The cost of creating a business plan can vary widely depending on several factors. It can be as low as ₦100,000 or as high as ₦5,000,000 (or more). This wide range exists because business plans differ in type and complexity based on your needs and the nature of your business.
🧩 What Makes the Price Different?
1. Type of Business
Different businesses require different levels of detail. For example:
- A small food stall might need a simple plan.
- A tech startup seeking major investment will need a highly detailed plan.
2. Type of Business Plan
Business plans can be:
- Lean Business Plan: A short, simple plan with only the basics. Usually cheaper.
- Comprehensive Business Plan: A long, detailed plan covering all aspects of the business. Costs more.
3. Extra Documents Included
The price also depends on additional components you may request, such as:
- Financial Plan: Detailed figures like profit, costs, and cash flow.
- Governance Policies: Rules for running the company and making decisions.
- Market Research: Insights into customers, competitors, and the industry.
- Feasibility Study: Evaluates whether the business idea is realistic.
- Pitch Deck: A slide presentation to quickly explain the business to investors.
Including any or all of these increases the cost due to the extra work and expertise required.
Here are some examples to make It clearer:
Example 1
A small clothing shop wants a simple plan to apply for a bank loan. No pitch deck or detailed market research needed.
Price: Around N150,000 to N300,000
Example 2
A company wants to launch an agriculture business. They need financial projections and a feasibility study to attract investors.
Price: Around N1,000,000 to N2,000,000
Example 3
A tech startup needs a full business plan with market research, governance policies, a detailed financial plan, and a pitch deck for venture capitalists.
Price: Around ₦3,000,000 to ₦5,000,000
A business plan isn’t just a write-up of your idea, it’s a serious financial document. It shows:
- How your business will make money
- What it will cost to run
- How it will be managed
- Why it will succeed
Investors, banks, and partners use it to decide whether to invest or trust your business. That’s why it requires careful work, research, analysis, and often expert input, and that’s why it costs money.
🛠️ Step-by-Step Guide to Creating a Basic Business Plan
1. Start with the Executive Summary
Write a short paragraph about your business idea. What do you want to do? Why will it work?
2. Describe the Business
Explain the type of business (e.g., shop, service, manufacturing) and its location.
3. Identify Your Customers
Who will buy your product or service? Describe their age, interests, and needs.
4. Explain Your Products or Services
What will you sell? How is it different or better than others?
5. Marketing and Sales Plan
How will people hear about your business? Will you use social media, posters, or sales staff?
6. Prepare a Financial Overview
List your biggest costs (e.g., rent, materials, salaries). Estimate your expected income for the first year.
7. Describe Your Team
Who will help run the business? What are their skills?
8. Set Goals
What are your targets for 6 months, 1 year, and beyond? How will you measure success?