can help businesses to identify areas that need improvement and areas that can be leveraged to gain a competitive advantage. In Nigeria and Africa, a SWOT analysis can help businesses to navigate the unique challenges and opportunities in the local market, and develop strategies that align with their strengths and mitigate their weaknesses.

Section 4: Marketing and Sales Strategies

The marketing and sales strategies section of a business plan outlines the approach that the company will use to promote and sell its products or services. It includes information on the target market, pricing strategy, promotional activities, and distribution channels. This section is essential because it shows investors that the company has a well-thought-out plan to generate revenue and grow the business.

To develop an effective marketing and sales strategy, companies must conduct market research to understand their target customers’ needs and preferences. This information is then used to develop a pricing strategy and promotional plan that will resonate with potential customers. Distribution channels are also crucial, as they determine how the product or service will reach customers.

Ultimately, the marketing and sales strategies section should demonstrate that the company has a clear plan to reach its target market and generate revenue. It should also show that the company understands its competitors and has a plan to differentiate itself in the market.

  • A. Marketing and Sales Goals – The marketing and sales goals section of a business plan’s marketing and sales strategies outlines the specific objectives that a company plans to achieve through its marketing and sales efforts. This section typically includes details about the target market, marketing channels, advertising and promotional activities, and sales projections. In Nigeria and Africa, it is important to consider cultural differences, language barriers, and local regulations when developing a marketing and sales strategy. The goals should be specific, measurable, achievable, relevant, and time-bound to ensure that they can be effectively implemented and monitored.
  • B. Marketing Mix  – The Marketing Mix is a part of a business plan’s Marketing and Sales Strategies section that outlines the product, price, promotion, and distribution strategies for the company’s products or services. It is a key element of the marketing strategy that helps to identify the target market, create a value proposition, and differentiate the company from its competitors. In Nigeria and Africa, it is essential to have a well-crafted marketing mix that is tailored to the local market conditions, cultural nuances, and economic realities of the region.
  • C. Sales Strategies – The sales strategies section of a business plan outlines how the company plans to generate revenue through its products or services. This includes identifying target customers, developing a sales team, creating a pricing strategy, and establishing a distribution plan. The section may also discuss promotional activities, such as advertising and public relations efforts, that will be used to increase sales. In Nigeria and Africa, understanding the cultural and regional differences is essential when developing sales strategies. Effective strategies may include using local languages, engaging with community leaders, and leveraging social media and mobile technology.
  • D. Customer Relationship Management – The Customer Relationship Management (CRM) section of a business plan’s Marketing and Sales Strategies outlines the methods a business plans to use to build and maintain relationships with its customers. In Nigeria and Africa, this may include social media and email marketing, as well as providing excellent customer service and responding to customer feedback.

Section 5: Operations and Management

The Operations and Management section of a business plan outlines how the business will operate on a day-to-day basis. This section includes information on the company’s organizational structure, staffing plan, and operational processes. It also covers key management responsibilities, such as budgeting, financial management, and quality control. The purpose of this section is to demonstrate that the business has a clear plan for how it will run and that it has the necessary resources and processes in place to achieve its goals.

In Nigeria and Africa, the Operations and Management section is particularly important given the unique challenges businesses face in these regions, including limited access to capital, infrastructure, and skilled labor. By demonstrating a solid understanding of these challenges and outlining a clear plan for how the business will overcome them, entrepreneurs can increase their chances of success and attract potential investors or partners.

The Business Operations section of a business plan details how the company will function on a day-to-day basis. It includes information on production, logistics, and procurement, as well as personnel management, and the policies and procedures that will guide the business’s operations. This section helps to demonstrate the feasibility and practicality of the business model.

The Management and Organizational Structure part of a business plan’s Operations and Management section describes the roles and responsibilities of the management team and how the company will be structured to achieve its goals. It is crucial for investors to understand the management team’s capabilities and experience, and how they plan to manage the business.

The Staffing and Training section of a business plan’s Operations and Management section outlines the workforce plan, including staffing needs and training programs to enhance employee skills. For businesses in Nigeria and Africa, it is crucial to focus on providing adequate training to staff to ensure they can perform their roles efficiently.

The Business Processes and Systems section of a business plan’s Operations and Management outlines the procedures and technology necessary for the business to function efficiently. In Nigeria and Africa, it is important to consider the availability of reliable infrastructure and resources for implementing these systems and processes.

The Risk Management section of a business plan’s Operations and Management outlines the potential risks and challenges that the business might face and provides strategies for managing and mitigating them. This includes identifying risks such as financial, legal, operational, and strategic risks and developing contingency plans to address them.

Section 6: Financial Plan

The Financial Plan section of a business plan outlines the financial projections and requirements of the business. It includes an analysis of the company’s financial health, cash flow, and revenue forecasts. This section is crucial for attracting investors, as it provides a clear picture of the financial viability and profitability of the business.

The financial plan includes several key components, such as the startup costs, projected income statement, balance sheet, and cash flow statement. It also outlines the funding requirements and sources, including potential loans, grants, or investments. The financial plan should be realistic and based on accurate financial data to provide a solid foundation for the business.

Overall, the Financial Plan section provides investors with a clear understanding of the financial health of the business, its revenue potential, and funding needs. This information is essential for making informed investment decisions and is crucial for the success of the business.

The financial assumptions section of a business plan’s financial plan outlines the assumptions made about the financial projections, such as revenue growth rates, pricing strategies, and cost structures. This section helps to justify the financial projections and to identify potential risks and challenges to achieving them.

The Income Statement is a financial report that shows a company’s revenue, expenses, and net income over a specific period. This section of a business plan’s Financial Plan will include projected income statements for at least three years, outlining revenue streams, cost of goods sold, operating expenses, and net income.

The Balance Sheets section of a business plan’s Financial Plan provides a snapshot of the company’s financial position by detailing assets, liabilities, and equity at a specific point in time. It allows investors and stakeholders to assess the company’s financial health and sustainability. It’s important to accurately project and manage financial resources to ensure profitability.

The Cash Flow Projections section of a business plan’s Financial Plan provides a detailed projection of the cash inflows and outflows for the business over a certain period. It helps identify any potential cash shortfalls and allows for proper planning to meet financial obligations. It is an essential tool for effective financial management in Nigeria and Africa.

The Break-Even Analysis in a business plan’s Financial Plan section calculates the level of sales needed to cover all fixed and variable expenses, so the business neither profits nor incurs losses. It is an essential tool to evaluate the feasibility of a business idea and its potential profitability in Nigeria and Africa.

The Capital Requirements section of a business plan’s Financial Plan outlines the amount of funding needed to start or expand the business, and how that capital will be used. This includes expenses for equipment, inventory, and marketing. A well-crafted plan can help investors evaluate the business’s financial viability and potential return on investment.

The Sources of Funding section of a business plan’s Financial Plan outlines the various potential funding sources for the business, including loans, investments, and grants. It details the terms and conditions of each funding source and provides a plan for securing the necessary capital to start and grow the business in Nigeria and Africa.

Section 7: Appendices

The appendices section of a business plan is where you include any supporting documents that provide additional information that may not have been covered in the previous sections of the plan. These documents can include resumes of key personnel, legal documents, contracts, market research data, product images, and any other relevant materials.

Including these documents in the appendices section helps to provide readers with a more comprehensive understanding of the business and its operations. It also shows investors and lenders that you have conducted thorough research and have a clear understanding of your business needs.

It is important to organize the appendices in a logical and easy-to-navigate manner, with clear labels and references to the relevant sections of the plan. This ensures that readers can quickly locate the information they need without having to search through multiple documents.

The Supporting Documents section of a business plan’s Appendices typically includes any additional materials that support the information presented in the plan. Examples may include market research reports, legal documents, resumes of key team members, and product/service brochures. This section helps provide readers with more in-depth information about the business and its operations.

The Market Research and Surveys section of a business plan’s Appendices includes any relevant market research, surveys, or data that supports the business plan’s market analysis and strategies. This can include industry reports, customer surveys, competitive analysis, and any other research conducted to support the business plan’s assumptions and decisions.

The legal documents section of a business plan’s appendices typically includes any legal agreements, licenses, permits, and other documentation relevant to the business. In Nigeria and Africa, this may include company registration documents, tax identification documents, and any permits required by regulatory bodies. It provides investors with proof that the business is in compliance with legal requirements.

The Resumes of Key Personnel is a part of a business plan’s Appendices section that provides detailed information about the key personnel, including their qualifications, experience, skills, and achievements. It helps investors assess the management team’s ability to execute the business plan successfully.

The Financial Statements section of a business plan’s Appendices includes detailed financial reports, such as balance sheets, income statements, and cash flow statements, which provide a comprehensive overview of a company’s financial performance. This section is important for potential investors, as it helps them assess the company’s financial health and potential profitability.

Section 8: Conclusion

The conclusion part of a business plan is where the writer summarizes the entire document and reiterates the main points. It is essential to make a good impression on the reader and show that the writer has a solid understanding of their business idea, market, and financial projections. The conclusion should highlight the strengths of the business plan, such as the uniqueness of the product or service, the potential for growth, and the overall feasibility of the business. It is also an opportunity to discuss any potential risks or challenges and how they can be addressed. The conclusion should leave the reader feeling confident in the potential success of the business and interested in learning more.

The Summary of Business Plan is a brief overview of the main points covered in the business plan, including the company’s mission, products or services, target market, competitive advantage, management team, financial projections, and funding requirements. It serves as a final pitch to potential investors and stakeholders, highlighting the key selling points of the business idea.

The final thoughts section of a business plan’s conclusion should briefly summarize the key points of the plan and highlight its strengths. It should also provide a clear call to action for the reader, such as seeking investment or launching the business. In Nigeria and Africa, it’s important to emphasize the potential for growth and the unique value proposition of the business.

Section 9: References

The References section of a business plan is where you list all the sources that you consulted while writing the plan. This section helps to establish the credibility of the plan by showing that you have done your research and used reliable sources of information.

In this section, you should include a list of all the books, articles, reports, and other documents that you used to gather information for your plan. Be sure to include the author, title, publisher, publication date, and any other relevant information that will help the reader locate the source.

By including a References section in your business plan, you demonstrate your commitment to accuracy and your willingness to provide your readers with the information they need to evaluate your plan.

See Also:  Hire The Best #1 Rated Professional Business Plan Writers and Business Proposal Writers in Nigeria and Africa

Tips For Creating A Small Business Plan That Will Get Funded In Nigeria and Africa

  • Identify a viable business idea: Start by identifying a business idea that is feasible and has the potential to succeed in the Nigerian or African market.
  • Conduct market research: Conduct thorough market research to determine the target audience, competitors, and potential demand for the product or service.
  • Define the target audience: Clearly define the target audience, their demographics, behavior, and preferences.
  • Develop a unique value proposition: Develop a unique value proposition that sets the business apart from its competitors and communicates the benefits of the product or service.
  • Determine the business structure: Decide on the legal structure of the business, such as a sole proprietorship, partnership, or limited liability company (LLC).
  • Develop a marketing strategy: Develop a comprehensive marketing strategy that outlines how the business will reach its target audience and promote its products or services.
  • Determine the startup costs: Estimate the startup costs required to launch the business and consider various funding options.
  • Determine the pricing strategy: Determine the pricing strategy based on the cost of production, market demand, and competition.
  • Create a sales forecast: Develop a sales forecast that outlines expected revenue and expenses for the first few years of operation.
  • Develop a team: Build a strong team of experienced professionals who are passionate about the business and its mission.
  • Develop a financial plan: Create a detailed financial plan that includes projected income statements, balance sheets, and cash flow projections.
  • Consider legal requirements: Be aware of legal requirements, such as permits and licenses, necessary to operate the business in Nigeria or Africa.
  • Develop a contingency plan: Create a contingency plan to address potential risks and unexpected events that may impact the business.
  • Seek professional advice: Consult with experienced business professionals, such as lawyers and accountants, for guidance and support.
  • Determine the funding options: Research various funding options, such as loans, grants, and investors, and determine the best fit for the business.
  • Write a clear and concise executive summary: The executive summary should be a brief overview of the business plan, highlighting key points and objectives.
  • Use data and statistics to support claims: Use relevant data and statistics to support claims made in the business plan.
  • Provide a detailed marketing plan: Provide a detailed marketing plan that outlines the target audience, marketing channels, and promotional activities.
  • Be realistic: Be realistic about the business’s potential for success and avoid making unrealistic projections.
  • Use a professional format and design: Use a professional format and design for the business plan, including clear headings and subheadings.
  • Keep the language simple and easy to understand: Use simple and easy-to-understand language to ensure the plan is accessible to all readers.
  • Consider cultural differences: Consider cultural differences when developing the business plan, including language and customs.
  • Test the product or service: Test the product or service with a small group of potential customers to gather feedback and make necessary improvements.
  • Continuously update and refine the plan: Continuously update and refine the business plan based on new information and changing circumstances.
  • Be passionate and committed: Finally, be passionate and committed to the business and its mission, as this will help inspire others to invest and support the venture.

See Also:  The Difference Between A Feasibility Study And A Business Plan

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Types of equipment & tools used in writing a business plan in nigeria and africa.

  • Computer or laptop with a word processing software: A computer is essential for writing, editing, and formatting the business plan. A word processing software like Microsoft Word or Google Docs is necessary to create a professional-looking document.
  • Printer and scanner: A printer and scanner are essential for printing and scanning documents needed for the business plan, such as financial statements, market research reports, and legal documents.
  • Internet access: A reliable internet connection is necessary to research information and communicate with potential investors or partners.
  • Accounting software: Accounting software can help create financial projections and track financial information.
  • Presentation software: Presentation software like PowerPoint or Keynote is helpful when presenting the business plan to potential investors or partners.
  • Project management software: Project management software like Asana or Trello can help keep the business plan organized and on track.
  • Business plan software: Writing a business plan can be a challenging undertaking for entrepreneurs; nevertheless, it is a crucial aspect of launching or expanding a business. Fortunately, various resources can aid in the process, ranging from planning and drafting tools to graphics creation, financial data synchronization, and more. Moreover, business plan software offers templates and instructional materials, which can enable one to finalize a comprehensive plan within hours, instead of days. One of the best business plan software out there is LivePlan. It makes the business plan writing process very easy.

See Also:  The Dos And Don’ts Of Writing An Amazing Business Plan

Types Of Organisations That Provide Grants, Capital or Funding To Businesses In Nigeria and Africa

  • Commercial Banks: Commercial banks are the most common sources of finance for businesses in Nigeria and Africa. They provide loans, overdrafts, and other forms of credit to businesses that submit a sound business plan.
  • Development Finance Institutions (DFIs): DFIs are specialized financial institutions that provide finance to businesses for development purposes. Examples of DFIs in Nigeria and Africa include the Bank of Industry, African Development Bank, and Development Bank of Southern Africa.
  • Microfinance Institutions (MFIs): MFIs provide small loans and other forms of financial services to micro and small businesses. They are particularly important for businesses that may not meet the requirements of commercial banks.
  • Venture Capitalists (VCs): VCs are investors who provide capital to start-ups and early-stage businesses with high growth potential. They typically invest in exchange for equity in the business.
  • Angel Investors: Angel investors are high net worth individuals who provide finance to start-ups and early-stage businesses. They typically invest in exchange for equity in the business.
  • Crowdfunding Platforms: Crowdfunding platforms allow businesses to raise finance from a large number of individuals in exchange for rewards, equity, or debt.
  • Government Agencies: Various government agencies provide grants and other forms of finance to businesses. Examples of such agencies in Nigeria and Africa include the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Youth Service Corps (NYSC) Entrepreneurship Development Programme.

