1.

EXECUTIVE SUMMARY:
Company Name:

SYM Concept Nigeria Limited

Address:

Sunkani road, Jalingo

Mobile:

08033665907, 08025355988

SYM Concept is a company formed by the promoter Shimfe Mamshong, from

experience, passion and desire to fulfill the identified market, of the need for unique
and durable shelter by humanity within Jalingo metropolis and Taraba state as a
whole. The company seeks to generate a significant increase in sales and profits from
the services of engineering construction,hiring services, molding of
concrete/hydroform blocks and interlocking tiles for sale.
1.2

MISSION:
To be the best associate for clients, providing innovative and cost-effective solutions
by utilizing cutting edge construction technology to deliver exceptional services.

1.3

OBJECTIVE:
1.
2.
3.
4.

To have up to three development tasks recognized within the first year.

Excellence in fulfilling the promise.
Provide clients with both solutions and value creation.
Quality service and client satisfaction.
Important factors to success:
We believe our secrets of achievement will be:

Using the most modified components to guarantee quality service for ourselves and
our clients.
Educating the clients and offering useful advice during the development preparing
levels.
Overseeing the strategies associated with a venture.
The right management team with strong foundation in engineering and construction
management.

SECTION TWO
2.0

INTRODUCTION
Overview
SYM Concept Nigeria Ltd is a building construction/civil engineering company
engaged in providing construction, remodeling solutions and hiring services in the
short term, and molding of concrete blocks /interlock tiles in the long term.
SYM Concept has identified a niche within Jalingo and Taraba state in general of the
inadequacy of medium scale professionals within the construction industry providing
professional service, cutting edge design, and unique durable structures.
SYM Concept intends to sell its solutions to clients in the area of professional
development offering complete flexibility at cost effective prices.
Coming from the industry, the promoter is motivated by the niche seen, the
provision of such professional competence by an indigenous firm in an efficient
manner, quality control and delivered on schedule would benefit the clients, industry
and state as a whole.
SYM Concept is focused on offering cutting edge building designs, high work quality,
cost effective service in engineering design, construction project management,
quality assurance and quality control.
In view of the foregoing, SYM Concept has put together competent team and this
business plan in order to respond to the demand.
The type of work to be undertaken will comprise:
Direct construction work (residential, schools, offices, worship centers drainages,
culverts etc.)
Remodeling of existing structures
Consultancy service
Hiring of equipments

Grant Assistance:
The promoter intends to personally invest the sum of One Hundred Thousand
Naira(N100, 000.00) in the startup of the company and has put together this business
plan to seek financial assistance from other sources.

2.1

MARKETING:
The need for shelter by man cannot be over emphasized. The building industry has
been growing at a quick pace for several decades. This makes for an excellent
opportunity for the future development of the industry.
SYM Concept aims to offer professional and innovative service in the building
industry in Taraba state.
Market Trend
Most forecasts put the current growth of 15% per annum in the building industry as
projected over the next 10 years. (2010)
Size and Potential
Extensive primary desk research in Jalingo indicates a total market for building
construction at Ten billion naira per annum (N1, 000,000,000.00)
The niche identified is approximately 1.5% for SYM concept.

2.2

Market Analysis:
According to the latest 10-year forecast from Global Construction Perspective and
Oxford Economics, construction growth in Nigeria will be the fastest of all markets.
The survey said infrastructure is the hottest sector to be in and that it is set to grow
in emerging markets by a staggering 128percent from now to 2020.
The largest construction market globally is residential accounting for 40% of the total
construction market.
In recent times, Jalingo the state capital have witnessed infrastructural development
such as: road construction, housing projects, drainage construction, city expansion
and beautification projects on the increase.
3

Opportunities
The inadequacy of professionals engineers, limited cutting edge technology,
increased infiltration of the industry by laymen, large expanse of undeveloped land,
construction of low cost houses to accommodate many city dwellers, construction
offers more opportunities than most other sectors for individuals who want to own
and run their own company. This comprises an attractive sell for SYM Concept.
2.3

