Are you about starting a coconut oil production business? If YES, here is a complete sample coconut oil production business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a coconut oil production business. We also took it further by analyzing and drafting a sample coconut oil marketing plan template backed up by actionable guerrilla marketing ideas for coconut oil production business. So let’s proceed to the business planning section.
More than ever before, coconut oil is now being used by all and sundry and this is because of the health benefits that one stands to gain when one uses it. In the united states of America the story is the same as this essential oil has become the most used oil for skincare and health care. Those in this line of business are also smiling to the bank as the demand is on an all-time increase.
If you think that you are interested in the coconut oil business and will want to go into this business, then you may want to consider speaking with an expert consultant who has an experience with dealing with the coconut oil production.
A Sample Coconut Oil Production Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
Coconut is not just for eating in its raw form as a snack, neither is coconut oil meant for cooking alone; there are many ways coconut oil can be used for. Coconut oil is a popular product in the beauty and skin care industry. Coconut oil can be used to hydrate the skin, it can be used to fight frizz, and of course it can be used to reduce premature signs of aging. So also, coconut oil is an excellent massage oil that serves as an effective moisturizer on dry skin and all other types of skin.
Another effective use of coconut oil is on hair care; coconut oil is known to help in healthy growth of hair and gives hair and wig a shiny quality. One quality that makes coconut oil endearing to players in the skin care and beauty industry is the fact that it absorbs quickly, and also it is non-greasy. Coconut is known to be solid at room temperature, but would melt quickly when it comes into contact with hands.
Generally, coconut oil is known to be an important base ingredient especially when it comes to the manufacturing of soap. It is a fact that soaps that are made with coconut oil tends to be hard, however it holds more water than soaps that are made with other oils and therefore increases manufacturer outputs. Soaps made with coconut oil are more soluble in hard water and salt water than other soaps allowing it to lather more easily.
So also, coconut oil soap is clear when melted and a bright white when hardened. Insect repellent that are made from coconut oil are known to be very effective when it comes to preventing tungiasis, which is caused by chigoe fleas. As a matter of fact, before the advent of electrical lighting, coconut oil was the common oil used for illumination in india and was exported as cochin oil.
There are two main processes of extracting coconut oil; it can be extracted through dry or wet processing. Dry processing entails that the meat be extracted from the shell and dried using fire, sunlight, or kilns to create copra and the all- wet process make use of raw coconut rather than dried copra, and the protein in the coconut creates an emulsion of oil and water.
The Coconut Oil Production industry is indeed a growing and thriving sector of the economy of the United States of America and they generates several millions of US dollars annually from several registered and licensed small – scale, medium scale and big coconut oil production companies scattered all around the United States of America. The industry is responsible for the employment loads of people directly and indirectly all around the world.
With this kind of business, if you want to start on a small scale, you can choose to start servicing your local community. All you would need is contacts, packaging, networking and good marketing and customer service skills. However, if you intend starting it on a large scale, then you should consider spreading beyond your local community to state level and even national level.
Over and above, the coconut oil production industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale servicing a community or you can chose to start on a large scale with several outlets in key cities all around the United States of America.
2. Executive Summary
Novena® Coconut Oil Production Company is a licensed and standard coconut oil production company that will be located in an industrial area in Trenton – New Jersey. We have been able to secure a long term lease for a facility in a strategic location with an option of a long term renewal on an agreed terms and conditions that is favorable to us.
The facility has government approval for the kind of business we want to run and it is easily accessible and we are deliberate about that to facilitate easy movement of raw materials (coconuts) and finished products (well packaged coconut oil).
We are in the coconut oil production line of business to produce coconut oil in commercial quantities for manufacturing companies that are into the production of soaps, skin products, hair products and repellants et al. We are also in business to make profits at the same to give our customers value for their money; we want to give people and businesses who patronize our coconut oil the opportunity to be part of the success story of Novena® Coconut Oil Production Company.
We are aware that there are several big scale and small scale coconut oil production companies scattered all around the United States and Canada whose products can be found in every nooks and crannies of The United States and Canada, which is why we spent time and resources to conduct our feasibility studies and market survey so as to enable us locate the business in an area that will support the growth of the business and also for us to be able offer much more than our competitors will be offering.
