Starting a business is exciting, but it can also be confusing. That’s why every serious entrepreneur needs a business plan. A good business plan is like a roadmap. It shows where your business is going and how you will get there.
This article will teach you how to write a business plan for entrepreneurs using easy English, real examples, and step-by-step tips. Whether you’re a student, NYSC member, or working-class Nigerian, you’ll understand every part clearly—even if you’re just starting.
Let’s begin.
What Is a Business Plan?
A business plan is a written document that explains your business idea, goals, and how you plan to make money. It shows:
-
What your business does
-
Who your customers are
-
How much money you need to start
-
How you will earn profits
It’s like a story of your business, told in a clear and smart way.
Why Is a Business Plan Important?
Here’s why every entrepreneur needs a business plan:
-
Gives clear direction – You know what to do and when.
-
Helps with funding – Banks and investors will ask for your plan.
-
Helps you think ahead – You’ll spot problems early.
-
Builds confidence – You’ll feel more serious and ready.
-
Useful for partnerships – You can show your plan to others who may want them.
Everyone who wants to start or grow a business should write a business plan. That includes:
-
NYSC corp members starting a side hustle
-
Students doing campus businesses
-
Small shop owners in towns and villages
-
Online sellers on WhatsApp or Instagram
-
Anyone applying for a loan or grant (like CBN, NIRSAL, Tony Elumelu Foundation)
How to Write a Business Plan (Step-by-Step Guide)
Let’s now learn how to write a great business plan. It has 10 key parts. You can follow this order when writing.
Step 1: Executive Summary
This is the first page, but you should write it last.
What to include:
-
Business name and location
-
What your business does
-
Your mission or goal
-
Summary of your product/service
-
Short summary of financial needs
Tip: Keep it short—about half a page.
Step 2: Business Description
This section gives details about your business.
Include:
-
Type of business (e.g., poultry farm, tailoring shop, online tutoring)
-
Legal structure (sole proprietor, partnership, etc.)
-
Vision and mission statement
-
Business goals (short-term and long-term)
-
Example:“ABC Laundry is a student-run dry-cleaning service in Enugu. We help people clean clothes quickly and affordably.”
Step 3: Market Analysis
This shows you understand your customers and competition.
Include:
-
Who are your target customers?
-
What do they need?
-
Who are your competitors?
-
What makes you different (your unique selling point – USP)?
-
Example:
“There are 5 other barbing salons in the area, but none offer home service. I will offer mobile barbing for busy working-class men.”
Step 4: Products or Services Offered
Explain what you’re selling.
Cover:
-
What you are offering
-
How it helps people
-
Prices of your products or services
-
Any future products
Example:
“We make and sell plantain chips in ₦50 and ₦100 packs. We plan to add chin-chin and groundnut snacks by next year.”
Step 5: Marketing and Sales Strategy
How will people know about your business?
Include:
-
Promotion methods (e.g., flyers, WhatsApp, influencers)
-
Where you will sell (online, shop, house-to-house)
-
Pricing strategy (cheap, premium, discount)
-
How you will get repeat customers
Tip: Use real, low-cost marketing ideas.
Step 6: Operational Plan
Talk about how your business will run daily.
Include:
-
Location
-
Working hours
-
Equipment/tools
-
Number of workers
-
Daily routine
Example:
“My tailoring shop will open from 8am–6pm daily. I will sew, iron, and package clothes with one assistant.”
Step 7: Organization and Management Structure
Explain who is running the business.
Include:
-
Owner’s name and experience
-
Staff roles (if any)
-
Organogram (simple chart showing who does what)
Example:
“I am the founder and manager. I’ll hire a part-time sales girl and train one apprentice.”
Step 8: Financial Plan and Projections
This is a very important part. Keep it simple but clear.
Include:
-
Startup costs (how much you need to begin)
-
Monthly running costs
-
Expected monthly revenue
-
Profit projections (how much you hope to make in 3–12 months)
-
Break-even point (when you will start making profit)
Example Table:
| Item | Amount (₦) |
|---|---|
| Sewing Machine | 65,000 |
| Shop Rent (6 months) | 90,000 |
| Material & Thread | 20,000 |
| Total | 175,000 |
Step 9: Funding Request (Optional)
If you’re asking someone for money, state:
-
How much you need
-
What you’ll use it for
-
How you plan to repay (if it’s a loan)
Example:
“I am requesting ₦250,000 to buy tools and rent a small shop. I will repay within 12 months at ₦25,000 per month.”
Step 10: Appendix (Optional)
This includes:
-
Pictures
-
Licenses
-
CVs
-
Extra charts
Pros and Cons of Writing a Business Plan
| Pros | Cons |
|---|---|
| Helps you think clearly | Takes time to write |
| Useful for funding/grants | Needs regular updates |
| Builds business confidence | Can be boring without guidance |
| Acts as a guide to grow your idea | May feel like schoolwork to some |
Sample Business Plan Structure (for a Tailoring Business)
Business Name: Divine Touch Tailoring
Location: Ilorin, Kwara State
Owner: Chinedu Eze
Business Type: Sewing and cloth repair
Target Customers: Students, market women, civil servants
Startup Cost: ₦180,000
Expected Monthly Profit: ₦50,000 – ₦80,000
Marketing: Posters, WhatsApp status, referral bonus
Unique Selling Point: Free delivery for bulk sewing
Vision: To become a top local designer in 3 years
Summary Table of Key Business Plan Sections
| Section | Purpose |
|---|---|
| Executive Summary | Quick snapshot of your plan |
| Business Description | Who you are and what you do |
| Market Analysis | Who are your customers and competitors |
| Products/Services Offered | What you sell and how it’s useful |
| Marketing Strategy | How you plan to reach customers |
| Operational Plan | Your daily activities and location |
| Management Structure | Who runs the business and who helps |
| Financial Plan | How much you need and your earning goals |
| Funding Request | (If needed) How much money you are asking for |
| Appendix | Extra info or documents |
10+ Frequently Asked Questions (FAQs)
1. Is writing a business plan hard?
No. It’s easy if you follow step-by-step. Start small and build it.
2. Can I write a business plan on my phone?
Yes! Use Google Docs, WPS Office, or Microsoft Word.
3. Do I need a business plan for a small business like POS or tailoring?
Yes. Even small ideas need a plan to grow.
4. How many pages should a business plan be?
Between 5–15 pages is okay, depending on your business.
5. Should students write business plans?
Yes. Students doing campus or online businesses need it to stay organized.
6. Can I use ChatGPT to help write my plan?
Yes! Just share your idea and I’ll help you structure it.
7. What if I don’t have financial knowledge?
Keep your numbers simple. Use estimates and be honest.
8. Can I write a business plan without registration (CAC)?
Yes. Registration is helpful but not compulsory to write a plan.
9. How do I make my plan look professional?
Use headings, clear tables, and check grammar. Add your contact info.
10. What apps can help me make a business plan?
LivePlan, Canva (for design), Google Docs, and MS Word are great tools.
11. How often should I update my business plan?
Update it every 6–12 months or when your business changes.
Conclusion
Writing a business plan is not hard. It’s like telling a story about your business idea and how it will succeed. Whether you are in Lagos, Enugu, Kano, or Ilorin, this skill can change your life.
Now that you’ve learned how to write a business plan for entrepreneurs, take action. Don’t wait. Start writing yours today using the steps in this article.
