The Shades – Hair and Beauty Salon Business Plan
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Added on 2020-01-15
The Shades – Hair and Beauty Salon Business Plan
Added on 2020-01-15
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The Shades – Hair and Beauty SalonBusiness Plan
TABLE OF CONTENTChapter 1 Introduction.....................................................................................................................61.1 Background ...........................................................................................................................61.2 Scenario chosen ....................................................................................................................61.3 The Business Opportunity ....................................................................................................7Rational behind the business idea ......................................................................................7Significance of the research ...............................................................................................7Target market, customer and accessibility .........................................................................8Business Model ..................................................................................................................81.4 Timescale ..............................................................................................................................81.5 Structure of Work .................................................................................................................9CHAPTER 2- – Business Opportunity and Concept ....................................................................11Business idea .............................................................................................................................11Mission.......................................................................................................................................11Vision.........................................................................................................................................11Analysis of mission and vision statement .................................................................................11Products and services.................................................................................................................12Positioning.................................................................................................................................12Scale and growth anticipation....................................................................................................13Business model..........................................................................................................................13Chapter 3: Feasibility.....................................................................................................................143.1 Research Methodology............................................................................................................143.1.1 Define Research problem..................................................................................................143.1.2 Design for Market Research.............................................................................................143.1.3 Information types and sources that are required...............................................................15
3.1.4 Proposed Methods of Data Analysis.................................................................................153.1.5 Formulation of Findings...................................................................................................163.2 Market research and product services......................................................................................16Type of research design.............................................................................................................16Market segmentation..................................................................................................................16Identification of product and service.........................................................................................17Gap in the market.......................................................................................................................173.3 Industry/market analysis..........................................................................................................173.3.1 Porter’s five forces............................................................................................................173.3.2 Product life cycle of Beauty Salon...................................................................................183.4 Organization feasibility............................................................................................................193.5 Financial Feasibility.................................................................................................................213.5.2 Project funding..................................................................................................................213.5.3 Sales forecast....................................................................................................................223.5.3 Cash flow projections.......................................................................................................223.5.4 Profit and loss projections.................................................................................................223.5.5 Break even analysis..........................................................................................................233.5.6 Risk Evaluation.................................................................................................................233.6 Resource requirement evaluation.............................................................................................23CHAPTER 4..................................................................................................................................25STRATEGIC ANALYSIS AND BUSINESS MODELS .............................................................254.1 Strategic analysis of business idea...........................................................................................25Value chain analysis..................................................................................................................25SWOT analysis..........................................................................................................................254.2 Sources of competitive advantage and sustainability..............................................................27
SWOT Analysis.........................................................................................................................27VRIO evaluation of sustainability of competitive advantage....................................................284.3 Concepts in strategy.................................................................................................................29Ansoff matrix.............................................................................................................................29Mc Kinsey 7S framework..........................................................................................................29Porter’s Generic Strategies........................................................................................................314.4 Business model........................................................................................................................32Business Canvas Model.............................................................................................................32CHPATER 5 ................................................................................................................................34BUSINESS PLAN REVIEW.........................................................................................................345.1 Overall assessment of business plan........................................................................................345.1.2 Legal issues.......................................................................................................................345.1.3 Financial Requirement......................................................................................................35Project funding...........................................................................................................................35Sales forecast.............................................................................................................................36Income Statement......................................................................................................................36Cash flow statement...................................................................................................................36Break Even Analysis..................................................................................................................375.1.4 Risk issues.........................................................................................................................385.1.5 Marketing matters.............................................................................................................395.1.6 Organisation feasibility.....................................................................................................395.1.7 Overall resources sufficiency............................................................................................405.2 Proposed plan of action............................................................................................................415.3 Discussion on critical success and failure factors....................................................................42REFLECTION PART ...................................................................................................................44
