Business Plan Template for Starting a Business in Nigeria
Starting a business helps to detail your goals and intention for the business, and often acts as a reminder to make changes and evolve your business.
In this post, we'll look at a business plan template that is structured for starting a business in Nigeria.
I use this template every time I want to launch a business in the unique Nigerian business terrain, and it helps me execute my ideas for the business.
Hopefully, this template will help you too in navigating the Nigerian business environment.
Here's the business plan template I use:
Executive Summary
This is the introduction and summary of the whole business plan. This section of the business plan should be written last after completing the whole plan.
It explains the whole document and acts as a brief or overview for whoever needs to understand the content of the business plan.
Business Description
This section should tell what your business is all about, from the core business idea to how the business operates on a day-to-day basis.
What is your business all about? What product or service are you offering? What makes your brand unique and how does your business appear to customers?
Business Model
This subsection describes the business mode of operation, the problem the business solves, the solution it proffers, your unique selling proposition (USP) and the way the business intends to make money.
Product Pricing
This is the subsection where you indicate how much you intend to sell your product or service.
You could also indicate why and how you came up with that pricing model.
Industry Background
This section dives deep into the industry where your business intends to serve.
The industry background highlights historical data, recent trends and future forecasts about the industry.
Competitive Analysis
Here's the section where you analyze the existing competition, their strengths and weaknesses, and how you intend to exploit gaps.
You could also analyze existing competing products and services, and how they have evolved overtime.
Competitor SWOT
In this subsection is where you will analyze your competitor's strengths, weaknesses, opportunities, and threat.
You want to be able to weigh your competition, so as to find an effective way to enter the market and compete.
Market Analysis
This is the section where you analyze market trends, changes in consumer behaviors, and how the potentials in the market.
Target Market
This subsection demonstrates the expected annual customers that the business intends to have.
Marketing Plan
This is where you have to come up with a plan on how to market your products or services.
What marketing strategy do you intend to implement? What marketing channels do you intend to use? What is your exact sales model? How do you intend to fulfill customer purchases? Etc.
SWOT Analysis
Here's where you analyze the strength and weaknesses of your business, and the existing threats and opportunities in the market.
A good business plan will highlight every potential loophole and try to develop strategies to counter them.
The Team
In this section, you highlight the profile of your team members, their background, qualifications, and how they bring their skills to help the business thrive.
Financial Plan & Forecasts
Here's where you detail your financial plans and revenue forecasts for the business.
Expected Annual Revenue
This subsection is where you forecast how much revenue your business intends to have annually.
How many products or services do you expect to sell? And how many customers can you acquire?
Production & Distribution Cost
This is where you highlight your production and distribution costs.
How much do you plan to spend on equipment, rent, power, raw materials, wages, service delivery, etc.
Profit Margin
Here's the section where you calculate your profit margin.
Your profit margin is the percentage of your revenue that remains after deducting total expenditures.
Conclusion
A business plan is not a one-off document that you write and archive.
You have to constantly review and update it with new information that improves your business process.
Also, the structure of the business plan is not set in stone. You can structure it the way you want and how well it works for you.
Some business plans are shot and precise while others are lengthy and detailed. Some even have pictorial information of products or services and other supporting appendixes that helps the owner understand every aspect of the business execution process.
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