Connect with us

Business Plan

9 Sections of a Good Business Plan | Outline of a Business Plan In Nigeria

Published

on

Outline of a Business Plan

Outline of a Business Plan In Nigeria

No business will do well without a business plan because it’s in the plan that you can be able to analyse the potential of a business that you are to invest in. Thinking of writing a business plan? Here is a business plan outline, listing the sections in the order in which they will appear in your completed plan with a brief explanation of each section to help you get organized and guide you through the process.

The feasibility study in any business in very important and as such should be taken very seriously. here is the Outline of a Business Plan that must be followed.

Good Business Plan

  1. The Executive Summary.

While appearing first, this section is written last. It summarizes the key elements of the entire business plan. (Executive Summary Example) so take your time to write a concise, short, simple and clear summary of what the whole plan is all about. The executive summary is the first Outline of a Business Plan followed by

  1. The Industry on which the plan is based upon.

Being the second Outline of a Business Plan, An overview of the industry sector that your business is/will be built upon, including industry trends, major players in the industry (Competitors), and estimated industry sales. This section will also include a summary of your business’s place within the industry. (Business Plan Example: Industry Section)

RELATED: 100 Business Quotes

  1. Market Analysis of your business.

An examination of the primary target market for your product or service (Potential buyers, clients), including the geographic location, demographics, your target market’s needs and how these needs are being met currently.

  1. Competitive Analysis

An investigation of your direct and indirect competitors who have been or are about to enter the business, with an assessment of their competitive advantage and an analysis of how you will overcome any entry barriers to your chosen market. (Taking proper note on how you are going to beat up your existing competition and their strategy).

  1. Marketing Plan

Here you write down a detailed explanation of your sales strategy, pricing plan, proposed advertising and promotion activities, and product or service’s benefits.

  1. Management Plan

Write out the outline of your business’s legal structure and management resources and the model with which your business will adopt, including your internal management team, external management resources, and human resources needs.

  1. Operating Plan

A description of your business’s physical location, facilities and equipment, kinds of employees needed, inventory requirements and suppliers, and any other applicable operating details, such as a description of the manufacturing process.

Also Read: How to avoid bankruptcy in your business by being careful with these people.

  1. Financial Plan

A detailed description of your funding requirements, your detailed financial statements, and financial statement analysis. How your business will run financially.

  1. Appendices and Exhibits

Put in Any other additional information that will help establish the credibility of your business idea, such as marketing studies/survey, other feasibility studies, photographs of your product, and/or contracts or other legal agreements pertinent to your business.

Each article linked above is part of this Writing A Business Plan series and explains how to research and write a particular section of the business plan in detail. The sidebar also lists more resources you may find useful.

Comments

comments

I'm that Lazy and controversial entrepreneur, Popularly known for my Quora Secrets. Founder and CEO of SumoTrust, Motute and CrowdFacture. Read about my Bio at personal website. Connect with me on Facebook, Twitter, Google, Linkedin and Instagram.

Business Plan

An Overview Of Cost Of Starting A Restaurant In Nigeria.

Published

on

You must have An Overview Of Cost Of Starting A Restaurant In Nigeria before starting out. The cost of beginning or starting a restaurant business will depend on the type of restaurant you want to operate. With Less than a million naira (N1,000,000), you can establish a restaurant. But this depends on whether you intend to operate a big and expensive restaurant or a small and low-cost one. So, if you’re a good cook, and you have plans of venturing into a restaurant business, this article will be of great help to you.

Types of Restaurants In Nigeria.

An Overview Of Cost Of Starting A Restaurant In Nigeria.

An Overview Of Cost Of Starting A Restaurant In Nigeria.

1)     ETHNIC RESTAURANT:

Food served in an ethnic restaurant are usually from specific cultures only. The cultures are always either foreign or local. Examples are the Chinese restaurant and Efik restaurant in Lagos, Nigeria.

2)     FAST FOOD RESTAURANT:

Fast food restaurant is the second common type of restaurant in Nigeria. But said to be the most common types in the world.  A fast food restaurant gives Quick food services from a constrained menu and is very common in Nigeria. Food, snacks, drinks etc. which may be taken away or eaten there are sold in such restaurants.

