simple business plan in nigeria

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📑 Download Business Plans in Nigeria

This is samphina.com.ng your #1 plug for any Business Plan (Startups) in Nigeria. We understand the time factor, and we have simplified the process so that you can get your Business Plan ready as soon as possible by making available Business Plan for different businesses in Nigeria.

List of Business Plans in Nigeria

Click on Any Business to Download the Complete Business Plan and Financial Plan

• Agro Commodity Export
• Agrochemical
• Auto Repair
• Bakery / Bread
• Banana Processing
• Banking Agency
• Barbing Salon
• Bike Delivery
• Block Industry
• Bottled and Sachet Water
• Business Hub
• Cashew Nut Processing
• Cassava Farming and Processing
• Catfish (Fish Farming) Production and Processing
• Cattle Rearing / Fattening
• Chicken Slaughter and Processing
• Cinema House
• Cleaning Services
• Cocoa Farming and Processing
• Cocoyam Farming and Processing
• Cooking Gas (LPG) Retailing
• Cosmetology
• Cotton Farming and Processing
• Courier Services
• Crèches and Daycare
• Diary Production
• Diesel Haulage
• Driving School
• E-commerce Platform
• Electric Concrete Pole Manufacturing
• Electrical Equipment Sales
• Event Management
• Fashion Design
• Flavored Plantain Chips
• Frozen Foods
• Ginger Farming
• Goat Farming
• Gold and Jewelry
• Grocery Store
• Groundnut Oil
• Haulage and Logistics
• Healthy Restaurant
• Herbal Medicine Production
• Hide and Skin
• Hydroponics
• Ice Block Production
• Ice Yoghurt Production & Sales
• Information Technology
• Insurance Brokerage
• Integrated AgriBusiness Plan
• Interior Decoration
• Kampala / Adire (Tye & Dye) Textile
• Laundry / Dry Cleaning
• Leather Tanning
• Lighting Installation
• Maize Farming
• Marine Logistics
• Meat Processing
• Media and Entertainment
• Medical Equipment Supplies
• Medical Laboratory
• Microfinance Bank
• Mobile Food Vending
• Mobile Kitchen
• Moringa Farm
• Mushroom Farm
• Musical Equipment Rentals
• Nanny Agency
• Nursery and Primary School
• Nylon Production
• Organic Food Store
• Paint Production
• Palm Kernel Oil Extraction
• Palm Oil Production and Processing
• Paper Recycling
• Petrol Station
• Photography and Videography
• Piggery (Swine) / Pig Farming
• Pineapple Farming
• Plantain Farming and Processing
• Plastic Bottle (PET) Recycling
• Printing and Multimedia
• Real Estate
• Recreation Centre
• Retail Store
• Rice Milling
• Rice Retailing and Distribution
• Shea Butter Production & Processing
• Shoes Making
• Snail Farming
• Soap Making
• Solar Energy Installation
• Sport Equipment
• Tea and Beverages
• Tea Farming and Processing
• Tissue Paper / Serviette Manufacturing
• Tomato Farming and Sales
• Transportation
• Travel Agency
• Unisex Hair and Beauty Salon
• Vegetable Farming
• Vocational Training
• Waste Management
• Welding and Fabrication
• Yam Production

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Catfish (Fish Farming) Production and Processing Business Plan PDF

Bakery / Bread Business Plan PDF

Fashion Design Business Plan PDF

Catering Business Plan PDF

Poultry Business Plan PDF

Healthy Restaurant Business Plan PDF

Bottled and Sachet Water Business Plan PDF

Snail Farming Business Plan PDF

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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 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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How to Write a Business Plan in Nigeria

• Startup Businesses , Career Development , Business Financing

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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Comments (4)

I need a professional business plan for my new pharmacy company. What is the cost of writing a good business plan form me?

Please contact us today to request a quote.

Please am starting up a seafood business in Nigeria, I need help with a sell out business plan. How do I achieve that

I can help you write a compelling and comprehensive business plan.

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How to write a business plan in nigeria: your free samples and templates.

You can learn to write a business plan in Nigeria, provided the guide comes from a “quality” source. Knowing where to start from is often the primary challenge when it comes to writing a business plan in Nigeria. This is one of the things that most business owners and entrepreneurs don’t always get right. In this article, you will learn essential tips on how to write a business plan step by step. The business plan of a company is very vital to the success of that company, so you must pay god attention to it. When you look through the free sample business plan, it gives you a clear picture of what your business plan should look like.

Also related: How to build your business from scratch

I have provided you with a long list of free sample business plan templates to give you an easy start. To write a business plan, you need to know where and how to start. Let us consider some free business plan templates and samples you can consider in Nigeria. You can choose to write a business plan using any of these templates listed below.

Business Plan Samples And Templates 

  catering business plan .

If you have a love for cooking and always wanted to start a business, you can integrate the two and start a small catering business. The question is, how do you start a small catering business. You can start by having to write a business plan detailing every aspect of the business before you get started. 

Event Planning Business Plan

In Nigeria, there is hardly any day that an event doesn’t come up in your locality. With thousands of events and parties happening every weekend, event planning business is a very lucrative business. To start an event planning business, you will need a combination of education, if necessary, good experience, and excellent networking. 

Hair and Beauty Salon Business Plan

In Nigeria, currently, the salon business is one of the best and profitable business in Nigeria because it doesn’t cost much and requires little capital to start. You can choose to start either a barbing or beauty salon for women because it requires no college degree but your skill. Some people delve into starting a salon business without considering the need to write a business plan. You don’t have the future of your business in mind if you fail to draft a business plan. 

Driving Schools Business plan

If you are an expert driver and can teach others how to drive, you certainly qualify to start a car driving school. In Nigeria, there is a great opportunity in this business as most Nigerians are looking forward to owning their own cars. Fresh school leavers are always eager to learn how to drive, so you can bridge the gap. 

Agriculture Business Plan

Nigeria is richly blessed with quality soil and favorable climatic conditions that can accommodate a variety of crops like onion, carrot, cocoa, yam, pear, potatoes, okra, vegetables, beans, etc. It is very lucrative to start an agriculture farm business in Nigeria because there is so much market to serve. You need to write a business plan on agriculture, especially if you wish to go on a commercial scale. 

Also see: How to write your cassava farming and processing business plan

Feed and Farm Supply Business Plan

The feed farm production industry has been largely promoted as one of the most lucrative agribusiness investments to make. Nigeria has a major impact on the worldwide production and distribution of livestock feed. Before you venture into feed and farm supply business, you need to have your feed and farm supply business plan in place. 

Fast Food Restaurant Business Plan

The fast-food business in Nigeria is a very lucrative and profitable one from which you can make good profits. No one can do without food, and with the growing population of Nigeria, it is a very viable business to venture into. With the current economic downturn in Nigeria, the line of business that has continued to promise greater returns on investment is the fast-food business. So, the fast-food business is a profitable one to venture into Nigeria. 

Bakery Business Plan

We have also included the bakery business plan in our free business plan template. With the high rate of events like weddings, birthday celebrations, the, etc. bakery business is highly profitable. In fact, the consumption of bread and other bakery products like chin-chin, cake, etc. is a huge market. There are lots of opportunities in this business and more interested investors who are willing to invest. 

Internet Café Business Plan

There is a high demand for internet cafe services in Nigeria, especially in business enabled environments like universities, offices, etc. In Nigeria, this is one of the leading profitable medium scale businesses in Nigeria. When managed properly, you can get a very high-profit margin. 

Clothing Boutique Retail Business Plan 

Starting your clothing business is a very good business idea in Nigeria. The reason is that the fashion industry will always be very vibrant in any economy. People all over the world have a basic need for clothing. Aside from the basic need, fashion is evolving daily as a result of the huge and diverse interest in styles. In as much as there is high demand in this sector, you must write a business plan that will guide your approach and decisions in the business. 

Automotive Car Repair Business Plan 

Nigeria will always remain a big market for cars, both used and new ones. It will amaze you to know that Nigeria alone spends up to $5 billion every year importing vehicles. This shows that this is an industry that is worth investing in. 

Car Wash Business Plan 

You don’t necessarily need much of a capital to start your car wash business in Nigeria. With more money spent in this business, the faster the business can grow much better and faster, leading to better and profitable returns. 

Pharmacy Business Plan

In Nigeria, the drug store business has become an integral part of the Nigerian economy. Venturing into the drug business is certainly a good business decision, but you need o to have a good business plan in place. 

