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How to write a business plan in Nigeria: 10 steps to lead you through the process

No business can become successful without much planning. Get the 10 step guide on writing a business plan and becoming rich.

Why is it imperative to come up with a helpful biz plan?

How to write a business plan

Abusiness plan is a paper that provides exact description of your upcoming or current enterprise, its assets, goals, operation types, etc. So, how to write a business plan and who this plan is made for? First of all it is made for the business owner. It’s impossible for one to build up a great business without writing a business plan for it. Secondly, such a paper is needed for third parties, such as investors. No investor in their sober mind, even an angel investor, would dream of investing money into a business with no plan.

So, why one needs it? To get clear objectives and to pave the way by finding or defining all the assets, finances and other resources and steps one has to have or take to get there. So, before you become an entrepreneur and start your own enterprise, get busy and find out how to write a business plan. One way to learn doing it is by getting a sample for business plan writing. Another way is to get an instruction and follow a template for putting together your own plan from a scratch.

Step by step model of writing a business plan

  1. Define your goal
    How to write a business plan in Nigeria:That is where it all starts. And, you cannot use here a broad definition: make money, or become fruitful, win the marketplace. It has to be very, very detailed. Your goal is to know in detail what you want and be able to connect it to others through the writing of a business plan. Then write a synopsis for your business goal. Make it short and to the point; be very specific in what you want.
     
  2. Analyze your market
    To start with you should know precisely what your market is. How large is it? How is it saturated? Who are you main market competitors? Who are you target clients? What would be your possible market niche? What are some of the other similar offers you are dealing with? All this information permits you to assess the market and come up with your unique offer and pricing to meet its needs. It also empowers you to see the demand that may be left unnoticed or to create one that is not there yet.
     
  3. Describe your firm
     business plan in Nigeria:We are talking of a startup template and business plan writing for it. Do your best and lay out all the data and details on your company. You should also provide a short portrayal of the area of commerce you are in and its prospects for the future. Make a thorough analysis of all the opportunities, strong sides, weaknesses, assets and liabilities your company may have.
     
  4. Describe your product
    There should be nobody else, who knows the product, your produce as well as you do. Why is it different? What unique remunerations does it offer? What troubles does it solve?
     
  5. Your team
    One man no man. Even if you start small, you should plan to get a team for your business. If you already have one, describe it and its abilities to convey the desired results for your enterprise and its goals. How does each team member fit into your firm? What strong sides do they have? What is there experience in any given area?
     
  6. Marketing plan
    How to write a business plan in Nigeria:The main goal of marketing is to boost your sales. So, you need to know your main channels and marketing tactics. You also need to put together your marketing budget. You should find a way how to come around your competitors and get a bite on the market share to grow your company.
     
  7. Cash flow statement
    You should clearly understand what financial investments your business requires new and what they are going to be in the prospective. Even if you have enough for now, you should ponder the growth opportunities and funds needed to carry them out.
     
  8. Define your business model
    This would directly impact your revenue projections. It includes pricing approach, marketing, investments, etc.
     
  9. Growth plan
    business planOf course, any startup and real life would introduce significant modifications into any business plan you may be writing. Still, you need to know the possibilities of growth even before you start. If there is no room to increase a business, it might be a bad idea to start one. Define the local market volume and opportunities; find global growth prospective and think about the scope of investments that might be needed for such expansion.
     
  10. Summary
    Make a brief summary and highlight the key ideas and points of your business plan. Make them clear and easy to recognize for other readers, but yourself.

The process of compiling a thorough business plan may help you to reassess your business idea; find new chances or find faults within it. These tips on how to write a business plan would guide you through the route and make it easy. As you may see, there is no need to worry. The task is manageable and you can handle it in the DIY fashion. It’s a great thing for Nigeria, too, because it’s a chance to cut down your business startup expenses.

How to make a plan to get depositors for your commerce

Locating investors is not an easy thing, particularly for a startup. Even if you can find an angel investor, you need to be able to assure them, get them executed and make them believe in your idea. You have to deliver the proof of your credibility and reliability and writing a good business plan is the right thing to do. Now, what format of a business plan do you pick and how do you customize it specifically for investors?

 write a business plan in Nigeria: One of the key things you need to be able to highlight through your business plan – is your credibility. What this means is that you need to ask for a reasonable amount of money and tell your investors how this money is going to be used.

Your cash flow section has to be very detailed if it goes about asking for financing from the investors. No one is going to invest into a business, if they do not trust the business owner. So, be credible and reasonable.
Make a detailed spending plan for the invested money. Come up with valid arguments why the money should be spent in a certain manner.

