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

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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.

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Business Plan

A-Z Guide How To Write A Business Plan Like A Pro In Nigeria

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How to Give a Perfect Elevator Pitch And Get Funded Immediately

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How to Give a Perfect Elevator Pitch And Get Funded Immediately in Nigeria

You’re an entrepreneur who just provided a solution to a problem and currently looking at getting investors to fund your startup?

You want to get every investor that hears about your project to fund you almost immediately or lose out from investing in you?

Want to learn how to pitch your business?

If you fall into any of these categories, then, this article is for you.

In this article, you will be getting expert advice on how to pitch your business to investors from an entrepreneur who raised close to $1 million.

Caroline Cummings shares her pitch secrets, techniques, and tools in this free eBook, “How to Pitch and Get Funded.” Immediately.

If you’re ready to learn how to pitch your business to investors, but need some help figuring out how to build your pitch, then, you need to watch the brief video below from Bplans.

You should understand that

Elevator pitch is a simple phrase used to describe the little time given to startup founders to quickly explain their business to interested investors or potential clients.

Related: 5 Easy Steps to crowdfunding success in Nigeria

Brief of What you will learn from the Startup Elevator Pitch Video:

  • How to pitch your Business
  • How to deliver an elevator pitch

The primary purpose of every elevator pitch is to get funded and raise funds to start running your startup into a full-blown business.

In your startup pitch, you must be able to mention the following things in the shortest time.

7 Steps to Giving a Perfect Elevator Pitch in Nigeria

  1. You need to cover the Problem: You must point out or list out the problems on the ground that led you into birthing your startup in the first place. What is the daring desire, problems the environment is facing and then,
  2. The solution: Here, you must talk about the solution your startup provides and you must start with the best solution your product/service solves. How does your startup solve the problem you mentioned above? Don’t create a product that tries to solve too many problems at once.
  3. Talk About Your Target Market: Here, you must mention the people, demographics that your product is meant for. Who and who is your product meant for. How many people are in this audience/market you’re targeting and how much are they spending?
  4. Competition: Every business has competition and as such, you must mention all your potential competitors already existing in the market and how you intend to beat them. If you think you don’t have a competition, then you are just not thinking hard enough about this. Your competition can be direct or indirect depending.
  5. Your Team: Who are the people with you in this project? Have they done anything relating to such in the past?
  6. Financial Summary: what is the cost implication of your startup? How much does the investor need to put in and what are his returns? This is where many business plans fail because they use unrealistic figures and in the end have their business plans thrown away. So, while making an elevator pitch for your business to an investor for funding, you must provide simple and accurate financial values.
  7. Milestone: At the end of your Elevator pitch in Nigeria, you should be able to talks about your goals and when you intend to achieve them. Have you reached the milestones? Have you done anything or achieved any of the visions in your business plan? If you have, list them out.

Below is the Video for giving the best Elevator Pitch In Nigeria.

 

Also Read: The best way to prepare for Investors

There are certainly other components you can include in your pitch, but these seven are really the “must-have” pieces, whether it’s written down in a pitch deck presentation or literally delivered as a speech in an actual elevator. If I’ve missed anything that you think is critical to include, please let me know in the comments.

View This As an Infographic:

 

The 7 Key Components of a Perfect Elevator Pitch by @noahparsons from Palo Alto Software

Your elevator pitch must be clear, concise and compelling. You should be able to explain everything (7 points above) in 60 seconds. Remember, you don’t have all the time and as such, go straight to the point and cut all long stories.

 

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Get Your Best Business Plan at Affordable Price

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