Example of Business Plan in Nigeria
Example of Business Plan in Nigeria
A business plan is a well-written document consisting of various elements: an executive summary, company description, products and services, market analysis, organization and management, marketing and sales plan, operational plan, and financial plan. These elements written together provide a practical overview of your vision. It can turn your ideas into viable reality and help pitch your idea to investors when seeking funding.
There are different business industries and sectors you can write a business plan for. Few of the industries include; food and restaurant, real estate, education, software development, retail and online store, medical and health care, salon, spa and fitness, Non-profit organization, transportation, media and entertainment, agriculture, cosmetology, oil and gas, fintech, event planning, manufacturing, and others.
Why is a business plan essential?
- It helps in investment-seeking: To convey your vision to potential investors. Also, to attract key employees, suppliers and partners.
- It helps to know more about your business: It gives a proper insight into your business and how you can improve.
- It shows your company’s level of progress and what you need to do more to enhance productivity.
- To have adequate knowledge about your business industry and trending trends in the market
- To set better objectives that are achievable
- To know the business risks and how to reduce them.
Example of Business Plan in Nigeria
In writing a standard business plan, you need to ensure that all necessary requirements are in the business plan.
The table of content for a standard business plan;
- Executive Summary
- Company description
- Market Analysis and Competition
- Marketing plan and strategy
- Management plan and ownership
- Operational Plan
- Financial Plan
- Appendices
Executive Summary:
The Executive Summary serves as the gateway to your business plan, offering a concise yet compelling snapshot of your entire venture. Its primary purpose is to grab the reader’s attention and provide them with a comprehensive understanding of your business proposition. Here’s a breakdown of what it typically includes:
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Problem Statement:
Begin by clearly outlining the problem or pain point that your company addresses. This could be a gap in the market, an unmet need, or an inefficiency that your solution aims to resolve. By articulating the problem succinctly, you set the stage for why your business is relevant and necessary.
Example: Water is an essential resource to human lives. Our body uses water to help regulate temperature and maintain other bodily functions. Our body loses water through sweating and digestion; therefore, it is important to rehydrate by drinking clean water and eating foods that contain water. People die daily in kanatuwa, Warri, because of a lack of clean water. At ABC factory, we produce clean water at affordable rates to the people of kanatuwa; our target market includes; individuals, households, students, churches, mosques, and corporate organizations.
Company description:
The Company Description section of your business plan provides a comprehensive overview of your venture, offering insights into its structure, mission, products/services, goals, and more. Here’s a breakdown of the components typically included in this section:
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Company Details:
Start by providing basic information such as the company name, location(s), and contact information. This sets the foundation for understanding the physical presence and reach of your business.
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Type of Business Structure:
Describe the legal structure of your company, whether it’s a sole proprietorship, partnership, limited liability company (LLC), corporation, or other entity. This helps clarify ownership and liability arrangements.
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Owners and Board of Directors:
Identify the key stakeholders and decision-makers involved in the company. This may include founders, partners, investors, and members of the board of directors. Briefly outline their roles and responsibilities within the organization.
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Mission and Vision Statement:
Articulate the overarching purpose and aspirations of your company through its mission and vision statements. The mission statement defines what the company does, who it serves, and why it exists, while the vision statement outlines its long-term goals and aspirations.
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Products and Services:
Provide an overview of the products or services offered by your company. Highlight their unique features, benefits, and how they fulfill the needs of your target market. This section should also touch on any proprietary technology, intellectual property, or competitive advantages associated with your offerings.
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Objectives and Goals:
Outline the short-term and long-term objectives of your company. These may include specific milestones, revenue targets, market share goals, or other measurable outcomes that define success for your business.
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Company Origin Story:
Share the backstory of how the company was founded and the inspiration behind its creation. Highlight any pivotal moments, challenges overcome, or key achievements that have shaped the company’s journey thus far. This narrative adds depth and context to your business, helping to humanize your brand and connect with stakeholders on a personal level.