These are some of the common organizations providing finance to businesses who submit business plans in Nigeria and Africa. It is important for businesses to identify the right type of organization to approach for finance based on their needs and stage of development.

See Also:  How To Secure Commodity Trade Finance For Your Import/Export Business

Common Mistakes People Make When Writing A Business Plan In Nigeria and Africa

  • Lack of Research: Failing to conduct thorough market research can lead to an inaccurate business plan that doesn’t adequately reflect the realities of the market.
  • Inaccurate Financial Projections: Overestimating revenue or underestimating costs can lead to unrealistic financial projections, which can hurt your chances of securing funding.
  • Lack of Clarity: A business plan should be clear and concise, and written in language that is easy to understand.
  • Poor Formatting: A business plan should be well-organized, with clear headings and subheadings, and consistent formatting throughout.
  • Ignoring Competitors: Failing to analyze and address competitors in your business plan can give the impression that you haven’t fully thought through your business idea.
  • Lack of Specificity: Vague or overly general statements can undermine the credibility of your business plan.
  • Unrealistic Goals: Setting unrealistic goals can lead to a business plan that is not taken seriously by investors or lenders.
  • Poor Writing: Poor grammar and spelling errors can make your business plan look unprofessional and damage your credibility.
  • Neglecting Marketing: A strong marketing plan is crucial for success, and should be a key component of any business plan.
  • Ignoring the Financials: Failing to provide a detailed and realistic financial plan can undermine the credibility of your entire business plan.
  • Lack of Detail: A business plan should be detailed and comprehensive, leaving no important information out.
  • Incomplete Market Analysis: An incomplete market analysis can lead to inaccurate assumptions about the market and your business’s place within it.
  • Overlooking Risks: Every business has risks, and failing to address them in your business plan can make it seem like you haven’t fully thought through your idea.
  • Unrealistic Timelines: Setting unrealistic timelines can make your business plan seem unrealistic and undermine your credibility.
  • Lack of Innovation: A business plan should demonstrate how your business is unique and innovative, and what sets it apart from competitors.
  • Lack of Expertise: Investors and lenders want to see that you have the expertise and experience to successfully run your business.
  • Failure to Adapt: A business plan should be flexible and adaptable, to reflect changes in the market or business environment.
  • Ignoring Legal Issues: Failing to address legal issues such as licensing and permits can cause problems down the line.
  • Failing to Identify Your Target Market: A business plan should clearly identify your target market and demonstrate that there is a demand for your product or service.
  • Lack of Realistic Assumptions: Failing to make realistic assumptions can lead to inaccurate financial projections and undermine the credibility of your business plan.
  • Failure to Address Sales Strategies: A business plan should clearly outline your sales strategies and demonstrate how you plan to generate revenue.
  • Ignoring Operational Issues: Failing to address operational issues such as production and logistics can lead to problems down the line.
  • Overestimating the Size of the Market: Overestimating the size of the market can lead to unrealistic revenue projections and hurt your chances of securing funding.
  • Lack of a Clear Value Proposition: A business plan should clearly demonstrate the unique value that your business offers to customers.
  • Ignoring the Competition: Failing to analyze and address competitors in your business plan can give the impression that you haven’t fully thought through your business idea.

See Also:  Difference Between A Business Plan And A Business Model

To Sum It Up

In conclusion, writing a business plan is a crucial step for anyone starting or expanding a business in Nigeria and Africa. A well-written business plan serves as a roadmap for your business, helping you to stay focused, organized and make informed decisions. While there is no one-size-fits-all approach to writing a business plan, it is important to follow a step-by-step guide and avoid common mistakes to ensure that your plan is effective and attractive to potential investors.

This guide has provided detailed insights into the different sections of a business plan and how to write each of them effectively. Additionally, we have explored the various tools and resources available to help you create a comprehensive plan and how to use your business plan to secure funding for your business.

Remember, your business plan should be tailored to your specific business needs, and should be regularly updated to reflect changes in your business environment. With a well-written and updated business plan, you can navigate the challenges of starting or expanding a business in Nigeria and Africa with confidence.

Trying To Secure A Business Loan? Finance? Or Investment? You can now greatly increase your chances of geting the loan/investment you need with our bank and investor ready professional MBA standard business plan writing service Writing a bank and investor ready professional business plan can be challenging. If you need a professional and affordable business plan service, StartupTipsDaily’s MBA standard professional business plan writing service  is perfect for your small business. All you have to do is request an understanding of your proposed business model, and you’d have a professional MBA standard business plan ready for you in anywhere from 5 to 14 days.  You can click here to get started with using StartupTipsDaily’s professional business plan writing service to create the perfect business plan that’d get accepted anywhere.

What are your thoughts on this article about how to write a perfect business plan in Nigeria and Africa that will get funded? Let me know by leaving a comment below.

Stan Edom

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48 Comments

Nice one. I have learnt a lot from this

Thanks for the commendation Linda.

Have a wonderful time!

Thank you, well detailed.

Thank you Damilare for the commendation.

Very nice and wonderful lecture

Thank you Christian for the commendation.

I’ll need d lifeplan cos am working on a business which am about to register with CAC n we need funding. So I need to come up with an excellent business plan to present to prospective funders. Thanks for d article cos I’ve learned a lot n I’ll like to learn more as a young person.

Thanks Udofia for the comment.

You can use LivePlan to prepare a basic business plan, but we also write professional business plans for people seeking bank loans, funding, and more. You can reach us via the contact us page for a custom business plan.

I have a friend who has a very good vision/idea. He can manufacture a generating set that can generate electricity without fuel orbgas. But the problem is funding. He has tested the project with a small generator and it worked perfectly well. I don’t know if you know where we can apply for funding. Thank you

Hi Digbani,

I previously wrote an article here >>> https://startuptipsdaily.com/how-to-get-seed-funding-in-africa/ on getting seed funding for your business in Africa.

Do check it out.

Thank you for asking.

He may have to apply for a patent. This will better help his negotiation power and put him in a position of strength with potential investors. He may contact me for further advise on how he can apply for a patent. My details are [email protected] . +2348079115390

Hello Stan, I came across your post. It is very inspiring. Can you reach me on email with your contact for meeting. Thanks

Thanks for the commendation Orji.

You can reach me via the contact us page by phone or by filling in the form.

Have a great time!

Thank You So Much!

You’re welcome Khalamullah.

This is explicit and would like to consult with the writer when I aset to begin.

Thanks Ebuka for the commendation.

We can help you out with your business plan when you’re ready.

Thanks for the article, I have been running my business without a detailed business plan , now I know what I must do to stay abreast of competition.

Thanks Franklin for the comment.

Wish you the best in your business.

Wow… What a nice piece… Very educative and inspiring… Sharing it already…

Great commentary on how to write a biz plan. I need your contact am in need of one compelling plan.

Thank you for the commendation Moses.

You can reach me on [email protected] or fill the form on the contact us page or call the phone number on the contact us page.

How much do you charge per busin ess plan

Please send an email to [email protected] , and I’ll provide you with all the information you need on having a business plan ready for you in the shortest possible time.

Wow, this is really inspiring, am working on my business plan, but having an headache on it. It kept confusing but ds article help me little but I still need more professional on. Cos am into graphic design

I’m glad you found value in this article Ariseyab.

Thank you for sharing.

This is a very helpful write up. I must start writing my own business plan now.

I’m glad you found value in the article Isiaq.

i have benefited in some of the tips you mentioned in starting SME, i intend to apply for the tony elumelu foundation that is if programme which sponsors SME every year, that is if you have what it takes to starts a business of your own,

Good to know you’re applying Hibbert.

I wish you the best.

This is a very good information you are giving out here. I really learn some new things very time I check here. Keep up the good work, God bless you.

Thank you for the commendation Seun.

More grease to your elbow man…it’s awesome!

Thank you for the commendation Alonsoft.

I am pleased reading this piece. I don’t mind doing business with u in the nearest future.

Thank you for the commendation Godswill.

I am working on setting up a law firm and my currently preparing my business plan. This article has broadened my horizon on what is needed. A very big thank you to the author.

Thank you for the commendation Adejo.

Great information you have here. Really learnt something new. Thanks

Thank you for the commendation Equipux.

Am quite impressed by ur articles on business ideas and essence of good planning.You are a stitch in time to so many beginners.I am interested in agribusiness n look fwd to engaging u on the same. Hezron (Kenya)

Thank you for the kind words Hezron.

I hope to help out in any way I can.

Do have a great time!

Have really learn a lot.Thanks for inspiring me.

You’re welcome, Esther.

Well written. The executive summary is actually a very important part of a business plan.

Hi pls I really interested to start a Bakery Breads company in Nigeria But I don’t from where I will start

Pls help me to writte the Bakery Proposal pls pls I am beg you For information 08106919019

Please send an email to [email protected] .

This is helpful very straight to the point. It is a simple business plan format for any start-up

Comments are closed.

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How to Write a Business Plan in Nigeria

  • Startup Businesses , Career Development , Business Financing

How to Write a Business Plan in Nigeria

Thinking about how to create a business plan for your small or medium sized business? Learn how to write a business plan in Nigeria from the professional business plan consultants. Most Nigerian entrepreneurs and companies do not have or implementation business plans when starting or growing up their businesses. They perhaps believed that business plan is just a document or paper that will not give them the most need capital to scale up their business ideas or investment.

Of course, a business plan is a written document that describes a business, its products or services, strategies and procedures on how it will galvanize it scarce human and material resources in a day-to-day operations in order to make profits. A business plan would contain everything a reader may want to know about your business , starting from the title page, the executive summary, the company description and to the appendix page.

Our accounting and taxation consultants can fill tax returns for your business, project your capital expenditure budgets and compose other business development and small business administration (SBA) or legal documents that set-up your business in the right way to success. We provide business profiling services such as writing of your Vision and Mission Statements , brand positioning statements, employee handbooks, and provide web designing , corporate branding and packaging services.

4 Reasons Why you need a Professional Business Plan in Nigeria

#1. it helps you prioritize your business goals.

When you setup and go into your own business without proper business planning and research process; they end up investing in a business for the wrong reasons.  And before the first two to three years, they would be forced to close down. Why?  Because they believed that writing a business plan would not stop the money from coming as they expected, until they ran into management or business ownership crisis.

#2. It Helps You Avoid Initial Startups Mistakes

To help business executives avoid failures in the future, we develop winning business plans that prioritize your company deliverables right from the start-up stage and meet all your business needs. This will help us build a sustainable leadership culture and business structure for you.

#3. It Provides Go-to-Marketing Insights and Strategies

While there a lot of steps involved in starting a business; these can be overwhelming to any small business owner and startup entrepreneurship. Connect with best business plan writing professionals in Nigeria who understand the Nigerian consumer markets and viable business environments. We offer valuable assistance to bring your brand products and services into reality.

#4. It Provides Answers to Your Startup Questions

Many Nigerian entrepreneurs who have brilliant business ideas usually ask us these important questions and here are some of our answers:

  • Why do I need a business plan to start my business in Nigeria?
  • Do you write business plans for new business or existing businesses?
  • How much does it cost to write a good business plan in Nigeria?
  • Can I use my business plan to get a business loan from the banks?
  • How can I use my business plan to secure new investors for my business?
  • Can you create free sample business plans for my type of business?
  • How long does it take your company to writer winning business plans?
  • Can I get full script or hard copy of the written business plan from you?

How We Do Expert Business Plan Writing in Nigeria

Asking what is the cost of writing a business plan in Nigeria? Well, most professional business plan experts would charge between ₦100,000 and ₦250,000 Naira for fully researched business plan writing services. We create custom business plan that is specifically developed for your business industry from the scratch.

Asking about free business plan samples, we offer easy to use pre-written business plan templates at affordable prices. If this is what you want, such samples will help you organize your unique business idea and set out an amazing business plan for your sole proprietorship business, enterprise or limited liability company.

Asking if you need a business plan for new and existing businesses? the answer is YES! We build successful business plans for all kind of businesses; be it beauty salon business plan, pharmacy shop business plan, wellness and transportation industries, hospital business plan, travel and hotel business plan, agriculture business plan and fish/poultry farming business plan.

When creating a business plan with us, you will get a top notch business plans for food processing and supply chain businesses, fashion design, café and restaurants business plan, automobile mechanic and car driving school business plan, fintec business plan, waste recycling and water treatment and ICT business plan, print shop business plan, event planning, supermarket and ecommerce retail business plan.

When preparing to write a outstanding business plan that fits your business objectives, we conduct industry research, carry out competitor analysis and include our carefully crafted parameters in your business plan format . We consider how to write the Executive Summary that will capture the attention of your target audience. Base on our target market analysis and your input, we write Company Description, the Business Organization, Management Structure, and Product Line or Company  Services.

Our marketers know how to package your startup business ideas on your business plan documentation in order to help you get that nodes and supports you need from potential investors or financial institutions. We design professional websites, marketing plan and employ qualified accountants who can use the available figures and market findings to calculate your business funding requests and future cash-flow financial projections ( whether in the next three or five years).

As Lagos based corporate branding and business plan writing company in Nigeria , we help business individuals and companies to plan and develop their businesses from business proposal to business plan writing, project feasibility studies and target market research. We offer business SWOT analysis, booking accounting services , and investment management software development.

Contact us for more free business advisory services or information on how to write a business plan in Nigeria.

Related: How to Start a Business in Nigeria 

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The Info Worth

How to Write a Business Plan in Nigeria (8 Simple Steps)

how to plan a business plan in nigeria

In many of our business ideas articles, we have written about business plans and why they are important before starting a business in Nigeria. In these business ideas articles, we have also expressed how easy it is to write a simple business plan in Nigeria but many of our readers still feel this is difficult. 

So in today’s article, we will be guiding you on how to write a business plan in Nigeria for any business or company – both business ideas ranging from general business to agricultural-based businesses. Many Nigerians do not know that business plans are also needed for agricultural bases businesses also known as agribusinesses.

They feel because agricultural businesses are about farming that they do not need business plans whether on a large scale or small scale but this is not true. To be sure that any business or agricultural business is lucrative and profitable enough for you, you need to write a business plan for them.

So at the end of this article, you know how to write a business plan as a Nigerian and you will be glad you came across this blog.

What is a Business Plan?

A business plan is a document that sets out a business’s future objectives . It also set out the strategies to achieve them. A business plan is always written in a formal form. It is also written in a way that it can be easily understood. A good business plan guides you through each stage of starting and running a business .

A business plan is a roadmap to making profits in business.

Cost of Business Plans in Nigeria

The cost of business plans in Nigeria varies. It depends on so many factors like the business idea or what the business plan is about, the professionalism of the writer, and the scarcity of the business plan. However, averagely the cost of a business plan in Nigeria ranges from #5,000 – #20,000 . Business plans are hardly priced because of the efforts put into them.

How to Write a Business Plan in Nigeria

Here are the steps on how to write a business plan in Nigeria.

1. Write a Detailed Summary

The first step to writing any business plan in Nigeria is to write a detailed summary of the business or company. This part is chapter one – the first page you see when you attempt to read a business plan. When we say a detailed summary we are talking about a summary that does not miss any vital part of the business. 

So let us say you are writing a business plan for a foodstuff business in Nigeria, you need to make sure that when you are writing a detailed summary on this topic you did not miss any vital part about the summary. The detailed summary must be able to educate anybody reading the business plan.

For them to be able to know what the foodstuff business is generally entirely about in Nigeria.

2. Describe your Company or Business

After writing a detailed summary of what the business/company is about, the next step is for you to describe what the company or business is all about. Many Nigerians think that a business plan is only needed for people who want to start a business but this is not always true.