Make sure your business plan and further cooperation with the investors are clean and transparent as far as the capital goes. Another part of the plan that has to be well assessed and detailed is the growth plan. There is a number of good questions you can ask yourself, get the answers and state them in your business plan.

Issues to consider:

  • How much do I really need to get where I want?
  • When will I be able to make some profit?
  • How much management am I ready to pass to the investors?
  • Do I have the plan B, if the ideas do not work out the way I plan?

Asking the right questions may help you to get the real glance on your business project. Be honest with yourself and give honest answers. Then try to be as truthful as you can with your likely investors.

How to write a business plan 2The next step to take is to craft a remarkable summary of your plan. You see, investors are busy people. Most of them do not take time to read the entire plan. They go straight to the summary section. If they like what they see there, they may consider studying your plan and reading it through. So, your summary has to be able to grab their thoughts and make them want to know more about your company and plans.

Once you get your ready, learn it off by heart, and spend time studying it and having all the details ready to be presented to your investors in case they ask you questions. You have to be on fire with what you do; that is why it’s such a great idea to take time and do the writing yourself instead of employing someone else to do it for you.

Best business plan for Nigeria

We have discussed how to write a business plan in general and went over 10 steps that can help you get it done. How do you apply this knowledge in Nigeria?  Is there a way to tailor it for Nigeria to attain greater results?

business plan in Nigeria 3First of all, you should make sure your business idea is relevant for Nigeria and for your local area, where you plan on carrying it out. Here are few basics that could help you accomplish the task. Take your time and study the best entrepreneurial ideas for your country. Of course, there are many great ideas out there, but not all of them can be successfully implemented in Nigeria.

Moreover, few investors would be eager to fund an unusual and risky thing. So, make sure that your business idea is relevant to Nigeria and is likable for investors. Next, make sure your idea can be implemented in your region, city, town or village.

For example, if you plan on opening a gadget store in a village that idea would hardly work. Most rural regions would not provide you with a large client base for such a business. People in villages have the lowest level of income in Nigeria. They would not care for gadgets and stuff like that. So, make sure the idea is not only good for Nigeria in general, but that it is doable in your local area.

The best business idea and plan for Nigeria is the one that does not entail large investments and can start producing profit in a sensible period of time. The combination of these two factors can help you to find investors and become a businessperson.

READ ELSO: How to make money online with Google – 8 top ways for Nigeria
 

Avatar
Expert
4 comments

To question "how to write business plan" should be approached with utmost seriousness. You have write it yourself, because it's your business. And for one reason - through writing business plan, you can understand your own business better. I strongly recommend: do not try use prepared, downloaded online template business plans - or even edit them for themselves. No one is better than you can most take into account all your plans and ideas. Designate for highlights and expectations of business - it is also important factor. Of course, there is no guarantee that having competent business plan provide indispensable business growth. I do know quite decent entrepreneurs, who did not thought about how write business plan.

Avatar
Student
Answered 1 year ago.

The steps of business plan are well defined and adapted for Nigeria environment , but a good business plan can’t ensure the prosperity of your business. I have one single remark to your article. The point about finances is incomplete. Each business passes several stages of development ( also called business lifecycle).

1.Seed

2.Start-up

3.Growth

4.Established

5.Expansion

6.Mature

7.Exit

Here we should understand that our cash flow necessities will depend on those stages.So for a business plan you can design your finances only for the first three stages that are the most hazardous.

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Newbie
Answered 2 years ago.

Hello. Author, thank you for the excellent article! Totally agree with you, the main thing in business is the desire and motivation. Activities If at first the case, take the initiative, the world will turn to you.

Need formulation of tactics, it really helps you to find your target. Money is presently mined only hard work, idea. It's true.

In Nigeria, our time is particularly problematic, because is worth reading more literature on earnings, it helps a lot.

I uchtu your recommendations in the future, I hope the others will also still good. Good luck to all!

Avatar
Newbie
Answered 2 years ago.

Business - plan - this is a very important part in building a successful business. Actually, before you start to plan something and make decisions - we must first draw up a business plan. It seems to me that without a clear step by step instructions, nothing can succeed. First of all, we must decide on what segment of the market will be designed your product or service, and then decide who will advertise the company. You may need to research the market similar products or services. Marketing research - an important step, because thanks to him, you'll know what price to set for the goods or service, find out what your competitors lure customers and come up with a better advertising than they have)))

Avatar
Student
Answered 2 years ago.
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