The bigger players in these niches are fast food outlets such as Kentucky Fried Chicken (KFC), Chicken Republic, Sweet Sensation, Crunches, Apples and lots more.

3)     QUICK SERVICE RESTAURANT:

Quick service restaurants always have bigger coverages and operate at a cost lower than that of fast foods. They are usually found in parks, work sites, and streets corner etc.

4)     CASUAL DINING RESTAURANT:

These are restaurants which serve moderately priced foods. In a casual dining restaurant, often there is a full bar with separate bar staff, a larger beer menu and a limited wine menu. They are mostly progressive than fast foods and they operate customized menus coupled with a relaxed environment whereby customers can have their meal with leisure. They barely provide take away services.

5)     FINE DINING RESTAURANT:

These are highly classified restaurants which have elites as customers. They are the luxury kind of restaurants where the tables are dressed in white clothing, where the menu is always presented upon settling in a table, where the atmosphere is always unique, with perfect music, and the service cost is always high.

They are targeted at rendering a unique dinner experience, complementary to eating at the comfort of your home. By treating customers with respect, and honour and by giving excellent menu items in an attracting environment. They offer a friendly service with the help of professional waiters and staff to ensure unlimited customer satisfaction.

Steps To Start A Good Restaurant

  1. Have a plan of what you are intending to do: The kind of restaurant you want to operate will estimate your start-up amount. Set up a business plan that is professional, concise and realistic to suitable potential investors.
  2. Come up with an estimated cost of seething up your restaurant: With adequate researching, planning and good deciding, one should have an idea of how much it will cost you in starting up the operation of your restaurant.
  3. Get The Required Capital: Easy services restaurant will need little capital than the others. It is good to begin small and expand in due time as you get experience and monetary returns because growth is a continuous and progressive process.
  4. Feasibility Studies: Not all kind of restaurant are suitable anywhere for example. Fast food, quick service and casual restaurant do well in any busy location (in an eye of a city) but an ethnic restaurant, fine dining and casual dining restaurant are suitable in high areas where the environment is peaceful, clean and akin personal homes.
  5. Furnishing Of A Restaurant: Restaurant utensils and facilities should always be of quality, original and always attracting, to entice the customers.
  6. Employ A good Chef: Experienced waiter and staff who are understanding and passionate Should be employ to always satisfy the customer needs. Experience staff who will always give a listening hears to the customer and treat the customers with care.
  7. Create Your Menu And Make It Enticing: As a chef and lover of food art, one must have your special recipes and menu at a very reasonable and comfortable price to establish creditability and to offer your restaurant an edge over the others.
  8. Making your restaurant known (publicity) is very important in a business. It does not matter how good you are in cooking, but if people do not know your business, it is all of a waste. To make your business grow you must reach out to the public. There are so many ways, to make your business known, for example, the social media platforms. Social media platforms are quick ways to make your restaurant known to a large range of people. Some of the social media platforms include Facebook, WhatsApp, YouTube, Instagram, Snapchat etc.

Challenges You Are Likely To Encounter In The Process Of Starting Up A Restaurant

  1. Stiff Competition: The is always need to satisfy hunger, the demand for food is unending, that is the reason you find a different kind of restaurant on every corner of the country’s street that may kick you of business. If you don’t maintain a certain amount of distinction.
  2. Risk Management: Operating a restaurant can be hazardous, a little amount of carelessness may amount to a great loss. You should keep your business away from risk by guarding against any kind of potential hazards. Always practice safety procedures.
  3. Consistency: Every business needs consistency, even the best business plan fall without consistency. Being consistency in a restaurant business will give the business more chance of success and progress.

We love your visit do have a nice day. Don’t forget to tell your friends via Facebook and Twitter.

Comments

comments

Continue Reading

Business Plan

What Does It Cost To Start a Fish Farm in Nigeria? Find Out Here.

