Motivation for Starting a Beauty Salon - Hair and Care
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This report discusses the motivation for starting a beauty salon called Hair and Care, including personal and professional reasons. It explores the steps taken to generate the business idea and conduct feasibility studies. The report also provides details about the services offered, funding resources, and marketing strategies.
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BM564 Enterprise and Entrepreneurship 1
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Introduction In this report, there will be a discussion of the motivation for a business of beauty salon. The name of the business will beHair and Care.As there are profits in this business sector, there are possibilities that the investors show interest. Also, earning within a salon is quite easier in the UK.In this business, there will be a good guideline. This business will be based on service. The way for developing this business will be focused here. Entrepreneurship skill is necessary in the case of business. The importance of this skill will be discussed here too. Motivation for choice of business Personal reasons The people of the UK live a busy life. They don’t have that much time to take care of their hair and body. So, a beauty salon from the perspective of the UK is a necessary service. My mother used to work at a beauty salon. I am inspired by her. I am familiar with the technique of hair cutting (Sen, 2014). Besides, I have acquired some certificates from courses regarding hairdressing and styling. From my early childhood, I wasinterestedin this job. I focus on the new style of the celebrities and try to apply them to people. I am passionate about this task. Professional reasons In the UK, the future of beauty salons is not that bad. Annually, beauty salons of the UK can easily earn 5000 pounds to 7000 pounds. From this it can be said, there are demands of this service. An entrepreneur will have to deal with fewer difficulties while opening a salon. Managing a salon can be easier for this reason. The demand for the service is changing. If the demands are met, there are chances that this area will play a major player in the business. In the post-pandemic situation, people are trying to be. So, there are chances that this kind of self-caring service will have a special appeal in the market. How the business idea was generated Starting a start-up likeHair and Careneeds an effective approach to strategy. To ensure an effective strategy, the help of the research is taken. While researching, marketing objectives are also focused (Salam, 2012). The steps are followed in the research are explained below: 2
Brainstorming:Brainstorming is necessary while going for research. brainstorming can help to figure out the challenges and the opportunities for Hair and Care as an emerging startup. Also, various issues that can create serious issues for Hair and Care can be figured out. With the help of brainstorming, it will be possible to figure out the solution to problems. Focus groups:The group of people with common traits or similar experiences can be considered as the focus groups. Their pattern of behavior or reaction to a certain situation can be helpful in the case of research. These reactions can help to reach an objective. Internet research:Internet research is considered the secondary source of research. Sometimes the data collected from the internet can be proved helpful. But sometimes the data can be less helpful. The vague data is found because the research is not focused on the need of the owner. The owner of Hair and Care would have to be sincere while choosing data. He must know which data is relevant and which is not (phillips, 2014). Mind Maps:In this process, the obtained information is visualized with the help of diagrams. Through this process, concepts, tasks can be presented with the connection between concepts and the tasks.As a result, figuring out the flaws will be much easier. Again, the understanding of the concepts and the tasks will be easier. The execution process becomes easier when the concepts and tasks are visualized. To survive, in the long run, Hair and Care would have to go for a strategic approach (Hutchinson, 2016). This process is effective enough for the execution process. Surveys:Survey is a reliable method of the research process. This process allows managing the information from the people directly. Surveys can be conducted by asking questions to the people who will be associated with the business further. Through the survey process, the demand of the customers will be able to measure(Horvath and Forte, 2011). Questionnaires:Some open-ended questions and closed-ended questions are used to get the idea of the target audience. In this process, email is a great way to help. Feasibility studies conducted The feasibility studies will cover four areas they are Service feasibility, market feasibility, organizational feasibility and financial feasibility. 3
