How to write a good business plan in Nigeria

You’ve seen all the businesses booming in Nigeria and how much they are making and you are thinking of starting yours. Well, anyone can get to the top if you know what you are doing and you do it right. All of these boils down to your business plan.

Some people freelance with their business without any actual plan but when you don’t have a route to follow, you can’t get to your desired destination. A good business plan is that route you need to guide you so, here’s how to write a good business plan in Nigeria;

⦁ Identify products and services
First things first, what products are you selling or what services are you offering. Business is about buying and selling so you must have something of worth that people will be willing to pay for. If you’ll be expanding your business in the future, all note down the products and services you would like to include them.

⦁ Decide on the management structure
A business cannot be run by one individual, unless, it is a sole proprietors’ type of business. It is necessary to set up your management structure to decide who gives the orders, who does what work, and the rest. Access those you want to bring on-board to ensure that they are up to the task.

⦁ Sales/marketing plan
The question here is how do you intend to sell your product/service? How is your business/brand going to get noticed? Your sales/marketing plan will answer that. We live in an internet age where a lot of businesses thrive by using online sales channels (eCommerce) and it is one of the best sales options to consider. Nevertheless, your type of business will determine how the ideal way to sell your products/services.

⦁ Set your financial objectives
In this area, you have to consider how much capital you are starting the business with, how much you want to make within a year, two years, or any other time frame, how much you want to spend on workers’ salary, miscellaneous. One major reason why a lot of businesses fail is because of improper management of finance and with your financial objectives laid out in your business plan, you’ll be able to prevent that.

⦁ Channel analytics and records
Your business records are very important. Analytics and records will help you understand where your customers are coming from, the best business seasons, etc. So, decide on the best way to track your business records and analytics, it should be part of your business plan. You don’t need a manual bookkeeping to go about this currently, there are several software programs you can use to make it easier.

⦁ Appendix
Here, simply add any other information you would like to be in your business plan.

A business plan is one of the most important factors of every business no matter your niche. There’s no rule of writing the perfect business plan as each business’s objectives are different. However, the tips above will assist you in structuring your business plan so you touch the important areas.