Business Guide Nigeria Template Sample
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Our economy is currently unpredictable. Any fast thinking person should diversify His/Her source/s of income and learn to be independent on Government. Fresh graduates are mostly affected. Resent Research shows that their are more educated entrepreneurs than uneducated entrepreneurs.
So why sit here till You die? When you can start a very simple niche specific business. Your location is not important at first. You can operate from any where and still get customers patronizing You so long as You have quality products and services. You can prepare yourself by attending seminars on the chosen line of business You wish to venture into and getting all the necessary information about your chosen industry or better still buy business plans from trusted website. Also prepare yourself by accepting the reality that you can fail tomorrow and also make up your mind to succeed despite the odds and competition. You don’t really need to rack your head to create something new; there is really nothing new on earth! All You need to do is to find a proven business line and learn the fundamentals. Nigeria has the needed population to absorb any product that is backed by a strong business sense. What this means in essence is that the market is big enough to absorb any any product, provided enough marketing and awareness is created. Nigerian government is working to improve the economic condition of the country, by implementing several policies aimed at encouraging local content production and small scale enterprises.
Business Plan is simply a guide for your business that shows in details how You plan to make your business succeed. It conveys your business goals, strategies You will use to meet them, potential problems that may confront your business and ways to solve them and finally the amount of capital required to finance your venture and keep it going until it breaks even. Business Plan helps perform numerous tasks for those that makes use of it. They are used by investment seeking entrepreneur to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.
The Seven Key Sections of a Business Plan
1. Executive summary
Your executive summary should be 1–2 pages long, and provide an overview of your business concept, key objectives of your business and your plan, ownership structure, management team, your product or service offering, target market(s), competitive advantages, marketing strategy, and a summary of your financial projections. Your executive summary should be written last, after you’ve written the rest of the plan; each paragraph should be a summary of the more detailed, related section of the plan.
2. Business Overview
In your overview, include details regarding your business’s history, vision and/or mission, objectives, and your ownership structure.
3. Products and Services
Expand upon your products and services, including features and benefits, competitive advantages, and, if marketing a product, how and where your products will be produced.
4. Industry overview
The industry overview is your opportunity to demonstrate the viability of your business by discussing the size and growth of your industry, the key markets within your industry, how your customers will buy your products or services, and which markets you’ll be targeting.
5. Marketing Strategy
Here you describe your target market segments, your competition, how you’ll differentiate your products or services, and your products’ or services’ unique selling proposition (USP).
Discuss product or service pricing and promotion, including how your promotional programs will appeal to each of your target market segments.
Provide a plan of traditional and guerrilla marketing tactics, such as tradeshows, press-magnet events, social media marketing (e.g. Facebook, Twitter, etc.), networking, and print, media, or online advertising. Include the cost associated with each tactic.
Describe how your products or services will be sold (e.g. storefront, online, wholesalers), and your target markets’ buying cycle.
6. Operations Plan
Provide a profile of your management team, your human resources plan, your business location(s) and facilities, your production plan (if selling a product), and an overview of day-to-day operations.
7. Financial plan
Some believe this is the most important part of a plan – so much so, it’s worth dedicating up to 80% of your time to writing this section. You’ll need to show three years’ worth of projected financial statements, including income statements, pro-forma balance sheets, and monthly cash flow and annual cash flow statements. Summarize each statement into a few easy-to-understand sentences and put these in a cover page for the statements. Be sure to document all of the assumptions you used in forecasting your revenues and expenses.
Feasibility Study is an analysis of the viability of an idea. That is, it is the study of how possible an idea can succeed. A feasibility study is usually conducted after producers have discussed a series pf business ideas. The Feasibility Study helps to frame specific business ideas so thay can be studied in depth.
It gives a go ahead idea of the business idea. The study/research is aimed at helping answer numerous questions surrounding the proposed business plan. Entrepreneurs with “good” business idea should conduct a feasibility study to determine the viability of their ideas before proceeding with the development of a business. Finding out early that a business idea will not succeed saves time, money and heartache later.
A feasible business venture is one where the business will generate adequate cash flow and profits, withstand the risk it will encounter, remain viable in the long term and meet the goals of the founder. In a nutshell, Feasibility Study is the step by step guide provided to direct on how to proceed with the Business Plan.
Feasibility Study vs. Business Plan
A feasibility study is not a business plan. The separate roles of the feasibility study and the business plan are frequently misunderstood. The feasibility study provides an investigating function. It addresses the question of “Is this a viable business venture?” The business plan provides a planning function. The business plan outlines the actions needed to take the proposal from “idea” to “reality.”
The feasibility study outlines and analyzes several alternatives or methods of achieving business success. The feasibility study helps to narrow the scope of the project to identify the best business scenario(s). The business plan deals with only one alternative or scenario. The feasibility study helps to narrow the scope of the project to identify and define two or three scenarios or alternatives. The person or business conducting the feasibility study may work with the group to identify the “best” alternative for their situation. This becomes the basis for the business plan.
The feasibility study is conducted before the business plan. A business plan is prepared only after the business venture has been deemed to be feasible. If a proposed business venture is considered to be feasible, a business plan is usually constructed next that provides a “roadmap” of how the business will be created and developed. The business plan provides the “blueprint” for project implementation. If the venture is deemed not to be feasible, efforts may be made to correct its deficiencies, other alternatives may be explored, or the idea is dropped.