Service feasibility:Through this study, appeal and the demand of the business and customers will be evaluated easily. Any business with less demand in the market cannot survive longer. So, the demand for the service needs to be evaluated. Hair and Care are going to give the service of hairdressing, face treatments, body spa, waxing etc. In the market, there is a huge demand for these services. From the perspective of the UK market, there is a huge market of personal care. People of the UK try to add color to their lives with some changes.In the UK there are 8766 beauty salons and an increase of 73% since 2014. Market feasibility:The success of the product or service will decide the market feasibility of this certain product or service. In the UK, there are a huge number of beauty salons. These are running successfully their operations. From this situation, it can be said that there is a demand o this service and the chance of getting success in the market. Organizational feasibility:This is about if the organisation is capable of utilizing their management and resources properly while they are going launch their product or service n the market. To evaluate this feasibility, the values and practices of the values need to be measured of the Hair and Care (Hart, 2021). Also, professional skills need a certain amount of focus. Financial feasibility:To start a business, start-up cash is a necessary factor. The financial performance needs to be assessed to get a comprehensive idea of the business. Start-up funding resources Owner and owner’s family will fund in this project to get profit. Bank will comw forward to get interest from the loan. The raised fund is almost 41000pounds which is enough to start a startup. The amount is determined through research. In the UK, the smallest start up can cause 5000 pounds. To maintain all the operation, the cost of the salon can be around 40000 pounds. SourceAmount Owner Funds20000.00 Bank Loan18000.00 Family Loan3250.00 4
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Total funds raised41250.00 Details of the product/service to be offered In Hair and Care, hairdressing, colouring, styling, waxing and other forms of hair removal. will be available as a form of service (Grey and Antonacopoulou, 2017). Hair and Care will offer nail treatment too. As a beauty salon, facial and skin care treatments will be offered. In the UK market, there is demand for Massage, tanning and other complementary therapy such as aromatherapy. So, these will be available here too. People of the UK focused on their regular lives more. They cannot afford to take care of themselves regular. Hair and Care will offer solutions for these issues. It will offer self-care activities under one roof. People have the desire to look like celebrities in their regular life. So, Hair and Care will be offering some unique and trendy hairstyles as their signature service. ServicePricing HaircutFrom 18.95 pounds Shampoo and haircutFrom 23.00 pounds Wash and blow dryFrom 20.00 pounds Grooming packageFrom 21.00 pounds TreatmentFrom 5.50 pounds Colour packagesFrom 73 pounds 5Ps of Marketing 5ps will be used to define the potential market properly. 5
Products/Services: Hair and Carewill try to provide the best quality of their services. The demand will be met through maximum effort (Gopal, 2009). The services that will be found here are:Haircut, Shampoo and haircut, Wash and blow dry, Grooming package, Treatment, Colour packages etc. Place:The service of the Hair and Care will be available at a convenient place for the target audience. They will find their service in time.Hair and Care will be situated at Clapham, London. Price:The price will be affordable for the target audience of Hair and Care. To decide the price some factors will be considered. These are the cost of the materials, quality of the service, brand position in the market, competition etc.Service list with the price which is discussed above are showing that the price range is starting from an affordable amount. Promotion:While starting a business, promotion is necessary to create awareness about the service among the target audience. Hair and Care will take the help of social media, advertisements, website marketing etc.In social media, the uniqueness of Hair and Care will be presented. People:The people working in Hair and Care will be skilled and confident. They will enjoy their work within Hair and care.As example the assistant manager of Hair and Care has the experience of 3 years working in a renowned salon named Beauty Kulture. The attractiveness of the industry Porter’s renowned five model is discussed below to define the attractiveness of the industry. Supplier power (Low):Supplier’s bargaining power, in this case, is low. The reason behind it is there are a lot of suppliers in the market who will be able to provide similar products. Buyer power (High):Buyers are quite powerful because there is a lot of option.Hair and Care will have to grab the customers with the quality. It might be the unique selling point. (Hart, 2021). Competitive rivalry (High):There is a huge competition for Hair and Care and there are a lot of alternatives in the UK(Horvath and Forte, 2011). 6
The threat of substitution (High):In the UK, there are a lot of beauty salons. Customers can easily go to any beauty salon (Goddard and Melville, 2011). So, Hair and Care will have to consider the high threat of substitution.Alternatives of this hair salon existing in the UK are The Hair Shop, Beauty Kulture, Cute Hair& Beauty Salon etc. The threat for the new entry (High):To start the business of a beauty salon won't be that much costly.So, the threat of new entry for Hair and Care is huge. Anytime anyone can start this business. Vision for the business Hair and Care are trying to target the people of middle earnings. Their mission is to be a customer-centric salon, where customers will be able to get the service according to their demand (Dwyer, 2006).Specific goals of Hair and Care is to serve the children and women of age 18 to 30. Conclusion To be an entrepreneur, confidence is necessary. Without confidence, entrepreneurs might not be able to face the primary challenge while starting a business. The challenges and the opportunities need to be evaluated properly. 7
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