We ensured that our facility is easy to locate and we have mapped out plans to develop a wide distribution network for wholesalers all around Trenton – New Jersey and the United States of America.
Much more than producing quality coconut oil in commercial quantities, our customer care is going to be second to none. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they visit or purchase our product and also to become our loyal customers and ambassadors.
Novena® Coconut Oil Production Company will ensure that all our customers (wholesale distributors) are given first class treatment whenever they visit our Depot / Plant. We have a CRM software that will enable us manage a one on one relationship with our customers (wholesale distributors) no matter how large the numbers of our customer base may grow to. We will ensure that we get our customers involved when making some business decisions that will directly or indirectly affect them.
Novena® Coconut Oil Production Company is family business that will be owned by Mrs. Nelly J. Brown and her immediate family members. Mrs. Nelly J. Brown who is the Chief Executive Officer of the Company is Graduate of Biochemistry (B.Sc.) and she holds a Master’s Degree in Business Management (MBA).
She has well over 15 years of experience working in the beauty and skin care industry as a senior manager prior to starting Novena® Coconut Oil Production Company. She will be working with a team of professionals to build the business and grow it to become one of the leaders in the industry.
3. Our Products and Services
Novena® Coconut Oil Production Company is going to operate a standard and licensed coconut oil production company whose product will not only be sold in Trenton – New Jersey but also throughout the United States of America. We are in the coconut oil production line of business to make profits and also to give our customers value for their money and we are going to do all that is permitted by the law of the United States of America to achieve our corporate goals.
Our product is simply coconut oil; we are in the coconut oil production line of business to produce coconut oil in commercial quantities for manufacturing companies that are into the production of soaps, skin products, hair products and repellants et al.
4. Our Mission and Vision Statement
- Our vision is to establish a standard Coconut Oil Production Company whose product will be not only be sold in Trenton – New Jersey, but also throughout the United States of America and Canada, and in other parts of the world.
- Our mission is to establish a standard and world class Coconut Oil Production Company that in our own capacity will favorably compete with leaders in the industry. We want to build a coconut oil production business that will be listed amongst the top 10 coconut oil brands in the United States of America and Canada
Our Business Structure
Novena® Coconut Oil Production Company is a business that is established with the aim of competing favorably with other leading coconut oil brands in the industry. This is why we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Plant Manager
- Human Resources and Admin Manager
- Merchandize Manager
- Sales and Marketing Manager
- Information Technologist
5. Job Roles and Responsibilities
Chief Executive Officer – CEO (Owner):
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for overseeing the smooth running of the coconut oil production plant
- Part of the team that determines the quantity of coconut oil that are to be produced
- Maps out strategy that will lead to efficiency amongst workers in the plant
- Responsible for training, evaluation and assessment of coconut oil plant workers
- Ensures that the steady flow of both raw materials to the plant and easy flow of finished products through wholesale distributors to the market
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Ensures that the plant meets the expected safety and health standard at all times.
Human Resources and Admin Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Oversees the smooth running of the daily office and factory activities.
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Helps to ensure consistent quality of coconut oil
- Responsible for the purchase of raw materials and packaging materials (drums, bottles, and plastics et al)
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget.
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with customer (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the store manager in an effective and timely manner
- Consistently stays abreast of any new information on Sparkles® Bottled Water Production Company products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
Distribution Truck Drivers
- Assists in loading and unloading coconut oil meant for distribution.
- Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
- Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment
- Assists the transport and logistics manager in planning their route according to a delivery schedule.
- Local-delivery drivers may be required to sell products or services to stores and businesses on their route, obtain signatures from recipients and collect cash.
- Transport finished goods and raw materials over land to and from manufacturing plants or retail and distribution centers
- Inspect vehicles for mechanical items and safety issues and perform preventative maintenance
- Comply with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
- Collect and verify delivery instructions
- Reports defects, accidents or violations
6. SWOT Analysis
We are quite aware that there are several coconut oil production companies both large and small in the United States of America and Canada which is why we are following the due process of establishing a business so as to compete favorable with them.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Novena® Coconut Oil Production Company employed the services of an expert HR and Business Analyst with bias in start – up business to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Novena® Coconut Oil Production Company;
Part of what is going to count as positives for Novena® Coconut Oil Production Company is the vast experience of our management team, we have people on board who are highly experienced and understands how to grow business from the scratch to becoming a national phenomenon. So also our large national distribution network and of course our excellent customer service culture will definitely count as a strong strength for the business.
