HOW TO WRITE A BUSINESS PLAN AS AN ENTREPRENEUR IN NIGERIA

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I am a strong believer that becoming an entrepreneur and building your own business is the way forward in this century most especially for Nigerian youths instead of seating down and waiting for white collar jobs that are not even there. Being able to start a business whether small scale or large scale should be the dream of everyone as it gives you a sense of responsibility and the potential to attain greater heights whereas when you work for somebody, you are only entitled to a monthly salary and your boss determines the level you attain in his/her company.

With this said, starting a business is not something you just wake up one morning and dive into it, it requires planning and strategizing for your business to become successful even the bible says “who would want to build a house and not seat down to count the cost……”.

One of the most important things to do for anyone starting a business is to map out a strategy for that business in the form of a Business Plan. Today we will be highlighting what a business plan is and how to write one for your business as an entrepreneur. If you are able to learn the skill of writing a good business plan, you can also use it to make extra income by writing business plans for other businesses.

Every year, thousands of new businesses are registered with the Cooperate Affairs Commission but not more that 10% of those businesses get to survive till the next year. Majority of these businesses fail because of lack of proper planning.

What is A Business Plan?

A business plan is a carefully written down document that highlights the goals of your business, how they can be achieved, your mission and vision statement, how you intend to raise fund and market your business, the number of staffs you would need and how much to pay them, the equipment’s and tools needed for the business and how much you intend to make from the business on a monthly basis.

Read also: How to start a shoe production business

How Important Is A Business Plan

Having a business plan serves as a guide to how you should run your business when it eventually keeps off.  A good business plan helps you to minimize risk and prevents wastage of resources. You would be able to track your progress in the business if you have a good business plan.

Before Writing A Business Plan

Idea

It is assumed that before you think of writing a business plan, you should have an idea of the kind of business you want to go into. So first seat down and get an idea before moving to the next step.

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Survey

The next thing for you to do before you start writing your business plan is to take a survey of the kind of business you are going into. No business ever succeeds without solving one problem or the other. This will allow you know which location your business idea would be more profitable, the products and services you would be offering, your competitors, your customers etc. This will make you more informed about your business and how to write your business plan.

How To Write A Business Plan

Title Page

This is where basic information about the business is placed. This includes your name, business name, address, your slogan and logo (very important for branding). Make it very simple and straight forward.

Executive Summary

This is where you write a comprehensive detail about what your business would be all about, your goals and objectives are to be written in-depth in this part of your business plan so that it would be easy for someone to read it and immediately know what your business is all about.

Description Of Your Business

This is where your business profile should be written. Giving a good description of your business would enable people know what your business is all about, you vision and mission statement the marketing you focusing in, the products and services you offer and how you intend to impart the market and bring quick and easy solution to people’s problems.

Development Plan

This is where you pitch your sponsors and those who would want to invest in your business what your products are and how they can benefit the masses. You will have to write down your strategies and the budget you are anticipating for the success of the business.

Market Research

This is where you would put down the results of the survey you did on the business. With this you would be able to know your competitors, customers and how you can position your business to reach more customers and stay ahead of your competitors.

Organisation Structure

Every business needs a structure put in place so you would have to design a management structure for your business.

Pricing

Whatever products or services you are rendering to the public, you have got to design a pricing model. For you to be able to choose a good pricing model, it is advisable that you carefully research your competitors I don’t mean 1 or 2 to know what their different prices are with this you would be able to pick a suitable pricing model for your products and services.

Read Also: How to start a lucrative poultry business

Marketing

This is very important so you would have to write down the different ways you are going to promote your business to create awareness. There are different ways in which you can promote your business which includes TV, Radio, Magazines, Newspapers and my favourite way social media. You have to have a budget set aside for marketing your business.

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