FEGEOSTOM provision store is a standard provision store that is located in one of the biggest residential Estate in Mowe, Ogun State. Although we are at our growth phase, we have been able to secure an ideal warehouse facility large enough to meet our future expectations.
Besides, we are not ignorant of the fact that there are other provision stores and supermarkets in the Estate. Therefore, we took time to do adequate research before launching our business. We are careful enough to give competitive prices to stay ahead of our competitors. Also, we offer self-service alternatives and different payment options (such as payment via online bank transfer, check, and POS) to ease our customers.
The various products we deal with include beverages (Milo, Milk, Fruit juice, Wine, etc.), confectioneries (Chocolate, Candy, Coffee, etc.), snacks (Chin-Chin, Peanut, Cakes, Biscuits, etc.), Cereals (Cornflakes, Coco pops, Frutties, Golden morn etc.), Toiletries, Perfumes, Cosmetics, etc.
Our business is a promising one due to various factors which include location, choice of business, pricing, and excellent customer service.
Goal
To be the first provision store in our locality and extend beyond the Estate as time goes on.
Objective
- To be the leading provision store in our Estate.
- To establish a 95% loyal customer base.
- To satisfy both retail and wholesale customers’ need.
- To sell affordable products.
Why we should be patronized
FEGOESTOM provision store was established with the best interest of customers at heart. We give the best prices for household commodities; we are located in an easily accessible environment and our customer service is top-notch.
Competitive Strategy for Groceries and Provision Store Business Plan In Nigeria
We are aware that provision business is a very common business, therefore, to stay ahead, we did a comprehensive research/ market survey to be able to offer the best in terms of low prices and convenience to our customers.
Our low prices cover both the wholesale and retail aspect of all our products. Therefore, our business is not just limited to consumers, but retailers are also included in our customer base. We deal with variety of goods and obtain our products in large quantities directly from manufacturers; this has been a big factor in helping us cut cost and enabling us give competitive prices.
Cost of Operation of Groceries and Provision Store Business Plan In Nigeria
Our current cost of operation is about 2.5 million. This includes the cost of setting up our facility, cost of some goods available in the store, employee’s salary, cost of POS machines, etc. It should be noted that we have been able to liaise with some of our suppliers in a bid to get goods on credit. Thankfully, this was achievable due to the good relationship built over time.
Despite our progress, we strongly believe there is a big room for improvement. There are some of our structures that are yet to be in place, and some are not yet fully functional. We look forward to having a Customer Relationship Management (CRM) system that will enable us to manage a one-on-one relationship with our customers no matter how large our customer base is. We aspire to make our system fully automated. Hence, a need for more funds.
Our estimated cost of expansion is about 20 million. This will enable us to build and perfect all structures that are meant to be in place and improve our brand awareness. Additionally, we will be able to get the necessary tools and competent hands that will aid our work.
Expected profit
Our profit for the first year is expected to be about 15 Million after all expenses have been paid. We envisage a 20% increase in the second year and 40% increase in subsequent years.
Management experience
Mrs. Justin Amaechi, our Chief Executive Officer is responsible for increasing management’s effectiveness by recruiting and disciplining managers. She is also responsible for signing checks and documents on behalf of the company. She is a graduate of Business Management from the University of Lagos and has over 20 years’ experience in the field.
Mr Temitope Abdul, a graduate of Business administration form Tai Solarin University, is our store manager. Mr Temitope is responsible for the management of the store’s daily activities. He interfaces with our suppliers, ensures that proper records of goods are kept, and the store rack doesn’t run out of any product. He is also responsible for the supervision of the workforce in the store.
Miss Bamishe Sope, is our sales and marketing manager. A graduate of marketing from Olabisi Onabanjo University with over 8 years’ experience in sales and marketing. She supervises implementation, advocates for customer needs, and communicates with clients. She also identifies, prioritizes and reaches out to new partners and business opportunities.
Mr Chibuzor Emmanuel is our accountant, a graduate of Accounting from the prestigious University of Lagos, and a member of the association of Chartered Accountant of Nigeria. He is responsible for handling all financial transactions of the store. He also prepares financial budgets, payrolls, and statements for the organization. He also serves as an internal auditor for the store. Mr Chibuzor has over 12 years of experience in his chosen field.
Why you should invest in this business
Our business has to do with essential commodities that are used in every household daily. Hence, the promise of being successful if all strategies are put in place remains certain. Moreover, we have taken the extra step of giving low prices to customers both on retail and wholesale basis.
This strategy has increased awareness about our store even beyond the Estate in which we are currently located. Don’t forget that our location is also a big advantage to us being a densely populated, residential district of Ogun State. We assure you that the profitability of the provision store business is underrated especially when there is an excellent plan on ground.
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