By including these elements in your Company Description, you provide stakeholders with a comprehensive understanding of your business, its purpose, offerings, goals, and origins. This section sets the stage for the rest of your business plan, laying the groundwork for the reader to delve deeper into the specifics of your venture.
Market Analysis and Competition:
The Market Analysis and Competition section of your business plan is crucial for understanding the landscape in which your company operates. It involves thorough research into market conditions, target demographics, industry trends, and competitive forces. Here’s how you can approach each aspect of this section:
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Market Conditions:
Begin by providing an overview of the broader market conditions relevant to your industry. This may include factors such as market size, growth trends, regulatory environment, economic indicators, and any other external forces impacting your business environment. Conducting a PESTLE analysis (examining Political, Economic, Social, Technological, Legal, and Environmental factors) can help provide a comprehensive understanding of the market landscape.
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Target Market Analysis:
Define your target market(s) by identifying the demographics, psychographics, and behavioral characteristics of your ideal customers. Utilize market research techniques such as surveys, interviews, and data analysis to gain insights into their needs, preferences, and purchasing behaviors. Understanding your target market enables you to tailor your marketing efforts, product development, and customer experience to better meet their needs.
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Industry Trends:
Stay abreast of the latest trends, innovations, and disruptions within your industry. This could include advancements in technology, shifts in consumer preferences, emerging market segments, or changes in regulatory requirements. By staying informed about industry trends, you can anticipate future developments and proactively adapt your business strategies to capitalize on opportunities or mitigate risks.
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Competitive Analysis:
Identify your primary competitors and analyze their strengths, weaknesses, strategies, and market positioning. Evaluate factors such as product/service offerings, pricing strategies, distribution channels, marketing tactics, and customer relationships. Highlight areas where your competitors excel and areas where they may be vulnerable. This analysis will help you identify opportunities to differentiate your business and gain a competitive edge.
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Competitive Advantage and Unique Selling Proposition (USP):
Clearly articulate the competitive advantages that set your business apart from competitors. This could be based on factors such as product innovation, superior quality, pricing competitiveness, customer service excellence, or unique branding. Your Unique Selling Proposition (USP) should succinctly communicate why customers should choose your offering over alternatives in the market.
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Market Research Insights:
Summarize the key findings from your market research efforts and how they inform your business strategies. This could include insights into customer preferences, market demand, pricing sensitivity, distribution channels, and potential expansion opportunities. Use these insights to set realistic targets, develop effective strategies, and refine your product/service offerings to better align with market needs.
By conducting a thorough market analysis and competitive assessment, you’ll gain valuable insights that inform your business decisions, enable you to identify growth opportunities, and position your company for success in a competitive marketplace.
Marketing plan and strategy:
Creating a marketing strategy is an essential aspect of a business. Marketing plan will identify the ways your products and services will get to the market. It gives you a view of how you will sell your products and services and attract potential customers. These strategies may include advertising and promotion, sales and distribution, pricing strategy, and post-sales support.
Example: ABC will market their products through google ads, social media platforms, search engines, radio and television adverts, sharing of handbills, fliers, and billboard advertisements.
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Example of Business Plan in Nigeria
Management plan and ownership:
This section describes the business management team, ownership, legal structure, and staffing requirements. You state the uniqueness of the management structure, roles of each staff and show an organization chart.
Operational Plan:
The operational plan shows the business’s physical requirements such as office, equipment, warehouse, supply chains, and human resources. It indicates specific employee’s obligations, how they should execute them with a defined timeline. The operational plan shows the day-to-day tasks and duties to ensure a clear path to business success.
Financial Plan:
This is one of the most crucial parts of the business plan; the financial plan must demonstrate the business growth and profitability potential. To do this, you need to calculate income statements, cash flows, and balance sheets. Outline your financial analysis, the operating cost, revenue projections, salary breakdown, and so on.
Appendices:
This section should contain any other detailed information needed to support other areas of the business plan, a list of equipment, brochures, resumes of key employees, and any other important document.
Conclusion: Business plans serve diverse purposes, and before you start writing, you need to think about who the audience are and the business’s goals. Your business plan must be well-explanatory and understandable to anyone who reads it.
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