Hair And Beauty Salon Business Plan
There is a need for a full-service beauty salon dedicated to providing high customer satisfaction by rendering excellent service, quality products, and an enjoyable atmosphere at an acceptable price/value relationship.
Solution
We plan to supply services and products that enhance our clients’ physical appearance and mental relaxation.
Market
We will target fashion-conscious clients with disposable income. Our clients are mostly women, but we will include men who fit the criteria as well.
Competition
There are salons like ours, mainly in high-income areas. We don’t intend to compete with these "Day Spas" but offer a middle ground for clients who can’t afford luxury salons.
Why Us?
Trend Setters will sell a wide range of beauty services and products. We will provide quality hair, nail, and skin services, along with top lines of beauty products. What will set Trend Setters apart is our commitment to providing all these services in one convenient location.
Expectations
Forecast
The forecast shows small profits leveling out in the third year, which we believe is realistic. We will monitor actual results monthly and revise the forecast as necessary.
Financial Highlights by Year
Financing Needed
We plan on needing $60K owner’s investment and getting a $50K vendor financing to purchase equipment. Starting costs include a $50K cash cushion, $9K starting expenses before launch, and $53K tangible assets at launch.
Opportunity
Problem & Solution
There is a demand for high fashion haircuts, manicures, and pedicures at reasonable prices. Men and women should not need to sacrifice their essentials to feel good about themselves. Trend Setters is a full-service beauty salon dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products, and an enjoyable atmosphere at a reasonable price/value relationship. We will also maintain a friendly, fair, and creative work environment, respecting diversity, ideas, and hard work.
Market Size & Segments
Our target market is our town, middle class, mostly women, including moms, working moms, and singles. We know this market well and are comfortable with market prospects. With proper execution, customers will come as we bring in our beauticians and barbers.
Competition
Current Alternatives
We’re well aware of a lot of competition, existing salons, all over town. We are not going to compete with expensive spa salons or less fashionable strip mall and in-home options. We intend to bring in loyal customers because we are good people, easy to work with, good at what we do, friendly, and helpful.
Our Advantages
Trend Setters wants to set itself apart from other beauty salons that may offer only one or two types of services. Although focusing on hair services, we will offer the convenience of other services in one location. We will offer a relaxed atmosphere where clients can be pampered, with soft drinks and televisions in the waiting and hair-drying area.
Keys to Success
The keys to success in our business are location, environment, convenience, and reputation for providing superior personal service.
Execution
Marketing & Sales
We anticipate regular social media presence on Facebook and Twitter. Our experience has shown that social media is the best advertising for this type of business. We will run specials occasionally and ask clients for social media referrals, rewarding them with discounted or free services. We will also offer discounts to new referred clients.
Sales Plan
We expect income to increase steadily over the next three years as the salon’s reputation becomes apparent to the general public. Second-year revenues also anticipate the addition of one new stylist.
Operations
Locations & Facilities
The salon will be located in a retail strip mall at 1234 Stylish Road, MyTown. It will utilize 1,540 square feet. The location is strategically situated on one of the busiest streets in MyTown, with easy access from all parts of town.
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