Cost of Writing a Business Plan in Nigeria

Introduction

A well-crafted business plan is essential for entrepreneurs in Nigeria seeking to start or grow a business, secure funding, or attract investors. The cost of writing a business plan in Nigeria varies widely based on factors such as the complexity of the business, the purpose of the plan, and the expertise of the writer. This article provides a detailed breakdown of these costs, factors influencing them, and practical recommendations for entrepreneurs.

Cost Breakdown

The cost of a professional business plan in Nigeria typically falls within the following ranges:

Basic Business Plan: ₦5,000–₦30,000
These plans are suitable for small-scale businesses or personal use. They include basic sections like business description and simple financial projections but lack in-depth market analysis or customization. Often provided by freelancers or entry-level writers, they may suffice for internal planning but are less effective for securing funding.
Standard Business Plan: ₦50,000–₦150,000
A comprehensive plan including an executive summary, market analysis, marketing strategy, operational plan, and 3–5 year financial projections. This is ideal for startups or small businesses seeking moderate funding from banks or investors. Reputable firms like KikioTolu Solutions charge within this range (₦50,000–₦70,000 for a 5-day delivery).
Premium Business Plan: ₦150,000–₦600,000+
Tailored for complex businesses (e.g., oil and gas, manufacturing) or those seeking significant funding (e.g., from the Bank of Industry or high-net-worth investors). These plans involve extensive research, detailed financial modeling, and professional design. High-end consultants or firms like Teeth4tat Consulting Solutions charge ₦250,000–₦600,000 for such plans.
Hourly Rates: ₦5,000–₦30,000 per hour
Some consultants charge hourly, with total costs ranging from ₦100,000 to ₦500,000 based on the time spent. The number of hours depends on the plan’s complexity and the consultant’s efficiency.

Factors Influencing Costs

Several factors determine the cost of writing a business plan in Nigeria:

Business Complexity: Plans for industries like agriculture or retail are simpler and cheaper (₦50,000–₦100,000) compared to those for oil and gas or tech startups (₦200,000–₦600,000), which require extensive research and compliance with regulatory standards.
Purpose of the Plan: Plans for internal use are less costly than those for securing bank loans (e.g., from the Bank of Industry) or attracting investors, which demand detailed financial projections and adherence to specific formats.
Writer’s Expertise: Experienced consultants with a track record of successful plans charge higher fees (₦150,000–₦600,000) compared to less experienced writers or freelancers (₦5,000–₦50,000). Firms with industry-specific knowledge add more value but at a premium.
Turnaround Time: Urgent plans (3–5 days) cost more than those with standard timelines (3–4 weeks). For example, KikioTolu Solutions may charge an additional fee for expedited delivery.
Additional Services: Costs increase if the package includes extras like pitch decks, financial modeling, or graphic design for presentations. These can add ₦20,000–₦100,000 to the total cost.

Examples of Service Providers

KikioTolu Solutions: Offers professional plans at ₦50,000–₦70,000 with a 5-day turnaround, including tailored insights and professional formatting.
Teeth4tat Consulting Solutions: Provides plans starting at ₦15,000 (one-page pitch), ₦45,000 (internal plans), and ₦250,000 (standard plans for funding).
MZ Writers: Charges $50 (₦80,000) for basic plans, $150 (₦240,000) for standard, and $350 (₦560,000) for premium plans, catering to international and local clients.
Bank of Industry Consultants: Accredited consultants charge ₦20,000–₦600,000, depending on the plan’s scope and funding requirements.

Cost-Saving Alternatives

Entrepreneurs can reduce costs through the following options:

DIY Templates: Free or low-cost templates (₦0–₦5,000) are available on platforms like Scribd or Invoice.ng. These require significant user input and may lack the professionalism needed for funding applications.
AI Tools: Platforms like Upmetrics offer business plan creation for as low as $7/month (₦11,200), providing a budget-friendly option. However, users must customize the output to suit their specific needs.
Freelancers: Platforms like Fiverr or Upwork feature Nigerian writers charging ₦10,000–₦50,000. Quality varies, and there’s a risk of plagiarism or generic content.
Negotiation: Some writers offer discounts if you provide data (e.g., market research) or opt for simpler plans.

Recommendations

Small Businesses/Startups: Choose a standard plan (₦50,000–₦150,000) from reputable firms like KikioTolu Solutions or Teeth4tat Consulting for a balance of cost and quality.
Large Funding Needs: Invest in a premium plan (₦150,000–₦600,000) from experienced consultants to improve chances of securing loans or investments.
Quality Matters: A poorly written plan can jeopardize funding prospects. Prioritize writers with good reviews, industry knowledge, and a track record of success.
Verify Inclusions: Ensure the plan covers essential components like market analysis, competitive overview, and detailed financial projections tailored to your business.
Plan Ahead: Avoid rushed timelines to save on expedited fees and allow for thorough research.

Conclusion

The cost of writing a business plan in Nigeria ranges from ₦5,000 for basic plans to over ₦600,000 for premium ones, depending on the business’s complexity and the plan’s purpose. Entrepreneurs should weigh the benefits of professional services against DIY options, considering their funding goals and the need for a polished, investor-ready document. By choosing reputable providers and clearly defining their needs, business owners can secure a high-quality plan that aligns with their budget and objectives.

Sources:

Industry insights from Nigerian business consultancies
Pricing data from KikioTolu Solutions, Teeth4tat Consulting, and MZ Writers
General market research on business plan services in Nigeria