tips for my business plan
(1.a)As an entrepreneur who is ready to start up a small business, I should have a business plan to manage my business. Below are tips for my business plan: my business name will be Canvas Beauty Salon. This salon will be located in the town of Medina in Saudi Arabia. The email address of my business will be:
Building Address: Wickliffe Street, Riyadh 349484, Saudi Arabia
Postal Address: PO Box, 10289449-0008, Saudi Arabia
Telephone Number: (1) 489 898/356668
Website: www.canvas.go.ke
(2.a) The main services that Canvas beauty salon will be offering to its clients include hairdressing, manicure, pedicure, and nail art. Other services include blow drying, conditioning, hair coloring, and hairstyling.
The mission statement of Canvas Beauty Salon will be to offer our customers an outstanding salon service and creating a cool environment for them where they can express their hairstyles, which makes them feel beautiful every day. On the other hand, there are goals and objectives which I have set for my beauty salon. These goals include:
Increasing profits: the goal of making a profit needs a lot of sacrifices. As the owner of my business, I need to limit the expenses and increase the bottom line to make more money. To obtain this goal, I need to have a few precise objectives, such as getting fifteen new clients every month and lowering my monthly utility bills.
Another goal is to have client retention: To obtain this goal, my salon should be offering good services to the customers to come back from time to time. It is also good to offer a discount for those clients who may refer their friends to my beauty salon.
Employee Retention:
it is important to retain and treat your employees positively, just like the way you treat your clients. The quality of my business will depend on how I will treat my employees. Motivating my employees will make my business grow at a very high rate and produce quality services for my clients. Employees can be motivated in many ways. For example, in my upcoming business, I can motivate my employees by offering training programs for the new workers, offer a day off for all workers, and create regular meetings with my employees to discuss their complaints together.
High quality: As a beauty salon owner, I would advise my employees to be offering the highest quality hair services in that area. The objective of reaching this goal is by purchasing top quality hair products and tools and hire the well-trained workers to handle my clients.
Efficiency: this goal is very important in every business. For example, in my business, I should ensure that my hair salon truck is wide open even in late hours to take care of more clients by the course of the day.
(2.b) the most important thing that will make me happy about my salon business is that I will advance my career. Also, owning my salon will be seemingly a natural transition in my life. To maintain my business positively, I will establish the method of advertising my business to the public.
Most people whom I will target in my business are ladies. In this case, I will create an Instagram and Facebook account where I will post my clients’ pictures before and after the treatment to show people the amazing job my employees have performed on the hair and makeup. Since my business will be a growing industry, I will make an effort to sell my products online using different websites.
By using these marketing strategies, I will be able to make more profit in my business.
When creating a business plan, of course, it must have your future strengths and core competencies. As for my salon business, there are factors that will make my business succeed. For example, when setting up a business, a job’s location always plays a big role in increasing costs and revenues.
So, in this case, I will ensure my business is located on a convenient site where there is a customer flow. Also, having a well-trained team in my salon will play a big role in ensuring that the clients have received the best services and make my business succeed. My business will be a sole proprietorship. I chose to be a sole proprietor in my business because I will keep all the profits to myself without sharing it with anybody. Another reason is, I will be having total control of my business. If anything bad happens to my business, all the blame will be on me. Being a sole proprietor in my firm, I should be ready to compete with my competitors. I should ensure that my salon remains unique compared to other beauty salons in that area. I will need to investigate my competitor’s brand images, services, customer relations, and overall look in their salons. So, to compete in this, I need to offer better services than them and do it differently.
(3.a) We all know that beauty companies have grown at a very wide range in a way that it can be hard to keep track of the products that are available.
The main products and services that Canvas Beauty Salon will be offering include the following:
Hairstyling
Nail treatment
Massage
Hair coloring and styling
Facial and skincare treatments
Tanning
Hair Waxing etc.
(b) There are factors that will give my business a competitive advantage.
Some of them include:
Business knowledge- my salon will have a competitive advantage by having employees who have enough business knowledge and skills. Through these skills, my salon will be unique from others by providing quality services to my clients. Revenue production is another factor that will give my business a competitive advantage. In this case, the stylist should keep in mind that their competitiveness and the salon itself are inseparable. The stylist should work at their best, the salon should make a profit, and later, the salon should reinvest and get enough money to employ the stylists.
In conclusion, when Canvas Beauty Salon follows the above procedure of a business plan, it will run successfully, and the work will flow naturally without limits.