In this article, I have provided you with a variety of free sample business plan template to help you write a business plan for your business. For your well-detailed business plan on any business, contact  +2347037281050.  Your business plan will be ready within two weeks. Contact us today and be glad you did

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Starting A Business In Nigeria: A Comprehensive Guide

• Entrepreneurs.ng
• May 14, 2021

The dream of most entrepreneurs is to start profitable businesses that give them fulfilment and helps them earn a respectable income. Starting a profitable business is valuable because it helps the entrepreneur independently function in a value-driven environment while earning income. But, the truth is that starting a business in Nigeria is not all roses and sunshine; you may encounter a lot of difficulties when trying to start a business in Nigeria. Due to the effect of years of operating a loose system, entrepreneurs often find it quite cumbersome to start a business in Nigeria.

See Also: Resources that will help you start, market and grow a sustainable business.

This guide is designed to help entrepreneurs and business people navigate the often complicated process of starting a business in Nigeria.

Watch the full video of all the things you have to do when setting up a business in Nigeria. Also, subscribe to our channel to get business ideas, tips and insights.

Steps To Take When Setting Up A New Business In Nigeria

See Also: Small Business Startup Checklist

Choose A Business Idea

To start a profitable business in Nigeria, you need to choose a business idea that has the potential to do well. Typically, when choosing a business idea, entrepreneurs study the market, find a problem, then build a solution to it. These solutions may be in the form of products or services.

See Also: How To Write A Business Plan That Works For You

Here are some proven steps to choosing a great business idea:

Evaluate Your Skills, Experience And Passion

When looking to choose a business idea, it is important that you start with evaluating yourself. What are your strengths? Do you have a passion that can be turned into a strong business idea? Are you experienced in some fields that will make for a great business idea? Then you should consider them as business ideas.

Take A Look At Your Environment

Another way to generate amazing business ideas is by taking a look at your environment. Are there problems in your community that need solutions? Will people pay you for providing solutions to the problems that abound in your environment? If your answer to those questions is “yes”, then you should consider starting a business that caters to that problem.

See Also: Online Business Ideas You Can Start From Home And Become Rich

Tap Into Your Own Experiences

If you have previous work experience, you can tap into your experiences and create an amazing business. For example, if you have worked severally as a digital marketing executive, it is sensible for you to consider starting a digital marketing agency. The idea is to tap into your personal and work experiences, create something missing in the market, or do some things differently.

Generate Some Ideas

Now that you understand how to generate business ideas, you have to actually generate some. Start by writing down a list of the business ideas that you are interested in. Writing these ideas down helps move them from a thought to a possibility. Ask people around you for their ideas, consult family and friends, research about ideas to start- just make sure that you write all of them down.

Select The Best Idea

After writing down your business ideas, you need to select the best idea to run with. Prune down your ideas by considering their viability, profitability, and other yardsticks such as your passion for it, your knowledge about the industry, and the profitability forecast. When you run your ideas through those lenses, you should be able to select the best idea.

Research Your Idea

Now that you have selected the best business idea that you want to run with, the next step is to further research your business and test for its market viability. Additionally, researching your business idea will help you know where to innovate in the market and stand out from the competition.

Test Your Idea

Finally, to make sure that you are choosing the right business idea in Nigeria, you have to actually test the idea. Step out of the building and talk to your prospective customers. Find out if they will be willing to pay for your solution. Do you have mentors, business associates, or a network of entrepreneurs whom you can bounce ideas off of? Test your business idea with them to see if it will work.

We have already done the work for you! We have researched and found 35 of the most profitable business ideas that you can start in Nigeria. Get them here and plug and play.

Do you want to start an online business that requires little to no capital? We covered 60 of the best online business ideas in Nigeria. Read about them here .

Conduct Market Research

After choosing the best business idea, the next step when starting a business in Nigeria is conducting market research . Market research is very important when starting a business in Nigeria because it is integral to understanding the challenges and opportunities that abound in the marketplace.

Here are some critical questions you should seek to answer with your market research:

• How large is my target market?
• Who are my potential customers?
• What are my customers’ shopping and buying habits?
• How much are potential customers willing to pay?
• Who is my competition?
• What are my competitors’ strengths and weaknesses? (A SWOT analysis will help here)
• How can I take advantage of my competitor’s weaknesses?

Successfully answering those questions will help give you important information on how to position your new business for success as you enter the market. Additionally, the market research will help you reaffirm if your business idea is worth pursuing or not.

See Also: How To Do Market Research Before Starting A New Business

Create A Business Plan

A business plan is very central to starting a business in Nigeria. A business plan is a document that details the financial and operational objectives of a business. It goes into details about the mission and vision of a business; who the business plans to sell to, what the business offers, its selling point, the business goals and objectives to mention a few. The business plan is actually a simple tool to achieve and manage business growth. It is used to define business strategy, goals, deadlines, budget, etc.

See Also: Business Plan Sample For Small Business Owners To Follow

Here are some things you must put into perspective when creating a business plan:

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 writing 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, bullets, and italics to highlight key information for the readers.

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.

Decide On Business Legal Structure

Choosing the right legal structure for your business is very important when you are starting a business in Nigeria. A lot of business owners have made the costly mistake of registering their business under the wrong legal structure and when you do that, it sometimes means that there are some types and volumes of businesses that you cannot do. Therefore, the importance of choosing the right legal structure for your business cannot be overemphasized. There are  factors you have to consider before you choose a business structure.

Here are the popular business legal structures that you can choose from in Nigeria:

Business Name

A Business Name which most refers to as an enterprise or venture is for a sole proprietor or two people who are trying to form a partnership. It is simple to register and you can register yourself online on the CAC platform. Or reach out to our sister company, ReDahlia Workspaces at [email protected] or call them at 08188122223 for all your business registration and trademark needs.

Limited Liability Company

A Limited Liability Company can either be a Private Limited Liability Company or a Public Limited Liability Company. Public limited in the sense that the membership is unlimited. The core feature of a Limited Liability Company is the share capital divisions and directors who make decisions.

Incorporated Trustees/Company Limited by Guarantee

These two falls under what we call Non-Governmental Organization. They are more expensive to register. Because they are social enterprises, they have access to funds especially from international bodies that are interested in corporate social responsibility in Nigeria. They are exempt from company income tax. There is no profit sharing; whatever revenue is generated is put back into the organisation. Registering a company limited by guarantee requires the authority of the Attorney General of the federation.

Trademark is simply protecting your name, brand, logo, etc. against theft from competitors, friends, colleagues, etc. When you trademark your brand, you can sue anyone who uses it without your permission.

There are about  45 different classes of Trademark,  so find the one that suits your kind of business and trademark it under that class.

Choose A Business Name

Now that you are sure about the legal structure that you will be adopting for your business, the next stage is to choose your business name. Choosing a business name is very important to the process of starting a business in Nigeria. This is because you need a business name for you to conduct business in Nigeria. You need a business name to open an account and receive payments from customers.

To choose the best business name, you need to review why you want to start the business, what it is to be known for, the visions, mission, and selling proposition for it. Also, consider the industry you are in and ensure you are personally happy with the final choice. This is important because your business has to live with the name for a long time. It should be a unique unforgettable name.

Here are some tips when choosing a business name: 

• Choose a name that can stand the test of time
• Be descriptive but not too general or vague
• Keep it simple.
• Don’t copy your competitors
• Avoid using your own name
• Make sure you have a related domain

We put it all together here,  “How To Choose The Perfect Business Name“ . With the guide, you will learn how to choose the right business name.

Register Your Business

Registering your business is very important to running your business in Nigeria. Unless you want to run your business illegally, you are required to register your business in Nigeria to fully operate.

The commission in charge of business registrations in Nigeria is the Corporate Affairs Commission (CAC). And, although you can do your business registrations on your own, it is very advisable that you engage professionals to do the business registration so that you do not commit costly errors.

Our sister company ReDahlia Workspaces has a team of professional lawyers who can help you register your business for a small fee.

See Also: Benefits Of Registering Your Business With Corporate Affairs Commission (CAC)

Apply For Licenses And Permits

There are some businesses in Nigeria that you cannot engage in without applying for the necessary licenses and permits. Obviously, the first license you need is the business registration certificate, but you might be required to apply for some permits before operating depending on the type of business.

Here are some businesses that you need a permit for in Nigeria:

• Fintech companies
• Oil and gas companies
• Freight forwarding companies
• Import Companies
• Health-product companies
• Security guard companies
• Television companies
• Waste management companies
• Power and electricity companies
• Telecommunications companies
• Mining companies
• Liquor companies
• Educational organisations

Open A Business Bank Account

Opening a bank account is integral to running a successful business in Nigeria. A business bank account is important because you need it to receive payments and conduct business in Nigeria. To open a business account in Nigeria, you will need to have registered a business name and also have a tax identification number in some cases.

