How to Write a Business Plan in Nigeria (8 Simple Steps)

In many of our business ideas articles, we have written about business plans and why they are important before starting a business in Nigeria. In these business ideas articles, we have also expressed how easy it is to write a simple business plan in Nigeria but many of our readers still feel this is difficult. 

So in today’s article, we will be guiding you on how to write a business plan in Nigeria for any business or company – both business ideas ranging from general business to agricultural-based businesses. Many Nigerians do not know that business plans are also needed for agricultural bases businesses also known as agribusinesses.

They feel because agricultural businesses are about farming that they do not need business plans whether on a large scale or small scale but this is not true. To be sure that any business or agricultural business is lucrative and profitable enough for you, you need to write a business plan for them.

So at the end of this article, you know how to write a business plan as a Nigerian and you will be glad you came across this blog.

What is a Business Plan?

A business plan is a document that sets out a business’s future objectives. It also set out the strategies to achieve them. A business plan is always written in a formal form. It is also written in a way that it can be easily understood. A good business plan guides you through each stage of starting and running a business.

A business plan is a roadmap to making profits in business.

Cost of Business Plans in Nigeria

The cost of business plans in Nigeria varies. It depends on so many factors like the business idea or what the business plan is about, the professionalism of the writer, and the scarcity of the business plan. However, averagely the cost of a business plan in Nigeria ranges from #5,000 – #20,000. Business plans are hardly priced because of the efforts put into them.

How to Write a Business Plan in Nigeria

Here are the steps on how to write a business plan in Nigeria.

1. Write a Detailed Summary

The first step to writing any business plan in Nigeria is to write a detailed summary of the business or company. This part is chapter one – the first page you see when you attempt to read a business plan. When we say a detailed summary we are talking about a summary that does not miss any vital part of the business. 

So let us say you are writing a business plan for a foodstuff business in Nigeria, you need to make sure that when you are writing a detailed summary on this topic you did not miss any vital part about the summary. The detailed summary must be able to educate anybody reading the business plan.

For them to be able to know what the foodstuff business is generally entirely about in Nigeria.

2. Describe your Company or Business

After writing a detailed summary of what the business/company is about, the next step is for you to describe what the company or business is all about. Many Nigerians think that a business plan is only needed for people who want to start a business but this is not always true.

Business plans aside from being for the person that wants to start the business, it is also for any potential investor that wants to invest in a business or company. So let us say you want to start a provision store business in Nigeria. When you are writing a business plan for the provision store business, firstly, write the provision store business plan to fully educate yourself about the business.

And secondly, you are writing the business plan to educate investors about the business. What I am saying is that business plans are majorly written to educate and attract investors to invest in a business or company.

3. Outline your Business Goals

Every business has a goal. Now is the time to outline the goals of your business or company. If the business is a new business that you are just about to start you might not know the goals of the business yet. For this reason, you might need to do a lot of research but if the business is a business you have already started you might know a few goals of the business.

In case you do not know what a business goal is. Simply put, a business goal means what the business or company is supposed to achieve as time goes by. This could be within a year, every 2 years, every 5 years, or every 10 years. This achievement will be in terms of profits, popularity, net worth, inventory, and more.

However, it depends on whether the business is a farming business, production business, or services business. You need to outline the goals. If you do not know this, you can read online materials and other types of materials to be fully informed about the business.

4. Describe your Products or Services

To run a business in Nigeria, means you are either selling products or rendering services. Even in a farming business, you are selling products. These products are called farm produce generally. You need to describe this product in step 4 of the business plan.

For easy understanding, you can list and explain these products. If it is just one product or service you can explain it in full detail without hiding any valuable information. The description of products or services in your business plan should not exceed a page or a maximum of two pages so that you do not bore the reader.

5. Conduct your Market Survey

If you have been reading my articles on business ideas and agribusinesses on this blog you will have heard me mention market survey many times and why it is important before starting a business in Nigeria. I tell anybody that wants to start a business in Nigeria to always conduct a market survey even if they cannot write or get their hands on free business plans.

This is because market surveys most times let you know whether a business is fulfilling a need and can therefore make profits. So what can you do or how can you conduct a market survey for a business? Before you can conduct a market survey you need to gather information from those your products or services are for.

For example, a barbing salon renders barbing services majorly for boys or men. If you are conducting a market survey for that barbing salon you will need to ask only men about the business. Do you need to ask questions like how much do they use to barb their hair averagely?

What kind of style do they prefer? How often do they barb their hair? Do they like keeping beards and more? These questions and the answers to them are what we call market surveys.

6. Outline your Marketing or Sales Plan

Every new business in Nigeria must have a marketing or sales plan. This means that a business plan must be able to provide unique ways businesses can promote their goods or services. It must also outline how it will sell its goods or services to customers.

All these must be well stated. One of the importance of a business plan is to ensure a business or company knows how to make profits without spending too much on adverts.

7. Conduct your Business Financial Analysis

A business financial analysis is the breakdown of how money comes into the business and how it goes out. In simpler terms, this is the breakdown of income and expenditure in business. Your business financial analysis will list how much you will make per product or service.

How much is the true cost of a product or service and what do you spend in the business (expenditure)? For easier understanding, you can use a table format for the cost of goods and their selling price and have another table for income and expenditure.

8. Make your Financial Projections 

The financial projection in your business plan is how much you think the business or company will make after 1 or 2 years. The financial projection is often what investors want to read first because it exposes whether the business will be profitable or not.

It also informs investors about the profit margin whether it is wide or narrow. If it is narrow some investors might shy away from investing in the business or company. All financial projections must be stated clearly. For easy understanding, it can be in a tabular format.

Conclusion

Business plans are very important in Nigeria for all businesses and companies. Asides from writing about any business you want to start, you can also write business plans using this format for your family and friends to make money. Reach out to us at theinfoworth@gmail.com if you need help writing a business plan for your business idea.

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