Competition:
The market identified by SYM Concept is the provision of cutting edge service, unique
design and innovative processes with professional assistance within the state. Apart
from few freelance builders, only one known such registered firm operates within the
state:
GREDEC Nig Ltd
SYM Concept aims to stand out by converting its features into clients benefits, by
offering real benefits rather than only define the features to the clients.
The benefits it offers shall include many intangibles; reliability, optimizing the clients
profit potential, confidentiality, guaranteed quality, continuous improvements,
technology transfer and cost effectiveness. Long term customer satisfaction is the
most critical component of the services offered.
Costumers
Targeted costumers include:

Individuals
Government agencies
Private/cooperate organizations
Communities
Other contractors

S.W.O.T. Analysis
STRENGTHS
Reputation within the building industry is extremely important, the promoter is
confident that; the acquired basic technical background, gained experiences and
additional training in project management has equipped them to securing new
customers in line with this planned project.
The company will enjoy a favorable location situated in ATC along Sunkaniroad
opposite the Taraba state University second gate which has none of such within the
region.
The promoter has a proven track record in his ability to deliver Quality, Cost effective
and Timely specialist products as required by clients and recognize the importance of
meeting deadlines within the overall context of construction projects.
WEAKNESSES
Financial resources are limited, but this Business Plan details the requirements and
sources from which it is anticipated funding, in addition to the promoters input, will
be forthcoming. As a result of which the company will be adequately funded to meet
the requirement of the objectives as detailed elsewhere in this submission.
OPPORTUNITIES
While the immediate plan to achieve targets as identified is confined to Jalingo the
state capital for the first one year of operation it is intended to expand into the 16
LGA after establishment and this will position us to cater for the whole market valued
at N5.3 billion nationally.
In the medium term it is intended to expand market opportunities into other
neighboring states and in the long term into the whole of Nigeria.
THREATS
The single greatest threat to the company will be that of opportunity loss in terms of
the extent of contracts being lost due to newness. This results in contracts being
awarded to other competitors who are being afforded the business, thereby
becoming larger and greater competition.

Market Strategy:
The strategy employed will include:
1. Direct negotiation with clients
2. Strategic alliances with local firm, capable of performing similar task
3. Competitiveness in pricing
4. Proven expertise and competence
Other strategies employed will include:
Client education, assist in technical or conceptual design, assist in guidance when other
companies are employed, one to one contact as (personal relationships are vital and
memories last long), advertisement in local media, complimentary cards, phone calls,
presentation of sample of work done, quality of expected deliverables.
The promoter intends to spend a large proportion of his time engaged in visits to
potential clients promoting the company.
Sales Forecast:
The company will start its operation in the first year by focusing in three areas:
1. Direct construction work
2. Remodeling of existing building
3. Hiring of machinery
Starting later in the second year the following areas of operation will be added:
1. Molding of concrete blocks/interlocking tiles
2. Sale of components and other building materials

SECTION THREE
3.0

Organization/Management:

3.1

The Organisation
SYM Concept Nigeria Limited isa private limited company with all shares owned
solely by the primary promoter Shimfe Mamshong.

3.2

Personnel Plan
In the first year, the company will seek the services of temporary and part-time
employees and sub-contractors with experts to perform the variety of projects
needed.
Personnels:

3.3

Director (Principal Owner)

Architect
Engineer
Technician
Office clerk (Temporary Hire)
Sub-contractors, foreman, Labour (Hire as need arise)

Operation and Service

Within the first six months, SYM Concept will commence operation from private
residence, sourcing for clients on personal contact.

3.4

Legal Structure
SYM Concept Engineering will be a private limited liability Nigerian-registered
company under the laws of the Federal Republic of Nigeria.

3.5

Health and Safety

SYM Concept will be dedicated to performing in a way that defends the safe practice
of all workers, clients and individuals in the group where it functions. Each worker
will have the liability to fully adhere to recognized guidelines of safety and to execute
work in such a way as to avoid accidents to themselves and others.

