Beauty Slam: Unisex Beauty Salon Business Plan

Beauty Slam is a unisex beauty salon that offers full beauty services to their clients. The salon will aim to provide best services and products at affordable prices. The business will consist of 2 Stylists, 2 barbers, a receptionist and the owners in order to operate smoothly.

BUSINESS PLAN
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EXECUTIVE SUMMARY
Beauty Slam will be established as a unisex beauty salon that will aim to offer various
beauty and grooming services to their male and females customers along with various beauty
products. The business will be operated under a partnership mode of business. The business
owners are Laura Jones and Will Smith who have been into the beauty and service industry since
a long time. During their work experience, they have realised that customers aim to access all the
basic services professionally at one place rather than visiting a different salon for a different
service. Hence Beauty Slam will aim to provide various beauty services along with some
premium beauty products under a single roof. The focus of Beauty Slam will be to offer various
beauty services at an affordable price in order to serve customers from middle class income
groups unlike the luxury salons that charge high prices to target only a specific or higher income
group of the society. The beauty salon will aim to provide a relaxing atmosphere to their
customers in order to provide them mental relaxation and satisfaction from the various clients.
The salon will have a soothing atmosphere with soft music to relax their customers.
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Table of content
Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
BUSINESS DESCRIPTION............................................................................................................4
BUSINESS STRUCTURE..............................................................................................................4
PRODUCT OR SERVICE DESCRIPTION....................................................................................4
MARKET ANALYSIS....................................................................................................................4
OPERATIONS.................................................................................................................................6
TECHNOLOGY PLAN...................................................................................................................6
MANAGEMENT AND ORGANISATION....................................................................................7
SOCIAL RESPONSIBILITY AND SUSTAINABILITY..............................................................7
DEVELOPMENT, MILESTONES AND EXIT PLAN..................................................................8
FINANCIAL DATA........................................................................................................................8
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BUSINESS DESCRIPTION
Beauty Slam is a beauty salon that offers full beauty services to their clients. It is a
Unisex salon that will aim to offer consistent higher satisfaction to their customers. Beauty Slam
will facilitate high class service and best quality products along with a fully furnished warm and
soothing atmosphere. The organisation will aim to provide best services and products at
affordable prices. Beauty Slam will make immense efforts in order to enhance the physical
experience along with providing mental relaxation to their customers (Cadena and et.al., 2020).
BUSINESS STRUCTURE
Beauty Slam will be a unisex salon that will operate under a partnership business
structure. The partnership business will be formed and operated by Will Smith Jr. and Laura
Jones. The partners have a good experience in the beauty industry of more than 10 years and as a
result they have a huge customer base due to their hard work and capable skills. Beauty Slam
will have a skilled team of beauticians that will help the business to be more successful. The
organization has expected that the business will grow along with building its unique image in the
market. The business will consist of 2 Stylists, 2 barbers, a receptionists and the owners in order
to operate smoothly.
PRODUCT OR SERVICE DESCRIPTION
Beauty Slam will aim to provide a wide variety of beauty products and beauty services.
The services of Beauty Slam include providing high quality hair, skin, make up and nail services
as well as beauty products. The Beauty Slam will operate in order to compete in the beauty
industry along with their commitment towards their work at an appropriate location. The salon
business will provide various services such as designer haircuts, manicures, pedicures along with
various grooming services at quite affordable prices to males as well as females (Gabler and
et.al., 2017).
MARKET ANALYSIS
The target market of Beauty Slam will aim to target all the males and females that are
skin and beauty conscious and also possess a consistent source of income. The target market has
a huge share of female clients but the focus is also upon increasing the number of male clients in
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the business organisation. However, the target market will consist of mainly moms, working
women along with females and males who are single.
The number of competitors in the business of beauty salons are very huge. The
competition for the Beauty Slam is quite huge specially in the areas where the high income
groups reside. The business will similarly aim to provide the luxury services to the various
customers in the surroundings to attract the middle class income groups at affordable prices.
