Running an online business is very awesome.

But, let’s be reality if you want to start a business and you don’t have a business plan, you are like a man traveling without a map or knowing his destination.

The business plan is what will lead you to the way. It’s just as simple as that.

It doesn’t matter if you’re on Instagram to sell, starting a blog or launching a complete scale ecommerce website, you will have to write a business plan that will guide your decisions and attract capable investors.

Let’s break down the whole thing into step by step, so you know what to do.

1. Executive Summary.

This is the first stage of your writing, but you will write it at the end.

The executive summary is a easy, brief description of your business.

It should give a clear details of what your online business is base on.

In Nigeria, you must make this section a straightforward point.

You will begin with the description of your online business what you have been planning to sell or the service you want to render.

You should also made mention of the problems your business will resolve why you start and how you plan to become a top notch in the market.

For example: Are you starting an online store that mainly base on selling Nigerian made clothing?

Or a website that lecture people how to write code from beginning?

Keep it simple and straight. This is the major part people will have to read first, so you have to make it attractive.

2. Business Description.

This stage is where you give more explanation about your focused business. Go deeper into it.

You will have to include the name of your online business, your mission and your vision.

Give tangible reason why you determined to pick out this business out of other business.

For example, if you are starting an online business base on Nigerian snacks, maybe your thinking is that there’s a bigger demand for locally prepared snacks online and you have observe that many people are interested in buying them from abroad or within Nigeria.

You also need to explain the major structure of your business:

Will you manage it alone or will you partners with someone?

Will it be a limited liability company (LLC) or did you want to register it under a another business name?

This stage should be well explain because it gives readers a view of what your business is all about.

3. Market Research. This is where you need to do your assignment.

Market research is essential because it assist you to have better knowledge about the online business environment in Nigeria.

First, identify your main audience. Who are you willing to sell your products to?

For instance, if you are launching an online fashion store for kids, you will have to know their age, heights, preferences and buying behavior.

Next, look after your competitors. Who else is rendering similar products or services right at hand?

In Nigeria, the online space is competitive, so you need to point out what makes you different from others.

Maybe you offer faster delivery, better prices, neat and perfect products or exclusive products that can’t be found elsewhere.

You can also look out for online feedback or social media comments to see what people are complaining about your products.

Use this information to boost your business.

4. Marketing and Sales Strategy. An online business does not make sense without customers.

That’s why you need to have a solid marketing and sales strategy.

How do you plan to draw customers attention?

Presently in Nigeria, social media is just like a king. Platforms like Instagram, Facebook, Twitter and even TikTok are where many businesses get to find their customers.

You can start by creating a solid social media activeness.

If you sell products, take a good pictures of it and post them frequently and if you have latest products keep posting it.

If you render a service, display testimonials or samples of your work.

Don’t abandon this special tools SEO (Search Engine Optimization).

If your online business will have a website or blog page, make sure people can locate you on Google.

Use the right keywords related to your business.

You should also add paid advertise in your plan.

Facebook advertisements and Google advertisement can help you gain more customers.

5. Products or Services. This part is only talking about what you are selling. Be specific.

 

Whether it’s a product you are willing to sell or a service you want to render, explain it in detail.

Products: If you are selling physical products, explain the characteristics.

Is it handmade or already made? Are the materials locally sourced?

How much will it cost in total?

What’s the delivery time and date?

Services: If you render services, explain what you are offering and how it benefits your customers.

Maybe you’re rendering online tutoring, website development or digital marketing services.

Explain how your products or services will solve a problem for your customers.

Nigerians people love convenience, so think of ways your online business can save them time or money.

6. Operations Plan.

Now, let’s talk about the day to day activities of your business.

In this part, you should explain how you plan to operate.

Suppliers: If your business is based on selling products, who will be the people that will supply you with the goods? How will you stock up regularly?

Logistics: How do you plan to deliver your customer products to customers?

In Nigeria, logistics can be delicate sometimes, so make sure you include a reliable delivery company.

Join hands with trustworthy logistics companies like (DHL express or FEDEX) or think about using local courier services.

Staff: If you are not running the business alone, who else are you expecting to get involved?

Are you willing to employ social media managers, customer service agents or delivery personnel?

You also need to talk about the channels you will use.

Are you going to create a website or sell your products through marketplaces like Jumia or Konga?

If your business is on social media, you must explain how you’ll manage those accounts and handle customer orders and complain.

7. Management Team.

Who are the mastermind behind the business? If you are a sole entrepreneur, that’s good just describe your experience, background and skills that make you eligible to run this online business.

But if you have a team you want to work with, introduce them in this stage now.

Include their names, roles and what they are willing to offer your business.

For example, if your friend is assisting you with website development, mention their expertise.

Investors want to know that the people running the business are capable and well experienced.

8. Financial Plan.

This part is one of the most important step.

You need to display that your online business will earn huge money.

Even if you don’t need any investors, it’s important to have a clear picture of your finances.

You can begin by outlining your startup costs.

In Nigeria, building up an online business can be affordable if you play your game diligently.

For example, domain names and hosting are lesser with companies like Hostlinko.

You’ll also need to add a costs for social media advertisement, website development, product stock (if any) and logistics.

Next, do proper calculation on your revenue. How much do you expect to make?

What’s the price of your product or service and how many units do you determine to sell each month? Be realistic with your figures.

You should also add a profit and loss forecast for the next year or two.

This will tell us that you’ve thought about how the business will grow over years.

9. Funding Requirements.

If you need money to run an your online business, this is the stage where you gives details on how much you need.

Whether you’re looking for investors or a loan, be specific about the amount and how you plan to spend it.

Remember that, it is not your money, spend it wisely.

Lower your expenses. Ask yourself, Will the money be used for buying products, building a website or running advertisement? Investors like to see a clear plan.

Also, mention what rewards they should be expecting.

How will they get their money back? This is key if you are trying to attract serious investors.

10. Appendix.

The appendix is optional, but it’s a good place to include any extra information that assist your business plan.

You can include things like:

• Market research reports
• Supplier agreements
• Product samples or pictures
• Customer feedback

Anything that can give readers a clearer explanation of your business and why it will succeed should be included here.

Conclusion

Writing a business plan for your online business in Nigeria is not complicated.

All you need is focus and a beautiful idea of what you are willing to achieve.

Take your time and follow the steps we have outline for you which are executive summary, business description, market research, marketing strategy, products, operations, management team, financial plan, funding and appendix.

All this steps will give you a bright future by you following it.

Remember, the business strategy is your guide.

If you don’t have it you might lose your path and target, but if you have plan it out, you will know what steps to take, where to spend your money and how to develop it.

And if you have the thoughts of starting that online business, Hostlinko is always available to render help.

Hostlinko render fast and affordable web hosting ideal for launching your online store, blog or service website.

You are expecting fast SSD storage, free SSL certificates, free daily backups and unlimited bandwidth.

In addition, you will have access to their 24/7 customer support, you’ll never walk alone in this your journey.

Writing your business plan is the first step.

Get started with Hostlinko is obviously the second two.

After this that means you are ready to launch your online business.