With your business registered, you should be able to open a company account and start transactions immediately. Depending on the legal structure you choose for your business, you might need to obtain a tax identification number after registering your business before opening an account.

Just make sure that you understand the requirements to open a company account in your country and state before proceeding to open the account.

Build Your Team

To start a profitable business in Nigeria, you need a team to take off and survive. You need a core group of people who buy into your vision to transform your small business startup from an idea to the reality you want.

So, you need to start with a  team  that you can trust to get the job done. In the beginning, it is important that you only hire the people that you really need to build your small business startup.

Grow Your Business

Now with your strong and vibrant team, you can now go ahead to growing your business. To enter the market successfully, you will need to market and promote your business.

There are many small business promotion tactics that you can use to grow your business in Nigeria. For one, you can use social media to your advantage. Additionally, you can use search engine optimization and even public relations to grow your business.

Starting a business in Nigeria could be very complicated and tiring especially due to the Nigerian system. However, if you follow the guidelines detailed in this post, you will be well on your way to starting an amazing business in Nigeria.

Thinking of starting a business in Nigeria?  Here are 35 booming business ideas and step-by-step guides to start them. It’s a strategic and financial breakdown of the most lucrative businesses in Nigeria. Get it now and start building the business of your dream.

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

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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.

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 Write A Business Plan In Nigeria and get Funded In 2021

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.

LOOKING FOR THE BEST BUSINESS PLAN WRITERS?

In 2020 alone, our business plans at Sam&Wright helped our clients raise a total of $2.75 million. If you can’t afford to waste time and money with a sloppy business plan, schedule a call to speak to us.

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 (8 Simple Steps)

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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How to Write a Business Plan in Nigeria – Simple Guide

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.

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 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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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 >>> http://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 Perfect Business Plan in Nigeria (And a FREE Template)

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Writing a perfect business plan in Nigeria shouldn’t be a difficult task, let talk about this!

Are you starting a new business in Nigeria and you don’t want to fail? Then writing a good business plan should be considered the second great deal after your initial idea before you put in your capital.

In today’s business world, one of the great ingredients for a successful business is proper documentation, one of such documents is your Business Plan; which is why I’ll be showing you how to write a perfect business plan in Nigeria.

Well, not as perfect as an angel. But, I’m sure this blog post will really help you understand the simple secret behind writing a good business plan.

But we need to understand some basic concepts in order to fully understand the proper crafting of a business plan. In business schools, we’ve got different definitions of what a business plan is.

What is a Business Plan?

Basically; a business plan is a comprehensive, yet concise description of a business entity, be it a startup firm or well-known cooperation.

It’s a document that describes several areas of your business as an entrepreneur, these include; financial, executive, operational, marketing, and goals of your business. A business plan may serve one or all of the following purposes, which is; 

• To present current and potential investors what your business entails in a bid to make them invest, or;
• To serve as a guide for the company – leading you from where you are present to where you wish to be in the future.

But often, business proposals and business plans are oftentimes, used interchangeably, while in essence, they differ to some extent. So, what are the differences between them?

Difference between Business Plan and Business Proposal

A business proposal is a document showing potential investors your business idea and how you tend to execute such an idea and how viable it is, all these are done with the aim of getting support from investors and clients. You don’t need to have a business up and running before drafting a proposal, just an idea is enough.

Business proposals are for a specified set of audience .

ALSO READ : How to Write a Good Business Proposal  

A good business plan in Nigeria as earlier stated serves as a document to guide a firm into its future or to seek investment from investors. You need to have a business up and running before you could write a business plan.

A business plan is meant for a much wider spectrum of people .

Importance of a Business Plan in Nigeria

Few advantages of crafting a good business plan in Nigeria include;

A Business Plan Makes It Easier to Make Future Prediction 

With a well-defined business plan, it’s much easier to predict the future of your business. When you’ve got a clear goal of where you are going, it becomes much easier to plan towards it.

It Gives You Better Understanding of Your Market

When crafting a business plan, you get to do quite a lot of research work which would include your target market. Doing this will give an insight into the market, something you probably didn’t have before.

You will Know the Business Pros and Cons

As you outline your plans, your strong points become more obvious to you, and that’s what you should focus on moving forward. You’d also see your flaws, with this knowledge, you can work on improving on them – turning them into strong points.

Business Plan Improves Decision Making

Irrespective of who your business plan is targeted at, you still get to keep a copy. This informs your decision, leading you to make better choices. If ever you lose track – which is quite certain, you could get right back with the knowledge of your intended plan.

There are many more advantages of why you should have a good business plan in Nigeria, these are just some of the more prominent ones. Therefore, it’s important you take time to carefully craft a business plan, which leads us to the next phase.

Things to Note Before Writing your Business Plan

Before you go-ahead to start writing that business plan, take note of these three points; 

• Know your Audience: Who would be reading your business plan? Are they well versed in your field of expertise? probably not. This lets you choose your words so as to accommodate almost everyone, you can leave out the technical jargon because not everyone is acquainted with your field. The aim is to use simple grammar while writing, this makes it easier for any investor to comprehend what you’re up to. 
• Not Too Long, Not Too Short: This is a really sketchy one, but you don’t want to tire out investors. Too long, it seems discouraging to read and most probably won’t be. Too short, you’re seen as not committed to the business. This is what you need to do; your entire document should be between 15 to 25 pages with a very legible font.
• You don’t have to be an Expert to get started: Many entrepreneurs feel reluctant to start writing a business plan, with the mindset of being an expert with good writing skills to start writing their business plan. There are lots of platforms that could help you create a really good business plan in Nigeria. You could also research available templates to make it a lot easier.

To have a more personalized business plan, you need to craft it yourself, which leads us to the meat of the article.

Proper Structure to Write a Perfect Business Plan in Nigeria

If you want to capture the hearts of your future investors, and probably something to keep you from going on track, then you need this structure in place, in the following order;

N.B. Remember to use legible font while writing, proper paragraphing should be employed and also ensure to use infographics where possible.

EXECUTIVE SUMMARY

This is the first part of your business plan, it’s the summary of all other sections of your plans, and as such, it should be concise – not giving off too many details. A good executive summary will determine if the rest of the business plan will be read, especially by a potential investor. 

If this part of your document is nicely written, stating all the relevant information, a client may not need to read the whole plan because you’ve already conveyed the whole message. 

When writing a business plan in Nigeria, you should see this part of the document as your major selling point, so you need to get it right. 

A perfect executive summary should summarize the following; 

• Value proposition
• Problem(s) you wish to solve
• Solution(s) you’re offering
• Your target market, your competition
• Overview of your business team
• Means of funding and milestones reached. 

All these shouldn’t be more than two pages of your document, with you stating the most relevant points, facts, and figures of each.

PROBLEM & SOLUTION

As an entrepreneur, your business will definitely be solving a problem, directly or indirectly. You should know what the problem is, making this the second part of your document. If your company isn’t solving any direct or indirect problem, then its relevance is questionable. 

You’ve got problems to solve, how do you go about solving them? 

This is where you’ve got to show your ideas’ credibility. Certainly, you’re not the only one solving the stated problem, there are probably other small business owners like yours, who’re providing similar products or services. 

You’ve got to give reasons why your products and services outperform your rivals, how you intend to make it much better and easier, this is what investors care to know about. Offering a much more efficient product or service which tackles the challenges stated opens the door of investments.

ALSO READ : Top 10 Business Investors in Nigeria

TARGET MARKET

Another strong point that would make your business plan stand out is by identifying and targeting a section of the market. Gone are the days of making products or offering services with no intended market, it is critical to the success of any business in the current world.

Take, for instance, you’re into clothes manufacturing, you need to have a specific gender in focus, a specific age group, and probably, people with similar style tastes. In doing this, you’ve got a good chance of succeeding in your field as you already know who you’re targeting, this will surely make investors sign those deals.

COMPETITION

If you take a vivid look at the business world we have today, it is obvious that most business entities have direct alternatives, they may be one or more than one alternatives to your business, a perfect example is the Nigerian telecom sector. While this is good for the customers, as they’ve got varieties to pick from in case one option sucks, it’s a challenge you must face as a business entity.

RELATED : How to Start a Recharge Card Printing Business in Nigeria

What you should note therefore in your document are; what your target market entails, what your counterparts are doing currently, and how do you wish to improve on it. Remember, you need to offer better products or services than your competition, or offer these products/services in a much better way.

EXECUTION PLAN

After you must have written all the above sections, you then need to come up with an execution plan. Whatever will be written here has to be feasible, without knowing how to go about executing, your plan will remain just a mere plan without life. This is where your plan gets into action.

“ Execution ” in business plan entails how you tend to market your products/services and your brand, and the mediums required to do so. There’s also a need to structure your pricing policy in relation to the current market.