Business plans aside from being for the person that wants to start the business, it is also for any potential investor that wants to invest in a business or company. So let us say you want to start a provision store business in Nigeria. When you are writing a business plan for the provision store business , firstly, write the provision store business plan to fully educate yourself about the business.

And secondly, you are writing the business plan to educate investors about the business. What I am saying is that business plans are majorly written to educate and attract investors to invest in a business or company .

3. Outline your Business Goals

Every business has a goal. Now is the time to outline the goals of your business or company. If the business is a new business that you are just about to start you might not know the goals of the business yet. For this reason, you might need to do a lot of research but if the business is a business you have already started you might know a few goals of the business.

In case you do not know what a business goal is. Simply put, a business goal means what the business or company is supposed to achieve as time goes by. This could be within a year, every 2 years, every 5 years, or every 10 years. This achievement will be in terms of profits, popularity, net worth, inventory, and more.

However, it depends on whether the business is a farming business , production business, or services business . You need to outline the goals. If you do not know this, you can read online materials and other types of materials to be fully informed about the business.

4. Describe your Products or Services

To run a business in Nigeria, means you are either selling products or rendering services. Even in a farming business , you are selling products. These products are called farm produce generally. You need to describe this product in step 4 of the business plan.

For easy understanding, you can list and explain these products. If it is just one product or service you can explain it in full detail without hiding any valuable information. The description of products or services in your business plan should not exceed a page or a maximum of two pages so that you do not bore the reader.

5. Conduct your Market Survey

If you have been reading my articles on business ideas and agribusinesses on this blog you will have heard me mention market survey many times and why it is important before starting a business in Nigeria. I tell anybody that wants to start a business in Nigeria to always conduct a market survey even if they cannot write or get their hands on free business plans.

This is because market surveys most times let you know whether a business is fulfilling a need and can therefore make profits. So what can you do or how can you conduct a market survey for a business ? Before you can conduct a market survey you need to gather information from those your products or services are for.

For example , a barbing salon renders barbing services majorly for boys or men. If you are conducting a market survey for that barbing salon you will need to ask only men about the business. Do you need to ask questions like how much do they use to barb their hair averagely?

What kind of style do they prefer? How often do they barb their hair? Do they like keeping beards and more? These questions and the answers to them are what we call market surveys.

6. Outline your Marketing or Sales Plan

Every new business in Nigeria must have a marketing or sales plan. This means that a business plan must be able to provide unique ways businesses can promote their goods or services. It must also outline how it will sell its goods or services to customers.

All these must be well stated. One of the importance of a business plan is to ensure a business or company knows how to make profits without spending too much on adverts.

7. Conduct your Business Financial Analysis

A business financial analysis is the breakdown of how money comes into the business and how it goes out. In simpler terms, this is the breakdown of income and expenditure in business. Your business financial analysis will list how much you will make per product or service.

How much is the true cost of a product or service and what do you spend in the business (expenditure)? For easier understanding, you can use a table format for the cost of goods and their selling price and have another table for income and expenditure.

8. Make your Financial Projections 

The financial projection in your business plan is how much you think the business or company will make after 1 or 2 years. The financial projection is often what investors want to read first because it exposes whether the business will be profitable or not.

It also informs investors about the profit margin whether it is wide or narrow. If it is narrow some investors might shy away from investing in the business or company. All financial projections must be stated clearly. For easy understanding, it can be in a tabular format.

Business plans are very important in Nigeria for all businesses and companies. Asides from writing about any business you want to start, you can also write business plans using this format for your family and friends to make money. Reach out to us at [email protected] if you need help writing a business plan for your business idea.

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Ralph Bamigboye is an Accountant. He is the owner of TheInfoWorth.com, NetWorthVerse.com and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

how to plan a business plan in nigeria

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How To Craft A Business Plan In Nigeria (2024)

by Chizoba Ikenwa

A document that is alive and evolving, mapping out the intricate details of your business – this is what we call a business plan. In this informative piece, you will gain insights on how to construct a professional business plan.

A comprehensive business plan comprises the following: the products and/or services your business offers, the framework in which your business operates, an analysis of the market you’re entering, strategies for sales and marketing, the necessary funding, financial projections, and the mandatory documentation such as permits and leases.

TABLE OF CONTENTS

A business plan is a crucial tool for securing funding or bringing new business partners on board. Investors are understandably cautious when it comes to parting with their resources, and a well-crafted business plan can be the difference between a successful investment and a risky one.

Despite the importance of a business plan, it is not an arduous undertaking. On the contrary, it is a simple yet effective tool that can be used to drive and manage business growth. A business plan enables a business to define its goals, strategies, timelines, and budgets, thereby providing a clear roadmap for achieving its objectives. Numerous templates for business plans can be found online, making the process even simpler.

The significance of creating a business plan cannot be overstated. It is essential to learn how to create a business plan that is tailored to your business’s specific needs and goals, and that will yield the desired outcomes. With this in mind, the aim of this content is to equip you with the knowledge and skills necessary to create a successful business plan that will help you achieve your desired results.

TIPS ON WRITING A BUSINESS PLAN

Here are some advice on crafting a professional business plan.

  • DO YOUR RESEARCH

You must choose the firm’s structure, marketing approach, and financing before you can write a business plan. Your analyses and projections are more likely to be accurate with this information.

  • IDENTIFY THE BUSINESS PLAN’S OBJECTIVES

Determine the objectives on how the strategy of the business plan will be used, such as internally or by outside parties. This aids in deciding what information to pay attention to. Before beginning the business plan drafting, it’s crucial to decide which portions of the plan apply to your company.

  • ASK FOR ASSISTANCE

If you aren’t confident in your ability to prepare a business strategy, seek expert assistance. Pay attention while you are being assisted since it is crucial that you comprehend and can defend the information in your company plan.

  • MAKE A NOTE OF THE ESTIMATED AND ACTUAL FIGURES

It’s important to convey expectations clearly when launching a firm in order to avoid misleading investors. Of course, you should have actual numbers if your firm is already operating.

  • DECIDE WHAT MAKES YOUR BRAND UNIQUE

Being original is key. So, consider your company’s unique selling proposition thoroughly before drafting a business strategy. Set yourself out from the many nearby companies and competitors that offer the same products or services.

  • MAKE THE BUSINESS PLAN CONCISE AND ORGANISED FOR QUICK READING

Business plans today are simple and less wordy than in the past. Don’t, for instance, mention every finding from your market research. Save these specifics in the appendix or somewhere else for your own use. Use headings, bullets, and italics to draw readers’ attention to the most relevant material since formatting is crucial.

  • MODIFY IT AS TIME CHANGES

Because a business plan is an ever-evolving document, it should be updated as circumstances change and as necessary for specific purposes.

CONTENT OF A PROFESSIONAL BUSINESS PLAN IN NIGERIA

The manner in which a business plan is written should be professional. There are two ways to write a business plan: the standard and the lean startup type. The standard type is more popular in Nigeria. They have a set format and promote details, which means they need more effort and take up several pages.

Let’s speak about developing a standard business plan. This is best for someone who is meticulous, needs a thorough strategy, or wants to obtain money from conventional sources. It’s not necessary to follow the outline exactly. Use the areas that are most appropriate for your requirements, instead. You can see a free sample here .

The sections of a thorough standard business plan are as follows:

EXECUTIVE SUMMARY

The executive summary is the initial section of a business strategy. It simply explains to the reader the goals of your business and the reasons it will succeed. Writing the executive summary after writing the remainder of the plan will allow you to incorporate important ideas from other parts.

The executive summary should convey the company’s goal statement, a quick overview of the business, details about its products or services, and staff information.

If you aim to approach investors for funding, you should also provide financial details and growth strategies. Before readers delve into the specifics, the executive summary provides a comprehensive perspective of the business and your market.

The overview, business profile, products or services, market, and financial concerns should each be covered in 1-2 paragraphs of the executive summary.

BUSINESS DESCRIPTION

This part provides information about your firm, the issues it resolves, and the target markets you want to target. It details the team members’ specialties, the business’s location, and the competitive edge that would ensure its success. In order to persuade investors, you must describe the strengths of your business in this part.

MARKET RESEARCH/ANALYSIS

The success of your firm will be decided by the market. Will your product or service be of interest to the market? When you write your business plan, you must have a solid grasp of your market and industry. Competitive analysis will highlight the strategies and advantages of rival companies. See if you can perform better than they are. Be specific in this.

Incorporate your primary research (interviews, customer surveys, etc.) as well as a study of previous research (articles and publications regarding co-working spaces). Include competitor analysis as well in this, such finding out how many other co-working spaces have a market share. They, who? Describe the advantages and disadvantages of such rivalries as well as your own competitive techniques.

ORGANIZATIONAL MANAGEMENT AND OPERATIONS

You utilise this part to describe your company’s organisational structure and key personnel to the reader. Indicate your company’s legal form and whether you want to operate it alone or through incorporation. So, it will be clearer if an organisational chart is used to explain who is responsible for what.

Showcase the special expertise that each team member possesses and how those abilities will contribute to the project’s success. Provide each member’s bio and draw attention to their experiences and education. Describe the responsibilities of any role fills for any open positions as well.

PRODUCT PLAN

This section in the business plan should describe the products or services you sell as well as their life cycles. Describe how this helps your clients. Discuss your product or service’s intellectual property filing and research ambitions. Additionally, explain the issue you’re trying to resolve and the strategy you intend to use. You must also bring up the competition.

STRATEGY FOR MARKETING AND SALES

You respond to inquiries on your market penetration strategy, business expansion plans, preferred distribution methods, customer interaction strategies, sales strategy, and long-term growth.

BUDGET/FINANCIAL PLAN

The budgeting/financial plan is crucial, therefore be sure to include all initial costs, predictions, and financing requests for investors in your financial module. The resources required to launch your firm, such as the cost of leases, computers, phones, etc., are included in the beginning cost. Provide accurate estimations. Your financial predictions should be in-depth so that investors understand where their money is going and how it will be recovered. Existing businesses will provide cash flow, balance sheets, and income statements for the previous three to five years. Add any potential loan collateral you might have.

The business plan is concluded in this section. The appendix contains supporting papers such as resumes, licences, leases, product photos, letters of recommendation, etc. But, the appendix is not mandatory.

how to plan a business plan in nigeria

Chizoba Ikenwa

Chizoba is a seasoned Information blogger, content developer and the founder of Nigerian Infopedia. He is a tech enthusiast who loves reading, writing and research

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How To Create A Business Plan For Your Business

Business Plan

Let’s help you write your business plan.

A business plan will help you get funding or bring on new business partners. Investors want to feel confident about a return on their investment and a business plan is an especially relevant tool for convincing people that investing in you is a smart choice.

Start Your Business in 30 Days Even If You Don't Have An Idea

It’s not a hefty document hence we cannot be reluctant in making one. The business plan is actually a simple tool to achieve and manage business growth. It is used to define business strategy, goals, deadlines and budget. There are many business plan templates online.

That is why it is important that you learn how to create a business plan. Our purpose for this content is to teach you how to create a business plan that will get you the result you want.

See Also: Purpose for writing a business plan.

Tips When Creating A Business Plan

Before you create a business plan, you have to decide on the structure, marketing strategy, and finance for the business. This information makes your analysis and forecasts more likely to be accurate.

Determine The Purpose Of The Business Plan

Decide whether the plan is to be used internally, by third parties, etc. This helps in determining what sort of information to concentrate on. It’s important that you determine what sections of the business plan are relevant to your business before starting the business plan preparation.

Get professional help for your business plan if you aren’t confident in preparing it. While you have help, pay attention too, because it is important that you understand the contents of your business plan and can defend it.

Take Note Of Actual And Estimated Figures

When you are starting a business, and you are using expected figures, you need to communicate that properly, so as not to mislead investors. Of course, if you are already running your business, you should have actual figures.

Write The Executive Summary Last

I suggest this and in as few words as possible since a page summary filled with important information is enough.

Narrow Down What Makes You Different

Before creating a business plan, think carefully about what makes your business unique. Differentiate yourself from the numerous other same-products or service businesses in your area.

Keep The Business plan Short And Format For Easy Skimming

Business plans are shorter and more concise than they used to be in the past. Don’t include all the results of your market research, for example. Keep these details elsewhere for your own use or in the appendix. Formatting is important, therefore use headers and bullets and italics to highlight key information for the readers.

Go from idea to starting your business in 30 days

You Can And Should Change It As You Go

The business plan is a living document hence should be updated as situations change and as required for particular uses.

Choosing A Business Plan Format That Works

There is no right or wrong way to write a business plan. A business plan can be the traditional type or the lean startup type . The traditional type is more common. They use a standard structure and encourage details, as a result, they need more work and are dozens of pages long.

The lean startup type is less common and the most used is the Business Model Canvas. Lean startup plan focuses more on the summary of the important points or key elements of the plan, and is usually a page long.

See Also: A business plan sample that can be adapted for your business.

Traditional Business Plan

Let’s talk about the traditional type of business plan writing. This suits a detail-oriented person or someone who wants a comprehensive plan or desire to source funding from traditional sources. One doesn’t have to stick with the exact outline. Instead, use the sections that make the most sense for your needs.

A comprehensive traditional business plan has the following sections :

Executive summary

Company description

Product or service information

Market and competitive analysis

Marketing and Sales strategy,

Operational plan

Management summary

Financial analysis

Appendix (which contains supporting information)

I will go ahead and explain in detail all the sections and give examples where applicable.

See Also: Reasons why you should write a business plan .

Executive Summary

When creating a business plan, the executive summary is the first section. It briefly tells the reader what your company is about and why it will be successful.

It is always advisable to write the executive summary after you have written the rest of the plan, so you can draw key insights from different sections.

The executive summary should communicate the company’s mission statement, brief company profile, product or service information and information about employees.

Also, include financial information and growth plans if you intend to seek financing from investors. The executive summary gives a holistic view of the company and your market before readers dive into details.

The executive summary should cover 1-2 paragraphs of overview, company profile, product or services, the market, and financial considerations respectively.

An example of an overview section of an executive summary, using ReDahlia Workspaces, is:

ReDahlia Workspaces is a fully-serviced and co-working company located at 43B Emina Crescent Off Toyin Street, Ikeja. ReDahlia catches the interest of entrepreneurs because of its location, the fiber-optic internet, and business support services.

The company plans to build a strong market position in Ikeja through strategic partnerships by leveraging the strong foothold of the ReDahlia brand and other subsidiaries. ReDahlia Workspaces offers its services to small businesses and entrepreneurs at competitive prices that meet their needs.

Company Description

This section gives details about your company, the problems it solves, the businesses you intend to serve. It explains the competitive advantage that would make the business a success, the experts on your team, and the location of the business. You need to communicate your company’s strength in this section, so as to convince investors.

An example of the company description summary section will be:

ReDahlia is a brand committed to being everything to the entrepreneur. T hrough its different arms, ReDahlia offers integrated support services to entrepreneurs.

ReDahlia Workspaces, one of the arms of ReDahlia, provide a beautiful co-working space where business owners concentrate on being productive. Entrepreneurs.ng, another arm of ReDahlia curates insights, experiences, and information that inform, inspire and educate.

ReDahlia’s business consulting and business registration services help entrepreneurs keep their business structured. Our commitment to delivering value is compared to none.

Market Analysis

The market will automatically determine the success of your business. Will the market be interested in what you are offering? You need a good understanding of your industry and market before you create your business plan.

Competitive research will show what other businesses are doing and their strengths. Determine if you can do better than they are doing. Get specific here.

