Graphic Design Business Plan in Nigeria will be elaborately discussed in this article to guide you in executing your graphic design business.
Graphics design business in Nigeria
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Graphic design business specializes in the production and excellent graphics with various designs. The way the business is organized and operated is an important factor for your success and that of your customers.
There must also be a well-functioning infrastructure, a suitable location, efficient manufacturing, and an online distributing structure, thence would your business be very profitable and effective.
Have a Mission Statement thus;
This business plan is established with a major expansion anticipated by (business name e.g. Success) Graphic design with the key objective of developing cooperation with a new business partner in the foreseeable future. This highlights the key points of this business plan.
The Concept and Nature of the Business thus;
This business deals with Graphic design which can compete with other domestic businesses. It should be well organized and the resources and infrastructure required for running it should be basically machines and other manual designing machines which should be transformed into the desire of the buyers.
There are good chances of success in the future; it has a reasonably good basis for being successful, with favorable development to compete with market choices.
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Your Business strategy and mission
Is to ensure the viability of the business and compete in the Global Market. The new strategy is to be an extraordinary and outstanding provider of Graphic design across the African States. The objective is to add value to the Local graphics design and celebrate room for innovation.
The vision is to become the largest supplier of graphics design both in the local, domestic and global markets. The mission is that consumers have various graphics designs with extraordinary designs that suit their imagination at an affordable price.
The Business idea/value proposition for Graphic Design Business Plan
If there is a well-functioning infrastructure in a suitable location and efficient manufacturing and distribution system; it is likely that the business will remain profitable for long.
The cost in the transportation of materials should be reasonable and you should recognize that an increase in transportation costs could harm the competitiveness of the business.
Study the market environment and future trends to understand the demand for materials.
In Promotion and advertising, the purpose of your promotion and advertising campaign is to communicate information about your materials to the market. Specific objectives are:
- Make your service known.
- Build up its image.
- Show benefits to users
Considering selling methodology. And in marketing be concerned with:
- Assessing the demand for your product;
- Establishing ways of communicating its attractiveness to your buyers.
The Expected customers and competitors for the Graphic Design Business Plan
Have a thorough understanding of them. The company should be sufficiently competitive to get a good share of this market. There are many sources of information to tap into to create a complete picture of your market.
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Proposition for Graphic Design Business Plan
Position yourself in the market and this is dependent on how your business partners and your competitors perceive your materials. A careful proposition will successfully differentiate your business from most of the competitors.
The competitive strategy for the Graphic Design Business Plan
- The business should respect important issues of social compliance that are related to the safety and well-being of your employees and the community as a whole.
- The business should provide development and social benefits to the local community.
- The risks of image and financial damage to the business from any possible environmental problems should be well understood, and you should comply with laws applicable to safety and the environment.
Your major concern should be to ensure the well-being of your employees and the population in your business community.
Such practices go beyond physical well-being. It covers moral and ethical matters. There should be no discrimination on the basis of gender, ethnic group, religion, etc.
Equal opportunities are to be provided to all. Health and safety; there should be adequate availability of fire extinguishers and emergency exits available.
Workers should be properly protected against accidents/injuries (goggles, earplugs, helmets, boots, uniforms, etc.). Temperature and humidity should be appropriate and ventilation and lighting should also be adequate.
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Development and social benefits
The business must contribute to the development of the region; it is certainly an advantage to mention this in this business plan.
- Creation of new jobs in Lagos.
- Transfer of technological and managerial t know-how; training and skill development of locals.
- Value-added to local natural resources and products.
- There should be local procurement and subcontracting that contribute to the stimulation of the economy.
- Infrastructure/services established by your firm which can be shared by the community (new access roads, new water supply lines, water purification plant, new electric/telephone lines, medical service, school/kindergarten, etc.)
- Development of products or processes that have a positive impact on the environment (i.e. products and processes that use less energy, fewer material resources, encourage more recycling, etc.).
Graphics design business is critical therefore, it is necessary to identify those areas to which your business is vulnerable. You need to consider possible responses to changes in the market; you can react more quickly to dangers to avoid uncontrolled damages.
Thus, whether things go better or worse than expected, you must have already identified the likely causes and impact and considered the responses.
- Interest rates.
- Currency fluctuation.
- Inflation and Raw material prices, etc.
Also, a convenient procedure for handling inflation in a business plan is to assume different inflation rates for both the product’s sale price and each cost item and then to let these rates be reflected in the cash flows (which determine the net cash flow from the investment project in the future).
- Tariffs and quotas.
- Government grants.
- Increase in taxes.
- New regulatory requirements.
- Exchange rate controls.
- Taste and fashion.
- Ethical issues.
- Production technology.
A decrease in sales means difficulties in financing fixed costs such as wages, rent, and other overheads. Positive increases (more sales than) would require more working capital for inventory, accounts receivables, etc.
Build on your strengths
Exploit opportunities; Develop strategies to deal with threats.
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The business should recognize certain legislative information and general protection of the environment like; air pollution control, wastewater discharge, handling and storing of hazardous materials, treatment of waste, noise abatement, disaster prevention (factories and plants are a potential risk to the environment because of possible operational accidents), etc.