3.6

Required Plants and Equipment

Equipment
Concrete Mixer

Unit Quantity Unit Price (N)

Small-500,000.00
No.
2

Price (N)
1,500,000.00

Big -1,000,000.00

Porker Vibrator

No.

40,000.00

40,000.00

Compacting Machine No.

50,000.00

50,000.00

GPS

No.

60,000.00

60,000.00

Electric Generator

No.

30,000.00

30,000.00

Office Furniture

No.

70,000.00

70,000.00

Other requirements include:

Renting of office block N100, 000.00 per annum, for two years = N200,000.00
Start up cash N300, 000.00
Total Required Capital = N2, 260,000.00.00 (Two million, Two Hundred and Sixty
Thousand Naira Only).
3.7

Financial Projections
A. Direct Building Construction Works
Securing projects is expected to take a gradual Pace within the first six months of
operation.
The table below shows the financial projection for any one (1) building project
undertaken, within the giving rate.
Account of selected companies based on projects undertaken
Projects

1
2
3
4
5

Gross Earning
(N)

Construction
Gross Profit Construction
and overhead
(N)
and
cost (N)
overhead
cost (%)
6,354,075.00 6,235,073.00
119,002.00 98.13
7,500,000.00 7,388,775.00
111,225.00 98.52
10,000,000.00 9,868,163.00
131,837.00 98.68
1,897,687.00 1,626,343.00
271,344.00 85.70
4,906,083.00 4,727,872.00
178,211.00 98.37

Profit (%)

1.87
1.46
1.32
14.30
3.63

B. Hiring of concrete mixer

Construction sites charges are betweenN10,000.00 - N13,000.00
Working with a base lowest profit margin:
The mixer goes on hire for N8,000 per day
N 2,000 goes to the operator
N500 goes for diesel,
There is a balance of about N5,000
A mixer can work 4 times in a week (7 days)
Hence:
N5,000 per machine = N20, 000 per week and N80,000 per month
Having two (2) concrete mixers running will double the amount to N160,000.00 per
month.
Multiplying this amount by 10 months giving 2 months for over-sites, amounts to
N1,600,000.00 (One Million Six Hundred Thousand Naira) per annum annual profit.

INCOME PROJECTION STATEMENT

Year 1
Sales
N2,560,000
Direct Cost of Sales
N960,000
Other
N0
Total Cost of Sales
N960,000
Gross Margin
N1,600,000
Gross Margin %
62.5%
Expenses
Salaries/Wages
N400,000
Marketing and Other Expenses
N7,500
Depreciation
N0
Gasoline and oil
N100,000
Telephone
N84,000
Utilities
N30,000
Insurance
N30,000
Rent
N100,000
Repairs and Maintenance
N100,000
Consultants
N200,000
Advertising
N20,000
Misc. Other Expenses
N200,000
Total Operating Expenses
N936,500
Profit Before Interest and Taxes
N663,500
Taxes Incurred
N 33,000
Net Profit
N630,325
Net Profit/Sales
95%

10

INCOME PROJECTION STATEMENT

Monthly
Sales
N256,000
Direct Cost of Sales
N96,000
Other
N0
Total Cost of Sales
N96,000
Gross Margin
N160,000
Gross Margin %
62.5%
Expenses
Salaries/Wages
N40,000
Marketing and Other Expenses
N1,000
Depreciation
N0
Gasoline and oil
N10,000
Telephone
N1,000
Utilities
N3,000
Insurance
N3,000
Rent
N10,000
Repairs and Maintenance
N10,000
Consultants
N20,000
Advertising
N2,000
Misc. Other Expenses
N20,000
Total Operating Expenses
N120,000
Profit Before Interest and Taxes
N40,000
Taxes Incurred
N2,000
Net Profit
N38,000
Net Profit/Sales
95%

11