A major weakness that may count against us is the fact that we are a new coconut oil production company and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business.
The opportunities for coconut oil production companies is enormous. This is due to the fact that there are loads of beauty and skin care manufacturing companies who rely on the supply of coconut oil. As a result of that, we were able to conduct a thorough market survey and feasibility studies so as to position our business to take advantage of the existing market for coconut oil and also to create our own new market. We know that it is going to requires hard work, and we are determine to achieve it.
We are quite aware that just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies. It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new coconut oil production company in same location where ours is located.
7. MARKET ANALYSIS
- Market Trends
The trend in the beauty and skin care industry is such that, any product that has been proven to be reliable and healthy tends to sell your wild fire. Coconut oil has been proven to be one of the most reliable ingredients in the manufacturing of soaps, skin products, hair products and repellants.
Lastly, another trend in the coconut oil production industry is that in other to maximize profits in the industry, some coconut oil production companies with financial capacity go all the way to establish soap, skin products, hair products and repellants manufacturing company.
With this, there will be direct supply of coconut oil, thereby cutting production cost and increasing profits especially if the coconut oil production plant and the beauty and skin care manufacturing plant are all in same location.
8. Our Target Market
When it comes to selling coconut oil, there is indeed a wide range of available customers. In essence, our target market can’t be restricted to just a group of people or organization, but all those who resides in our target market locations.
In view of that, we have conducted our market research and we have ideas of what our target market would be expecting from us. We are in business to engage in the production and wholesale distribution of coconut oil to the following groups of organizations;
- Soap manufacturing companies
- Hair care manufacturing companies
- Skin care manufacturing companies
- Repellant manufacturing companies
- Every manufacturing organizations in our target market location that make use of coconut oil as part of their raw ingredients.
A close study of the coconut oil production industry reveals that the market is becoming much more competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiffer competition and we are well prepared to compete favorably with other coconut oil production companies in Trenton – New Jersey and throughout the United States and Canada.
Novena® Coconut Oil Production Company is launching a standard coconut oil production brand that will indeed become the preferred choice for manufacturing organizations that are into the production of beauty and skin care products in Trenton – New Jersey and other states in the United States of America where we intend marketing our coconut oil.
Part of what is going to count as competitive advantage for Novena® Coconut Oil Production Company is the vast experience of our management team, we have people on board who are highly experienced and understands how to grow business from the scratch to becoming a national phenomenon. So also our large national distribution network and of course our excellent customer service culture will definitely count as a strong strength for the business.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups coconut oil production companies) in the industry, meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Novena® Coconut Oil Production Company is established with the aim of maximizing profits in the coconut oil production industry in both the United States of America and Canada and we are going to go all the way to ensure that we do all it takes to sell our coconut oil product to a wide range of customers in the beauty and skin care industry.
Novena® Coconut Oil Production Company will generate income by simply selling coconut oil; we are in the coconut oil production line of business to produce coconut oil in commercial quantities for manufacturing companies that are into the production of soaps, skin products, hair products and repellants et al.
10. Sales Forecast
One thing is certain when it comes to coconut oil production business, if your coconut oil are well – packaged and branded and if your production plant is centrally positioned and easily accessible, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Trenton – New Jersey and every city where our coconut oil will be sold and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.
We have been able to critically examine the coconut oil production industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Trenton – New Jersey.
Below are the sales projection for Novena® Coconut Oil Production Company, it is based on the location of our business and other factors as it relates to small scale and medium scale coconut oil production company start – ups in the United States;
- First Fiscal Year-: $120,000
- Second Fiscal Year-: $250,000
- Third Fiscal Year-: $750,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same product and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Novena® Coconut Oil Production Company we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market in our target market locations.
We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time and also for our coconut oil to favorable compete with other leading brands in the United States of America and Canada.
We hired experts who have good understanding of the coconut oil production industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Trenton – New Jersey and other cities in the United States of America and Canada.
