It’s crystal clear that the Executive Governor of Kwara State, Mall. Abdulrahman Abdulrazaq is ready to do all it takes to prioritize youth development, create enabling environment for business operators, and raise the State from the long-known civil service state. At the centre of this, the people’s Governor has introduced ideas, policies, and decisions to achieve a prosperous society.
One of these brilliant decisions was the establishment of the Kwara State Social Investment Programmes (KWASSIP). It was established to impact positively on the lives of the poor, vulnerable, unemployed, and people at the bottom of the financial pyramid without access to funds. The programmes are aimed at graduating Kwara indigenes from poverty by investing in the people through direct support and capacity building.
Last month, precisely on the 12th of August, in commemoration of International Youth Day 2022. The sum of One Hundred Million Naira(#100, 000, 000) was given to One Hundred (100) youths to grow their various businesses and boost the state economy. By this development, it means Governor Abdulrahman Abdulrazaq’s position to equip and build the youth does not exist on paper, but rather put into action.
Upon efforts to distract the government by the opposition parties in the state and the circle of old Kwarans with the bulk of propaganda, the state under the leadership of Mallam Abdulrahman Abdulrazaq has not lost its focus. This explains why as a genuine Kwaran and youth, it’s necessary we align with someone we trust and our progress is what he desires.
Yesterday, Kwara State Government through KWASSIP rolled out a portal #Kwapreneu3.0. In line with the KWASSIP establishment, this will enable Kwara youths and business owners in Kwara to access soft loans to either start or boost their businesses.
However, this development has generated a lot of questions: How do I write a business plan? What’s a business plan? Who can help me write?
I am confident that the brief ideas I would be sharing below become very useful for prospective applicants and business owners.
Why is a business plan so vital to your business?
A business plan is a written description of your business’s future. It is a document that describes what you plan to do and how you want to do it. It is also used to convey the business’s vision to potential investors. Companies that are trying to attract key employees, prospect for new business, and deal with suppliers make use of the business plan. In a more comprehensive sense, a business plan conveys your business goals, the strategies you’ll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even.
Additionally, business plans usually answer the following questions:
What does your company do/produce? Why are you starting the business now? Where/Who are you selling your products? How will customers buy from the business? What separates your products from other competitors? What will make the company profitable? How much money do you expect to make within one, five, or ten years?
The above questions sound impressive? It can be if you provide an accurate response to each question and put it together properly. A good business plan follows generally accepted guidelines for both form and content. There are three primary parts to a business plan:
The first is the business concept, where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success.
The second is the marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy, and so on. Here, you also describe the competition and how you’ll position yourself to beat it.
Finally, the financial section contains your income and cash flow statement, balance sheet, and other financial ratios, such as break-even analyses. This part may require help from your accountant and a good spreadsheet software program. Breaking these three major sections down even further, a business plan consists of key components:
1. Executive Summary. An introductory overview of your business.
2. Company Description. A more in-depth and detailed description of your business and why it exists.
3. Market Analysis. Research-based information about the industry and your target market.
4. Products and Services. What you plan to offer in exchange for money.
5. Marketing Plan. The promotional strategy to introduce your business to the world and drive sales.
6. Logistics and Operations Plan. Everything that happens in the background to make your business function properly.
7. Financial Plan. A breakdown of your numbers to show what you need to get started as well as to prove the viability of profitability.
There are many types of business plans but the three listed below would be considered:
Types of Business Plans
1. Start Up Venture Business Plan
2. Expansion Business Plan
3. Operating Business Plan
Now let’s pick one after the other.
1. Start-Up Venture Business Plan: Startup business plan is a written document that outlines your ideas and strategies for launching, managing, and eventually exiting your new venture. A well-constructed business plan can be crucial to the success of any entrepreneurial endeavor. ~ Wrike
2. Expansion Business Plan: An expansion plan is a roadmap that defines the strategy that a company must follow to reach well-established growth targets, and includes aspects such as: Characteristics of the plan and measures adapted to the needs of the business. ~ Banco Santander
3. Operating Business Plan: Operational planning is the process of planning strategic goals and objectives to technical goals and objectives. ~ Wikipedia
Quick one, you MUST show an in-depth analysis of your product/market. Else, an investor/Kwapreneur might not see the profitability potential to use their investments/loan judiciously in your business ideas.
As a youth, if you’re interested in ascending the slope of development there would be a need to stand up and participate in the ongoing KWARAPRENEUR exercise. Yes, you can be among the lucky winners.
The Kwara State Government led by Mall. Abdulrahman Abdulrazaq is successfully surpassing from coast to coast and he worth all the accolades for putting the state most especially the youth at heart. Forward Kwara.
Lastly, here is another opportunity to, expand your business; move out of unemployed Street and be self-reliant through this sustainable empowerment and development programme of Gov. Abdulrahman Abdulrazaq-led administration for Kwara-based Micro, Small, and Medium Enterprises. It is designed to enabling innovative business models and ideas to succeed.
You may wish to register, below is the link:
Note: Registration Closes 21st Of September