You don’t necessarily need to give out the actual figures, but you could suggest pricing patterns – the same price as the market, or higher/lesser than the actual market figure. When writing your business plan in Nigeria, it’s important you’ve got steps to execute it, investors don’t invest in oral contents – they invest in the actual content. 

Publicity is one good point to note when writing a perfect business plan in Nigeria. Truth be told, no one is going to come to look for you if you don’t exist. If you’re just an entrepreneur starting out, then you need to make people know you exist.

Your branding, PR, and advertising all come under this part of your business plan. You’re competing against similar brands and you need publicity to grow your business beyond its current level.

TEAM & COMPANY OVERVIEW

Now your business plans have been stated out, revealing all the bits and pieces, and how to execute, but who will execute? Your team of experts is the people responsible for bringing this plan to life. You need to have a competent team, who should be able to carry out this plan and you have to include this in your document. 

You don’t need to highlight the titles of the personnel involved here, an apt description of their level of proficiency in their respective field will be enough.

In your team and company overview, you’d have to include the following to give more insights about the plan; 

• Your intellectual property, 
• Your mission statement
• Business structure
• Business history 
• Your financial plan 
• Personnel plan and your profit/loss profile. 

Now, Your FREE Business Plan Template

As you see in the title of this blog post, I promise to give a free business plan template, and here it is. Please enter your best email address and name in the contact form here and write in the message ox that “ I need the business plan template “. Click on “SUBMIT” and the template will be sent to you.

CONCLUSION – Writing a Perfect Business Plan in Nigeria

Writing a good business plan could be an arduous task, but with proper research and commitment, you could craft a perfect business plan among your competitors in Nigeria. You don’t want to rush things, take it a step at a time.

If you need a good business plan writer in Nigeria, you can contact me here or use the free template to craft your own plan.

Don’t forget to subscribe to my mailing list , in order to be notified anytime I publish a new and helpful blog post like this. While waiting till then, you can also share this blog post with your friends by clicking on the floating social media icons here.

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Professions in Nigeria

Starting a business in nigeria: a guide for entrepreneurs.

Last Updated on October 6, 2023

Introduction

The entrepreneurial landscape in Nigeria is bustling with potential, making it an attractive destination for those wanting to start their own businesses.

This blog post aims to provide a comprehensive guide for entrepreneurs looking to venture into the Nigerian market.

Nigeria, known as the “Giant of Africa,” has emerged as one of the fastest-growing economies in the continent.

With a population of over 200 million, it offers a vast consumer base and abundant resources, making it an ideal environment for business growth.

Starting a business in Nigeria presents numerous advantages.

It enables entrepreneurs to tap into a large and diverse market, catering to the needs of a rapidly growing population.

Additionally, the country’s strategic location provides easy access to other African markets.

The purpose of this blog post is to equip entrepreneurs with the necessary knowledge and guidance to navigate the complexities of starting a business in Nigeria.

It will cover essential aspects such as legal requirements, market entry strategies, funding options, and potential challenges that may arise.

By the end of this guide, entrepreneurs will have a solid foundation to begin their entrepreneurial journey in Nigeria.

Research and Preparation

Identify potential business opportunities in nigeria.

• Highlight industries with growth potential.
• Analyze market demand and trends.

Conduct a feasibility study

• Assess potential risks and challenges.
• Analyze competitors and existing market players.

Develop a business plan

• Define the business concept and vision.
• Outline target market and marketing strategies.
• Address financial projections and funding options.

Starting a business in Nigeria demands meticulous research and preparation. Identify opportunities, analyze market demand, and assess risks.

• Potential industries: technology, agriculture, manufacturing, renewable energy.
• Market research: Understand local needs, gaps, and trends. Stay updated on consumer behavior and emerging technologies.
• Conduct a feasibility study: Assess risks, regulatory environment, competitors, and cultural factors.
• Develop a comprehensive business plan: Define concept, vision, target market, marketing strategies, pricing, and funding options.
• Address financial projections: Determine capital requirements, explore funding sources, and present profitability to investors.

All in all, meticulous research and preparation are key to starting a successful business in Nigeria.

Read: Entrepreneurship vs. CorporateStrategy in Nigeria

Legal Considerations

Registering the business entity.

• Different options available (sole proprietorship, partnership, limited liability company).
• Requirements and process for business registration.

Obtain necessary licenses and permits

• Identify relevant licenses and permits for the chosen business sector.
• Understand the application process and associated costs.

Complying with taxation regulations

• Understand the tax obligations for businesses in Nigeria.
• Register for tax identification numbers (TIN) and file tax returns accordingly.

Starting a business involves various legal considerations that entrepreneurs in Nigeria must address.

Understanding and fulfilling these requirements is crucial for a successful and compliant operation.

When starting a business in Nigeria, the first step is to determine the appropriate legal structure for the business entity.

Entrepreneurs have several options to choose from, including sole proprietorship, partnership, or a limited liability company (LLC).

Each option comes with its own advantages and disadvantages, so it is important to carefully consider the best fit for the business’s goals and circumstances.

Once the legal structure is decided, entrepreneurs must go through the business registration process.

This involves meeting specific requirements set by the Corporate Affairs Commission (CAC), Nigeria’s regulatory body for business formation.

The process typically includes submitting necessary documents, such as proof of address, identification, and the proposed business name.

Entrepreneurs should familiarize themselves with the registration requirements and gather all necessary documentation to ensure a smooth application process.

Depending on the chosen business sector, entrepreneurs may need to obtain specific licenses and permits to operate legally in Nigeria.

Identifying the relevant licenses and permits applicable to the business is essential to avoid any legal issues in the future.

Different industries may have different licensing requirements, so entrepreneurs should thoroughly research and consult with relevant regulatory bodies to ensure compliance.

Understanding the application process for licenses and permits is equally important.

Entrepreneurs should familiarize themselves with the steps involved, the required documentation, and any associated costs.

It is advisable to seek legal or professional assistance to navigate through these processes effectively.

All businesses operating in Nigeria are subject to taxation regulations. Entrepreneurs must understand their tax obligations to ensure compliance and avoid penalties.

This includes knowledge of the applicable taxes, such as corporate income tax, value-added tax (VAT), and withholding tax.

To comply with taxation regulations, entrepreneurs must register for tax identification numbers (TIN).

The TIN is a unique identifier that enables businesses to fulfill their tax obligations accurately.

Additionally, businesses must file tax returns regularly, reporting their income, expenses, and any applicable taxes.

It is advisable for entrepreneurs to engage the services of professional tax consultants or accountants to ensure proper tax compliance and optimize their tax strategy.

In fact, starting a business in Nigeria requires careful attention to legal considerations.

Registering the business entity, obtaining necessary licenses and permits, and complying with taxation regulations are critical steps to establish a successful and legally compliant business.

By understanding and fulfilling these requirements, entrepreneurs can set their business on a path to success in Nigeria’s thriving market.

Financing and Funding

Understand various financing options available.

• Self-financing through personal savings
• Seek funding from family and friends
• Explore loans from commercial banks or microfinance institutions

Research grant opportunities and investors

• Identify government grants and support programs
• Research angel investors and venture capitalists interested in Nigeria

Prepare a comprehensive financial plan and proposal

• Create a detailed budget and cash flow projection
• Craft a convincing business proposal to attract potential investors

Starting a business in Nigeria requires understanding financing options for viability and growth. Consider self-financing, family and friends, or loans.

• Self-financing maintains control, avoids obligations.
• Family and friends offer initial capital due to relationships.
• Loans from banks or microfinance institutions provide flexibility and competitive rates.
• Government grants support business establishment and growth.
• Angel investors and venture capitalists specialize in capital infusion, mentorship , and industry connections.

To secure funds

• Develop a detailed budget and cash flow projection for feasibility.
• Create a compelling business proposal highlighting value, potential, and ROI.

In short, carefully consider financing for Nigerian business startups.

Options include self-funding, loans, and support from family, friends, grants, or investors. Prepare a strong financial plan and proposal for success.

Read: The Intersection of Physics and Entrepreneurship in Nigeria

Setting Up Operations

Identify suitable locations for the business.

• Consider proximity to target market and infrastructure availability.
• Assess rental costs and lease agreements.

Procure necessary equipment and resources

• Determine essential equipment, inventory, and technology needed.
• Explore suppliers and negotiate favorable terms.

Hire and train a competent workforce

• Determine required staff positions and job descriptions.
• Develop a recruitment and training plan.

Starting a business in Nigeria requires careful planning and strategizing .

As an entrepreneur, it is crucial to set up operations effectively to ensure a smooth start and long-term success.

This section will guide you through the process of setting up operations, from identifying suitable locations to hiring a competent workforce.

