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A Feasibility Report for Logistics Business in Nigeria is all you need to start up your desired Logistics Business in Nigeria.
Nigeria provides opportunities for many businesses and also poses as an environment that allows many businesses to thrive, this allows for the vastness of lucrative businesses in the country. Logistics and haulage business is one of the many businesses that thrive in the country although it is considered by many as a risky and capital intensive business.
Logistics or haulage means the commercial activity of transporting goods to customers or a charge for the commercial transport of goods.
The business is a very lucrative one and it allows the investor the leisure of starting with relatively little capital compared to other capital-intensive businesses. Prior to foraying into the venture, much consideration has to be put I defining the sector on which the investor chooses to focus the services of the business on, after that the investor can decide how the operations of the business will be, the investor could be an agent, a transporter or a contractor, the flexibility of this business allows so many levels of operation in the business that is why you have to be clear about which level you decide to operate.
Will you be using buses, motorcycles or lorries?
Will your services operate within the state (intrastate), between states (interstate), or nationwide?
What industry will your services focus on, agricultural produce, oil, and gas, or dry cargo? Are you starting as an agent, transporter, or contractor?
These are different questions you have to provide answers to and choose the one you feel will be suitable for you and is within your budget.
According to statistics, an average of more than 50 trucks is shipped into the country on a monthly basis. This demand for lorries and trucks is due to the logistics business, despite these numbers, the industry is a bit underdeveloped because the railway system of the country is not actively functioning. In well-developed countries with functioning and operational railway system, we have found that the demand for truck services is still high, this backs the fact that this business will perform well with strategic planning in this country.
Prior to venturing into the business, a lot of consideration has to be put into the legal requirements, before providing the services you wish to provide, you need to be licensed and permitted by laws of the nation, obtaining a license or permit should be the step taken after planning out your business, you will be presented with rules and regulations that guide logistics business within the country.
FEASIBILITY ANALYSIS FOR ABC LOGISTICS BUSINESS IN NIGERIA
1.0. Executive Summary
Move n Haul is a new medium- and long-haul dry van trucking business based in Ilorin, Nigeria. We are a committed, honest, quality-focused, and customer-centric business.
Our business will serve businesses in Ilorin and later expanding to big cities in neighboring states like Ogbomosho and Ibadan, before ultimately including far distance cities like Lagos and Abuja in our radar and map out an axis within those mentioned cities which will surely take other major delivery points under its wing. Our business will create a reputation for its swift, on-time and accurate service as well as web and mobile application functionality, allowing clients to align their business with Move n Haul services and scheduling automatically.
This industry is characterized by risk, asides from risking your own capital, as it is with other businesses too, you are also risking being in debt if anything happens to the goods you are transporting as they are in your care and are trusted to you with the owner to get them to the delivery point, knowing you will be traveling long distances to deliver goods, you can never be so sure of the things that will occur during the course of transporting. A lot of unfortunate things may happen along with the ways such as motor accidents, cases of theft, and robbery, dishonest drivers may sometimes direct the goods or claim false reports that some goods are spoilt and this would lead to a huge debt. These reasons are why getting insurance for your logistics business will be to the advantage of your business. An insurance plan will be put in place to cover up for you when you incur debt or unfortunate incidents.
Keeping your vehicles in tiptop shape is essential to your business; machines are prone to have issues from time to time and when these issues arise, the right maintenance activities should be executed to keep the vehicle from falling out of shape easily. When seeking maintenance services, the best and reliable one should be sought after, this is necessary because the quality of maintenance and servicing your vehicles would go a long way to promote the life span of your vehicles.
4.0 Industry Analysis
The global logistics and transportation business is booming, and it’s not going to slow down anytime soon. There are several key factors driving this boom, including the digital transformation in retail and eCommerce, economic growth, the rise of urbanization and more. To capitalize on this trend, you need a logistics business plan. Read on to learn what you need to start planning your business today.
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What is a Logistics And Transportation Business Plan?
The global logistics and transportation business is booming, and it’s not going to slow down anytime soon. There are several key factors driving this boom, including the digital transformation in retail and ecommerce, economic growth, the rise of urbanization and more. To capitalize on this trend, you need a logistics business plan. Read on to learn what you need to start planning your business today.
What is a logistics and transportation business plan?
A logistics and transportation business plan is a comprehensive guide that outlines your vision for the business, explains your value proposition, and explains how you will achieve your business goals. Essentially, it’s a blueprint for your business. When you write a logistics and transportation business plan, you’re outlining your strategy for how you’re going to create, sell, and deliver a product or service to customers. When you write a logistics and transportation business plan, you’re outlining your strategy for how you’re going to create, sell, and deliver a product or service to customers. This can include the nuts and bolts of how you’ll plan and track orders, determine shipping rates, move inventory, and more. A business plan is a critical planning tool that helps entrepreneurs and small businesses better understand how a company is going to grow and the steps needed to get there. The business plan goes into detail about the company’s operations, financials, and growth strategies to outline a successful path.
Why do you need a logistics and transportation business plan?
Business plans are a great way to see where your company is going and why it’s headed in the right direction. But sometimes you can get lost in the details and lose sight of the big picture. A logistics and transportation business plan acts as a road map for your company, helping you avoid the pitfalls that prevent other companies from succeeding. A business plan outlines the general purpose of your company and the services it will offer. It also outlines the financial information about the company, such as revenue and expenses. A logistics and transportation business plan helps you zero in on the specific areas where you will generate revenue.
Steps to create your logistics business plan
Identify the product or services you will offer customers. Determine how you will market and sell your services. Calculate how much it will cost to produce and distribute the product. Calculate the profit you will make once the product is sold. Keep accurate records and track inventory levels. Secure financing, if needed.
Sample logistics and transportation business plan template
Let’s assume that you have a great idea for a logistics business. Perhaps you’re interested in helping small businesses move their products with less risk and cost. You’d like to provide this service as a subscription so that you can offer 24/7 availability and stay ahead of demand. Moreover, you’re willing to operate with a very small team, which will allow you to offer 24/7 availability and stay ahead of demand. Now, you need to identify the specific areas where you will generate revenue. You will need to identify where you can add value to the supply chain and how you can differentiate your offering.
The market demand for a logistics and transportation business is growing, fueled by the rising need to drive digital transformation in sectors such as retail and eCommerce, the rise of urbanization, and more. The market for a logistics and transportation business is expected to grow at a CAGR of 6.79% over the next five years. To capitalize on this trend, you need a logistics business plan. A logistics business plan will help you identify the specific areas where you will generate revenue. You will need to identify where you can add value to the supply chain and how you can differentiate your offering.