Beauty Slam will not consider the expensive salons as their competitors as they have
comparatively better and luxurious locations and interiors which will anyhow have an impact
over the pricing strategies of Beauty Slam. The objective of the salon business is to attract and
build loyal customers that are easy to work with (HAN and Kang, 2020).
Marketing plan
The beauty salon will work to have a constant presence over the social media platforms
like Facebook, Instagram and twitter in order to engage more with their present and potential
customers. The social media platforms will help Beauty Slam to have a wider reach and unique
image in the surroundings as well as in the industry. The beauty salon will launch various offers
in order to attract more customers towards their business along with the revenue generation for
the business. The business can opt for various referral discounts that will help in building a wider
and loyal customer base for the beauty salon. The referral discounts will be offered to the
existing customer as well as the new customer who would visit the salon for the services. The
special offers will be launched on occasional basis during long weekends or festivals in order to
grab the opportunities with high footfall. The more focus of the organization will be upon the
word of mouth marketing strategy as it attracts more customers in comparison to other marketing
techniques. The business will focus upon building a strong social media presence through
platforms like Instagram, Facebook and twitter by sharing various tips and experiences of the
clients (Ibidunni, Peter and Ogbari, 2017).
Sales plan
The sales plan of Beauty Slam will be to generate higher revenues in the coming days
within a time period of three years. This will be possible through building and developing the
image of the business salon in the beauty industry. The image of the business can be developed
through hard work and immense efforts of the stylists and the owners that will further help the
salon to grab more and more customers towards their business. During the first six months of
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commencement of the business, the salon will focus upon to at least achieve the break even point
through their business operations. The focus of Beauty Slam will be to achieve at least the
average revenue per client in every month. Further, it is very important for the business to decide
some policies beforehand in order to implement them so that the business can operate on track
(Jukova And et.al., 2019).
OPERATIONS
The Beauty Slam will focus upon having smooth operations at the beauty salon through
their affordable services to the customers. The salon will be located at 20, park street, London
with utilising an area of approximately 1500 square feet. The salon will be situated in the locality
with high residential population of middle class and rich households. This will help the business
to have a good footfall at the business that will further help in higher revenue generation
opportunities for the Beauty Slam salon. The location of the salon is more likely to have access
of customers from the various parts of the cities.
The Beauty Slam will operate in order to compete in the beauty industry along with their
commitment towards their work at an appropriate location. The salon business will provide
various services such as designer haircuts, manicures, pedicures along with various grooming
services at quite affordable prices to males as well as females (McKenzie, 2017).
TECHNOLOGY PLAN
There are various technologies that will help the organization in operating and executing their
business smoothly. The technologies that can be used by Beauty Slam in order to have a smooth
business operations are discussed below-
 Salon Management- Salon management will facilitate various web based and desktop
programs for the business. This includes accounting, inventory control, payroll, customer
relationship management and financial reporting. These will help the Beauty Slam to
have a well organised set of information while saving the manual efforts.
 Virtual imaging- The virtual imaging technology will help Beauty Slam Salon to
facilitate the client with an after style look before beginning with the work. This requires
a camera and little efforts to portray the effects of various hues, colours and shades upon
the use of make up tools, hair styles, etc.
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 Online payment portals- The online payment modes will facilitate the customers to
choose a variety of ways of making payment for the various services and products. The
Beauty Slam Salon can focus upon cashless transactions such as cards or e-wallets in
order to avoid personal contact.
 Social media reach- The salon business can expand its reach among the business in
order to build its unique reputation in the market. The social media reach of Beauty Slam
can be executed through various social media platforms like Twitter, Instagram and
Facebook (Tipu, 2019).
MANAGEMENT AND ORGANISATION
The organisation will be managed and owned by its partners Will Smith and Laura Jones.