Before starting a business in Nigeria, you need to consider the proximity to your target market and the availability of infrastructure in the area.

Being close to your customers will facilitate easier access and delivery, ensuring customer satisfaction.

Additionally, having reliable infrastructure such as electricity and internet connectivity is essential for daily operations.

Assess rental costs and lease agreements to find the most suitable location that fits your budget and business requirements.

To run a successful business, you need to determine the essential equipment, inventory, and technology needed.

Make a list of all the equipment required for your specific business type and ensure they are of good quality.

Research and explore different suppliers to find the best deals and negotiate favorable terms to minimize costs.

Building strong relationships with suppliers will ensure a steady supply of resources and materials for your business.

Your employees play a vital role in the success of your business. Determine the required staff positions and create detailed job descriptions for each role.

This will help you identify the skills and qualifications needed for each position.

Develop a recruitment plan to attract suitable candidates and conduct thorough interviews to select the best fit for your business.

Once you have hired your workforce, create a comprehensive training plan to ensure they are equipped with the necessary skills and knowledge to perform their roles effectively.

By following these steps, you can set up your business operations in Nigeria efficiently and effectively.

Identifying suitable locations, procuring the necessary equipment, and hiring a competent workforce are crucial for the success of your business.

A well-planned operational setup will help you establish a strong foundation that can support your business growth and sustainability.

Remember to continuously assess and improve your operations to adapt to changing market conditions and stay ahead of the competition.

Read: Chemist Entrepreneurs in Nigeria: Opportunities

Marketing and Branding

Conduct a comprehensive market analysis.

• Identify target customers and their preferences.
• Analyze competitors’ strategies and market positioning.

Develop a unique value proposition and brand identity

• Define the brand’s mission, vision, and core values.
• Create a memorable brand name, logo, and visual identity.

Design a marketing strategy and promotional campaigns

• Determine appropriate marketing channels (online, traditional, etc.).
• Develop a social media presence and engage with potential customers.

Marketing and branding are vital for Nigerian business success. Conduct market analysis, identify target customer preferences, and analyze competitors.

Develop a unique brand identity with a clear mission, vision, core values, brand name, logo, and visual identity.

Design a marketing strategy and choose suitable channels like websites, social media, print media, and radio.

Establish a strong social media presence on platforms like Facebook, Instagram, and Twitter to engage and connect with customers.

Share valuable content, respond to inquiries, and run targeted ads to build brand awareness and attract customers.

Effective marketing and branding are crucial for Nigerian entrepreneurs.

Analyze the market, define your brand, and create a strategic marketing plan for success. Adapt and refine strategies to stay competitive.

Read: Entrepreneurship in Plumbing: Starting a Business in Nigeria

Overcoming Challenges and Sustaining Success

Anticipate and address common challenges faced by entrepreneurs in nigeria, infrastructure limitations, bureaucracy and corruption, economic volatility.

As an entrepreneur in Nigeria, it is crucial to anticipate and address the common challenges that may arise in order to sustain success.

Nigeria, like many developing countries, faces infrastructure limitations such as unreliable power supply, poor transportation networks, and inadequate internet connectivity.

To overcome these challenges, entrepreneurs should invest in alternative power sources, optimize supply chain logistics, and leverage available technology for efficient communication and operations.

Navigating bureaucracy and corruption can hinder business growth in Nigeria.

Entrepreneurs should familiarize themselves with the regulatory requirements, engage in transparent business practices, and seek legal advice to ensure compliance.

Building strong networks and relationships with government officials can also help mitigate the effects of corruption.

Nigeria’s economy is susceptible to fluctuations due to factors like global oil prices, political instability, and currency devaluation.

To sustain success, entrepreneurs should diversify their revenue streams, develop contingency plans, adopt risk management strategies, and stay updated on economic trends to make informed decisions.

Continuously adapt and innovate

Stay updated on industry trends and technological advancements, embrace change and seek opportunities for growth.

In a dynamic business environment, continuous adaptation and innovation are key to overcoming challenges and sustaining success.

Entrepreneurs should actively seek knowledge about their industry, monitor market trends, and stay informed about technological advancements that can optimize their operations and improve their products or services.

This proactive approach enables them to stay ahead of the competition and identify opportunities for growth.

Successful entrepreneurs understand that change is inevitable and adaptation is necessary for growth.

They embrace innovation, encourage creativity within their teams, and explore new markets or business models.

By regularly evaluating their strategies and seeking opportunities for expansion, entrepreneurs can sustain their success and remain relevant.

Foster strong relationships and partnerships

Collaborate with other businesses and entrepreneurs, connect with mentors and industry experts for guidance and support.

Building strong relationships and partnerships is crucial for entrepreneurs looking to overcome challenges and sustain success.

By collaborating with like-minded businesses and entrepreneurs, synergies can be created that lead to innovative solutions, shared resources, and increased market reach.

By pooling together knowledge, expertise, and resources, entrepreneurs can overcome challenges more effectively and achieve sustainable success.

Seeking guidance and support from mentors and industry experts can provide valuable insights and help entrepreneurs navigate challenges.

Formal mentorship programs, networking events, and industry associations can be excellent avenues to connect with experienced individuals who can share their knowledge, offer guidance, and provide support during challenging times.

Ultimately, overcoming challenges and sustaining success as an entrepreneur in Nigeria requires anticipating and addressing common obstacles, continuously adapting and innovating, and fostering strong relationships and partnerships.

By proactively approaching challenges and embracing opportunities, entrepreneurs can thrive in the vibrant business landscape of Nigeria.

Read: Entrepreneurship: Starting a Beauty Therapy Business in Nigeria

To aspiring entrepreneurs in Nigeria, be encouraged to pursue your dreams and believe in your potential for success.

Key points discussed in the blog post include steps to start a business in Nigeria, understanding the market, and legal requirements.

This blog post has covered the key steps involved in starting a business in Nigeria. We have discussed the importance of having a clear business plan, choosing the right business structure, and registering your business with the appropriate authorities.

We have also highlighted the importance of obtaining the necessary permits and licenses, securing funding, and building a strong team.

Encouragement and inspiration for aspiring entrepreneurs in Nigeria

Starting a business is not easy, but it can be incredibly rewarding. If you have a great business idea and are willing to put in the hard work, you can achieve success.

For further information and resources, refer to the Nigerian Investment Promotion Commission and Small and Medium Enterprises Development Agency of Nigeria.

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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

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

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

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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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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Complete Sample POS Business Plan in Nigeria (+ PDF)

The point of sale (POS) industry in Nigeria is rapidly expanding as cashless payments gain widespread acceptance.

This creates lucrative opportunities for entrepreneurs to launch POS businesses by providing digital payment services to businesses and consumers.

Developing a solid business plan is crucial for successfully starting and running a POS venture in Nigeria.

This article will provide a complete sample business plan for a POS startup in Nigeria.

Table of Contents

How to write a business plan for POS business in Nigeria

Here’s a breakdown of how to write a solid business plan specifically for a POS business in Nigeria, including essential sections to focus on:

1. Executive Summary

• Business Overview: Briefly describe your POS business, target market , and the specific financial services you intend to offer.
• Mission Statement A concise statement outlining the purpose and goals of your business.
• Competitive Advantage: Highlight what sets your POS business apart from others in the market.

2. Company Description

• Business Structure: State whether you’re registering as a sole proprietorship or a limited liability company.
• Ownership and Management: List the owners of the business and outline their roles and responsibilities.
• Location: Specify the chosen location for your POS business and its advantages

3. Market Analysis

• Target Market: Identify the demographics and needs of your intended customers (e.g., residents in a specific neighborhood, students, market traders, etc.)
• Competition: Analyze existing POS agents in your area, their strengths, weaknesses, and pricing strategies.
• Industry Trends: Discuss growth trends in the POS sector and how they might influence your business.

4. Services Offered

• Core Services: List the specific POS services you provide (withdrawals, transfers, bill payments, airtime, etc.)
• Potential Additional Services: Explore options for expanding your offerings in the future (e.g., mobile money, savings products).

5. Marketing and Sales Strategy

• Branding: Outline your plan for creating signage, banners, and marketing materials.
• Pricing: Set competitive fees for your services.
• Promotion Strategies: Detail how you’ll get the word out about your business (flyers, social media, partnerships, etc.)
• Customer Retention: Focus on ways to build loyalty through excellent service and potential reward programs.

6. Operational Plan

• POS Provider: State your chosen POS provider(s) and why you selected them.
• Security: Outline security measures to protect customer data and your assets (surveillance, safe cash storage, etc.)
• Staffing: If applicable, indicate if you’ll hire additional employees or manage the business yourself.