Let’s use ReDahlia Workspaces as an example. We know our target market, someone who needs a make-up studio or market stall is not our target market. Entrepreneurs who work with their laptops, who provide tech-driven solutions are our target market.

Include both an analysis of research done by others (articles and publications written about co-working spaces ) as well as the primary research (interviews, customer surveys, etc.) done by you. Also, include competitive analysis here, for example, research on how many other co-working spaces have a share of the market. Who are they? Outline the strengths and weaknesses of those competitions and strategies that will give you a competitive advantage.

An example of a market analysis summary:

ReDahlia Workspaces targets three types of customers: small businesses that need an office space and work with their computer, freelancers or solo-preneurs who need a comfortable place to work from and trainers and executives who need a comfortable space to meet.

The co-working space has many niches: there are those who offer incubation to tech innovators, those created for empowerment, and those for artisans.

ReDahlia Workspaces has carved out its own niche – our services are tailored to small businesses and entrepreneurs of different sizes.

Organisation (Operations) And Management

You use this section to let the reader know the structure of your business and who will run it. Describe the legal structure of your business and state whether you will run it solely or if it is to be incorporated. So, using an organisational chart to show who is in charge of what will give more clarity.

Show the unique experience that each team member possesses and the contributions those skills will make to the success of the venture. So, include the bios of each member and highlight their experiences and education. Also, explain what the fillers of any unfilled roles will be responsible for. An example of our personnel plan:

The labour force for ReDahlia Workspaces is small and consists of the founder who will also function as the business development manager. She will be in charge of building strategic partnerships for the ReDahlia brand and also pursue other business interests for ReDahlia. In addition, she will see to the expansion plan of ReDahlia, grow the ReDahlia community and ensure the ReDahlia brand is top of mind for prospective clients.

There is also the Client Service Manager. She is in place to oversee the most basic tasks, customer service, design graphics and oversee our social media management. She also participates in strategic sessions for ReDahlia.

ReDahlia’s accounting and legal services have been outsourced . We have established a mutually-beneficial partnership with our lawyers and accounting team. Our cleaning and security services have also been outsourced. On the surface, it looks more expensive but it takes away the daily stress of supervision and leaves us peace and time to get things done.

The daily supervision of the activities in ReDahlia Workspaces is done by the Office Assistant who ensures that clients have all they need to get work done.

Service Or Product Plan

This section should explain what you sell or what service you offer and its life cycle. Explain how this benefits your customers. Share plans of intellectual property filings and research on your product or service. Also, describe the problem you are solving and how you plan to solve it. You have to talk about the competition as well.

The Marketing And Sales Plan

You answer questions like how you plan to penetrate the market, how to grow your business, distribution channels to focus on, how to communicate with customers, sales strategy, and growth over time.

An example:

ReDahlia Workspaces plans to be more than a co-working space. We are building to be everything to the entrepreneur; to be the number one premium yet affordable co-working space.

Public relations: The press release of our launch was published on BusinessDay, ReDahlia.com, and other online platforms. We also engage in other social responsibility initiatives that create awareness for the brand. For example, we use our Instagram Live programme every Thursday to share tips on how entrepreneurs can run successful businesses.

Offline events: We have offline events like our Fusion Friday community initiative where our clients and other entrepreneurs come in for an evening of networking, fun and entertainment. We employ companies to sponsor this event. The last one was sponsored by Hygeia. Another offline event of ours is The Network.

Articles publishing and offline advertising:  We publish regularly and have been featured on other blogs. We have brochures that we go out to specific places and events to share because we know our clients are there.

Internet and social media: We have a constantly-updated website and have received several inquiries from it. Our footprints are on social media as well with a uniform handle – redahliabi z and ntrepreneursng

Financial Plan

The financial plan is important, so outline your financial module in detail including startup cost, projections, and funding request for investors. The startup cost is the resources needed to start your business – the cost for leases, computers, phones, etc. Be honest with estimates.

Detail your financial projections so investors know where their money is going and how they will recoup it.

Businesses already existing will include income statements, balance sheets and cash flow for the last three to five years. List any collateral you have that can be used against a loan.

The Appendix

This part closes the business plan. Supporting documents (resumes, permits, leases, product pictures, letters of reference, etc.) are published under the appendix. The appendix, however, is optional.

There, you have it! That is how you create a business plan.

I hope I have been able to help you. It’s time to turn that business idea you have into a reality. We are committed to helping you realise your dream of being an entrepreneur, so, feel free to talk to us. We will help you create your business plan.

Talk to us on WhatsApp- at 08038874148 so we can create your business plan today.

Let’s create visibility for your business today and put you on the world map. Call now to make your brand the preferred choice for our audience of entrepreneurs and business leaders.

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22 thoughts on “how to create a business plan for your business”.

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How interesting!!! I really wanted starting a business of my own but did not know how well to go about it… Your content is an inspiration and also a breakthrough for me… I will love to share my business ideas with you so as to get more briefing from you..

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Hello Samantha,

We are happy you found the content insightful.

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Please, take a look at all the different ways we can work with you and increase your success here: https://entrepreneurs.ng/services/

And reach out to us on WhatsApp- 08038874148.

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The content was very helpful and educative

Hello Christian,

We are glad you found the content helpful.

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Thank you, Nehemiah.

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Good morning Please I am in ENUGU and I need a feasibility study.

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Thanks so much for this information. I need a good business plan that will guide me through the market. And also how to develop my brand

Dear Chidinma,

You can contact us directly at [email protected] or 08038874148. That way, we can discuss how to grow your brand.

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This was helpful. Thanks for the update

Thank you. We are glad you found the content useful.

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I think you are on point. I’m about to start a new brand in the food industry within Obio/Apko L.G.A near Port Harcourt, Rivers State. And I think I and my partner would need your expertise to enable us to avoid pitfalls.

Hello Chidiebere,

Thank you for reaching out to us. Please reach us at [email protected] or 08038874148.

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This was one of the most informative pieces of information that gave me the strength to believe in the fact that I am moving in the right direction! Thanks so much!!

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This is interesting and insightful!

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This is so insightful, detailed and straight to the point. I’ve been searching for this online for some while. Glad the algorithms or SEO brought me here.

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how to plan a business plan in nigeria

How to Write a Business Plan in Nigeria – Simple Guide

how to plan a business plan in nigeria

Do you feel overwhelmed by the idea of writing a business plan that is of standard?

Don’t be agitated. Writing a business plan is not as difficult as you think.

You can make it as simple and less cumbersome as possible without missing out any important details.

When you start a business in Nigeria or any part of the world, you need direction, focus, and set goals so you can follow a tract and succeed.  You need to know what your business entails and how you will go about meeting your goals and objectives.

You also need funding to grow your business. Any serious investor would want to know the feasibility of your business before putting their money in it.

In all these, a business plan is the answer. It helps you to have a clear picture of what your product and services is all about, where you are taking your business and how you will achieve set business goals.

But what exactly is a business plan?

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According to The Balance Small Business

“A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized. It is the road map to the success of your business”.

Shopify defines a business plan in more instructive terms: It is “A document describing a business, its products or services, how it earns (or will earn) money, its leadership and staffing, its financing, its operations model, and many other details essential to its success”.

Many new business owners believe that business plans are mainly used for seeking fund. But there are other reasons a business should have a plan. Below are some of the benefits of a business plan:

  • To evaluate your business ideas:

How many people will buy my products and services? How much money will I spend to hit the ground running? What resources will I need? How much time will I spend on my business?

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These are important questions any serious minded business would have to find answers to before going ahead with any business. A well written business plan should address these questions for you.

If you have more than one business idea in your head, by the time you do a rough business plan for each of them, you should be able to know which of them is really worth your effort, time and money.

  • To carry out market research

According to Oberlo.com

Market research is a systematic process of collecting, analyzing and interpreting information about a target market, consumers, competitors and the industry as a whole.

Market research is the foundation of any successful company and it can be used for a number of different purposes – from identifying a new market to launching a new business.

The data you collect from a market research should find answers to questions such as: Will people actually buy my products and services? How many of them can buy my product? What are their financial status? What are their alternatives? Who are your competitors in the market? And other vital pieces of information.

These findings will shape your business plan and then use the data you gather in making strategic decisions.

If you do not want to write a business plan, you may not want to do a market research. So writing a business plan helps you do the needful – carry out a market research.

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  • For new Hires

A business plan is the best way you can easily communicate your business vision and mission to your new hires or team member.

Before a new hire gets on board, they need to be on the same page with other team members, knowing the goals, mission and vision of the business and how to contribute their own quota to achieving it. Without such plan, they may loose focus.

  • For Collaborations and partnerships

Like new hires, potential partners and collaborators on the same page with the company. They need to know your target market; the size of the market, your business goals and vision and strategies for growth.

With these pieces of information readily available in a business plans, it becomes easier for other organizations to identify the possibility of collaborating and partnering with your business.

  • For Pitching Competition

Techpoint Africa organizes a monthly pitching competition where startup ideas are presented to an audience who would judge their pitches.

If you don’t have a great business plan to start with, you cannot produce a great pitch.

Tony Elumelu  Foundation competition is another business plan competition in Nigeria and Africa

which you can only apply for and even win with a well written business plan following all stated criteria.

Now that we have we have gone through the uses of a business plan, it is time to write a winning business plan for your business.

How to Write a Business Plan in Nigeria – Simple Format

Before you write a business plan that will fly, there are a few important information you need to have at the back of your mind throughout this process. Let’s quickly run through it.

  • Simple is the new cool

We cannot emphasize enough the need for your business plan to be simple. An effective business plan must be very simple, straight to the point yet contain necessary detail. Provide as much information as needed by your readers in the simplest form possible, especially in the executive summary section of the plan.

Keep your business plan as coincide as possible. No one will ever read 20 pages of a business plan. People are getting increasingly busy and more so, the longer your plan gets, the boring it becomes. So keep it very simple!

  • Write With an audience in mind

Who is reading your business plan? Who is it not meant for?

When writing your business plan, write it with particular reader(s) in mind. This will help you to provide the required specific information and omit unnecessary details. You can have variations of your audience-target business plan. But this should be according to request so you don’t overburden yourself.

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  • Research research research!

To write an effective business plan, you need to spend time on your research. The research is basically geared toward your market and competition analysis. The rest of the plan revolves around your own ideas about your business so you can find a way around it. But for your market analysis and competition, you need facts and figure which you can only get through research.

Getting the right facts and figures from your research is useful. It will save you from wasting time, money and effort if the market is too small or not profitable.

Without further ado, below is a simple Business Plan Format that you can follow when writing your own your no matter the industry In Nigeria.

Generally, a standard business plan has an average of six sections:

  • Executive summary
  • Company overview
  • Market analysis
  • Product and services
  • Marketing plan
  • Financial plan

Now let’s quickly go through the information that should be contained in each of the six business plan segments outlined above.

  • Executive Summary

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The Executive Summary section as the name suggests, is the summary of the rest of your Business Plan. It is expected to contain a brief of what to see in the other sections of your plan. And this is why experts will advise you to write it last when you must have completed the other sections.

This part of your plan must be very brief and persuasive. Chances are your target readers don’t have the luxury of time to go through the rest of your plan. Upon reading your executive summary, they should be able to have a good understanding of what your business is all about and be persuaded to learn more.

Your business plan readers must be able to have an overview of your plan with the executive summary. So this section is one of the most important, if not the most important section.

Basically, your executive summary should contain the following information:

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Problem Statement : Here, you briefly describe the problem you are providing a solution for. Why does your business need to exit? What need does it meet?

Solution Statement: Give a brief summary of the solution you are providing. Why your solution is the best to meet the problem you have stated earlier. This should be very short as you will go into details later in the plan.

Market: Who is your target market? What is your market segment? Give brief information about this as you will provide detail later on in your plan.

Competition: You surely have competitions that you are up against. Who are they? Which of your competitions do your customers prefer?

Why we win: Here, you give a brief overview of why your team is the most suitable to build the winning business idea. What are some of the qualifications and experiences of your team members that give you an edge over others?

Marketing and sales: What are the strategies you will use to get people to know about your products –marketing and buy your products – sales? Will you use digital marketing or traditional motar and pestle approach? State clearly how you plan to get the word out there about your business. Again, be very brief.

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Operations: How will your business operate? Is it from a physical location like an office, a shop or a store? Or will you operate online? What equipment or machines do you use? Which will you need? How much space would you need and what space do you currently have? If you will need any technology i.e. website to carry out your business, here is when to state it.

Financial projection: What’s the projected revenue you foresee in say two to three years? What’s the mathematics behind your projection?

Funding: Exactly how much funding are you seeking and how do you plan to executive the funds?

Milestones: Investors like to see that your business is already gaining traction or making some form of sales or acceptance from potential customers. If your potential customers are already showing any form of interest in your business is, here is where you briefly state it.

Key metrics: What does your business success mean to you? And how will you identify it when you see it. See a breakdown of the Key Metrics in a Business Plan   to better understand.

  • Company Overview

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This is the part of a business plan I love most. Why? It’s almost the easiest section of the plan. if you truly own your business, you should find this section of the plan easy as well.

In this section, you give details about your company and the human beings behind it. This section of your business plan should contain the following components:

Overview: Here, you give details about who owns the company. Are you a sole owner? Do you have a co-founder? Or are you more than two? What is the stake of each one?

You will also answer important questions about how your business is structured legally i.e. are you a sole proprietorship or partnership? If it’s a partnership, is it a LLC or LLP or are you a non for profit? Here are all the different structures of businesses you should know

Team: Now, it’s time to give an overview of you and your team.

How many are you in the company? Who are the people? What educational backgrounds, skills and experiences are they bringing to the table? Who is missing in the team that you intend to hire when you must have secured some funding? What will they be doing for the company when they come on board?

Also, do you have a board of directors? – Your board of directors could be made up of people who have the skills, experiences, network or expertise to contribute to the growth of your company.

They might be your friends or a family member; former colleagues, a former lecturer etc. If you have such ones on a board of directors, state them in this section of your business plan.

Also, highlight the particular skills they have for the benefit of your company?

  • Market Analysis

The market analysis section of your business plan as the name hints is dedicated to the size of your market and down to your target market size.

Provide answers to these questions: how big is the market? How is your business positioned in the market? Who are your competitors? What is their share of the market? How many people will buy your products and services? Is it a profitable number going by the pricing you have in mind to sell?

Basically, your market analysis section should contain the following information:

Your customer profile: Demography of your potential customers. Are your target customers, Lagos highland based early teenage girls who are out of secondary schools? Give detailed demography of your customers.

How many are they? What is your target customers’ buying power? Will they be willing to buy your products? Can they afford to buy it?

Industry:  What industry do you operate in? what are the current and future trends in the industry? For example, if you target newly graduated teenagers, how many teenagers will graduate in the next few years? What is the growth capacity of the industry in the next few years or will it decline?

To get these facts and figures, here is where research is needed–as stated earlier.

Target market: What type of customers do you target within the market? Do you focus on high income earners or lower income earners? This is similar to your demography but a little different. It looks more toward your interest in the market order than their characteristics.

Other important components of a market analysis section of a business plan are:

Market need

Competitive analysis  

Barriers to entry are also crucial part of the market analysis   of your business plan.

  • Products and services

Your product or service is at the center of your business, so don’t be surprised that you talk about it almost everywhere business plan.

But the Product and Services section of your plan is an avenue for you to give an in-depth details of what your services and products are all about.

Begin with a description of your products and who are will buy them. Then mention your pricing structure; the benefits of your products, supply chain, as well as why your offering is better than your competitors.

