SOY-OGI PRODUCTION BUSINESS PLAN IN NIGERIA
SOY-OGI PRODUCTION BUSINESS PLAN IN NIGERIA
This sample Soy-Ogi Production Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Notes, Competitions, etc. Soy-Ogi Production Business Plan is a lucrative business that needs a lot of strategic Planning to start and a business coach like Dayo Adetiloye to help you start the Implementation.
Business Description of Soy-Ogi Production Business Plan in Nigeria
Business: SOY-OGI PRODUCTION
Industry: Fast-Moving Consumer Good [FMCG] (Soy-Ogi Production Business plan in Nigeria)
PATILAD Production Company, Inc. is a registered business that process and produce Soy-Ogi in Ogun state. This business aims to promote investments in Soya processing in Nigeria thereby providing food and reducing waste in Nigeria.
In order to do this, we have conducted in-depth feasibility research and created a business plan to demonstrate the inherent profitability of this venture.
We intend to maintain the high standards we have set for our Soy-Ogi and all other Soya products made in our facility by ensuring our clients get only the best from us in terms of both product and service. Within the first year of operation, we want to turn a profit. By the third year, we also intend to expand to three more locations across the nation and reinvest in the business.
We at PATILAND Production Company, Inc. will experience increased traffic as the city continues to grow at a rapid pace.
Market Analysis
The Nigerian food industry is one of the best-performing industries in the country despite the economic downturn and huge decline in consumer spending power over the years. The industry has grown so well, and consumers are still making the switch from unpackaged and unbranded products to packaged products as they become more aware.
Nigeria, which has a population of over 190 million, has a high development potential and a rising need for Soy-Ogi powder. The annual national demand for Soy-Ogi powder is estimated to be around 450,000 tonnes and rising, creating an excellent investment opportunity. It is a fast-moving consumer good that is great for people in the country across all ages, religions, ethnicities, genders, and social strata as a delicacy and as a cheap source for meeting the protein requirements of children and most especially for weaning babies.
Nigeria has a vast market of consumers that is only set to grow in the next few decades. The fast-moving consumer goods industry is essential for the Nigerian economy in both financial contributions and employment terms. In fact, fast-moving consumer good is one of Nigeria’s largest manufacturing industry.
Our target audience in Nigeria and the ECOWAS sub-region includes households, wholesalers, retailers, working-class individuals, the elderly, students, business people, men, and women, and caterers.
Justifications For Entry Into The Business
- Data shows that Nigeria presently produces about 500,000 MT of Soybean annually making it the largest producer of the product on the African continent. This means that the major resources needed for our production is readily available.
- High Nigerian Urban development which is growing at 8% annually is also a contributing factor for the demand of Soy-Ogi Powder.
- Sustainable and readily available local technology
- The switch from unpackaged and unbranded products to branded alternatives in the country.
- Research has shown that Soy-Ogi production is one of the best forms of business to do that could stand the test of time in the food industry because of its high nutritional value.
Read also: TOMATO JUICE PRODUCTION BUSINESS PLAN IN NIGERIA
The Benefits of Our Products and Services are;
- Prevention of wastage
- Our product help in protecting the health against oxidation
- Provision of quality products
- Excellent customer care services.
- Lowest possible prices.
- Bringing simplicity to the cooking process
- Our Soy-Ogi is richly fortified with high protein.
Our Products and Services
Although fresh Soya comprises the majority of the Soya consumed in Nigeria, Soya processing has become an essential element of the culture. We intend to sell the product described below at this point of our company’s development, but we’ll increase our range of products as we grow over the next years.
- SOY-OGI POWDER: Soy-Ogi powder is a highly enriched protein food. The traditional Ogi is a fermented maize breakfast cereal that is low in protein content due to the low protein content of maize.
Soy-Ogi is ogi fortified with soybeans to improve its protein content. Both infant and adult formulae are available. It is a good substitute for breakfast cereals such as Quaker oats, Soya flakes, and other ready-to-serve cereals.
Keys to Success
The keys to success for our Soy-Ogi Production business include:
- Good retail location in a residential/business area.
- Hygienic and neat environment
- Online presence
- Maintain low operating costs
- On-time delivery
- production of quality products
- Maintaining and growing relationships with customers to generate new and repeat sales
- Competitive pricing.
Read also: CUSTARD PRODUCTION BUSINESS PLAN IN NIGERIA
Business Objectives for Soy-Ogi Production in Nigeria
- To make available Soy-Ogi powder to all at affordable rates
- To increase sales by at least 75% at the second year
- To ensure customer satisfaction so that at least 60% of our customer base are return customers
Vision For the Soy-Ogi Production Business in Nigeria
- To create the finest quality all-natural Soy-Ogi powder with a commitment to incorporating the richest ingredients into a world-class product.
