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FATE Foundation School of Entrepreneurship Business Plan Guide
© All Rights Reserved FATE Foundation 2017
1
BUSINESS PLAN GUIDE
BUSINESS OWNERʼ’S/PROMOTERʼ’S NAME:-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
BUSINESS NAME:-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
BUSINESS REGISTRATION NUMBER: -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
CONTACT ADDRESS:-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
WEBSITE ADDRESS: -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
EMAIL:-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐PHONE NUMBER-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
DATE:-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
FATE Foundation School of Entrepreneurship Business Plan Guide
© All Rights Reserved FATE Foundation 2017
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INTRODUCTION
A business plan is probably the most important document for prospective micro and small and medium sized businesses in Nigeria.
A well-‐developed business plan can be a powerful money-‐raising tool and provides a blue print to gauge future successes.
The process of writing a business plan provides you the skill for thinking through and executing any idea you have. This workbook offers a practical approach to preparing your plan.
You can always go back to your plan and update based on new information.
Remember you are the one in Charge!
The FATE School of Entrepreneurship has put together this very comprehensive guideline for aspiring and emerging entrepreneurs to help develop their Business Plan. It is quite detailed and covers all the key aspects of your Business Plan.
FATE Foundation School of Entrepreneurship Business Plan Guide
© All Rights Reserved FATE Foundation 2017
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I. BUSINESS CONCEPT/EXECUTIVE SUMMARY
This section should be more than just a list of products/services offered by the company. Itʼ’s a summary of your business plan and it should highlight the key elements. Some investors may also only read your executive summary and decide on that basis whether to read the rest of the plan.
The executive summary should focus, on the “what, how, why now and why you?” for the business opportunity. It should explain what separates your product from what exists in the market currently and what specific customer need you are satisfying.
You should also be able to explain the business model of the idea-‐how you intend to make money by offering this product/service and the direct costs involved. It should also present compelling reasons for why this is the time to launch the business venture and why the founders/promoters would be successful. Keep it to 2 pages maximum.
II. PRODUCT OR SERVICE
What is the customer need that you are addressing (shelter; beauty, health; convenience; etc.)?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Provide a brief description of your target customer (What do you know about your customer that will make him or her want to pay for your product or service)?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Provide a detailed description of your product or service (What does your product do for a buyer with respect to his/her need)?
_____________________________________________________________________________
FATE Foundation School of Entrepreneurship Business Plan Guide
© All Rights Reserved FATE Foundation 2017
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_____________________________________________________________________________
_____________________________________________________________________________
Is there anyone else providing this your product?________________________________
If No, Why do you believe that no one else has created your product or provided your service
to your target customer?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
If Yes, What are the advantages of your product or service over what currently exists in the
market?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
III. MARKET & INDUSTRY ANALYSIS
The market analysis is one of the most important parts of the business plan. You need to critically analyze the industry, your target market and competitors behavior.
To complete this section successfully, you will need to make calculated assumptions and analyze both primary and secondary data.
What industry are you in?
_____________________________________________________________________________
How many customers does this industry serve? _______________________________________
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How did you arrive at this number (National Bureau of Statistics; Newspaper; Industry Reports; etc.)?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
What are the historic growth rates of the industry?_____________________________________
How did you arrive at this figure?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
What is the projected future growth rate of the industry? Why do you think so?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
What are current trends in the industry?
1. _______________________________________________________________________
2. _______________________________________________________________________
3. _______________________________________________________________________
4. _______________________________________________________________________
What distribution channels are used in the industry to provide the good/service (How does similar goods/ products in your industry get to the customer?
_____________________________________________________________________________
FATE Foundation School of Entrepreneurship Business Plan Guide
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_____________________________________________________________________________
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What are the customer segments within the industry?
_____________________________________________________________________________
_____________________________________________________________________________
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_____________________________________________________________________________
_____________________________________________________________________________
What is the size of the target market? How did you arrive at this number?
_____________________________________________________________________________
_____________________________________________________________________________
What are the distinguishing characteristics of your target market (How is your target customer different or similar to the other segments in the Industry? This table is just to be used as a guide.
TARGET MARKET CHARACTERISTICS
SIMILARITY WITH OTHER SEGMENTS OF THE INDUSTRY
OPPORTUNITIES FOR YOUR BUSINESS TO MAKE MONEY
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What are the critical needs of your target market and to what degree are the current players in the industry meeting that need?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
How does your target market make decision about buying products within the industry?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
How frequently do they use products or services in this industry?
_____________________________________________________________________________
What are the main players in the industry, what are the strengths, weaknesses and Market share of each? This table is just to help you segment your Industry SWOT Analysis.
COMPETITORʼ’S NAME
COMPETITORʼ’S MARKET SHARE
COMPETITORʼ’S STRENGTHS
YOUR THREAT YOUR STRATEGY TO SUCCEED
1. 1. 1. 1. 2. 2. 2. 3. 3. 3.
2. 1. 1. 1.
2. 2. 2. 3. 3. 3.