Do you have a patent, trademark or copy right; you’ll provide here is where to provide such information.

To break it down, your Product and Service section should contain the following details:

Product and service description

Give details of your products and services and characteristics that make them stand out. Mention how the product fills your target customers’ needs in the way that competitions do not.

Stage of product

You’ll also need to tell your readers what stage your product is as at the time when you are writing the plan. Tell them if the product is still at the idea stage or it’s ready for the market already.

Please be very sincere and real with the information you provide here. It’s not a crime if your product is still at the ideation phase. The important thing is that you have a plan for growth and expansion which you will equally state.

How to develop the product

How do you plan to fully develop your products to the desired stage?

What research needs to be done to achieve this? What future plans do you have to expand your product line? How do you intend to achieve this? These are the vital questions you answer here.

Intellectual Property

Provide details here about your intellectual property or patent if you have one.

Do you source materials for your product and services elsewhere? Do you import materials or get them locally elsewhere?  Ensure to include the source of your inventory in this section of your business plan.

  • Marketing and Sales Plan

Now that you’ve completely described your products and services, it’s time to let your readers know the strategies you’ll put in place to make people buy those products. And that’s the real deal.

Before you write this section of your plan, you need to have a good idea of what marketing and sales is in business.

This brings us to the marketing and sales section of the plan.

For the marketing aspect, you need to answer questions such as: what channel of distribution do I want to use?  How will I penetrate my market? What are my strategies for growth? How will I communicate with my customer?

While for the sales aspect you need to provide answers to questions such as: who will sell my products? Do I need to hire a sales team to sell my products? Who will they be? How will they be trained?

You should also provide information on how you will sell your products i.e. through call centre or direct meetings in person.

  • Financial Projection/Plan

This section of the business plan is the most technical and equally an important aspect of any business plan.

Here, you should provide detailed information about your current financial status and what you want to achieve financially in your business in the nearest future.

If you are not very familiar with the financial world, this guide will help you learn all about financial projection.

You can also see samples of business plan financial projections to come up with one for your business.

So, here we go.

This is a typical simple format business plan for anyone doing business in Nigeria. You can style your own plan after this one adapting it the specific needs of your readers.

Feel free to any question you have about writing a business plan or even about business generally as we are ready to help you out with the necessary information.

Don’t keep this information to yourself

Kindly share this article with your network of friends.

Bukki Bello

Bukola Owo-Bello is a spirited storyteller, content creator and YouTuber who loves sharing amazing opportunities, inspiration, and ideas with forward-thinking African youths.

Follow her on YouTube, TikTok and Instagram on @BukkiTalks

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how to plan a business plan in nigeria

How To Write A Business Plan In Nigeria and get Funded In 2021

write a business plan

Overview – How to Write a Business Plan

Starting a business is somewhat akin to building a house. Even more so in the modern-day world where a majority of things can go wrong even before you think you have begun.

Just like building a home, good businesses last because they have been crafted from the beginning with well-structured intentions and projections.

That is what all plans are at the end, blueprints and guardrails to give the planner (in this case the entrepreneur) more control over the outcomes of their goals.

Good plans prune your projections into realistic thresholds and takes into consideration as many parameters as are available to the you.

Actually, a well written and rounded business plan should be able to confirm to just about anyone who reads it how feasible your plans are, including potential investors. Before we move ahead of ourselves, let us first examine the meaning of a business plan more definitely before we dive into how to write a business plan.

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Note: Our business plan writing service starts from $500

What Is A Business Plan?

A business plan is a written document that contains a structured breakdown of the objectives, goals and strategies that a business has chosen to achieve those goals.

The ideal business plan should be practicable, easy to understand and refined enough to project the entrepreneur’s blueprint feasibly to the average reader. Frankly, a large number of Nigerian startups fail to understand the true significance of this one document.

It is the first substantial step any entrepreneur has to take to kickstart their idea. Once completed, a well written plan embodies your idea and carries it onto itself, ready to be set into motion.

It is as such that most investors in the Nigerian market require this document before they can involve themselves with any businesses.

Basically, if you are an entrepreneur in need of financial aid to run your poultry farming business, you’ll need a very convincing well-researched business plan to provide a clear picture of your business model along with all it’s financial and legal intricacies.

Anything other than this is a recipe for disaster that could be easily avoided.

With that said, let’s review some of those common mistakes Nigerian entrepreneurs make when preparing their business plan.

Common mistakes when writing a business plan

The purpose of a business plan can be misconstrued very easily. This fact has made a lot of Nigerian business start-ups botch the preparation of their business plans by focusing totally on the wrong things.

A good business plan exists first and foremost as a guide. Look at it as a form of investment that if properly maintained and updated will be well worth its foresight in gold.

However, a highly effective business plan does not just exist as a concise guide but doubles up as a means for an entrepreneur to secure funding from external sources (banks, investors, grants and other financial institutions).

Knowing this, it’s easy to zero in on some of those common mistakes made by average Nigerian entrepreneur. These faults are easily avoidable if you focus on the reasons mentioned above and stay true to them

Here are some of the more commonly occurring mistakes in business planning;

1. Not making the plan adaptable – business plans are meant to be dynamic; they are meant to change to fit specific situations especially when in pursuit of funding when your audience would differ greatly across a large spectrum of potential financial sources.

2. Not doing enough research – before preparing any plan a certain amount of knowledge has to be gained about whatever market niche your business is in. without an up to date idea of the circumstances of the market, your plan will be deficient in forming an accurate projection.

3. Not constantly updating the plan – you have to ensure that your plan evolves along with the multiples of variables that it is attached to. That includes your business reality and the reality of the market, whatever they are at the moment you are preparing your plan. these variables do not tend to stay static, hence the need for constant review.

4. Not ensuring that the plan is viable before pitching – it very easy to fall prey of overreaching plans and overly enthusiastic and unrealistic business goals. Most investors are conscious of this and would be able to tell if your plans are realistic or just filled with empty words and projections.

How to write a business plan in 5 steps

Writing a business plan may seem daunting and complicated but with a systematic approach, you can easily achieve this task with the right guidance.

Here’s a five-step strategy to aid you and help narrow it down to easily actionable bits.

1. Know the purpose of the plan

Before unknowingly wasting precious time writing a plan that wouldn’t fit its purpose, it’s very important that you know before taking any steps who exactly is going to be reading your plan.

For example, a simple plan written for the purpose of attracting investors would always differ from one written for internal use only.

Furthermore, before writing any part of your plan, even in the search for investors, you should consider especially who your readers are and try as much to cater to their particular expectations without losing track of your initial road map.

That said, you should aim to make your plan adaptable, editing it as the situation demands.

2. Do your research

To write the most functional and perfect business plan you need to know a lot of things and that means research.

It’s considered a safe bet in theses matters to spend twice as much time researching as you would actually spend drafting the actual business plan.

This is because entrepreneurs need to know their market sphere, their customers, their product and services very intimately to draw any plan of relevance. Read everything you can afford to read.

Talk to people, seek professional counsel. Blow up YouTube. Scour the internet. Ultimately, as a business owner you’ll have to eventually make it into a habit and constantly inform yourself whenever the chance presents itself.

That’s how you grow.

3. Summarize your whole plan, be as brief and passionate as you can.

This part of the plan is usually referred to as the executive summary and it usually is the part of your plan that convinces the reader if they want to know more about your business.

That is why it’s very important that you do not make mistakes here. Whatever summary you end up putting on the plan would serve as the façade, the doorway into your plan.

Be as brief as you can. Be passionate. Entice them into the doorway.

4. Use your research, construct the body of the plan, fill in the blanks and flesh out the plan.

This step involves you filling your plan with more valid details to enhance the reader’s view of your idea.

Starting from a proper description of your company, you have to share all the relevant information that connects together to form your typical business plan.

This includes:

  • Company description and overview
  • Market or industry analysis
  • Organization and management
  • Service or product line
  • Marketing and sales
  • Operations plan
  • Financial projections

Maintain the same earnestness and confident passion from your summary, present as detailed a description as you can using whatever medium can portray your ideas the best – tables, charts, verified industry statistics etc.

5. Attach all valid documentation.

To ensure that there is no doubt as to the viability of your claims in your plans, you need to present a backbone of supporting documents and specially requested details as the situation requires.

The situation may demand things like permits, receipts, licenses, patents, resumes, contracts but it usually varies depending your plan too.

Business Plan templates for small businesses in Nigeria in 2021

1. poultry business plan.

The food industry is always constantly in demand of poultry products. It’s no wonder that this industry is one of the behemoths of the farming industry.

In the country, there are thousands of homes that have a makeshift chicken stalls in their backyards.

From that remote level right up to the big leagues of industrial poultry farming, the industry still holds so much promise and an ever-increasing demand.

Looking to create a business plan for your poultry business?  Click here to check out our poultry farm business template.

2. Fish farming business plan

This industry is similar to the poultry in that a lot of average families dabble on the retail level too.

The market has evolved quite well in the past decade. People are more open, willing even to wade into these financial waters.

3. Fashion business plan

It is safe to say that there has been quite the upsurge in activity in the Nigerian fashion industry of late.

More fashion entrepreneurs have emerged and more activity means more investors usually. That’s a good thing.

4. Pig farming business plan

As it stands agriculture in Nigeria, has quite the global reputation.

The sector’s potential for growth keeps encouraging economic activity regardless of the general outlook. Pig farmers also enjoy access to a lot of these growing opportunities.

5. Bakery business plan in Nigeria

The Nigerian market for baked products like bread, chin-chin, fish rolls, buns and biscuits is huge.

This has in turn created a huge demand in the wheat flour industry. Opportunities keep materializing in this industry.

Growth in this sphere is like the ever-malleable dough, able to take a lot of unexpected forms.

6. Pure water business plan

The pure sachet water economy has settled in the country’s economic bowels since it’s inception.

In recent times, the players in the industry have exponentially increased.

With the constantly brewing competition, and ever-present demand for drinking water – this industry would always draw investment.

7. Food processing business plan

This industry siphons raw materials directly from Nigeria’s generally robust agricultural economy.

That direct supply chain has brokered growth in the food processing industry and made room for some new kids on the block. There’s even room for more.

8. Snail farming business plan

This market is quite niche but a lot of local delicacies require the support of well garnished snail meat.

Because of this, the snail business remains profitable and even grows in popularity.

9. Restaurant business plan

The restaurant businesses in Nigeria are also evolving, and within this evolution trying out newer and bolder techniques to stay astride the economic rail.

Seeing as we cannot do food without, the country’s restaurant market is definitely looking at better days ahead.

10. Salon business Plan

This constitutes one of the largest individual owned businesses in Nigeria.

The skilled services an average salon offers does not require any college degree or qualification of any sort. This a lucrative business niche and that isn’t changing any time soon.

11. Goods export business plan

Nigeria is a major exporter of raw materials in a lot of industries, this is evidenced in our ever busy ports and boundaries.

So long as our export channels are open, this industry will bustle constantly with opportunities.

12. Nursery and primary school business plan

Schools in the country are starting to kick back and resurge after last year’s drop.

This new resurgence has proved to be slightly different and a re-adaptation of the previous schemes.

13. Mini Importation/ecommerce business plan

There are a load of products that fall into this category. Products that are in demand in Nigeria, that need entrepreneurs to set up a pipeline.

This in addition to recent Ecommerce advancements in the country, means the industry cannot grow fast enough.

Funding opportunities for small businesses in Nigeria

To take it home, let’s address one of the major issues faced by small businesses across the globe.

The problem of capital. Because it’s a major and common place problem, a lot of solutions exist in the form of grants, loans and charities.

These setups exist to assist businesses and there are quite a few them:

1. Bank of Industry youth entrepreneurship support program . (BOI)

The BOI grant exists as part an initiative that hopes to mentor, train and fund innovative business ideas.

It is targeted towards young entrepreneurs and was conceived of as means to tackle the increasing rate of unemployment in the youths.

The Youth Entrepreneurship Support Program (YES) of the BOI aims to expand the knowledge of the youths and finance their ideas.

You can visit their website to apply: Click here to apply

2. Tony Elumelu Entrepreneurship Program (TEEP)

This program occurs yearly and was launched by one of the country’s business giants, Mr. Tony Elumelu via his Foundation (Tony Elumelu Foundation).

Since 2015 that the program launched, every year, the program selects 1000 entrepreneurs across the African continent out of a staggering 50,000 applicants.

Each of these applications is examined by business professionals in the industry. The selected candidates are usually chosen based on their market feasibility

3. GroFin Fund

GroFin is setup to fund and support small and growing businesses (SGB’s), focusing on those that are heavily underserved by other funding aids and financiers.

The initiative provides a unique solution for patient risk capital. An integrated approach to support start-up and growing businesses at the SME Base.

They have a fund size of more than $100 million to funding micro, small and medium businesses in the country (MSMEs).

4. Youwin Connect Nigeria

This is a multimedia program set-up by the Federal ministry of finance to promote entrepreneurship, innovation and wealth through enterprise education of young citizens of the country.

These entrepreneurs will improve their productivity by acquiring relevant SME development tools.

Ventures like YouWin promote the government’s goal of diversifying the economy and promoting competition and transparency.

To write a business plan that serves its purpose, you have to try your best to make the words on the page tell your story. Your words should talk to the reader and convince them as it convinced you.

If a plan speaks for you, passionately and true, it will move mountains.

Don’t leave empty-handed!

Download Our FREE Step by Step Instructions Business Plan Guidebook to Help You Create a Winning Business Plan, Raise Financing and Guide You to Success. ​ ​ Get the detailed 96-page guide by subscribing below.

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How to Write a Business Plan in Nigeria (2023)

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Have you been searching the internet for the proper way on how to write a business plan in Nigeria?

As a successful businesswoman in Nigeria, I know how important it is to have a well-written business plan. 

A business plan is a document that outlines your business goals, strategies, and how you plan to achieve them. 

It is a crucial tool for any entrepreneur looking to start or expand their business.

Creating a business plan may seem like a daunting task, but it doesn’t have to be. A good business plan will help in scaling the business ideas you have.

In this article, I will guide you through the steps of creating a business plan for your business in Nigeria. These excellent tips will help you avoid failure and the loss of your money.

Let’s dive in

How to Write a Business Plan in Nigeria

How to Write a Business Plan in Nigeria

Step 1: Executive Summary

The first section of your business plan should be the executive summary. This is a brief overview of your business plan, highlighting your business goals, target audience, and products or services. 

It should be concise, yet comprehensive enough to give the reader an idea of what your business is all about.

In the executive summary, you should also include your company’s mission statement, which is a brief statement that defines your company’s purpose. 

It should be clear, explaining, what your business does and why it exists.

Here is a sample of an Ice Block company’s mission statement and executive summary:

Welcome to Ice Block Kings, Nigeria’s leading provider of high-quality ice blocks for all your cooling needs. 

Our mission is to provide affordable and reliable ice blocks to businesses and households across Nigeria, while also promoting sustainability and responsible business practices.

At Ice Block Kings, we understand the importance of reliable and efficient cooling solutions in a country like Nigeria, where temperatures can soar to uncomfortable levels. 

That’s why we’ve made it our mission to provide the highest quality ice blocks, made from pure water and produced using the latest technology, ensuring that our products are always consistent and of the highest standard.

But we don’t just focus on quality; we’re also committed to promoting sustainability and responsible business practices. 

Our production process is designed to minimize waste and reduce our carbon footprint, while our team is trained to prioritize customer satisfaction and provide exceptional service at all times.

Whether you’re a small business looking to keep your products fresh, or a household in need of ice for a party or event, Ice Block Kings has you covered. 