In other to continue to be in business and grow, we must continue to sell our coconut oil to the available market which is why we will go all out to empower or sales and marketing team to deliver our corporate sales goals.In summary, Novena® Coconut Oil Production Company will adopt the following sales and marketing approach to sell our coconut oil;
- Introduce our coconut oil brand by sending introductory letters to beauty and skin care manufacturing companies, coconut oil merchants and other stakeholders in Trenton – New Jersey and other cities both in the United States of America and Canada
- Open our coconut oil production company with a party so as to capture the attention of residence who are our first targets
- Engage in road show in targeted communities from time to time to sell our products
- Advertise our products in community based newspapers, local TV and radio stations
- List our business and products on yellow pages ads (local directories)
- Leverage on the internet to promote our coconut oil brands
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Irrespective of the fact that our coconut oil production plant is a standard one with a wide range of bottled water products that can favorably compete with other leading brands, we will still go ahead to intensify publicity for all our products and brand. We are going to explore all available means to promote Novena® Coconut Oil Production Company.
Novena® Coconut Oil Production Company has a long term plan of distributing our coconut oil in various locations all around the United States of America and Canada which is why we will deliberately build our brand to be well accepted in Trenton – New Jersey before venturing out. As a matter of fact, our publicity and advertising strategy is not solely for selling our products but to also effectively communicate our brand.
Here are the platforms we intend leveraging on to promote and advertise Novena® Coconut Oil Production Company;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our coconut oil brand
- Install our Bill Boards on strategic locations all around major cities in the United States of America and Canada
- Engage in road show from time to time in targeted communities
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where we intend getting customers to start patronizing our products.
- Ensure that our coconut oil is well branded and that all our staff members wear our customized clothes, and all our official cars and distribution vans are customized and well branded.
12. Our Pricing Strategy
When it comes to pricing for products such as coconut oil, there are two sides to the coin. We are aware of the pricing trend in the coconut oil production industry which is why we have decided to produce various sizes of coconut oil.
In view of that, our prices will conform to what is obtainable in the coconut oil production industry but will ensure that within the first 6 to 12 months our products are sold a little bit below the average prices of various coconut oil production brands in the United States of America. We have put in place business strategies that will help us run on low profits for a period of 6 months; it is a way of encouraging people to buy into our coconut oil brands.
- Payment Options
The payment policy adopted by Novena® Coconut Oil Production Company is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Novena® Coconut Oil Production Company will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for the purchase of coconut oil.
13. Startup Expenditure (Budget)
Starting a standard coconut oil production company is indeed a capital intensive business. This is so because the amount required to set – up a coconut oil production plant is not a piecemeal. The bulk of the start – up capital will be sent on leasing or acquiring a facility and also in purchasing coconut oil extracting and processing machines. Aside from that, you are not expected to spend much except for purchase and servicing of distribution trucks, paying of your employees and utility bills.
This is the key areas where we will spend our start – up capital;
- The Total Fee for Registering the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
- Marketing promotion expenses for the grand opening of Novena® Coconut Oil Production Company in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- Cost for hiring Business Consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
- Cost for construction of a standard coconut oil production plant – $100,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for Start-up inventory (raw materials, drums, bottles and packaging materials et al) – $80,000
- Storage hardware (bins, rack, shelves, food case) – $3,720
- Cost for coconut oil extracting and packaging equipment – $100,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase of distribution vans – $100,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, Fax Machines, tables and chairs et al) – $4,000.
- The cost of Launching a Website – $600
- The cost for our opening party – $10,000
- Miscellaneous – $10,000
We would need an estimate of $500,000 to successfully set up a standard and world class coconut oil production plant in Trenton – New Jersey. Please note that this amount includes the salaries of all the staff for the first 3 month of operation
Generating Funding/Startup Capital for Novena® Coconut Oil Production Company
No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting a business such as commercial poultry farming. No doubt raising start – up capital for a business might not come cheap, but it is a task that an entrepreneur must go through.
Novena® Coconut Oil Production Company is a family business that is owned and financed by Nelly J. Brown and her immediate family members. We do not intend to welcome any external business partners, which is why, we have decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sell of stocks
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Novena® Coconut Oil Production Company is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to retail our coconut oil a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Novena® Coconut Oil Production Company will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and construction of standard coconut oil processing plant: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members and friends: Completed
- Applications for Loan from the bank: In Progress
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – wholesale suppliers / merchants: In Progress.