- To meet the highest standards of excellence with superb service and product offerings in a friendly atmosphere.
Management Team of the Soy-Ogi Production Business in Nigeria
Pelumi Agunbiade: She has over nine years of experience in the Food industry, having worked for some leading brands in Nigeria. She has a B.Sc. in Business Administration from the University of Lagos (UNILAG). She is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS).
Mr. Dayo Adetiloye – (B. Agric., MBA, and PMP): He has over 15 years of experience in business management, business start-up dynamics, financial management of business, and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan African University (PAU). He is our business development strategist and a strategic partner.
Lilian Mfon- Lilian is the head of our marketing team, most of our marketing strategies are online-based and she is the best personnel for the job she has a well-established digital marketer with proficiency in content management social media marketing, search engine optimization, and marketing.
We brought to the business:
- Academic skill and practical experience in the Soy-Ogi Production business.
- Capacity to consistently provide high-quality goods and products all year round.
- Good understanding of the market trend.
- Our staff brings operational, marketing, and promotional skills to the business.
SOY-OGI PRODUCTION BUSINESS PLAN IN NIGERIA
SWOT Analysis
We were able to evaluate our strengths, weaknesses, opportunities, and threats to which we might be susceptible in the market. This is to prepare us for the competition that lies ahead and the best way to approach it. Below is a summary of the findings from our SWOT Analysis:
STRENGTHS
- Availability and easy accessibility to raw-materials
- Good knowledge of target customers and their needs
- Access to cheap labor
- Well-organized business structure
WEAKNESS
- The business is new to the market place and as such, the brand is not well-known yet
- As a start-up and the future is always uncertain for most start-up companies
- Lack of adequate capital of the business requires an enormous amount of investment
OPPORTUNITIES
- The huge switch from unpackaged and unbranded products to branded alternatives in the country.
- The Soya processing food production industry is still untapped
- The continued growth in middle-class population in Nigeria
THREATS
- This being a new entity there is a threat from new business entrants
- Government policies and regulations.
- There is a threat of other more established companies starting this line of business thus leading to stiff competition that the company might not be able to.
Equipment needed to start SOY-Ogi Production
1. Ingredients:
- Soybeans: The main ingredient used to make soy ogi. Purchase high-quality, cleaned soybeans.
- Water: To soak and blend the soybeans.
- Sweeteners (Optional): Sugar, honey, or other sweeteners to taste.
- Flavorings (Optional): Vanilla, cinnamon, or other spices for added flavor.
2. Processing Equipment:
- Blender or Food Processor: For blending soaked soybeans and water into a smooth slurry.
- Mixing Vessel: Large containers or drums for mixing the soybean slurry with water and other ingredients.
3. Cooking Equipment:
- Cooking Pot: Large pots or kettles for cooking the soybean slurry.
- Heat Source: Gas stove, electric burner, or firewood stove for cooking.
4. Fermentation and Straining:
- Fermentation Vessel: Airtight containers for fermenting the mixture of ground soybeans and water.
- Strainer or Sieve: To separate the liquid (soy ogi) from the solid residue after fermentation.
5. Sweetening and Flavoring:
- Sugar: Sweetens the soy ogi to taste.
- Flavorings: Vanilla extract, cinnamon, or other spices for added flavor.
6. Bottling and Packaging:
- Bottles or Containers: Clean, sanitized bottles or containers for storing the finished soy ogi.
- Funnel: For pouring the soy ogi into bottles or containers without spillage.
- Bottle Caps or Lids: Seals for closing the bottles or containers.
7. Pasteurization or Preservation:
- Pasteurization Equipment: Heat treatment to kill harmful microorganisms and extend shelf life.
- Preservatives (Optional): Natural or food-grade preservatives to inhibit microbial growth and spoilage.
8. Cooling and Storage:
- Refrigerator or Cold Room: For storing soy ogi at low temperatures to prolong its shelf life.
- Storage Containers: Clean, airtight containers for storing soy ogi at room temperature.
9. Quality Control:
- pH Meter: Measures the acidity of the soy ogi to ensure proper fermentation.
- Hydrometer: Measures the density of the liquid to monitor fermentation progress.
10. Utilities:
- Electricity: Power supply for operating processing equipment.
- Water Supply: For cleaning equipment and processing areas.
11. Safety and Hygiene:
- Personal Protective Equipment (PPE): Gloves, hairnets, and aprons for workers.
- Sanitation Supplies: Cleaning agents, sanitizers, and disinfectants for maintaining cleanliness and hygiene in the production area.
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