7. Financial Projections

• Startup Costs: Itemize the expenses for equipment, rent, branding, and initial cash float.
• Revenue Projections: Create realistic estimates for transaction volumes and income over the first year.
• Expenses: Account for operational costs like transaction fees, rent, utilities, etc.
• Profitability: Project your net income and potential break-even point.

8. Conclusion

• Summarize the key strengths of your POS business.
• Reiterate your commitment to providing excellent financial services to your community.

Tips for Writing a Strong POS Business Plan in Nigeria

• Keep it Concise: Your business plan doesn’t need to be excessively long. Focus on clarity and essential information.
• Data-Driven Support your assumptions with market research data and realistic financial projections.
• Seek Feedback: Have someone with business experience review your plan for clarity and feasibility.

Additional Resources:

• Small and Medium Enterprises Development Agency of Nigeria (SMEDAN): https://smedan.gov.ng/
• Tony Elumelu Foundation: https://www.tonyelumelufoundation.org/

Complete Sample POS Business Plan in Nigeria

Free pos business plan sample download, executive summary.

POS Niger is a startup that provides point of sale (POS) services to small businesses in Lagos, Nigeria. As digital payments usage surges across Nigeria, POS Niger fills a growing need for secure, reliable POS solutions tailored to small businesses. Our offerings include:

• POS terminal sales and rentals
• Integration with local and international payment gateways
• Staff training on using POS devices and software
• Maintenance support and technical assistance

POS Niger aims to deploy 500 POS terminals in our first year focused on Lagos Island and Ikeja business districts.

Our pricing model involves a one-time integration fee and recurring monthly subscriptions for maintenance support.

The startup requires N12 million for inventory, shop rental, staffing, and working capital. Funding will come from the founders’ capital injection and angel investors.

Additional funding will be sourced through POS device vendor partnerships and bank loans.

The promoters are Donald Duke and Sheila Adams who have over 10 years combined experience in payments processing and retail software consulting for top Nigerian banks.

Their expertise will be leveraged to build POS Niger into the leading local provider of POS solutions for Lagos small businesses.

The POS terminal market in Nigeria is projected to keep growing over 50% yearly.

Our target clients of small shops, cafes, boutiques represent over 90% of Nigerian businesses.

With increasing POS adoption, there is minimal competition tailored to SMEs.

POS Niger will capture significant market share through our competitive pricing, localized support and strategic distribution partnerships.

Products and Services

POS Niger offers the following products and services:

POS Terminal Sales and Rentals

• We will sell or rent out POS terminals from top brands like Innovault, Paystack, Global Payments etc.
• Both fixed (countertop) and wireless POS systems will be retailed.
• Customers can purchase outright or rent via monthly payments.
• For rentals, we handle repairs and replacements.

Payment Gateway Integration

• We will integrate the POS systems with prominent payment gateways in Nigeria like Flutterwave, Paystack, Wema, OPay etc.
• This allows receiving payments via cards, mobile money, bank transfers etc.
• We will charge a one-time integration fee per POS device activated.

Staff Training

• Our staff will train client employees on properly operating the POS software, devices and transactions reporting.
• Standard operating procedures will be provided for reference.
• Additional offsite group training sessions will also be conducted.

Maintenance Support

• We will provide 24/7 phone and email support for any POS terminal issues faced.
• Qualified technicians will address malfunctions through remote troubleshooting or onsite visits.
• Software patches and upgrades will be implemented remotely.

Business Advisory

• Our team offers POS business advice on matters like best practices, fraud prevention, dispute resolution etc.
• We will help clients maximize the benefits of deploying POS solutions.

Market Analysis

Nigeria’s POS industry generated around N3 trillion in payments volume in 2019 per the Nigeria Interbank Settlement System (NIBSS) data .

Transactions have been growing at a 50% CAGR over the last decade, indicating massive expansion of cashless payments.

The global POS terminals market is also projected to reach $154 billion by 2026 according to Verified Market Research .

Hence, the rapid growth offers huge opportunities for POS terminal deployment and associated services in Nigeria.

While large retailers dominate in urban centers, smaller informal businesses represent over 90% of Nigerian enterprises.

Over 60 million MSMEs form the bulk of the economy. This segment is the primary target market for POS Niger.

Target Customers

• Small shops, boutiques, salons, bars, restaurants, cafes
• Startups and small businesses across industries
• SMEs in business districts within Lagos State
• Vendors, artisans, local stores with potential for POS adoption

Competitor Analysis

Major competitors include:

• Banks – Offer POS services but mainly target corporate clients rather than SMEs.
• Global terminal vendors – Players like Ingenico have large market share but lack localized support.
• Payment gateways – Offer basic POS package without after-sales support.

Our differentiated focus on SMEs, integrated offerings and value-added services provide competitive advantage over current players.

Our POS solutions will be affordably priced for the target mass market segment through:

• Low one-time integration fee of N25,000
• Competitive monthly rentals from N15,000 based on device type
• Flexible purchase prices starting from N68,000 for basic terminals
• Volume pricing discounts for bulk orders

Distribution Channels

To ensure widespread distribution we will leverage:

• Direct sales to walk-in customers at our outlet
• Business development executives for outbound sales
• Strategic partnerships with device vendors for joint sales
• Online marketing and social media promotions
• Referrals from business associations and SME networks

Marketing Plan

Our core marketing strategy focuses on cost-effective tactics to generate awareness andTrials among target SMEs within Lagos.

Promotions Mix

• Door-to-door: Sales agents will conduct in-person demos and leave brochures at SMEs within target localities.
• Email marketing: Regular email campaigns to engaged SME databases with promotions.
• Social media: We will run Facebook and Instagram ads focused on Lagos small businesses.
• Sales literature: Print flyers, brochures and catalogues will be distributed via chambers of commerce, associations etc.
• Business directories: Listings on SME hubs like Nigeria Yellow Pages will be secured.
• Referral incentives: Promotions to encourage customer referrals and reviews.
• Online content: SEO-optimized blogs/articles on payments issues SMEs face.

To build a professional brand image:

• A recognizable company logo reflecting our POS services will be created.
• Staff will have customized branded t-shirts, caps and name tags.
• Well-designed office branding will be erected including light boxes.
• Promotional items like calendars and diaries will be gifted to customers.

Partnerships

We will actively network with:

• Industry associations to jointly promote our solutions to their SME members.
• Coworking spaces, incubators and SME hubs to engange their startup/small business communities.
• Relevant events like payments forums and retail tech conferences to create visibility.

Our lean marketing strategy centers on cost-efficiency to maximize ROI from each initiative. The focus is on personalized outreach and leveraging partnerships to boost visibility among the target SME segment.

Operations Plan

Our POS outlet and office will be located along a commercial street in Ikeja GRA due to the area’s mix of small businesses, accessibility for customers, and availability of support services.

• We will maintain an average monthly stock of 50 POS terminals plus receipt papers and other consumables.
• Devices will be sourced directly from top brands to get wholesale pricing and warranties.
• Inventory will be monitored using spreadsheets with automated reorder levels set.
• Sales Manager: Experienced retail sales professional to lead business development
• Customer Support Reps: Two reps with tech troubleshooting skills to offer assistance
• POS Technicians: For onsite installation, maintenance and repairs.
• Accountant: For managing daily accounts, payroll, taxes and compliance.

External services firms will be engaged as needed for legal, IT, security etc.

Our core business processes will include:

• Customer onboarding from KYC to integration and deployment
• POS terminal procurement, configuration, installation and activation
• Payment verification, reconciliations and settlement
• Issue logging and resolution based on SLAs
• Software updates, backups and data security protocols
• Inventory tracking and order management
• Sales reporting, invoicing and collections
• POS software, CRM system and accounting software will be deployed on the cloud.
• Inventory management using spreadsheet applications
• Email marketing and analytics tools will be utilized
• Security cameras and remote data backups will be implemented

Key Takeaways

Here are key takeaways from this sample business plan for a POS startup in Nigeria:

• Offer a mix of products including POS hardware sales, rentals, integration, training and support services.
• Target small businesses in high commercial locations as your core customer segment.
• Use a lean marketing mix focused on direct outreach, partnerships and digital promotion.
• Secure a visible location in a secure commercial area optimal for customer traffic.
• Build processes for customer acquisition, deployment, issue resolution, inventory management etc.
• Assemble a skilled team covering sales, technical support and back-end functions.
• Implement the right mix of software, hardware and tools to enable operations.
• Continuously enhance offerings based on customer feedback for sustainable growth.
• No. 1 Guide to Start a POS Business in Nigeria
• Latest Best Location for POS Business in Nigeria
• Is POS Business Profitable in Nigeria?

