Entrepreneurship and Business Plan Report
Added on 2020-04-07
21 Pages3617 Words314 Views
Running Head: EntrepreneurshipNEW LOOK Entrepreneurship
Entrepreneurship 1Executive Summary Under this report, business plan will be discussed of a new venture. According to numerous business experts, business plan plays crucial role in enhancing the organization’s growth and in its success. Before commencement of any business, planning is must. Business planning helps the business owner to analyse the factors present in the business environment which may affect the business performance either in positive or in negative manner. This report will prove the significance of the business plan in relation with the salon business in the United States of America. “New Look Salon” will be the name of the business and this business idea is invented by an entrepreneur in America. Due to lack of finance, business is being started with a small capital and at small level. Initially, salon services will be provided to 5-7 customers at once. The basic idea behind the invention of the salon business at small level is providing adequate salon related services to the medium class people. Due to less-income, various people cannot afford to avail the salon services and they manage to get it in their homes only. But New Look salon services’ main motive is to provide salon services to the middle class people at affordable rates. Apart from the affordable rates, New Look salon has also developed the motive of providing qualitative services to its consumers. Due to start-up, this motive will be practiced very sincerely in order to gain the adequate number of customers. As a small business enterprise, adequate set of promotional and the advertisement strategies will be adopted which could help the organization to gain the sufficient number of customers.
Entrepreneurship 2Table of ContentsIntroduction......................................................................................................................................3Vision and Mission of the New Look Salon....................................................................................4Business and industry profile...........................................................................................................5Business strategy.............................................................................................................................6Products and Services......................................................................................................................7Marketing Strategy..........................................................................................................................8Location and Layout........................................................................................................................9Competitor Analysis......................................................................................................................10Description of the Management team............................................................................................11Plan of Operations.........................................................................................................................12Financial Forecast..........................................................................................................................13Loan or Investment Proposal.........................................................................................................14Conclusion.....................................................................................................................................15Appendices....................................................................................................................................16References......................................................................................................................................17
Entrepreneurship 3IntroductionThe idea which is invented to introduce a new business in the market is known as business plan. This is the official term and under this term various processes are included such as planning, forecasting, raising funds, opting advertisement and promotional techniques, etc. Apart from these components, business plan also includes the goals and the objectives set up by the management of the organization. Under this report, New Look Salon’s business plan will be discussed which will be introduced in the New York City of United States of America. Due to the prime location of this city, organization has planned to adopt various strategies through which all the tasks of new business could be could be executed in an appropriate manner. The major objective of the organization is to provide adequate salon services to the medium class people whose earnings are not enough to consume salon services. Hence, the prices of the services offered under New Look Salon will be set in relevance with the medium level income group.
Entrepreneurship 4Vision and Mission of the New Look SalonEvery organization develops their goals and the objectives to survive in the dynamic business environment. The basic motive behind developing these goals is that, organization set targets for them to reach to the targets in a particular period of time and if those targets are achieved adequately within the set time period then it will be marked as successful organization. Apart from this, every organization set ups their business with an assumption of long run survival and this assumption is also included in the mission of the organization (Lee, Barker & Mouasher, 2013).The same missions are being developed by the management of the New Look Salon. While their some objectives and goals differ from general organizations, rather operating for profits, New Look Salon has decided to provide experience of salon services to the people who generally do not opt for salon. Despite being this motive, organization needs to adopt an effective pricing strategy through which organization could be able to recover its cost of production as well as the other expenses of the salon because operating the functionalities in the New York City are very expensive (Compact, 2015).Apart from these missions, salon’s management has also invented various ways through which those missions could be easily achieved. While developing the visions in order to meet with the mission set up by the management of the New Look Salon, appropriate actions are being taken. Company sets vision in order to achieve the future objectives and it is set up from the perception of achieving adequate growth. It is a road map through which organization could reach to the desired destination set up by the management of the New Look Salon (Yoon, Lee & Chang, 2017).
Entrepreneurship 5Business and industry profileThe major activity of a salon is hairdressing services, make-up, cosmetic services and massage and therapy services. These services can be consumed by ladies as well as by men. Under this industry, organization needs to provide adequate training to its staff members in order to deliver the adequate services to its consumers. As this industry serves the services in relevance with the human body and a small mistake could harm them. Hence, training measures and using quality materials are very crucial aspect of this industry. Appointment of the staff is also done on the basis of knowledge of the candidate in relevance with the salon services. Qualification does not impact much on these types of jobs but talent plays important role. For every part of the body, specialist is appointed and amongst them, hair stylist, skin specialist, etc. person are appointed inorder to provide adequate types of services which are offered under a salon. New Look Salon will not be able to appoint separate person for all every unique service. But they can appoint an experienced candidate who should be capable enough to serve the consumers with adequate type of services (Martin, 2015).
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