How To Write a Great Business Plan For Your Business In Nigeria

When starting a business here in Nigeria, the first thing you should consider is having a good business plan,the success of any business starts from the business plan,so in any business you want to start here in Nigeria, try and consider getting a business plan for that business so  as to know the direction to go which will really help the business and also contribute to growth and success of the business. From a good business plan ,people or an organization can fund your business because they will be able to see the prospects of that
business.
Starting a business you need a plan to be as a road map and a direction for you. 80% of businesses fail and in the first two years many business collapse are all lies,from business administration of Nigeria ,70% of new businesses last for about 2 years and many survive more than 5 years.
So how do you become one of the businesses that make it, YOU NEED A GOOD PLAN.
It is not ideas that makes a business successful ,it is a good plan.

Failing to plan is planning to fail.
Benjamin franklin

Ideas are good,but planning is essential
Dwight Eisenhow

A business plan will make you concentrate on the basic steps to succeed. You don't really need a software or a program to be able to write a good business plan ,all you need is the steps.
There are reason to write a good business plan,and these reasons will show how detailed your business plan will be.
These are the basic reasons of writing a business plan:

• To be yourself
• To have direction and road map about your business
• To plan well
• To attract partners. It will show that you have a great idea that might boom
• To attract investors

The basic things needed:

• Market analysis: This will show your target goals,your analysis ,your competitors,and who the market leaders are etc.
• The strategy and implementation section: Show your primary strategies,your pricing strategies,what you will do to make profits and grow,and steps you are looking forward to.
• Financial plan: Show the cash flow analysis,the profit and loss analysis. The cash flow statement should be the most important because you have to show how money will be entering ,leaving and circulating in the business, these will show people that you have a target strategy and will attract people.

Above are just the minimum basics your business plan should have,so from here you will be able to write and setup all the other elements of your business plan.

The elements of  a complete business plan:

1. Executive summary: This breaks down the objectives,missions,keys to success,visions prospects etc. It is the first thing in a great business plan,but it is the last thing people usually want to do. It basically sums up everything that the plan has. People actually say that investors only read the executive summary,and the financial statements in the plan. It should be up to two pages with much details and much highlights.
2. Company summary: Basically,it breaks down the ownership,the location,the formal picture of what the business looks like.
3. Products and Services: These speaks for themselves. You have to go into much details about this as you can to show case the products and services your business will be rendering.
4. Market analysis: You have to divide it into segments showing the target market,the growth analysis,industry analysis and main competitors.
5. Strategy and implementation: This breaks down the market strategy,sale strategy,business direction and all the type of strategies you will implement in the business.
6. Management summary: This talks about your organizational structure and the management team. Break down the specific rules so that people will know how your business will be regulated.
7. Financial pt this is just the breakdown of cash flow,profit and loss analysis.
8. Appendix: This is just a section of supporting document about the plan you have done and will like to make reference to each steps

With these you will write a great business plan for your business which is one of the determining factors of your business growth.