With our convenient delivery options and affordable pricing, we’re the go-to choice for anyone in need of high-quality ice blocks in Nigeria.

Join the many businesses and households who have already made the switch to Ice Block Kings and experience the difference for yourself.

The mission statement defines the company’s purpose, while the executive summary provides an overview of the company’s business plan and key objectives. 

Both are important components of a business plan and are typically included in the initial section of the plan.

Also Read: How to Start a Frozen Food Business in Nigeria (The Ultimate Guide)

Step 2: Business Description

The business description section of your business plan should provide more details about your company. It should include information such as:

  • Your company’s legal structure (e.g., sole proprietorship, partnership, limited liability company)
  • Your company’s history (if any)
  • Your company’s location and facilities 
  • The products or services you offer 
  • Your target market 
  • Your competitive advantage

This section should be detailed enough to give the reader a clear understanding of your business. 

You should also include any market research you have done, such as industry trends and competitor analysis.

Step 3: Market Analysis

The market analysis section of your business plan should provide an in-depth analysis of your target market. It should include information such as:

  • The size of your target market. 
  • Your target market’s demographics (e.g., age, gender, income, education)
  • Your target market’s needs and preferences.
  • The current market trends.

You should also include information about your competitors, including their strengths and weaknesses. 

This information will help you identify opportunities and challenges in your market and develop strategies to overcome them.

Here is an example of the Market Analysis section of the same Ice Block business in Nigeria :

Market Analysis:

Nigeria’s tropical climate creates an insatiable demand for ice blocks, making the market for this product incredibly lucrative. 

With the ice block market in Nigeria worth over ₦2 billion ($5.4 million) annually, it’s no surprise that this industry is highly competitive, with both large and small players jostling for market share.

Target Market :

Our target market consists of households, event planners, and small businesses in the food and beverage industry that require a regular supply of high-quality ice blocks. 

Our research shows that there is a growing demand for eco-friendly ice blocks, and we plan to leverage this trend by offering a product that meets this need.

Customer Demographics:

Our research shows that our target market varies across different customer segments. 

For households, we will target families and individuals who require ice blocks for their personal use. 

For events, we will target event planners, wedding planners, and individuals planning parties and gatherings. 

For small businesses, we will target businesses in the food and beverage industry, such as restaurants, bars, and small shops.

Market Trends :

Our research has shown that there is a growing trend towards environmentally sustainable products, and we plan to leverage this trend by offering eco-friendly ice blocks. 

Furthermore, there is an increasing awareness of the importance of using high-quality ice blocks, which presents an opportunity for us to market our premium product.

Competition :

The ice block market in Nigeria is highly competitive, but we believe that we can differentiate ourselves by providing a high-quality product that meets the needs of our target market. 

We plan to use eco-friendly production methods, offer excellent customer service, and position ourselves as a cost-effective solution compared to our competitors.

Conclusion :

As a hardworking woman, I am confident that our ice block business will thrive in this market. 

By targeting households, events, and small businesses, we can establish ourselves as a leading provider of high-quality, eco-friendly ice blocks in the country. 

With a strong differentiation strategy and a focus on customer satisfaction, we are well-positioned to capture a significant market share and achieve sustainable growth over the long term.

Step 4: Products and Services

How to Write a Business Plan in Nigeria

In this section of your business plan, you should provide detailed information about the products or services you offer. You should include:

  • A description of your products or services.
  • The benefits of your products or services.
  • Your unique selling proposition (what makes your products or services different from your competitors.)
  • Your pricing strategy.

You should also include information about your suppliers and any patents or trademarks you may have.

Here’s an example of what you could include in the Products and Services section of your business plan for an ice block business in Nigeria:

Products and Services :

We offer high-quality, eco-friendly ice blocks in a range of sizes to meet the needs of our diverse customer base. 

Our ice blocks are made from purified water and are produced using sustainable manufacturing practices, which ensures that they are free from any impurities and safe for consumption.

Our product line includes:

1. Regular ice blocks: Our regular ice blocks come in sizes ranging from small to large and are perfect for personal use at home or for events.

2. Party ice blocks: Our party ice blocks are larger and are designed for use at events, parties, and social gatherings.

3. Customized ice blocks: We also offer customized ice blocks, which are perfect for events and parties. Customers can choose from a range of shapes and sizes, as well as add custom logos or designs.

4. Crushed ice: In addition to our regular ice blocks, we also offer crushed ice, which is perfect for use in cocktails and other drinks.

We are committed to providing high-quality products that meet the needs of our customers. 

As a result, we continuously invest in new technologies and production processes to ensure that our products remain of the highest quality. 

We also offer competitive pricing to ensure that our products are affordable and accessible to a wide range of customers.

Step 5: Marketing and Sales Strategies

Your marketing and sales strategies section should provide an overview of how you plan to promote and sell your products or services. 

For example, do you plan to sell on Social Media or the traditional advertising methods?

It should include information such as:

  • Your target market.
  • Your marketing mix (product, price, place, and promotion.)
  • Your sales channels (e.g., online, retail, direct sales.)
  • Your sales forecast.
  • Your customer acquisition cost (how much it costs you to acquire a new customer)

You should also include any partnerships or collaborations you may have, as well as any advertising or promotional activities you plan to undertake.

Step 6: Operations

The operations section of your business plan should provide information about how you plan to run your business on a day-to-day basis. 

  • Your organizational structure (e.g., who will be responsible for what)
  • Your staffing requirements.
  • Your production process (if applicable)
  • Your inventory management plan (if applicable.)
  • Your quality control plan 
  • Your customer service plan

You should also include any legal or regulatory requirements you need to comply with, such as licensing or permits.

Step 7: Financial Projections

How to Write a Business Plan in Nigeria

As a successful businesswoman with vast experience in Nigeria’s business landscape, I understand that the financial projections section of a business plan is the backbone of any successful enterprise. 

Launching a new business requires a comprehensive financial plan. 

Your financial projections are essential to understand your expected performance in the upcoming years.

To provide a clear picture of your financial health, it is crucial to have detailed financial statements. 

These statements will consist of a projected income statement, a cash flow statement, and a balance sheet, which will help you identify your areas of strength and weakness.

Furthermore, you will analyze your break-even point to understand how much you need to sell to cover costs and make a profit. 

This analysis will be based on realistic assumptions, including sales volume, pricing strategy, and production costs. 

External factors like inflation, exchange rates, and economic trends that can impact your financial performance will also be factored in.

Your focus will be on crafting a sound financial plan that can drive the long-term growth and profitability of your ice block business sustainably.

Step 8: Appendix

The appendix is the last part of your business plan, and it’s where you can include any extra information that’s important for your business but doesn’t fit in the other sections. 

This could be things like:

  • Resumes of important people in your business.
  • Letters from people who recommend your business.
  • Information you found when researching the market.
  • Documents that prove your business is legal (like patents, trademarks, or licenses.)
  • Financial statements that show your business’s money situation (like tax returns or bank statements.)

Tips for Writing a Successful Business Plan in Nigeria

Now that you know the key sections of a business plan, here are some tips to help you write a successful business plan for your business in Nigeria:

1. Keep it concise

Your business plan should be concise and to the point. Investors and lenders don’t have time to read lengthy documents, so keep your plan to 20-30 pages, if possible.

This way it’ll be easy for you too.

2. Use Simple Language

Your business plan should be easy to read and understand. Avoid using technical jargon or complicated terms that may confuse your readers.

Or yourself in the long term.

3. Be Realistic

Your financial projections should be based on realistic assumptions. Avoid exaggerating your numbers or making unrealistic promises. Be honest about the challenges you may face and how you plan to overcome them.

4. Update Your Plan Regularly

Your business plan is not set in stone. You should update it regularly to reflect changes in your market, industry, or business. This will help you stay on track and make informed decisions.

5. Get Feedback

Before finalizing your business plan, get feedback from trusted advisors, such as mentors, colleagues, or industry experts. They may be able to provide valuable insights and help you identify areas for improvement.

Before You Go…

Creating a business plan is an essential step for any entrepreneur looking to start or expand their business in Nigeria. 

It provides a roadmap for your business and helps you stay focused on your goals. 

By following the steps outlined in this article and using the tips provided, you can create a successful business plan that will help you achieve your entrepreneurial dreams.

Here are some great samples of Nigerian Business Plans you can use to create your business plan.

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how to plan a business plan in nigeria

Mina is a personal finance writer and entrepreneur with a deep love for technology in the business world.

She is not only a successful, tech-savvy businesswoman but also a dedicated mentor, guiding aspiring entrepreneurs in Nigeria.

Explore her work and be inspired by her journey of leveraging tech innovation for business success in Nigeria.

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Business Plan Articles

  • The Importance of a Business Plan in Nigeria, What you should know.

by samueluwawah

Importance of a Business Plan in Nigeria , What you should know.

1)  Importance of a Business Plan in Nigeria – your company’s calling card.

2)  Present your business concept –  Importance of a Business Plan in Nigeria .

3)  Importance of a Nigerian Business Plan.

4)  Your framework is your B usiness Plan.

5)  Some Business Marketing Strategies in Lagos Nigeria.

6) Contact a Professional Business Plan Writing firm in Nigeria.

1) importance of a business plan in nigeria – your company’s calling card..

how to plan a business plan in nigeria

One of the main  Importance of a Business Plan in Nigeria is that; y our business plan is your company’s calling card in Nigeria. It allows you to see your business through your investor’s eyes. As the name suggests it is a plan of your business ; your communication tool; selling your marketing, sales and operations.

Every time you meet with a potential lender/investor in Nigeria or anywhere else, it is your business plan that will do most of the talking.

2) Present your business concept –  Importance of a Business Plan in Nigeria .

Another  Importance of a Business Plan in Nigeria is that you can u se your business plan to present your business concept in a way others can understand. You should focus on exactly what you want to achieve, where you want your business to go and how you plan to get it there. Projected sales and monthly expenses will also be included in your Nigerian business plan . All of this information will influence your choices, including the type of location you will be looking for. Your Nigerian business plan will monitor whether you are achieving these objectives and maximize your chances of success by allowing you to keep adding to it.

A well-written Nigerian Business Plan is your key to long term success for new and old businesses/companies in Nigeria. Your business must have a foundation to start from and you have to give your business time, as success will definitely take longer than you think. Its normal with all businesses.

If you are someone who is just thinking about starting a new retail business in Nigeria, you should think about things such as; will you have a walk-in store? A catalogue? Will your store have a Website for your Nigerian internet users? Will it enable Online ordering? What will your delivery methods be within Nigeria? You should also think about who your competitors are and how you are going to be better than your competition.

Business Research in Lagos Nigeria.

3) Importance of a Nigerian Business Plan.

Your Nigerian business plan will: 1) Help clarify the focus of your business, show research findings, the possibilities of business development and prospects.

2) Provide a considerable and logical framework within which your business can develop and pursue business strategies, not just for the near future but throughout your business operations in the Nigerian Market.

3) Serve as a basis for discussion with third parties such as shareholders, agencies, banks, investors etc.

4) The last significant Importance of a Business Plan in Nigeria, is that your Nigerian Business Plan will offer a benchmark against which actual performance can be measured and reviewed.

4) Your framework is your Business Plan.

Professional Business Plan Writers in Nigeria | Business Plan Writers in Lagos

A business plan is your framework with which your business must operate within. This Importance of a Business Plan in Nigeria means, your business plan will ultimately determine whether your business succeeds or fails. For management or entrepreneurs seeking external support, the business plan is the most important sales document. It acts as the key to raising finance in Nigeria and other parts of the world. Preparation of a comprehensive Business/Project plan will not guarantee success in raising funds or mobilizing support, but having no plan at all will more than likely result in failure.

For many people the mere process of planning, thinking, discussing, researching and analyzing can often be just, if not, more helpful than the actual outcome, which is your business/project plan.

Writing a business plan is definitely a daunting task, but the results the business plan would produce will be worth it. That is why it is best to hire the services of Business Plan Writing professionals in Nigeria, such as BusinessOntop – a business development services provider in Lagos Nigeria .

how to plan a business plan in nigeria

5) Some Business Marketing Strategies in Lagos Nigeria.

I) business plan writing in lagos nigeria..

Business Planning  is the process of determining a commercial enterprise’s objectives, strategies and projected actions in order to promote its survival and development within a given time frame.

Click on the link to know more about  Business Plan Writers in Lagos Nigeria .

ii) Feasibility Study/Research in Lagos Nigeria.

A  feasibility study  is a research that is carried out in an attempt to generate information that would guide the intended CEO or Management Team that is considering starting a new venture/project.

Click on the link to know more about  Feasibility Study Writers in Lagos Nigeria .

iii) Business Growth Consulting Services in Lagos Nigeria.

Business Consultants in Lagos Nigeria  are also responsible for organizational structuring and business process analysis and structuring. Business consultants can be seen as Business Doctors; they help businesses to grow and stay healthy by giving professional advice and techniques to business owners.

iv) Proposal Writing Services in Lagos Nigeria.

Writing a  Proposal  can be seen as an act of putting forward or stating something in writing for consideration by another person or group of persons. Click on the link to know more about  Proposal Writing Services in Lagos Nigeria .

v) Company Profile Writing Services in Lagos Nigeria.

Business Profile or Company Profile  can be defined as a detailed and graphical document that aims to introduce a Company/Business to the general Public. Click on the link to know more about  Company Profile Writing Services in Lagos Nigeria .

vi) Logo Design in Lagos Nigeria.

At the very basic level, logos are symbols made up of text and images that help us identify brands we like. But they can be so much more! A good logo is the cornerstone of your brand. It helps customers understand what you do, who you are and what you value. Click on the link to know more about  Logo Designers in Lagos Nigeria .

vii) Search Engine Optimization Services (SEO) in Lagos Nigeria.

Search Engine Optimization  (SEO) is the process of improving the quality and quantity of website traffic of a website or a web page for search engines.  SEO  targets unpaid traffic (known as “natural” or “organic” results) rather than direct traffic or paid traffic. Click on the link to know more about  Search Engine Optimization (SEO) in Lagos Nigeria .

viii) Website Design Services in Lagos Nigeria.

A  website  is a collection of publicly accessible, interlinked  Web  pages that share a single domain name.  Websites  can be owned by an individual, group, business or organization to serve a variety of purposes.

Click on the link to know more about  Website Design in Lagos Nigeria .

ix) Speech Writing Services in Nigeria.

Many Individuals and corporate bodies need speech writers or copy writers to help them pass/convey messages that are capable of delivering the needed results. This is where some business development firms come to play. Click on the link to know more about Speech Writing in Nigeria .

Business Plan Writers in Nigeria.

Business Plan Writing Services in Lagos Nigeria.

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samueluwawah

Business Growth Expert, located in Lagos, Nigeria. Services Include: - Business Plan Writing. - Proposal Writing. - Website Design. - Feasibility Study. - Business Growth Consulting. - Company Profile.

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How to Prepare a CNG Plant Business Plan in Nigeria

  • Post author: Ane
  • Post published: August 9, 2023
  • Post category: Business Tips / BUSINESS-PLAN-AND-FEASIBILITY-STUDY / Update
  • Post comments: 0 Comments

How to Prepare a CNG Plant Business Plan in Nigeria – If you’re an entrepreneur looking to create a business plan for a CNG plant in Nigeria, this article will guide you through the process. It’s a must-read for anyone seeking to master the art of preparing a business plan for a CNG plant in Nigeria. So, take your time to read through and gain valuable insights. This is How to Prepare a CNG Plant Business Plan in Nigeria. Preparing a comprehensive and well-thought-out business plan is essential for successfully establishing a Compressed Natural Gas (CNG) plant in Nigeria. As the demand for cleaner and more sustainable energy sources continues to rise, CNG has gained prominence as a viable alternative to traditional fossil fuels. A thoughtfully crafted business plan serves as a roadmap, guiding entrepreneurs and investors through the intricacies of starting and operating a CNG plant in Nigeria’s dynamic market. Read more about How to Prepare a CNG Plant Business Plan in Nigeria.