Beauty Slam will have a skilled team of beauticians that will help the business to be more
successful. The organization has expected that the business will grow along with building its
unique image in the market. The business will consist of 2 Stylists, 2 barbers, a receptionists and
the owners in order to operate and run smoothly.
The owners and the management of Beauty slam will aim to grab the opportunity of the
location that proves to be easily accessible to its customers. Further, the business will aim to
manage and provide an environment to provide relaxing and professional service with
convenience. The business organisation will aim to build a unique and good reputation of the
owners as well as the various beauticians (Tokarski, Tokarski and Wójcik, 2017).
SOCIAL RESPONSIBILITY AND SUSTAINABILITY
The Beauty Slam will work upon reducing and preventing population as much as possible
while maintaining with the environmental legislations. Further, Beauty slam will aim to align the
strategies in order to have a social impact upon the society as well as the clients and suppliers.
The business will aim to abide with the various health and safety, equal opportunities and
charitable support policy. The business will aim to use properly sanitised equipments and tools
along with clean towels and sheets. Further the business will aim to have a properly sanitised
furniture and workplace to ensure safety of the customers. The business will follow all the
COVID protocols such as wearing masks in the premises and sanitisation of hands.
The business will also work in order to provide employment opportunities to locals
residing in the surroundings. Further the organisation will aim to give a specific percentage of
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their profits in to charity on quarterly basis. The business will aim to give equal opportunities to
all there employees in the business operations at Beauty Slam Salon (Watson and McGowan,
2019).
DEVELOPMENT, MILESTONES AND EXIT PLAN
Beauty Slam will focus upon building and developing the image of the business salon in
the beauty industry. The image of the business can be developed through hard work and
immense efforts of the stylists and the owners that will further help the salon to grab more and
more customers towards their business. During the first six months of commencement of the
business, the salon will focus upon to at least achieve the break even point through their business
operations. Further the business will look for various opportunities in order to expand its
business.
Milestones-
Milestone Due date
Finance acquisitions October 10, 2021
Hiring of employees October 20, 2021
Marketing October 30, 2021
Commencement December 10, 2021
Review December 30, 2021
Exit plan- Beauty Slam will focus upon merger and acquisition of a business organisation
belonging to the same industry. This can be the easiest strategy for Beauty Slam to focus upon
the business growth.
FINANCIAL DATA
The initial finances required in the starting of the business is expected to be £50000 along
with £1000 for inventory as well as £2000 for current assets. These expenses will include
marketing, legal as well as social media expenses along with the location. The business will
require a cash cushion of £50000 before commencement. Hence the start up costs will add up to
£103000.
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The sourcing for funds will be done through the savings of the investor as well as a bank
loan (Watson, McGowan and Cunningham, 2018).
Projected Profit and Loss statement
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Project Balance sheet
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Projected cash flow statement
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FY2019 FY2020 FY2021
Net Profit
Net Cash
Flow from
Operations
£45263 £49,245 £34,680
Depreciation
&
Amortizatio
n £10,000 £10,000 £10,000
Change in
Accounts
Receivable £0 £0 £0
Change in
Inventory £0 £0 £0
Change in
Accounts
Payable (£605) £511 £133
Change in
Income Tax
Payable £2,341 (£969) (£406)
Change in
Sales Tax
Payable £192 £0 £0
Change in
Prepaid
Revenue
Net Cash
Flow from
Operations £57,191 £58,787 £44,408
Investing &
Financing
Assets
Purchased or
Sold
Net Cash
from
Investing
Investments
Received
Dividends &
Distributions (£10,000) (£30,000) (£50,000)
Change in
Short-Term
Debt £376 £391 £407
Change in
Long-Term
Debt (£9,595) (£9,986) (£10,393)
Net Cash
from
Financing (£19,220) (£39,595) (£59,986)
Cash at
Beginning
of Period £50,000 £87,971 £107,163
Net Change
in Cash £37,971 £19,191 (£15,578)
Cash at End
of Period £87,971 £107,163 £91,584

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