Published

on

In this discussion, I will be looking at what it costs to start a successful fish farm enterprise or what it entails to go into successful fish farming in Nigeria. Otherwise referred to as aquaculture, fish farming entails breeding of different varieties of fishes such as Tilapia, Catfish, Mackerel etc. using fish ponds, either for domestic or commercial usage.

Research evidence shows that fish contains about 41% of the overall animal protein and is very rich in micronutrients and proteins. The fish consumption level in Nigeria today is considerably high and most times, demand outweighs supply thereby opening up the markets to serious entrepreneurs to take advantage of the demand-supply gap and make ends meet from fish breeding and supply.

Since fish is a major component of most Nigerian and foreign dishes, it, therefore, means that the market for fish will continue to grow as fish will be required for local consumption or for exports. Little wonder then why Nigeria is considered to be one of the nation with a considerably high import level for frozen fish products in Africa.

If you can leverage on this opportunity, through local fish breeding and supply, you will not only boost the agricultural level in the country, but you will reduce the cost of fishes and create jobs, thereby reducing the unemployment and poverty levels in the country.

To this end, therefore, fish farming is a highly profitable, viable and feasible enterprise to take to and as the Food and Agriculture Organization of the United Nations (UN) has well stated, fish farming is the world fastest growing food production sector.

You can make huge profits by going into fish farming or aquaculture in Nigeria, given the right directives, knowledge and guidance. Fish farming is capital intensive. You need money to set up a business, run it successfully and watch it grow and expand into multi-level business within a short time.

It is on this premise, therefore, that I introduce you to a cost analysis for starting and running a successful fish farming business in Nigeria. I believe that you will learn a lot from this short but succinct article.

What Does It Cost To Start a Fish Farm in Nigeria

What Does It Cost To Start a Fish Farm in Nigeria

An Overview Of Fish Farming In Nigeria

Aquaculture is an industry that is currently attracting investors due to its lucrative nature, fertile market, high demand for fish and the low supply available in the country. To make it in this business, it requires having the right knowledge and proper management. With these, high-profit margins are achievable in the business.

Catfish farming can be categorized into two parts which can be either operated independently or integrated into one process and these are the nurseryfish farming and the grow out fish farming.

The nursery fish farming forms the basis for every fish farming business because the grow out fish farming is dependent on the nursery. The nursery fish farming involves the inducement of the female fish to lay eggs, which are then fertilized, incubated and hatched into little fishes known as fries.

The fries are nurtured into fingerlings in the time frame of a month. The size of fingerlings is the suitable size for growing out farming. The primary operation is in between the nursery and grow out the operation and involves the nurturing of the four weeks within which they grow into post fingerlings, mini juveniles and juveniles.

The Juveniles can be nurtured for four to five months into growing out sizes or table sized fish which is the suitable size for sale and consumption.

BENEFITS OF FISH FARMING

  1. Due to the high demand for fish in Nigeria, fish sells faster and cheaper than any other animal products.
  2. Imported fish feeds like Ziegler feeds can be sold and distributed. Also, you can formulate local fish feeds and as well set up a fish feed mill.
  3. Fish farming is very lucrative such that a N1m invested can yield N2m in a few months.
  4. As you progress in the business you can decide to start offering consultancy services in hatchery design, fish pond construction, spawning, mélange and this will help to boost your business and create extra returns on profit.

Procedures Involved In Starting A Fish Farm In Nigeria

With N500, 000 and above a small fish farm can be set up while a bigger farm will require millions of naira to set up. The procedures involved in starting a catfish farm include:

  1. The first thing you will be required to do is to develop a business plan that will guide you on how much your investments will likely cost. If you are not conversant with the workings of a business plan you can find and study another fish farming business plan and use it as a guide in drawing your own plan.
  2. Next, you will need to find space. Size of space depends on the scale of business you intend to start. A half plot of land is very suitable for an average fish farm but you can settle for something bigger if you can afford it. The location should be accessible to labour and market.
  3. You will need to employ the services of an expert pond construction engineer to help with the pond construction to avoid errors and to also ensure specifications and construction requirements are met. Also, provisions should be made for proper drainage during pond construction.
  4. Water supply is essential for fish farming as that is the natural habitat for fishes. Ensure you make provision for this, boreholes, wells are options to consider as long as the water is clean. Avoid using chemically treated water as this is not healthy for the fish.
  5. You can decide to grow your juvenile fish or get your juvenile fish from another farm that supplies it, ensure you get high yield species.
  6. Get trained on how to properly manage your fish farm. You can as well employ experienced hands to help with the work.
  7. Conduct adequate research on species in high demand in your environment and also develop marketing strategies on how to sell your fish after harvesting.