COMPETITORʼ’S NAME
COMPETITORʼ’S MARKET SHARE
COMPETITORʼ’S WEAKNESSES
YOUR OPPORTUNITY
YOUR STRATEGY TO SUCCEED
1. 1. 1. 1. 2. 2. 2. 3. 3. 3.
2. 1. 1. 1.
2. 2. 2. 3. 3. 3.
FATE Foundation School of Entrepreneurship Business Plan Guide
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Why would your target market choose you over competitors (Refer to your organizationʼ’s strength and your competitorsʼ’ weaknesses)?
-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
What market share do you believe you can gain? Why?
-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
IV. BUSINESS MODEL
How did you come about your Business Name?
__________________________________________________________________________
Will your business name (including Logo & Brand Message) easily connect with your customers or would it require much investment in advertisement?_________________________________
What is your companyʼ’s mission statement (a brief statement of the purpose of the organization)?
_____________________________________________________________________________
_____________________________________________________________________________
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What is your companyʼ’s vision statement (Specific; Measurable; Achievable and Time-‐bound-‐SMART)?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
What are your Business Core Values?
___________________________________________________________________________
__________________________________________________________________________
How will your company make money?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Is there any proof of concept i.e. that this is a viable venture – development of prototypes/sales to demonstrate customer interest etc?
____________________________________________________________________________________________
____________________________________________________________________________________________
When will your customer pay you?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
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_____________________________________________________________________________
How do you fund your company if you have to give your customers credit (i.e. where is your working capital going to come from)?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
What will your gross profit per unit sold be?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Are there other steps that need to be undertaken before you are ready to offer your product / service to the public?
STEP TIME (WHEN?)
What is the initial startup cost associated with producing your product or providing your service?
RESOURCE DESCRIPTION COST (N)
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V. MARKETING STRATEGY
After conducting your analysis of the market, you should now be able to develop an integrated marketing strategy i.e. each type should support the other type and work together. A good marketing strategy is cost-‐effective and specifically tailored towards your target market.
How will you price your product? Why?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
How will you distribute your product? Why?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
How will you promote and communicate information about your product to the target market? What
will be the cost?
_____________________________________________________________________________
_____________________________________________________________________________
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_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
VI. MANAGEMENT SUMMARY
A good business is only as strong as the people who work within it. In this section, you will have to give some thoughts to the skills that will be required to run the company and who will fill those roles. Thereʼ’s no best way to organize your organization, but you could consider separating individuals by job function e.g. sales, marketing finance, customer service, purchasing, producing, human resources etc.
Who will be working in the company and what will their responsibilities be?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Draw out your organizational structure.
What legal form of ownership will you use (Sole proprietorship, Partnership, Limited liability company etc)?
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_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
VII. OPERATIONAL PLAN
What kind of location does your business need? Why?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
What kind of supplies does your company need?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Where will you get these supplies?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
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_____________________________________________________________________________
_____________________________________________________________________________
What system will you use to (How will you) process orders?
_________________________________________________________________________________
How will you control inventories (raw materials, work in progress and finished goods)?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
How will orders be processed?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
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How will the product be produced or the services be rendered?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
____________________________________________________________________________
VIII. FINANCIAL PLAN
This is the section where you can analyze your expected profits and show prospective investors why they should provide funds. Below we have outlined a sample income statement. However, you will also be required to complete cashflow and balance sheet statements in your business plan.
Amount Sales Product 1 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐ Product 2 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐ Product 3 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐ Total :
Number * Price = Total
Cost of goods sold (COGS) Product 1 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐ Product 2 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐ Product 3 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐ Total :
Number * Cost = Total
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Gross margin (Sales – COGS) Selling costs Distribution costs Administration costs Occupational costs Research and development costs Profit before interest and tax (Sales – Total Costs ) Interest Profit after interest Tax Profit after interest and Tax
How much money will you need to start your business? What will this money be spent on?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Where do you intend to get finances to start your company?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
IX. RISK ANALYSIS
An important part of starting a micro or a small business is an understanding of the risk involved.
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Go back and read through your answers to the previous answers. Write the three riskiest factors of your business (examples include, skills required, resources available, industry trends, competitors, target market, government regulatory forces etc.)?
What can you do to mitigate these risks?
NO RISK MITIGATION 1.
2.
3.
4.
X. CONCLUSION
You need now to show evidence that you have succeeded (or at least invested resources) in your test/trial venture or a related venture i.e. If available and appropriate, attach support documents like Clientsʼ’ List, bank statements showing business cash-‐flow, copy of your registration with CAC, Testimonials from Clients, (the checklist below could help!) etc.
BUSINESS READINESS AND SUSTAINABILITY CHECKLIST
NO BUSINESS QUALITY STANDARDS YES NO 1. The Business is registered with Corporate Affairs Commission 2. The Business has a bank Account 3. The Business records is maintained regularly 4. The Business Account is audited once a year 5. The Business has a group of Advisors/Mentors that support the
Owners
6. The Business pays Taxes annually 7. The Business is a member of the Industry Association 8. The Business is associated with a Chamber of Commerce 9. The Business Assets are insured 10. If operating in a regulated Industry, the business has the
necessary certification e.g. NAFDAC etc.
11. The Business has an on-‐line presence