Important Announcement On NYIF Loan Application
Important Announcement On NYIF Loan Application
Writing a business plan can be intimidating especially to people who have not written a business plan before. You don’t have to be intimidated while writing your business plan. Just keep it short and make sure you know your audience.
Whether you are building a business plan to apply for Nigeria Youth Investment fund NYIF or to apply for CBN entrepreneurship loan and other loans to grow your business or just need to figure out if your idea will work, every business plan needs to cover 6 essential topics listed below:
Executive Summary
Opportunity
Executive
Company and management Summary
Financial plan
Appendix
Follow the template below to write a simple business plan:
1.) BUSINESS IDEA:
What is your big idea? Is it a product or a service? What makes your idea different? How will your products/services stand out from the competition? Why will people want to buy your product?
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2.) BUSINESS NAME:
What does the name say about your business? Is it unique? Memorable? Easy to pronounce?
3.) TARGET MARKET AND DEMOGRAPIHNCS:
Who will your customers be? Other Kids? Teenagers? Men? Women? Where do they live? What is your target market passionate about?
4.) MARKETING:
How well you get the word out about your business? Online? Posters? Through the Newspaper? By Email? Where will you sell your products or services?
5.) PRICING:
How much will you charge? What are your competitors charging?
6.) PROFIT:
How much will you make on each sale after you subtract your expenses? Profit-income-Expenses? The sale price of the item, cost of the item, Profit? What will you do with the money you make? Reinvest in the business?
Alternatively, you can generate a business plan usingMicrosoft copilot and edit the generated plan by making changes to the write up to fit your business plan.
Simply follow the steps above to write your business plan if you can not afford to pay an expert to write it for you. Remember you can also use online business plan platforms to write your plan.
