Business Plan



Dear Entrepreneur,

Thank you for joining us once again. I believe we have been enjoying our gist so far. Now that we have decided on how to choose the side hustle (in preparation for setting out fully), the next thing is to write out how it will be run- your business plan.
I have found out from experience that Nigerians have lofty business dreams but fail to be realistic. A business plan should be practical and not wholly based on 'faith'. Be truthful to yourself. Your projections and figures should not be ambiguous.
Carry out your market analysis properly. Google is your friend, use it. Study market trends. If it is a new product, carry out surveys to know if it will be acceptable to your target market. If it is an existing product, what do you want to do differently? You want to run a business selling ‘akara’, it might be nice to host akara party in your house and intentionally sample the opinion of your guests on the taste of our akara. What is different about it? Use the people around you as your experiment. If you are a make-up artist, it might make sense to powder the faces of your sisters and friends for free as your trial and error stage..., take the pictures and post on internet as you become better at doing what you plan to do.
Discussing a business plan cannot be covered in one episode. We will constantly review this as we go along, but it is very important that you write out your plan and strategy and get your figures right.
It is important to add the necessity of starting small…, remember it’s a side hustle right? If you want to start a catering business maybe collecting catering for small house parties might be a good starting point. To start a food business, it might be great to start with one cup of the food item and grow gradually. This is what is referred to as ‘Lean Start-up’. It allows you to make mistakes without ruining you financially. Be cautious about your appetite for risk in a business you are just entering. Business in Nigeria can sometimes be like MMM, plenty promise with little or no delivery.
Also, speak to someone who is already running this business you have in mind, someone who will be honest and sincere with you. Nigerians are usually secretive about what they do because everyone is afraid of village people, but some will still be sincere. I believe we have laid a foundation this morning. We welcome your questions and comments.
May this week’s hustle be blessed!

God bless our hustle!
#Entrepreneur
#HustleGist

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