here at Entrepreneur.ng we help you archive your search. Find a minutes and share this.

Comments

comments

Continue Reading

Business Plan

8 Tips for Business Planning and Accounting

Published

on

As a businessman or entrepreneur it is expected that you are able to run your business and make it grow. For your business to run smoothly and successfully, it takes careful planning and readiness to deal with unexpected things. Hence, you must possess the required managerial skills and qualification for business planning and accounting. This guide handles the 8 tips for business planning and accounting which every entrepreneur, manager or businessman or business woman should have.

8 Tips For Business Planning And Accounting

Below are 8 steps you can take to grow your business:

1. Good organization

A well-planned organization can help you to monitor the tasks or stages that have been completed and help you complete various tasks within the set time. One way that many business managers implement efficient business organization is creating a to-do list or work schedule. That way they are able to evaluate and make sure that no assignment is overlooked. You can also do this for your business to help with your business planning and accounting tasks. For effective organization of your business planning and accounting activities, you should consider making use of business planning and accounting applications.

2. Creative thinking

Creativity is needed in running a business to win the market competition. Think creatively by being willing to accommodate new ideas, continue to add insight you can use to develop your business.

3. Write things down thoroughly

A business should have a record of all the processes that exist in its workflow or structure to make it work properly. As a manager, this comprehensive data will help you to observe business developments, spot deficiencies in a process, or take new strategic steps.

4. Analyzing Your competitors

Competition cannot be separated from a business process. Competition is not bad as it helps entrepreneurs to innovate, create and implement new improvements in their businesses which favour the larger society. So, don’t be afraid of competition as it is an ample opportunity to learn from your competitors. It could be that competitors have strategies or steps that can inspire you to do better for your business.

tips for business planning and accounting

5. Be consistent

When you do what has been set in the company consistently, even if it’s a simple thing, then this consistency will lead you to success in the future. Consistency in behaving well will form positive habits as well. Also, you can inspire others to do the same.

6. Understand the risk

Making the right risk calculation allows you to minimize the things that are not desired from happening. By understanding the risks that may occur, it will make you better prepared to face them; of course, you should have a variety of strategies ready to be implemented.

7.  Keep Your Accounts Up To Date.

Having a clear and reliable record of the income and expenses of a company/enterprise is very important when taking any step in a business. If you do not want to have serious problems in the future such as not being able to pay debts and even shut down, you have to keep strict control of the accounts. This, in turn, will allow those responsible to define the balance well, plan short and medium-term payments, know how much money is available to pay debts, etc.

8. Offer Good Customer service

A very important component of business planning and accounting is service to customers. This aspect of the business not only accepts customer complaints and provides solutions only, but must also be able to educate consumers well. Good customers service will keep your customers coming back to use your product on a regular and consistent basis.

Conclusion

The success of a business cannot be obtained instantly. It takes hard work and a tough mentality to make it happen. To be successful in a business, it is vital to have good financial planning for many reasons, but above all, so that in the hardest moments there are no drastic decisions to be made and that the entrepreneur can have sufficient provisions. It is very common to neglect this aspect when things are going well but, based on something as volatile as the market economy, the financial directors of companies have to develop this type of strategy and review it from time to time.

Good financial planning must take into account that the business can go through times of recession, which does not mean always living in fear, but that those responsible must be cautious when developing it. When you build a business, you will not necessarily get a large income. There are many things you have to do to keep your business growing. Staying focused on your goals will allow you to manage your business well.

Comments

comments

Continue Reading

Trending