REFERENCES..............................................................................................................................52APPENDIX....................................................................................................................................54Total fund required....................................................................................................................54Sales forecast.............................................................................................................................54Income Statement......................................................................................................................54Cash flow statement...................................................................................................................54Break Even Analysis..................................................................................................................55
Title - The Shades – Hair and Beauty Salon Business PlanChapter 1 Introduction1.1 Background Before going out somewhere, people have the tendency to get into personalizedbeautification ritual. It makes their appearance beautiful and shining in front of others. By seeingthis tendency into consideration, the demand for beauty and care services have increasedsignificantly. The beauty industry has been expanding over decades in dramatic manner. It alsooffers wide range of opportunities for many new entrepreneurs. The opportunities are openbecause people are always concerned about their looks within the society. They want theirphysical appearance to be reflected in good manner. Hence starting a hair and beauty salon in thepresent scenario can be a feasible option. This business development proposal is about opening abeauty salon named the Shades. It will be a full time service business positioned in London. Themission will be to provide high quality services which enhances the physical appearance andmental relaxation of the people. Hair, nails and skincare will be the main area of services. It hasbeen noticed that beauty industry has been favourable to several entrepreneurs. Consumes areshowing their more willingness to shop around in order to avail the best treatment deals. It isexpected that the Shades will be able to live up to the beauty expectations of the consumers. 1.2 Scenario chosen In order to develop a business development proposal, author has the option to selectiondifference scenarios. These are as follows:a new company start up as an entrepreneur Your own company as an existing company owner Your current employing organization A commercial or not-for-profit organization From the above available scenarios, “A New Company Start-Up as an Entrepreneur” hasbeen selected for the development of this project. Selection this scenario is always a difficultprocess for the researchers because everything is initiated from the zero level. However theprocess is quite intellectual and informative. It requires collection of information regarding theindustry under which the proposed project has been set. It will help in utilizing the knowledge6
and assist in understanding the market situation of the desired business. The proposed businesshas the potential to achieve the expected goals and objectives of the new venture. About the venture The Shades is a full service hair and beauty salon, offering excellent service, qualityproducts and a great atmosphere for males and females. The salon is positioned in London. Themission of the business is to supply high quality services which enhances the physicalappearance and mental relaxation of the people. The Shades will offer its clients a very pleasantand intriguing environment. Focus will be on gaining the customer loyalty so that people cancome to the door of the Shades again and again. There will be no compromise with the quality ofthe cosmetics that will be used. Hair, nails and skincare will be the main area of services.Telephone and online booking facility will be given to the customers for their convenience. It isexpected that the Shades will be able to achieve its goals and objectives.1.3 The Business Opportunity Rational behind the business idea Every business concept is backed up with a suitable rationale. Having an MBA degree, itwas always the author’s dream to have his own venture. However before taking this step, he hasworked in the cosmetics industry for 5 years. He is quite familiar with the beauty and salonindustry as he was dealing with these kind of products only. At the starting there was no plan tostart a new venture like this but gradually the things started developing. He increased histhinking and knowledge in these areas. After performing a high level of research, he came to aconclusion that he will be opening a beauty salon for the customers. It is evident from the factthat number of salons and beauty shops are increasing day by day. The customers are alwaysready to invest on their physical appearance. The demand for these services is also increasingday by day. The proposed business idea sound a viable opportunity for the entrepreneur.Relevant goals and objectives have been established with regard to the Shades. It is expected thatthe new venture will be able to establish its remarkable presence in the hair and beauty industry. Significance of the research Every research is performed with an appropriate significance. The following is a businessdevelopment proposal about opening a hair and beauty salon in the Barbican Centre of London.The significance of this study is that it will be an inspirational work for several entrepreneurs.7
The readers will be able to avail vast amount of strategic knowledge and information. Severalcritical business areas will be scanned which are crucial from investigation point of view. Thehair and beauty industry of UK will be scanned in appropriate manner. Various opportunitiesavailable in the market will be identified. Further it can be an inspirational work for otherresearchers who desires to perform research about the following subject. Various strategicmodels will be applied to see whether the business idea is feasible or not. Target market, customer and accessibility It is important to access the target market. The Shades is positioned in Barbican Centre ofLondon. The target market will be the upper middle class urban people who are really concernedabout their physical appearance. Hair, nails and skincare will be the main area of services. Itincludes students, college goings, urban professionals etc. Services will be available for bothmales as well as females. The beauty salon will be placed in the middle of the town and will havehigh level of accessibility. It will serve customers from nearby residential areas. The targetmarket is feasible and it is expected that it will help in achieving the desired goals and objectives.Business Model The Shades will be operating on the basis of brick and mortar model. However online andtelephone portals are also available for bookings. It will be a high class hair and beauty salongiving excellent services, quality products and a great atmosphere. The clients will be offered avery pleasant and intriguing environment. There will be a use of high quality cosmetics. Thesalon will open at 9 am in the morning and will closed at 9 pm in the evening. 1.4 Timescale ACTIVITY/WEEK123456789101112Identified the problem Systematic analysis to choose the topic for the studyChose the research Conduct strategic review for secondary data collectionSet the objectives8
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