What is a Business Plan?

A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and actions that will be taken to achieve them. It serves as a roadmap for the business, providing a clear direction for decision-making and helping to ensure that all members of the team are working towards the same goals.

A business plan is a written tool about your business that projects 3-5 years ahead and outlines the path your business intends to take to make money and grow revenue. Think of it as a living project for your business, and not as a one-time document.

 U.S. Small Business Administration

Why do you need a Business Plan?

There are several reasons why a business plan is important:

  1. It helps to clarify the business’s goals and objectives, and provides a framework for achieving them.
  2. It can be used to attract investors and secure funding, as it provides a detailed overview of the business and its financial projections.
  3. It helps to identify potential risks and challenges, and outlines strategies for addressing them.
  4. It can be used to measure the progress of the business and make adjustments as needed.
  5. It can serve as a communication tool, helping to align all team members around the business’s goals and strategies.

Overall, a business plan is an essential tool for any business, as it helps to ensure that the business is focused, organized, and on track to achieve its goals.

7 Simple Steps to write a Business Plan for Any Business

  1. Define your business: Start by outlining the basics of your business, including the products or services you offer, your target market, and your unique selling proposition.
  2. Set clear goals and objectives: Identify the specific goals and objectives you want to achieve with your business, and outline the steps you will take to get there.
  3. Develop a marketing plan: Determine how you will reach and engage your target market, including the marketing channels you will use and the tactics you will employ.
  4. Outline your financial plan: Establish your financial projections, including projected income, expenses, and profitability.
  5. Create an organizational plan: Describe the structure of your business, including the roles and responsibilities of team members and any partnerships or collaborations.
  6. Detail your operations plan: Outline the processes and systems you will use to manage and operate your business on a day-to-day basis.
  7. Review and revise your plan: As your business grows and changes, it’s important to regularly review and update your business plan to ensure it remains relevant and effective.

Writing a business plan can be a daunting task, but it is an important step in the process of starting and growing a successful business. By following these steps, you can create a detailed and comprehensive plan that will help guide your business towards success.

Written by Andres Ferreira

What is a Business Plan? A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and actions that will be taken to achieve them. It serves as a roadmap for the business, providing a clear direction for decision-making and helping to ensure that all members of the team are working

Are you an African entrepreneur making a difference in your community? Are you working to solve the most pressing problems? Is your business helping to build a more sustainable and inclusive economy for the future?

And most importantly, do you need capital and exposure to take your business to the next level?

Yes? 

Then the Africa’s Business Heroes (ABH) competition is for you.

Every year, ABH identifies, supports and inspires the next generation of African entrepreneurs who are making a difference.

Selected entrepreneurs share from USD $1.5M grant. That is free money without the need to pay back.

The 2022 ABH competition is currently open for application. And the deadline is fast approaching and it is 6th June 2022.

Application is open to entrepreneurs from all African countries, all sectors and all ages that do business in an African country. Eligible businesses should have passed the idea stage, and should be at least 3 years old.

Why should you apply?

  1. You get the opportunity to pitch to business legends and win your share of US$1.5 Million
  2. You’ll Learn about yourself and your business
  3. You’ll Receive invaluable feedback
  4. You’ll Develop skills to tell your story
  5. You’ll join an entrepreneurship ecosystem
  6. You’ll access exclusive mentorship and training
  7. You’ll gain global recognition and exposure

If you are up for the life-changing challenge, We invite you to apply for this opportunity.

Click here to Apply for Africa’s Business Heroes competition

Are you an African entrepreneur making a difference in your community? Are you working to solve the most pressing problems? Is your business helping to build a more sustainable and inclusive economy for the future? And most importantly, do you need capital and exposure to take your business to the next level? Yes?  Then the Africa’s Business Heroes (ABH) competition is for you.

What is a business?

According to Wikipedia, business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is “any activity or enterprise entered into for profit…” Very often, the word is used interchangeably with entrepreneurship. While a businessman’s main focus is not on innovation, but on making sure a company is making profit, an entrepreneur on the contrary, focuses on generating new value, and this value could be social, emotional, aesthetic and/or financial.

If you are an entrepreneur and/or want to start a business in Nigeria, we say congratulations!. As a developing country, the opportunities are enormous.

Here are 10 requirements to be successful in your business venture:

Carry out a Self-evaluation:

To succeed in any space, business or non-business, in Nigeria and abroad, your level of determination can make all the difference. Nothing is easy anywhere. To make your choice of a business venture, evaluate yourself. It is often better to venture into a business that centers on what naturally interests you. When things go south, the “utility or satisfaction” derived from the business can keep you going. I advise you monetize your hobby. A guitarist for instance, can start a YouTube channel, create a blog, do songs, join or start a band, teach, sell/repair. This does not mean you cannot venture into something new and grow passionate about it, just be sure to engage in something that thrills you. It will be easier to commit, to be consistent, to persist and to dedicate your time to. Don’t forget that in business- passion, dedication, commitment, consistency and persistence will guarantee success.