This guide outlines key steps and considerations to help aspiring business owners navigate the process of creating a robust CNG plant business plan tailored to the Nigerian context. From market analysis and regulatory compliance to financial projections and operational strategies, careful planning lays the foundation for a prosperous venture in this burgeoning sector.

And, Why How to Prepare a CNG Plant Business Plan in Nigeria is needed by entrepreneurs:

Table of Contents

The need for a comprehensive guide on preparing a CNG plant business plan in Nigeria arises from several crucial factors that entrepreneurs should consider as they venture into this industry. These factors highlight the significance of a well-prepared business plan:

The Complexity of the Industry:

Establishing and operating a CNG plant involves intricate technical, operational, and regulatory challenges. Entrepreneurs need guidance on navigating these complexities effectively. Please, read through How to Prepare a CNG Plant Business Plan in Nigeria.

Regulatory Landscape:

The energy sector is highly regulated, and CNG plants are no exception. Entrepreneurs need to understand the legal and regulatory requirements specific to Nigeria to ensure compliance and avoid potential pitfalls.

Market Potential:

Nigeria, with its growing population and increasing energy demand, presents significant opportunities for clean energy solutions like CNG. To make informed decisions, entrepreneurs need insights into the market landscape, demand projections, and potential competitors.

Investor Confidence:

A well-structured business plan enhances investor confidence. It demonstrates that entrepreneurs have thoroughly researched and evaluated the business opportunity, which is crucial for attracting funding and partnerships.

Financial Planning:

Establishing a CNG plant requires substantial investment in infrastructure, technology, and operations. Entrepreneurs need assistance in creating realistic financial projections, understanding the costs involved, and estimating potential revenue streams. Just read through How to Prepare a CNG Plant Business Plan in Nigeria.

Operational Strategies:

Entrepreneurs must devise effective strategies for sourcing, producing, and distributing CNG. A well-prepared business plan can outline operational processes, supply chain management, and risk mitigation strategies.

Environmental Considerations:

As a cleaner alternative to traditional fuels, CNG contributes to environmental sustainability. Entrepreneurs need to emphasize the environmental benefits of their venture in the business plan, aligning their goals with broader societal goals.

Long-Term Vision:

A business plan helps entrepreneurs articulate their long-term vision for the CNG plant. This includes growth plans, expansion strategies, and the integration of emerging technologies in the industry.

Resource Allocation:

Proper allocation of resources, including human capital and technology, is essential for efficient plant operations. Entrepreneurs need guidance on optimizing resource allocation to achieve their business goals. This is very essential on How to Prepare a CNG Plant Business Plan in Nigeria.

Risk Management:

Every business venture comes with risks. A well-prepared business plan identifies potential risks and outlines strategies to mitigate them, enhancing the overall viability of the project.

Now, having gone through why the need for preparing a comprehensive guide on preparing a CNG plant business plan in Nigeria is crucial for entrepreneurs you now know that it’s aiming to succeed in the dynamic and evolving energy sector. Such a guide provides them with the knowledge, tools, and insights needed to navigate challenges, capitalize on opportunities, and build a successful and sustainable CNG plant business. This is How to Prepare a CNG Plant Business Plan in Nigeria.

how to plan a business plan in nigeria

And, now: How to Prepare a CNG Plant Business Plan in Nigeria

Preparing a robust business plan for a Compressed Natural Gas (CNG) plant in Nigeria involves several critical steps and considerations. Here’s a comprehensive guide to help you navigate the process effectively:

  • Executive Summary: Start with a concise overview of your CNG plant business concept, highlighting its unique value proposition, target market, and competitive advantages. Provide a snapshot of your financial projections and funding requirements. One way forward on How to Prepare a CNG Plant Business Plan in Nigeria.
  • Market Analysis: Conduct a thorough analysis of the Nigerian energy market and the demand for CNG. Identify potential customers, such as transportation companies, industries, and households, and assess their current fuel consumption patterns. Research competitors and determine their market share and strategies.
  • Regulatory Compliance: Understand the regulatory framework governing CNG plants in Nigeria. Obtain the necessary permits, licenses, and approvals from relevant authorities. Address safety, environmental, and operational regulations to ensure compliance throughout the plant’s lifecycle.
  • Business Model: Define your CNG plant’s operational model. Outline the sourcing and transportation of natural gas, the compression process, storage, distribution, and pricing strategies. Detail any partnerships or collaborations that enhance your business model.
  • Technology and Operations: Explain the technology and equipment required for gas compression, purification, and storage. Describe your plant’s layout, capacity, and maintenance procedures. Highlight how your operations will ensure the consistent production and supply of high-quality CNG.
  • Marketing and Sales Strategy: Detail your approach to attract customers. Define your marketing channels, pricing strategies, and customer acquisition tactics. Emphasize how you will communicate the benefits of CNG as a clean and cost-effective alternative. This will drive the project for How to Prepare a CNG Plant Business Plan in Nigeria.
  • Financial Projections: Develop comprehensive financial projections that include revenue forecasts, expense estimates, and profit margins—factor in initial investment costs, operating expenses, personnel costs, and ongoing maintenance. Present multiple scenarios to show potential outcomes.
  • Funding Strategy: Outline your funding requirements and potential sources of financing. This could include equity investment, loans, grants, or partnerships. Clearly explain how the funds will be allocated to different aspects of the CNG plant setup and operations.
  • Management and Team: Introduce your management team and key personnel, highlighting their relevant experience in the energy sector and technical expertise. Emphasize how their skills will contribute to the success of the CNG plant. This is very essental for How to Prepare a CNG Plant Business Plan in Nigeria.
  • Risk Management: Identify potential risks and challenges associated with operating a CNG plant in Nigeria. Develop strategies to mitigate these risks, whether they involve market fluctuations, regulatory changes, technical issues, or competition – How to Prepare a CNG Plant Business Plan in Nigeria.
  • Sustainability and Environmental Impact: Address the environmental benefits of your CNG plant in terms of reducing greenhouse gas emissions and promoting sustainability. Highlight how your business aligns with Nigeria’s energy transition goals.
  • Exit Strategy: Outline your long-term vision for the CNG plant and potential exit strategies. This could involve expansion, strategic partnerships, or selling the business to interested investors.
  • Appendix: Include any supplementary information, such as market research data, technical specifications of equipment, permits, and licenses, legal documents, and additional financial details.

Having done all of these, do not forget that your CNG plant business plan should be well-organized, clear, and tailored to the Nigerian market context. Regularly review and update the plan to reflect changing circumstances and maintain alignment with your business goals.

Related Topics: How to Prepare a CNG Plant Business Plan in Nigeria.

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CFMC Ltd will help; How to Prepare a CNG Plant Business Plan in Nigeria

CFMC Ltd offers support in developing a CNG Plant Business Plan in Nigeria. Their team utilizes their expertise to provide a well-structured approach to your business needs. Below is a step-by-step guide that CFMC Ltd may use to assist you in creating a comprehensive CNG plant business plan.

  • Initial Consultation: Engage in a thorough discussion with CFMC Ltd to communicate your vision, goals, and expectations for the CNG plant. Provide information about your resources, market insights, and any preliminary research you’ve conducted.
  • Market Research and Analysis: CFMC Ltd will conduct in-depth market research to assess the demand for CNG in Nigeria. This will involve analyzing current energy consumption patterns, identifying potential customers, and understanding competitors’ strategies.
  • Regulatory and Legal Compliance: CFMC Ltd will guide you through the regulatory landscape, helping you obtain the necessary permits and licenses required for operating a CNG plant in Nigeria. This includes ensuring compliance with safety, environmental, and operational regulations.
  • Business Model and Strategy Development: Work closely with CFMC Ltd to refine your CNG plant’s business model. They will assist in defining the operational processes, sourcing and transportation of natural gas, compression technology, storage solutions, and distribution strategies.
  • Financial Projections and Funding Strategy: CFMC Ltd will collaborate with you to develop accurate financial projections, considering initial investment costs, operational expenses, revenue forecasts, and potential profit margins. They will also help outline a comprehensive funding strategy to secure the necessary capital.
  • Technological and Operational Plan: Benefit from CFMC Ltd’s technical expertise as they assist in detailing the required technology, equipment, and layout for your CNG plant. They will help you establish efficient operational procedures and maintenance protocols.
  • Marketing and Sales Plan: Collaborate with CFMC Ltd to create a marketing and sales strategy that effectively communicates the benefits of CNG. This might include pricing strategies, customer acquisition tactics, and ways to differentiate your offerings from competitors.
  • Risk Management and Sustainability: With CFMC Ltd’s guidance, identify potential risks associated with the CNG plant business and develop strategies to mitigate them. Highlight the environmental benefits of your venture in alignment with Nigeria’s sustainability goals.
  • Management Team and Roles: Work with CFMC Ltd to define roles and responsibilities within your management team. Emphasize the team’s relevant experience and expertise to reassure potential investors and partners.
  • Document Preparation: CFMC Ltd will help you compile all the information into a well-structured and organized business plan document. This might include creating visual aids, charts, and graphs to enhance understanding.
  • Review and Refinement: Collaborate with CFMC Ltd to review and refine the business plan, ensuring that it accurately reflects your vision, goals, and strategies. Make sure that all the details are accurate and coherent.
  • Presentation and Implementation: CFMC Ltd might assist in creating a compelling presentation of your business plan, which could be used to attract investors, partners, and stakeholders. Once finalized, your team can use the plan as a blueprint to implement your CNG plant venture.

Remember that CFMC Ltd’s expertise and guidance will play a crucial role in ensuring that your CNG plant business plan is comprehensive, well-structured, and aligned with the unique challenges and opportunities present in the Nigerian market. This is in deed How to Prepare a CNG Plant Business Plan in Nigeria.

You have the option to get in touch with CFMC Ltd by reaching out through either the email address [email protected] or the phone number +234 8034347851.

How to Prepare a CNG Plant Business Plan in Nigeria

Read More: How to Prepare a CNG Plant Business Plan in Nigeria.

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Summing Up: How to Prepare a CNG Plant Business Plan in Nigeria

Summing up, crafting a thorough and strategic CNG Plant Business Plan for Nigeria requires a meticulous blend of market insights, technical acumen, regulatory compliance, and financial projections. By partnering with experts like CFMC Ltd, you can navigate the intricate landscape of the energy sector, capitalize on the growing demand for cleaner fuel alternatives, and position your CNG plant venture for success.

This business plan will not only serve as a roadmap to guide your operations but also as a compelling tool to attract investors, partners, and stakeholders who share your vision for a sustainable and prosperous energy future in Nigeria. With the guidance of professionals and a well-prepared plan in hand, you are poised to make a lasting impact on the energy industry while contributing to Nigeria’s journey toward a greener tomorrow. Now you bookmark How to Prepare a CNG Plant Business Plan in Nigeria. And now, you have the option to both like and follow us, as well as share with your contacts.

Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.

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Herbert Wigwe: Nigerian bank chief killed in US helicopter crash

  • Published 11 February

Herbert Wigwe speaks at an event in Lagos

The co-founder of Access Bank, one of the largest banks in Nigeria, was among six people killed in a helicopter crash in California on Friday.

Herbert Wigwe, his wife, son, and a former president of the Nigerian stock exchange were all killed in the crash.

President Bola Tinubu described the death of Mr Wigwe as an "overwhelming tragedy".

Investigators are scouring the site in southern Californian desert to determine the cause of the crash.

The chartered helicopter was on its way from from Palm Springs to Boulder City in Nevada when it went down about 96km (60 miles) from Las Vegas.

According to Nigerian media, the 57-year-old banker was on his way to Las Vegas to attend Sunday's Super Bowl.

The San Bernardino county sheriff's department said the crash site was near Nipton, on the edge of the Mojave Desert Preserve. The weather was poor, with reports of rain and snow showers in the area.

Mr Wigwe founded Access Bank in 1989. It became the largest bank in Nigeria in 2018 after it acquired its main competitor, Diamond Bank.

In recent years, Mr Wigwe had been working to expand across the continent, acquiring banks in countries including Kenya, South Africa and Botswana.

He was planning to open a new banking service in Asia in the first quarter of 2024.

Tributes have been pouring in following the news of his death. President Tinubu said it was "shocking beyond comprehension". The president's office described his death as "a terrible blow" for Nigeria and Africa's banking industry.

In a newspaper article in January this year, Mr Wigwe said investing in higher education was key to controlling mass migration, which "is destabilising countries across the world".

With that in mind, he was in the process of starting his own educational institute, Wigwe University. It was set to launch in September in Nigeria's oil-rich Niger Delta region, where he was from.

"We need to take a holistic approach to address global migration, starting with our traditional framework for international development. The best place to limit migration is not in the middle of the Mediterranean or the English Channel or the Rio Grande. It is in the home countries that so many migrants are so desperate to leave," he wrote, saying his university was an opportunity for him "to give back to society".

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  • Wednesday, February 21, 2024

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NaijaCEO

This is the most Complete Guide on How to Prepare Your Own Hair Salon Business Plan in Nigeria:

Brief History on Hair Salon Business:

Table of Contents

Hair salons have a long history dating back to ancient civilizations, Infact in ancient Egypt, people used to shave their heads and wear wigs to protect their scalp from the sun. Barbers and wigmakers were highly respected and often served as advisors to the pharaohs. In the Middle Ages, barbers and hairdressers were usually men, and women were expected to do their own hair at home. In the 18th and 19th centuries, hair salons emerged as a place for fashionable people to socialize and get their hair styled. These salons were often owned by women and were seen as a place for women to gather and discuss social and political issues, As time went on in the 20th and 21st centuries, hair salons became more widely available and offered a wider range of services. Today, hair salons can be found in almost every town and city, offering a variety of services such as haircuts, styling, coloring, and treatments.

Now Every one Wants to start a Hair Salon Business but truth is that to be successful in this business you definitely need a hair salon business plan in Nigeria

Steps on How to Prepare a Hair Salon Business Plan in Nigeria

Here are some steps you can take in order to Prepare write a Hair Salon business plan in Nigeria:

  • Define your Hair Salon target market: Identify the type of customers you want to serve and the location you want to target. Consider factors such as age, gender, income level, and geographic location.
  • Describe your products and services: Detail the types of hair services you will offer, such as haircuts, styling, colouring, and treatments. Also, consider offering additional services such as makeup application or nail services.
  • Develop a Hair Salon marketing plan: Identify how you will reach and attract your target market. This can include advertising, social media, and local partnerships.
  • Create a financial plan : Estimate your startup costs, including rent, equipment, and salaries. Create a budget and forecast future revenue and expenses.
  • Outline your management and organization: Describe the ownership structure of your business and the roles and responsibilities of your staff.
  • Set goals and objectives: Identity specific, measurable, achievable, relevant, and time-bound goals for your business. These could include targets for revenue, customer satisfaction, and employee retention.
  • Create an action plan: Develop a step-by-step plan for implementing your business strategy and achieving your goals.

By following these steps, you can create a comprehensive Hair Salon business plan in Nigeria that will help you effectively launch and grow your hair salon business.

