IGE Final Report

1 Innovative Growers Equipment (IGE) Business plan Student's Name Institutional Affiliation Course Number and Name Instructor's Name Assignment Due Date
2 Innovative Growers Equipment (IGE) Executive Summary Innovative Growers Equipment (IGE) is a company founded in 2016 that provides different horticultural solutions to consumers. IGE avails a variety of equipment solutions in the horticultural sector, including Expanded and Max Roll Ebb & Flow Benches, Custom Mobile Racks, LED Lighting, and Airflow solutions. The company has grown and gained a large market share in Canada with these solutions. The company aims to expand its operations internationally to Nigeria, which provides a perfect opportunity for the business to meet the demands of new customers and expand its market share. In successfully entering the market, IGE has a marketing plan that revolves around defining its brand, identifying customers, conducting its own business SWOT analysis, defining its difference in the market, and mapping out customer's journey. IGE forecasted its cash flows over the next five years of operations with the owner's seed capital of $600,000, a Futurpreneur loan of $50,000, and a BDC Loan funding of $30,000, financing the business plan's initial start-up and inventory costs. This report summarizes IGE's business plan, marketing plan, and Futurpreneur cash flow for starting operations in the Nigerian market. Business Plan Innovative Growers Equipment (IGE) is a horticultural business venture that aims to provide its customers with new and tailored solutions that will help them get the most out of their investments and profits in the horticultural sector. Since the horticultural sector focuses on the growth of flowers, IGE offers different equipment solutions that enhance better growth, such the Expanded and Max Roll Ebb & Flow Benches, Custom Mobile Racks, LED Lighting, and Airflow solutions (IGE. (2023). Since the company's foundation in 2016, it has grown significantly and developed its reputation worldwide, with its mission being to provide growers with the highest quality equipment and services to help them grow their businesses.
3 Additionally, IGE envisions a world where growers can access the best equipment and services to help them produce high-quality plants. In achieving its mission and vision, the company holds various values, including innovation, quality, service, and sustainability. IGE aims to expand its operations to the Nigerian market, where the demand for horticultural goods and services is increasing due to the recent rise in urbanization and an expanding middle-class population in Nigeria. IGE uses different technological mechanisms to increase productivity, aligning with Nigeria's current technological trends and advancements. Finally, IGE is aware of the various legal and regulatory factors the Nigerian government has in place to ensure that businesses in the horticultural sector perform environment-friendly practices and sustainable agriculture. Regarding the Nigerian market, the population of Nigeria of about 200 million people offers a sizeable market for IGE's horticultural equipment. Since IGE serves a wide range of consumers, such as commercial growers, vertical farmers, and commercial and retail horticultural firms, it will better meet the consumer needs of the market. Horticultural production occurs more in Northern Nigeria, especially in Kano, Kaduna, and Sokoto states. The firm will utilize targeted marketing in areas that show more potential, such as Northern Nigeria, to ensure it interacts with many potential customers in Nigeria. Regarding competition, IGE will face stiff competition from local and international companies already existing in the market. IGE's main competitors in Nigeria will be Hydrofarm Holdings Group Inc., General Hydroponics, Advanced Nutrients, and Spider Farmer, who are well established and have a significant market share in Nigeria. In addition, IGE will face competition from other indirect market participants such as retail nurseries, online retailers, and growers who build their equipment. Despite this competition, IGE has a competitive advantage and differentiation factor in the market due to its customized and
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