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Sample Business Plan for investors in Nigeria

• Post author: Ane
• Post published: December 28, 2019
• Post category: BUSINESS-PLAN-AND-FEASIBILITY-STUDY / Feasibility Study
• Post comments: 0 Comments

Sample Business Plan for investors in Nigeria are business plans that you can send to potential investors. The objective is to attract their money into your business. Therefore, you need to tailor the business plan to suit them. Our  Sample Business Plan for investors in Nigeria displays all of these  

As a matter of fact, such investor-related business plan will tell the venture capitalists and angel investors what they need to know about your business. Therefore, they must know if it’s an existing business or a start-up business. These will help them   decide whether or not to invest in your company..

Furthermore, because they risk investing their hard-earned capital into your venture with the hope of reaping long-term returns worth many times their original investment, they will want to see a well-executed, investor-ready plan that demonstrates that you have a clear mission.

What the Investor wants to know:

Table of Contents

As a matter of fact, here, we present you a sample Investor-related business plan indicating all the elements they would want to watch in your plan.  Therefore, your business plan must give detailed entrepreneurial vision. It must be able to describe the strategy and operations of the proposed venture. Again, it must bring together the key elements of your business giving full  details about your products and services, the cost, sales and expected profits.

In this connection, you will have to organise your write-up in certain headings. Such headings will include your Executive summary, Company description, Market analysis, and Organizational management. Then don’t forget Sales strategies, Funding requirements and financial projections.

Sample Business Plan for Investors:

In furtherance of this, this Sample Business Plan for investors in Nigeria is for Complete Spare Parts Dealer Enterprise. Complete Spares Parts Dealers Enterprise is a start-up business. It is located at shop No. 15  Kugbo Mechanic Complex, Nyanya, Abuja, Nigeria.  

The Executive Summary:

Complete Spares Parts Dealers Enterprise is a start-up Vehicle Parts dealership business that is involved in importing, distribution and retails of vehicle spare parts. These are vehicle serving parts, oil, engine components, body parts, and other associated vehicle accessories. In fact, our target are companies, government offices and individual vehicle owners and user around Nyanya town, Abuja city centre and their environs.  Furthermore, our products are original parts imported from France, Germany, Hong Kong and other industrial countries of the world. In fact, our products meet SON’s international standard.

In addition, this business plan is to seek N30,000,000 15% interest p.a. loan from ABC Nig. Limited. Therefore, we are proposing that this loan will be used by us for 10 years. However, the interest element will be liquidated every financial year. After 10 years we will be liquidating this loan by paying N5,000,000 each year until it’s finally liquidated.

Our Objective:

Complete Spares Parts Dealers Enterprise has the following objectives –

• To import genuine parts from most industrial countries of the world.
• To build enough stock of spare parts that will last 6 months at a stretch before new imports arrive.
• This target we must achieve in the first year.

in addition, is

• To achieve the sales growth targets of N80,000,000 per annum  from the second year.
• Pursue aggressive gains in market share and average monthly revenue in the years ahead

Furthermore;

• To target a 20% annual growth in turnover.
• Put in place aggressive marketing strategies to achieve these.
• To achieve steady net profit in the years of operation.
• Install management capacity capable of  curtailing costs and meeting sales targets,

additionally,

• To provide a cheap after sales support services for our customers
• And, to provide quality customer service delivery
• To ensure that our products prices are fair and at best possible prices within our target market.

 For the Complete Spares Parts Dealers Enterprise, our goal is to be the leading Vehicle Spare parts dealer in our target market environs.

Our Vision:

 In addition, our vision is to provide a one-stop shop for accessing  high quality vehicle spare parts in Kugbo in a desirable and conducive environment while offering products at fair and best possible prices.

Complete Spares Parts Dealers Enterprise Mission:

Furthermore, the Mission for Complete Spares Parts Dealers Enterprise is to exceed the customers’ expectations by providing high quality products and exceptional customer care services in a caring and loving way.

Our Products:

Our products and services are –

• High quality vehicle serving parts
• High quality vehicle body parts
• Imported engine parts and accessories
• Variety of car model parts
• Good quantity of vehicle spare parts.
• High quality  package delivery services
• Supper Customer Care Services
• Fair  prices
• Consultancy Services

Sample Business Plan for investors in Nigeria – OWNERSHIP PROFILE

Nna Big is the Sole Proprietor.  He has over 20 years industrial experience, having spent 15 year of this in learning the business in Nnewi and Onitsha towns in Nigeria. In fact, he is experience in  spare parts importation having been travelling to Hong Kong and France regularly in the past 5 years.

Management Team:

Nna Big is the Sole Proprietor.  He has over 20 years industrial experience. He is the Managing director, who determines the policies and the operational models of the business. Therefore, he is the strategic director of the organisation. He is in-charge of importation orders and deliveries.

Mrs. Obosi Naji – (B.SC Marketing) – has over 10 years industry experience. These are experiences acquired in other related industries where she had worked. She is experienced in marketing strategies that impacts on business overall growth and development. In fact, she is the business development strategist and strategic marketer.

Competitor Analysis :

In Kugbo mechanic village are a lot of small and big vehicle spare parts retailers. Most of them are not direct importers. That is why we are optimistic that people will buy from us because of the following reasons:

• Quality imported products,
• Good relationships with vendors.
• We are direct importers
• Availability spares of the latest vehicle models in town.
• And computerized/ICT  tracking system
• Outstanding customer service

In addition are;

• Faster spare accessing duration
• Fair prices with discount offers
• Involvement of sales representatives
• Wholesale services available

What we brought into the Industry @ Sample Business Plan for investors in Nigeria :

As a matter of fact, we have brought so much into this market. Our marketing management dynamics and overall business growth and development strategies, we bring the following into the business –

• Impact of marketing training skill and practical experience,
• Capacity to consistently provide current and high quality spare parts,
• Modern techniques for dispensing spare parts
• Therefore, present wholesale system in addition to marketing reps that make us occupy reasonable place in the business value chain to a large extent.
• Quality imported products for variety of modern cars,
• Good relationships with vendors
• And, our personnel bring into operation, marketing and promotional skills,

Sample Business Plan for investors in Nigeria – THE INDUSTRY

Automotive industry happens to be a leading sector of the economy when it comes to revenue generation and social growth. This industry includes companies and organizations that get involved in designing, developing, manufacturing, marketing and selling of motor vehicles. In addition, companies in the automotive sector produce and manufacture car spare parts along with the accessories other than engines and its parts. They also produce car tyres, batteries and chassis.

NBS Report:

Latest report from the Nigerian Bureau of Statistics (NBS) estimates the total number of vehicles in the country at about 11.7 million. Out of this the commercial vehicles holding is about 58.08 per cent of the number.

Same report highlighted that Nigeria Imported approximately 1.2m Vehicle in Six Years. That is to say, Nigerian economy received a total of 1,216,131 used and new vehicles importation between 2012 to 201.

It’s believed that as Nigeria’s economy grows middle-income, middle class sector is set to expand beyond 40 million. That means consumers will increasingly want their own vehicles. Meaning increasing demand for automotive maintenance and repair services.

We know that to boost the domestic automotive industries, the Nigerian Government introduced its National Automotive Industry Development Plan (NAIDP) in 2013. This will actually promote our business the more.

Automotive Sector

In fact, Nigeria is going to be Africa’s next automotive hub, reckons PwC.  In Its recent analysis it opines that the ratio of used car to new car sales in Nigeria is 75:25.  And that for every new car there are 131 used cars on Nigeria’s roads. This is very good for our business.

As indicated above, it’s said that there were an estimated 11.7 million vehicles on Nigeria’s roads at the start of 2017. As reported by the National Bureau of Statistics. It also said that of these, 44.5% are privately owned, and 53.8% are commercial. However, the age of the vehicles means there is a constant need for vehicle parts and accessories. It is estimated that over 60% of cars on Nigeria’s roads are more than 12 years old. Again, only about 11% are under five years old.  In fact, the size of the imported vehicle market in Nigeria is currently estimated at Naira 1.2 trillion (approx. $3.3 billion). Again, an estimated 70% of this is second hand vehicles –  tokunbo.

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CALL FOR COMPLETE PACKAGE

For your comprehensive Sample Business Plan for investors in Nigeria, contact us on +234 9053130518 or email [email protected] . The comprehensive BP will include detailed financial analysis.

In fact, if you have need for a bankable business plan, we will assist you write a detailed, strong and winning business Plan for any purpose.  As CAC accredited consultants we will also assist you register your businesses. In addition, as chartered accountants, we audit and produce your annual financial statements and make your tax returns. Just contact us immediately. Thanks for vising this site. Please continue visiting and reading through our articles. These lucrative business information are offered free. Though for us professionals, we spent time, effort and money to acquire the knowledge.

