This is An Export Business Plan for Nigerian Entreprenuers. So, learn how and prepare for foreign trade! If your company thinks about exporting; if you are a start-up for export business; it is essential to understand what the export plan is and how it should be done! This is because operating in the international market with the export of products or services is a great alternative to expand the business and increase opportunities.
However, it is necessary to pay attention to legal requirements and have good planning to be successful when investing in this expansion. This is An Export Business Plan for Nigerian Entrepreneurs
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Furthermore, related to an Export Business Plan for Nigerian Entrepreneurs includes plans for small-scale export businesses in Nigeria. In fact, there are facts on how to export agricultural products from Nigeria. Included are how to export palm oil, ginger, garlic, cocoa butter, oil, gas, etc. from Nigeria. Get an An Export Business Plan for Nigerian Entreprenuers from us today.
Therefore, if your question includes; how do you write an export business plan? Or how do I start an export business in Nigeria? Here are the answers. Then if you are wondering if the export business is profitable or what is Nigeria’s most profitable export; here are the solutions.
As a matter of fact, here, one of the fundamental points is to put together a good export plan. Many companies do not know this tool or do not understand how to use it. In this context, we clarify the main doubts on the subject. Follow!
What is an export plan?
The export plan addresses all the planning in relation to the structure and practices that need to be adopted to export products. In this way, it functions as a strategic mapping that describes each step required during the process. Our Export Plan Template shows all these features.
In fact, it’s from this that the company will be able to identify all the measures that must be adopted to regularize negotiations with the outside world. That is, to be able to attract customers and ensure that deliveries happen in the best way, always following the contract.
How important is the export plan as An Export Business Plan for Nigerian Entreprenuers?
This strategy is essential for the company to be able to organize itself in the best way, ensuring the regularity of the business and good logistics for exports. In addition, the plan allows the company to understand how its position in the foreign market, identify risks and create alternatives to deal with possible problems. Did you get these points?
In other words, this tool helps in decision-making and structuring your business in the international market. In fact, all of this increases the chances of successful investment and makes the company more competitive. This is because, all planning brings information about customers, competition, and product potential.
What are the basic requirements for exporting?
To start, do an export feasibility study, which should consider the target audience, understand the customs and habits of the country’s population. In addition is to understand the entire market and the competition. You also need to pay attention to some technical issues :
- The company must have the Register of Exporters and Importers (REI). It is done automatically on the first export;
- Operations must be processed in the Integrated Foreign Trade System;
- The exporter must organize all documents pre- and post-shipment.
- An Export Business Plan for Nigerian Entreprenuers
As a matter of fact, this all involves bureaucratic issues, so, when in doubt, it is worth looking for professional support to help regularize all the details to enter the foreign market. Another essential requirement is to have a good export plan, which we will explain how to do in the next paragraph.
How to make an export plan?
The export plan does not have a specific model that needs to be observed. In fact, the important thing is that it addresses all the necessary aspects for the company to be able to identify the opportunities, the strengths, the weaknesses and to be able to identify solutions to be successful when exporting.
An Export Business Plan for Nigerian Entreprenuers – As a result, there are 3 main aspects that need to be addressed in this planning. Understand below!
1. Tax planning
The export requires attention to the tax rules and regulations applicable to the businesses.So, to avoid irregularities that can result in the seizure of products, the application of fines, and other penalties, you have to understand the tax processes both in your home country and foreign country.
However, it is not enough to know the Nigerian legislation: it is essential that the company studies the rules of the destination countries to adapt. This is not just limited to taxes.
Each country has technical standards and definitions of quality levels that need to be met by the products sold on the spot. Thus, it is essential to understand all the details to be able to meet the required requirements.
2. Operational planning
Here, it is necessary to assess the company’s resources to determine whether they are sufficient to absorb production abroad or whether changes need to be made. It may be necessary to purchase new equipment, readjust internal processes or replace raw materials to meet the quality standards required by the destination country.
