In crafting a business plan, you must be thorough, stating out plans, aims and how you would achieve your objectives. You can decide to hire an expect to write a professional business plan for you if you are finding it difficult to go about it. But if you decide to do it yourself, then this write-up is for you.
WHAT IS A BUSINESS PLAN?
According to Wikipedia, a business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
The question on how to write a business plan is what most people find it difficult. In writing a business plan, there are some factors you must consider and that is what we shall discuss in this article. We believe that free samples of what a business plan looks like can be found online.
HOW IMPORTANT IS A BUSINESS PLAN FOR YOUR SMALL BUSINESS
What every small business owners fail to understand is that there are risks involved in every business, whether it is a small scale business or a large scale business, writing your business plan becomes very essential here as it shows that you have carefully analyzed the risk, pros and cons of the business before engaging the business.
Writing a plan for your small business gives you the necessary focus you need, how to plan for the future of your business, and even taking your business to a wider level especially when seeking third party support to finance your business.
To put it in simpler terms, having a business plan serves as a guide for your business where goals, objectives, and details on how to achieve these goals are documented. It is a blueprint for success and downfall of any business organization.
TOOLS NEEDED IN WRITING A BUSINESS PLAN
Just as a farmer needs a cutlass and hoe to farm, a business man needs his tools to write an effective business plan. There are five tools you will need and these tools are:
- A Book & Pen.
- A Computer with Microsoft Excel Spreadsheet.
- Electronic calculator.
- Different business plan templates.
- A business plan software.
HOW TO WRITE A GOOD BUSINESS PLAN
Writing a business plan in Nigeria can be a challenging task, but with the right approach, it can be done easily. Whether you are a startup or an established business, a well-written business plan can help you secure funding, attract investors, and achieve your business goals. In this article, we will provide steps on how to write a good business plan in Nigeria.
STEP 1: RESEARCH
The first step to writing a perfect business plan is to conduct thorough research. This includes researching consumer habits, market stability, the strengths and weaknesses of competitors, and consumer needs. This information is crucial in determining your priorities as a business owner and should be included in your business plan.
STEP 2: OBJECTIVES OF THE PLAN
After researching all relevant indices, you should also have clear objectives that you want to achieve with your business plan. These objectives should serve as a roadmap for your business and should be included in your business plan.
STEP 3: CREATE COMPANY’S PROFILE
Creating a company profile is an important step in writing a business plan. This includes describing your company, its history, the products and services you offer, and the roles and functions of the management team. This information is vital for potential investors and should be included in your business plan.
STEP 4: PRESENTATION
A well-written business plan is not enough, you must also be able to present it effectively to potential investors. This includes studying business plan samples and practicing how to convince investors to trust you with their money and invest in your business.
STEP 5: SALES AND FUTURISTIC PLAN
Your marketing plan for the present and future should also be included in your business plan. This includes describing your sales strategies and forecasting future business growth. This is an important aspect of your business plan that should not be overlooked.
By following these steps, you can write a good business plan in Nigeria and increase your chances of securing funding and attracting investors. Remember to use templates, examples and professional services if needed.
STRUCTURE OF A PROFESSIONAL BUSINESS PLAN
There are many models you can use in writing a well structured business plan but for the basis of this article, we shall use the universal acceptable format. It should be noted that some aspects of a plan will be more important to some businesses than to others. For that reason, it becomes very necessary to highlight the contents of such plan to fit the business scenario.
A good business plan should have the following, orderly arranged
- Cover Letter
- Title Page
- Table of Contents
- Executive Summary
- Company Profile
- Management Structure
- Service to render or products
- Industry Research
- Sales and Marketing
- Futuristic projections
The cover letter is a formal letter that introduces the business to the reader. It is this letter that sells your business idea to the investors. Here, you try to appease the reader. A secret to writing a good cover letter is to think like the reader. It usually contains the address of the receiver, your address, salutation, body (the well written content), conclusion and signature.
The tittle page spells out the name of the business, date , founder’s name and your business logo (optional). Make sure you keep it simple as ever but professional. Avoid shouty colours in your design of the title page.
If you are ready to risk your time and resources (human and financial) to kick start a business, we suggest that you write a good business plan or you hire someone to do that for you.
To have a successful business, please note the following:
- Plan a business that can survive and grow with or without you
- Create a vision driven business rooted on core values
- Plan a business that is customer friendly
- Inculcate a strong team to lead your business
- Let your business be seen as a good corporate citizen that is reliable
- Create a target based business and strive to reach that target
- Make sure your business has a strategic marketing plan to help you achieve the objectives for your business.
COST OF CREATING A BUSINESS PLAN IN NIGERIA
The cost of a detailed business plan in Nigeria can vary depending on a number of factors, such as the complexity of the plan, the level of detail required, and the company or individual creating the plan. Some of the costs that may be associated with creating a detailed business plan in Nigeria include:
- Research costs: Depending on the type of business and the level of detail required, research costs can vary. This can include market research, competitor analysis, and customer surveys.
- Writing and editing costs: The cost of writing and editing a detailed business plan can vary depending on the length and complexity of the plan. This can include hiring a professional writer or business plan consultant to help create the plan.
- Graphic design and formatting costs: If you plan to include graphics, charts, and other visual elements in your business plan, there will be more costs for designing and formatting these elements.
- Printing and binding costs: If you plan to print and bind your business plan, there will be additional costs for printing and binding the document.
- Professional services costs: If you plan to use professional services such as financial modeling, market analysis, or legal services, there will also be additional costs for these services.
Overall, the cost of a professional business plan in Nigeria on average, can range from as little as ₦10,000 to ₦500,000. It is important to note that business plans are not a one-size-fits-all solution and the cost may vary depending on the specific needs and requirements of your business. It is advisable to research and compare prices from different providers before making a decision, in order to ensure that you are getting the best value for your money. It’s also important to consider the long-term value a well-written business plan can bring to your business.
While the above info should guide you in writing a good business plan, remember that if you fail to plan, you plan to fail. Drop your questions, comments and suggestions below and don’t forget to share what you have learned.