What problem am I solving? Do people need this? In other words, study your target market.

Before venturing into any business, it is important to first identify a problem you can solve, or a solution to a problem that needs improvement. Strange? Shouldn’t be. Now consider the inventors of abacus. Their invention solved mathematical problems, and the inventors profited. Consider the generations of computers till today’s Apple products. Compare the sizes and capabilities. Steve Jobs did not identify and create the first solution to mathematical and communication problems. But he definitely tapped into it and provided a better solution that does more and is particularly convenient. What people don’t realize is that there are still infinite problems requiring solutions, and existing solutions still require improvements. What’s more, there are also solutions getting more demand than supply – that is insufficient/variety of solutions to a problem. For instance, to solve computing, social and communication problems, there are desktop computers, mobile phones, tablets, smart watches, etc. they all do the same thing, but they vary in features, like convenience and mobility. You will agree that they’re times using a desktop beats using a mobile, and using a tablet beats using a desktop. In the same vein, we have android, ios, windows, etc. they also basically do the same thing, but then the problem of interface. All these have their competitive niche and they’re all doing very well.

Don’t be afraid of Starting small.

It is commonly said that Rome was not built in a day. Time and patience matter in business. You can’t and shouldn’t rush it. Take your time. Building a business is like climbing a ladder, from the first step you take, you learn about balance, risk and how to proceed. This is important because even when you’re high there, and things go south, you will know how to easily get back up, and experience is still the best teacher.

Be conscious of your location and competition.

Go where the market is. Take your product/service closer to your potential customers; availability and proximity encourage patronage. Also, be conscious of your competitors, no matter how novel the solution that you are providing is. There are people waiting to copy whatever new business idea they think is great, and they may have the means to do it better but don’t be discouraged, the man with the original vision understands his idea more. On the good side, your competitors push you to do better. Find, explore and exploit that competitive niche. However, your competitors shouldn’t be your focus. Your customers and target market should always be on your mind. Your competitors will not patronize your business, your customers will. You’re not making your business better for your competitors, you’re making your business better for your customers so they always pick you over the competition.

Take your Name, logo and brand Seriously

Never forget that presentation and branding mean a lot in business. Carefully choose your business’ name, logo, tagline and colors. It is a largely a fact that general branding will determine the attitude your customers will have towards your product and service. Take Apple for instance, iPhones and iPads don’t give any special added advantage over other phones. You do the same calls, messaging, multimedia, chatting and surfing but you find people pay alarming amount of money for the product. This is the function of branding. And they match it with the quality of the product. Can you believe the recently released iPhone 12 and 12 pro are sold without charger and headphones? You need to buy those separately after buying the phone but people still don’t mind. This is because apple has been able to distinguish itself out of the crowd of the many other companies.

Move with time and innovations:

There is always something to learn. Don’t be lazy otherwise you will become “old school”. Always carry with you the mindset of learning new things every day to improve and keep up with times and innovation.

Capital/Funding:

All businesses have a minimum capital requirement. Some businesses are capital intensive, others aren’t. Ensure that your financial strength is enough to cater for the basic/standard requirements of that business before venturing into it. Better to suspend launch and source for funds, than start off lacking the major tools/equipments to work with.

Get your company registered:

it is important to have your business venture registered as a business or a corporation/company. This confers rights, giving the backing of the law, and guarantee that your business is accountable. It will help gain the trust of your customers enough to transact with it without the fear that you will “japa” with their money.

Get a team:

We exist in a community of people, providing solutions to problems directly/indirectly affecting people and we expect to profit from these people. It is important to have people assist. May be as business partners, employees, contractors, friends and family. Their assistance can range from investment, expert assistance, down to word-of-mouth referrals. All these will go a long way in guaranteeing your business’ success. Try to be a people’s person, or get people who are to be for you. The importance of people relations  cannot be overemphasized.

Ensure your Marketing is Effective;

Marketing determines the success of your business. It is the channel of communication between your business and customers. It creates brand awareness, engages your customer, creates and maintain a relationship with them, builds your business reputation, and ultimately boost revenue. Spare no dime in getting the best marketing strategy because no matter how great your product is, if it is not well marketed, it won’t sell.

See your business at the top!

Aniekan Imeh LLB 

What is a business? According to Wikipedia, business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is “any activity or enterprise entered into for profit…” Very often, the word is used interchangeably with entrepreneurship. While a businessman’s main focus is not on innovation, but