Reading this you will Already know that to prepare a Salon Business Plan in Nigeria would definitely be time consuming, Well we have done the Hard work for you. We can help you prepare a hair salon business plan in Nigeria that is very comprehensive and below is the table of content we usually cover in our hair salon business plan in Nigeria, You can copy it to prepare yours if you want or you can contact us NaijaCEO , which ever works for you

Hair Salon Business plan in Nigeria PDF template:

  • Executive Summary
  • Description of Problem and Solution 2.1 Vision 2.2 Mission 2.3 Value Proposition 2.4 Business Objectives 2.5 Critical Success Factor 2.6 Current Status of Business 2.7 Legal Requirement 2.8 Contribution to Local and National Economy 2.9 Contribution to SDG
  • SWOT Analysis
  • Market Analysis
  • Competitive Analysis & Risk Analysis
  • Marketing Plan 6.1 Description of Product (S) or Service (S) 6.2   Potential challenges in the business industry 6.3 The Opportunity 6.4 Target Market 6.5 Marketing and Sale Strategy
  • Production Plan/Operational Plan 7.1 Description of the Location/Factory 7.2 Raw Materials/consumables 7.3 Production Equipment/Capital Expenses 7.4 Equipment/Depreciation Table 7.5 Pricing strategy 7.6 Record/Stock Control Process 7.7 Pre-operating Activities and Expenses

8.0  Organization Structure and Responsibilities

8.1 Salary Schedule

9.0  Financial Plan

9.1 Start-Up Capital Estimation (Expansion Capital Estimation)

9.2 Loan Details

9.3 Business Risk and Mitigating Factor

9.4 Financial Projections

9.5 Sales Forecast And Sales Assumption

9.6 Income Statement (P&L) Account

10. Conclusion 

This Everything your Hair Salon Business Plan in Nigeria should cover and ours actually do follow this format.

What Is the Importance Of getting A Hair Salon Business Plan in Nigeria?

Hair Salon Business Plan in Nigeria

A good hair salon business plan is the foundation for any successful hair business in Nigeria. It will help you to organize your thoughts and ideas, and it will also help you to set up a realistic budget.

If you are thinking of starting a hair salon business in Nigeria or any where, then it is important that you create a good business plan or get one from us. This will help to organize your thoughts and ideas, as well as set up a realistic budget.

The way to start successful hair business in Nigeria is by first understanding the market and then mapping out a plan. The plan should include what you want to do, how you want to do it, and how you will measure success.

MICAH ERUMAKA aka NAIJACEO

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About Micah Erumaka

Micah Erumaka is the Founder of LiaonCEM solutions which owns NaijaCEO. He is an Internet Entrepreneur and a content creator. After the failure of his first company at age 18 he started NaijaCEO to help entrepreneurs with the information they need in operating a successful business in Africa

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how to plan a business plan in nigeria

Daily Independent

PEBEC Commences 90-Day Regulatory Reform Accelerator Action Plan

ABUJA – The Presidential Enabling Business Environment Council (PEBEC) Secretariat has commenced its 90-Day Regulatory Reform Accelerator Action Plan that underscores PEBEC’s commitment to deliver impactful reforms working with Ministry, Departments, and Agencies (MDAs) to foster a conducive business environment and improve the perception about the ease of doing business in Nigeria.

The 90-Day Regulatory Reform Accelerator aligns with the PEBEC’s Regulatory Reforms Workstream, focusing on eight key indicators designed to deliver measurable growth across industries while institutionalizing MDA-led reforms through BFA 2022 compliance.

Dr. Jumoke Oduwole, Special Adviser to the President on PEBEC and Investment stated that the 90 day Accelerator will deliver measurable export-focused impact for productivity and competitiveness across key sectors to improve the Nigerian business environment and support the economic initiatives of this Administration.

She emphasized the need to approach the next 90 days with a sense of urgency and purpose to rapidly improve Nigeria’s business climate by collaborating with the private sector and demonstrating commitment to the overall wellbeing of Nigerians, particularly in these challenging times.

The 90-Day Regulatory Reform Accelerator Action Plan kick off was preceded by an engagement session on Monday, February 19, 2024, with PEBEC Priority MDA Reform Champions. During this collaborative session, the reform champions were apprised of the 90-day Regulatory Reform Accelerator Action Plan along with performance tracking mechanisms.

These mechanisms include fortnightly performance tracking meetings and a highly anticipated town hall meeting slated to be hosted by His Excellency the Vice President in Q2 2024.

The eight key indicators which are being actively monitored over the next 90 days include Review and update on MDA Service Level Agreements, Track MDA Transparency Reforms, Track MDA Efficiency Reforms, Track Entry & Exit (Airport) Reforms, Track Port Operations Reforms, Facilitate National Single Window Project, AgroExport Reforms and Manufacturing for Export Reforms The plan will be implemented in close collaboration with stakeholders, and the PEBEC will provide regular updates on the Accelerator’s progress.

The Presidential Enabling Business Environment Council (PEBEC) was established in July 2016 by the Federal Government to oversee Nigeria’s business environment intervention and Is a top priority of His Excellency, President Bola Ahmed Tinubu GCFR, in line with the 8-point renewed hope agenda of this Administration.

The 3rd cohort of the Counal was inaugurated on November 16 2023 with 24 members from all arms and levels of government, and is chaired by His Excellency, Vice President Kashim Shettima GCON.

The 90-day Regulatory Reform Accelerator Plan its available for download on the agency’s website.

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Nigeria’s currency crises to be chipped at with a $10 billion fund

The Nigerian government has revealed plans to address its ongoing currency challenges by seeking $10 billion in funding. In a nutshell, the plan is to bolster liquidity in the foreign exchange market, in light of the Nigerian Naira's devaluation to a historic low of N1850/$1. The government intends to raise this fund, alongside plans to properly manage its assets and as a result, solve some of Nigeria’s economic challenges.

Nigeria’s currency crises to be chipped at with a $10 billion fund

  • Nigeria aims to raise $10 billion to enhance liquidity in the foreign exchange market.
  • The government emphasized proper asset management to tackle economic challenges and stabilize the Naira.
  • They also mentioned that transparency and accountability are pivotal for maximizing returns and funding key sectors like education and healthcare.

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The Punch newspaper reported that the announcement was made by Vice President Kashim Shettima, who spoke on behalf of President Bola Tinubu, during the inaugural Public Wealth Management Conference held in Abuja, the capital city, on Tuesday.

This idea was also elaborated on by the Senior Special Assistant to the President of Media & Communications, Stanley Nkwocha in a statement on Tuesday.

He stated: “The Federal Government set a goal to raise at least $10bn in order to increase foreign exchange liquidity, a key ingredient to stabilize the naira and grow the economy.”

He also noted that proper management of assets is paramount in growing the country’s GDP.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years,” the Senior Special Assistant said.

Transparency and accountability are the pain points the president touched on noting that these principles are key to increasing the country’s returns via improved corporate governance, innovative partnerships, and free-flowing investment capital.

These increased returns would be used for “crucial funding for education, healthcare, housing, power, roads, and other areas vital to lifting millions out of poverty and stimulating sustainable economic development and job creation for the youth,” according to the president.

On Monday., it was reported that the Naira which has been in a freefall since the year began crossed the 2000 mark against the British Pound, at which point the Naira was trading at N1,673/$1.

Even though the country’s Economic and Financial Crimes Commission had disrupted the Bureau de Change operators, in Abuja and arrested 50 illegal operators, in less than a day from Monday, the Naira jumped to N1,850 per dollar, causing an even louder uproar in the forex market.

The Nigerian currency has simply failed to catch a break since the president of the country floated the currency and eliminated fuel subsidies.

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President Tinubu [PremiumTimes]

President Tinubu dismisses the Vice President’s proposed food plans

[L-R] Engr. Chris Ijeli, Managing Director/CEO, Dorman Long Engineering; Dr Timi Austen-Peters, Chairman, DormanLong Engineering; Mrs Aisha Rimi, Executive Secretary/CEO, Nigerian Investment Promotion Council (NIPC); MrsToyin Saraki, Founder-President of Wellbeing Foundation Africa (WBFA); and H.E Uba Maigari Ahmadu, Minister ofState for Steel Development unveiling Dorman Long Engineering’s new brand identity during its 75thAnniversary reception.

Nigerian industrial powerhouse, Dorman Long Engineering, celebrates 75 years of partnerships and progress

10 african countries with the strongest currencies in 2024.

IMAGES

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COMMENTS

  1. How to Write A Business Plan in Nigeria (Template for Nigerian

    Table of Contents What is a Business Plan? How to Write A Business Plan (Template for Nigerian Businesses) Know the purpose of the plan Draft an executive summary Describe your company Do a thorough research Competitive analysis Take note of actual and estimated figures Service or product plan Outline management and organisation Conclusion

  2. How To Write A Business Plan In Nigeria (Free Samples And Templates

    1. Catering Business Plan If you love to cook and are thinking about starting a business, combine the two and start a small catering business. But how do you start a small catering business? It's by having a great business plan detailing every aspect of the business before you get started. 2. Event Planning Business Plan

  3. How To Write The Perfect Business Plan In Nigeria and Africa That Will

    April 9, 2023 In today's business world, having a well-thought-out and comprehensive business plan is crucial for success. This is particularly true in Nigeria and Africa, where the business landscape is rapidly evolving, and entrepreneurs face unique challenges and opportunities.

  4. How to Write a Business Plan in Nigeria

    A business plan would contain everything a reader may want to know about your business, starting from the title page, the executive summary, the company description and to the appendix page.

  5. How to Write a Business Plan in Nigeria (8 Simple Steps)

    1. Write a Detailed Summary The first step to writing any business plan in Nigeria is to write a detailed summary of the business or company. This part is chapter one - the first page you see when you attempt to read a business plan. When we say a detailed summary we are talking about a summary that does not miss any vital part of the business.

  6. How To Craft A Business Plan In Nigeria (2024)

    A comprehensive business plan comprises the following: the products and/or services your business offers, the framework in which your business operates, an analysis of the market you're entering, strategies for sales and marketing, the necessary funding, financial projections, and the mandatory documentation such as permits and leases.

  7. How To Create A Business Plan In Nigeria

    Research Before you create a business plan, you have to decide on the structure, marketing strategy, and finance for the business. This information makes your analysis and forecasts more likely to be accurate. Determine The Purpose Of The Business Plan Decide whether the plan is to be used internally, by third parties, etc.

  8. How to Write a Business Plan in Nigeria

    Appendix Who Needs Business Plan? A business plan is particularly required for ventures that are to be created or created for profits i.e. businesses. So, the following categories of people will need a business plan at some point. Start-ups; entrepreneurs with ideas who wish to start a business.

  9. How to Write a Business Plan in Nigeria

    Shopify defines a business plan in more instructive terms: It is "A document describing a business, its products or services, how it earns (or will earn) money, its leadership and staffing, its financing, its operations model, and many other details essential to its success".

  10. How To Write A Business Plan In Nigeria And Get Funded In 2021

    1. Not making the plan adaptable - business plans are meant to be dynamic; they are meant to change to fit specific situations especially when in pursuit of funding when your audience would differ greatly across a large spectrum of potential financial sources. 2.

  11. How to Write a Business Plan In Nigeria

    1. 2007. oasdom.com How to write a business plan. Want to know how to write a business plan step by step? Gone are the days of 30 - 40 pages of business plans. Modern business plans are shorter, easier to write and easier to read. This article will help you know how to write a business plan- standard format.

  12. How to Write a Business Plan in Nigeria (2023)

    Tips for Writing a Successful Business Plan in Nigeria. Now that you know the key sections of a business plan, here are some tips to help you write a successful business plan for your business in Nigeria: 1. Keep it concise. Your business plan should be concise and to the point.

  13. Importance of a Business Plan in Nigeria, What you should know

    3) Importance of a Nigerian Business Plan. Your Nigerian business plan will: 1) Help clarify the focus of your business, show research findings, the possibilities of business development and prospects. 2) Provide a considerable and logical framework within which your business can develop and pursue business strategies, not just for the near ...

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    The 14 business plans in Nigeria: 14 different types of business plan for you in Nigeria - BUSINESS PLAN COMPONENTS: Please Share for Us: As a matter of fact, a business owner or prospective business owner needs a business plan to clarify each aspect of his business targets.

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  16. Supermarket business plan in Nigeria

    In our supermarket business plan, we examine the cost of opening a supermarket in Nigeria and what it entails. Nigerian supermarkets are very expensive to open due to the high cost of rent, ongoing maintenance, and other factors. The average cost to open a supermarket in Nigeria can range from 1 million to as high as 20 million naira.

  17. Most Complete Plantain Farming Business Plan in Nigeria

    Plantain Farming Business Plan in Nigeria Executive Summary: At the forefront of your business plan is the executive summary, a concise yet impactful overview of your entire plan. This section covers the essence of your plantain farming business, including your goals, target market, competitive advantage, and a snapshot of your financial ...

  18. Most Complete Solar Business Plan in Nigeria

    The first step in writing a professional Solar business plan is to conduct a market analysis to identify gap in the market and create strategies to successfully penetrate the Nigerian solar market. In this section, we will explore the critical process of conducting a comprehensive market analysis for your solar business plan.

  19. How to Prepare a CNG Plant Business Plan in Nigeria

    One way forward on How to Prepare a CNG Plant Business Plan in Nigeria. Market Analysis: Conduct a thorough analysis of the Nigerian energy market and the demand for CNG. Identify potential customers, such as transportation companies, industries, and households, and assess their current fuel consumption patterns.

  20. Herbert Wigwe: Nigerian bank chief killed in US helicopter crash

    The co-founder of Access Bank, one of the largest banks in Nigeria, was among six people killed in a helicopter crash in California on Friday. Herbert Wigwe, his wife, son, and a former president ...

  21. Most Complete Spa Business Plan in Nigeria

    The business description section of your spa business plan in Nigeria goes into great detail about your spa concept and its essential components. In this section, you'll go into further detail about the particular services your spa will provide, the mood and environment you want to create, and how your spa will stand out in the Nigerian market.

  22. Hardship: Federal govt announces plan to restart ...

    The federal government of Nigeria says it has concluded plans to restart direct cash transfers to the poorest and most vulnerable Nigerians. The Minister of Finance and Coordinating Minister for ...

  23. LASG activates implementation of development plan 2052

    Seyi John Salau. February 20, 2024. The Lagos State government has tasked stakeholders on the implementation of the Lagos Development Plan (LSDP) 2022-2052 towards making the state Africa's model megacity. The LSDP is a 30-year strategic design that lays out the overall direction for the state from 2022-2052.

  24. Nigerian bank CEO and family among 6 people killed in California ...

    The CEO of a major Nigerian bank, along with his wife and son, were among six people killed in a helicopter crash in the Mojave Desert near the California-Nevada border late Friday night ...

  25. Hair Salon Business Plan in Nigeria

    Create an action plan: Develop a step-by-step plan for implementing your business strategy and achieving your goals. By following these steps, you can create a comprehensive Hair Salon business plan in Nigeria that will help you effectively launch and grow your hair salon business.

  26. PEBEC Commences 90-Day Regulatory Reform Accelerator Action Plan

    The Presidential Enabling Business Environment Council (PEBEC) was established in July 2016 by the Federal Government to oversee Nigeria's business environment intervention and Is a top priority ...

  27. Nigeria's currency crises to be chipped at with a $10 billion fund

    February 21, 2024 10:15 AM. The Nigerian government has revealed plans to address its ongoing currency challenges by seeking $10 billion in funding. In a nutshell, the plan is to bolster liquidity in the foreign exchange market, in light of the Nigerian Naira's recent devaluation to a historic low of N1850/$1. The government intends to raise ...