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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Sample Supermarket Business Plan in Nigeria PDF & DOC (DOWNLOAD)

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Sample Supermarket Business Plan in Nigeria PDF & DOC (DOWNLOAD)

EXECUTIVE SUMMARY

Nigeria has an estimated population of over 198 million individuals. This population is expected to rise to 250 million by 2050. Every business minded individual knows that a rise in population means improved income.

Read: Get your Supermarket Business Plan in Nigeria

It is not surprising to find supermarkets in almost every alley and street in major cities within the country. The only differentiating factor among these supermarkets being the size and number of commodities sold. These factors are usually dependent on the amount of capital at the disposal of the entrepreneur. Most Nigerians, especially those living in metropolitan cities, visit supermarkets for their daily needs. These supermarkets have in stock different kinds of materials ranging from food products to laundry materials and beauty care products amongst others.

Lagos undoubtedly accounts for the highest number of supermarkets in the country. This should not be surprising considering the high population of the State. Lagos State is the most populous State in Nigeria with an estimated population of almost 20 million inhabitants. According to studies carried out by Accenture, Nigeria has attracted top supermarket franchises in the world like Walmart and Shoprite. The study presents that Nigerian citizens will be spending about 13.9 trillion Naira on non-durable goods by 2020.

Supermarkets are usually run by the entrepreneur who started the venture or sometimes leased out to be run by other individuals. In Nigeria most supermarkets sell a couple of products which are out of the regular supermarket stock like medicines, electrical supplies, clothing materials, etc. Statistics show that Lagos has the highest number of supermarkets in the country. Regardless of this statistics it is evident that the population of the city far outweighs the number of supermarkets. There is still a huge chasm between the number of supermarkets and the population of the city. This shows that there is a major need for more supermarkets to set up in different parts of the metropolitan city.

Our supermarket is committed to satisfy customers by way of providing a wide scope of high quality and competitively priced products as well as excellent customer service. To achieve this we need an initial capital outlay of #7,700,000.

OVERVIEW OF THE SUPERMARKET INDUSTRY IN NIGERIA

When the name Nigeria is mentioned anywhere in the world, the thought of oil boom and petrodollars floods minds. Asides the oil present in the country, a major resource in Nigeria is the constantly growing population. Presently the country is the most populous black nation boasting of a population of 198 million individuals. This population is expected to rise to 250 million by 2050. Every business minded individual knows that a rise in population means improved income.

The last two decades has seen a rise in supermarkets stocking foreign products but certain government policies and a growing desire for locally made products has caused supermarkets to focus more on Nigerian made products. These supermarkets are beginning to procure processed foods from Nigerian companies that get their raw materials from local farmers. This simply implies that slowly but steadily the Nigerian retail industry is growing to become a major part of the country’s economy. An evidence of this is the consistent rise of stores in different parts of the country. Definitely the market is not in Lagos alone as some will think.

Several factors have contributed to the rise of retail stores, otherwise known as supermarkets in Lagos and indeed Nigeria. One of the major factors is the inflow of young people seeking work and business opportunities in big cities. These young people run to these cities in search of the mythical “greener pastures” and have no choice than to depend on these supermarkets for their daily needs.

Before pressing on it is expedient to quickly discuss what a supermarket is, how the idea came about, characteristics and a few other info in brief.

What is a supermarket?

A supermarket, according to Wikipedia, is a self-service shop which offers a wide variety of products such as food, electrical products and other household needs which are organized in aisles. Another school of thought sees a supermarket as a large scale retail institution, usually larger than a simple grocery store, which specializes in convenience and necessary goods. A supermarket is usually a departmentalized store which is separated into four departments. These departments usually include but are not restricted to the following:

• Self-service grocery
• Meat produce
• Dairy products
• Other household needs.

Supermarkets are usually run by the entrepreneur who started the venture or sometimes leased out to be run by other individuals. In Nigeria most supermarkets sell a couple of products which are out of the regular supermarket stock like medicines, electrical supplies, clothing materials, etc.

A brief history of supermarkets

Supermarkets originated in the United States of America just after the Great Depression which occurred in the 1930s. Originally supermarkets were established by independent merchants who dealt majorly in food produce. Most of the food produce in those days were fresh, bought from farmers and sold off almost immediately. The major characteristic which differentiated these stores from regular grocery stores was the absence of sales personnel. All they had was a receptionist who collected payment for goods purchased.

Also Read: How to Start a Supermarket Successfully (Plus Business Plan)

The products were arranged in shelves separated by aisles to allow for customers to walk through and pick up their desired products. Most supermarkets were equipped with baskets or trolleys to be used by the customer for ease of movement of the products from the shelves to the receptionist’s desk. Once the customers are done with picking the commodities from the shelves, they proceed to the payment point where the receptionist weighs the goods or views the price tag attached. This singular reason gave supermarkets the reputation of self-service stores since the customers serve themselves and make payment when they are done.

Several supermarket models have been developed from this initial model and they have grown the retail store industry to be one of the most lucrative in the world.

Characteristics of supermarkets

• They are usually located in major shopping centers in busy parts of a city. These shopping centers are usually equipped with large parking spaces. This is not to say that smaller supermarkets are do not exist especially in small cities. As stated earlier the size of the supermarket is usually dependent on the capital outlay of the entrepreneur.
• Supermarkets do not offer any credit, rather they run on a cash and carry basis.
• There are usually no selling counters or selling attendants to assist customers. Customers have to serve themselves till they need to pay.
• Supermarkets are usually stocked with a wide variety of products both food and non-food inclined. The most popular commodities stocked by supermarkets are canned foods, meat and dairy products, bakery items, vegetables and other household necessities.
• They are usually large. They might not start that way but with consistency and proper management measures, they grow to become a very useful channel of distribution for manufacturers.
• Since no sales attendants are not employed, the supermarkets usually have a low sales overhead.
• Products are usually stored on racks or shelves for easy access by customers. The shelves are arranged in aisles for easy traffic within the store.
• It is among the leading retail methods in Nigeria today.
• Contrary to what most people think, purchasing commodities in supermarkets is quite cheaper than what is obtainable outside.

Advantages of supermarkets

There are several advantages of supermarkets both to the entrepreneur and the customers. Enumerated below are a few of the most observable advantages:

• There is usually a large turnover due to the number of products that they have in store.
• They usually have low overheads, majorly sales overheads. Overheads are usually the expenditure that cannot be traced or easily identified. This advantage is based on the principle of operation which eliminates the sales persons.
• Prices are usually low for the customers but the supermarkets enjoy huge profits due to rapid turnover.
• Supermarkets are always situated in very accessible areas. This makes it easy for customers to make purchases with ease.
• Entrepreneurs enjoy economies of large scale operation.
• The buyer has freedom to decide what products to buy without fear of coercion or interference from sale persons.

Disadvantages of supermarkets

Just as there are several advantages of supermarkets, there are also quite a few disadvantages. These apply to both the buyer and the seller.

• Supermarkets usually require large premises and huge capital for optimal operation.
• Customers may not enjoy demonstration of the use of certain products by sales persons. Such products are usually not stocked by supermarkets.

Factors to consider in starting a supermarket

There are several factors that the entrepreneur needs to consider before setting up a supermarket. A few of the key factors will be discussed briefly below:

• Location . The location is where the supermarket will be sited. It is no news that the location of a business will determine to a large extent the success of any business. A supermarket will need to be sited in a place with above average human traffic. The more people can see the supermarket, the better the chances of making sales. The supermarket should also be set in an accessible area. More accessibility means more sales and thus more profit.
• A warehouse . It is important to get a small warehouse where goods can be stored before they are placed on the shelves for purchase. This is necessary to ensure that the store does not go out of stock.
• Shelves . This is one of the major characteristics of supermarkets. The shelves are important for ease of access buy customers. The goods are displayed on the shelves and the shelves are labeled accordingly. It is always important to label the shelves so the customers know where to find what and how much each product costs.
• Getting your products . Seek out reliable suppliers for each product. The products must be gotten at the best prices in the market and the supplier must provide them when needed. The major products sold in Nigerian supermarkets are:
• Wear accessories such as sunglasses and watches
• Notebooks and stationary
• Food stuff (fresh)
• Food stuff (frozen)
• Household items
• Electronics and appliances
• Kitchen supplies
• Fashion and beauty products
• Simple tools such as scissors

This business plan is incomplete. To get the complete sample supermarket business plan in Nigeria PDF today, pay N10, 000:

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After payment, send your full name, email address and title (i.e. supermarket business plan in Nigeria pdf and doc.) to 07033378184. Your business plan will be sent to you 15 minutes after payment.

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