3. Logistics: An Export Business Plan for Nigerian Entreprenuers
In addition, operational planning also addresses logistics. This is an essential step in the export plan, especially in relation to sending products abroad. In this case, it is necessary to evaluate relevant issues such as:
- Form of transport, evaluating alternatives, costs, and time;
- Delivery on international soil, considering outsourcing companies or opening offices;
- Packaging for the products, which needs to keep the products safe and intact during the entire transport.
In fact, problems related to delivery, such as delays, losses, and damage to goods hinder the business, causing financial losses, in addition to alienating customers. In some cases, logistical problems can result in canceled contracts and negative advertising, with major impacts on the company’s opportunities.
Sales and marketing planning
After understanding all the technical and bureaucratic issues, and making the necessary adjustments, it is necessary to think about the issues related to marketing and sales.
After the decision to expand to the foreign market, the first obstacle is usually the search for customers. This is solved with a good marketing strategy, creating attractive campaigns for the public to know their products and differentials, arousing interest in the purchase. Here is An Export Business Plan for Nigerian Entreprenuers
Another important point is to think about sales strategies, which involve the client’s approach and negotiation techniques. In this case, it is essential to have a team prepared to provide services with quality and in the language of the destination country. After-sales support is an essential issue, as it helps in building customer loyalty.
Therefore, the export plan needs to detail all of these issues to put the best strategies into practice.
Payment Plans For An Export Business Plan for Nigerian Entreprenuers:
How to guarantee better conditions when receiving payment?
How will customers pay? This issue is part of sales planning, but it is essential to pay attention to the expenses involved to find the most cost-effective options. The fees involved in international transactions can impact negotiations, so it is worth researching the alternatives.
An important tip at this point is to have Online Shipping. The platform allows you to receive money from abroad at the best rates and using the commercial exchange rate. The company will have access to the value within 2 business days after payment, ensuring all necessary agility.
An Export Business Plan for Nigerian Entreprenuers
If it is necessary to send amounts, it is also possible, in which case, the deadline is even shorter: the amount is made available to the recipient within 1 business day. The costs are low, see:
- Administrative costs are up to 8x more economical, compared to the rates practiced by traditional banks;
- Bank rate that can be reset, depending on currency and value;
- Tax on Financial Operations (IOF) of 0.38%.
- An Export Business Plan for Nigerian Entreprenuers
Ready! After knowing the export plan and learning how to prepare it, we hope that your company will be able to develop to start exporting and succeed in the international market.
Have you noticed that there are a lot we can do for your export business to kick off or to expand?
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Summing Up:
What is the export plan and its importance?
The export plan covers the entire strategy that must be implemented to sell products abroad; assessing the necessary steps and ways to comply with them. An Export Business Plan for Nigerian Entreprenuers – let us know your need.
How to set up an export plan?
The plan consists of evaluating all the necessary strategies. To make it easier, it can be divided into different planning stages which are;
Tax, addressing existing taxes and regulations;
Operational, which assesses the company’s resources and the logistics involved;
Marketing and sales, to attract customers and close deals.
Now, are these export strategies clear to you? Need help with planning? Get in touch with us and learn how we can help you break new horizons and maximize your sales. See you soon! Get An Export Business Plan for Nigerian Entreprenuers from us.
You can start by getting our Agro products Export manuals, business plan templates, and many more. If you need to boost your business financially – get our e-manuals for AGSMEIS loan online training – contact 08034347851 or [email protected]
In conclusion, this post was written by the export planning team at Complete Full Marks Consultants Ltd; which specializes in helping companies to establish the best path between their current situation and their expansion goals. Therefore, you can put these tips into practice with our Export Business Plan Templates.
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Furthermore, for an Export Business Plan for Nigerian Entrepreneurs, along this program service value chain – we help register your business with the Nigerian Export Promotion Council, C.A.C., and update your other incorporation documents. We also deal with your tax matters and other contract bidding documents. In fact, as Professional Accountants, our office is a one-stop office for business development and support services. Just contact us immediately.
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
