Business for a Beauty and Glamour Saloon †Myassignmenthelp.Com

Question: Explain on Business for a Beauty and Glamour Saloon? Answer: Introducation The aim of this study is to provide a business plan for a startup beauty and glamour saloon, which will start its operation in the city of Cairns of Australia. The saloon will be of Indian and Western style, which will aim to perform its business by targeting the Indian community residing in Cairns. The assignment will provide the marketing plan and the outline of the market research. The operational plan along with the financial plan is also mentioned. Finally, it will highlight the critical risks and threats that are involved with the business along with sufficient risk management techniques. Business Description In the recent years, the beauty and the hair salon industry has evolved to a great extent, which has given wide opportunities of business in this sectors. There are several Indians, who are residing in the Cairns region of Australia. However, at present there is no beauty salon that can offer Indian style of hair cut and beauty service. The people of the Indian community also do not have the opportunity to buy Indian beauty products and cosmetics. The main aim of the Glorious Women Beauty Salon is to provide Indian style of beauty parlor and service to the Indian women living in the society. With all the salons in the region offering only Australian style of beauty salon service, the Indian style of beauty salon will be one of its kinds and it will also be initiated as an experimental basis. The timing of the opening of the business saloon is also perfect as there is a growing demand need among the people about the use of the beauty salon products. The location of the beauty salon will be at the heart of the city which will allow most of the customers to easily access the salon service. The Salon will be built in an area of 400 square feet which will have a relaxing atmosphere for the customers and allowed them to choose the style of their own of hairstyle and other beauty products. The beauticians and hair stylist who will be recruited will have sufficient experience in the respective field. They can provide the customers with valuable assistance needed to make up the hairstyle and also suggest them about the beauty products they need to use to make they look stylish and attractive. The use of HD Makeup has become popular in recent times and in the glorious women beauty salon there will be special professional experts who can provide HD type of makeup. The main specialty of the salon will be to provide Indian and western style of hair style and beauty products. This kind of hairstyle business will be unique in the area as ther e is no beauty salon of Indian category. There also will be wide range of beauty products that will be sold to the customers from the store itself. The customers will also get the opportunity to order the beauty products from online stores as there is a plan to initiate E-Commerce business. Hence it is important for the business to have a well developed website which will help the interested customers to get detailed information about the service and products that are offered by the beauty salon (Fleisher Bensoussan, 2015). The Product or Service The glorious women beauty salon will provide service of Indian and western hairstyle along with other beautician service. All types of beauty products and cosmetics will also be available from the salon that can be used by the customers at their home. The products that will be available from the store will be of exclusive category as there is no Indian beauty salon in the region. The business will also offer online shopping experience to the customers and provide free delivery service of all beauty products and cosmetics. Hair beauty products will also be available which will help to maintain a stylish and healthy hair for the customers (Wagner Hollenbeck, 2014). Company History As it is a startup company presently it has no history of the company. The Industry In the present age the hair and Salon industry is regarded as one of the best opportunity of business. As more people are becoming style conscious about the beauty of the skin and hair the Salon industry in Australia has got the opportunity to expand in new ranges. In Australia the total revenue of the hair and Salon industry is estimated to be almost 5 million dollar which has an annual growth rate of 2% (Jones Anthony, 2016). The industry also provides employment to round 86000 people in Australia. With the emergence of new market and service in the respective industry the beauty and Salon service has seen Rapid expansion in the last 5 years. Both men and women are contributing equally to the success of this industry in the recent times (Martin, 2015). With the advancement of the technology new electronic equipments help the industry to provide new kind of service that are even more attractive to the customers. High valued service such as laser hair removal technique and use of organic cosmetics have helped in the rapid expansion and also improve the business. With the advancement of Technology new kinds of services has also help to attract more number of customers. Competitor Analysis As more number of business organizations is entering the salon and beauty industry there is high level of competition. All the companies are trying to attract the customer with innovative and new kind of beauty products. The glorious women beauty salon will have to face tough competition from the entire reputed and popular sale on brands that are already established in Australia. The lower level of infrastructure of this new salon is one of the main competitive challenges that they have to face in order to survive in the industry. The organization also has to spend significant sum of money in order to match the infrastructure level of other reputed salon. More number of people is making their living and building up the career in beauty and Salon service. There are many professional courses that are introduced in order to provide professional training for providing beauty and salon services. Hence, there is competition at professional level to get the best hair and style expert employed in beauty salon. Industry Trends The main goal of the beauty and Salon industry is to make people feel good about their appearance in public society. It is important for the owner of glorious women beauty salon to know the Trends of the industry that are coming in the recent future. This will help them understand and developed the business plan which is sustainable and also can gain competitive advantage. As the goal of the organization is to provide best and innovative style of Salon service it is essential for them to do research to predict the future trends of the industry and thereby make their business plan accordingly. The growth rate of beauty and Salon industry and the revenue that is earned is expected to rise exponentially at 2.3% per annum. With the introduction of Indian and western style of beauty salon service the glorious women beauty salon is expected to make significant contribution to the rise of revenue within the next few years. Moreover as people are becoming more aware about the style and beauty appearance in the society the chance of business will rise to great extent in the coming years. The introduction of the technology and also its future level of improvement are also expected to be one of the major impacts on the beauty and salon industry. With the application of digital and social media marketing this possible to attract all potential customers and also provide them with detailed information about the price and type of service that are being offered. With the help of the digital media it is also possible to raise the awareness among the people about the importance of maintaining a beautiful style quotient within the society. Competitive Advantage Being one of the new entrants in the market of beauty and Salon industry the glorious salon has the competitive advantage of seeking new customers with their brand new innovative style of business plan. With the introduction of Indian and western style of Salon service which is the first of its kind in the respective area it is possible for the organization to offer unique kind of service and hence attract more number of people. There is high level of awareness about hairstyle and beauty products among the people of Australia which is also one of the major competitive advantages of glorious salon. Market Plan The main objective of a market plan is to provide a blueprint of all advertising and promotional activities that is related with raising the popularity of a business organization. The business target of an organization can be fulfilled with the help of strategies of marketing plan (Hollensen, 2015). It involves all the activities related to raising the brand awareness among the customers. With the help of proper business plan this possible to target all potential customers of an industry. With the help of all the relevant needs it is possible to design an effective market plan for the Glorious Women Beauty salon. Customer Base The customer base is made out of a group of common customers that purchase a particular product or service from a particular type of industry. For all repudiated and big scale industries customer base are the main source of earnings and also raising the brand awareness within the market (McDONALD Brown, 2016,). It also helps to increase the reputation of a business organization within the market and help them to attract new customers. It is important for all startup companies to build a strong customer base and include this element as a major part of marketing plan. For example in the place of glorious women beauty salon it is important for them to form a customer base consisting of all women who highly cautious about their hairstyle and public appearance. The passion among the customers about beauty products and beauty services can be used by the startup company to make up their customer base (Jerath et al., 2016). With the help of strategies of customer base it is possible for a company to decide upon the target group of customers and hence modify the marketing plan accordingly which will help to optimize the sales. In the present days customer base can be found even in virtual world with the rise of social and digital form of marketing. A company can have dedicated web page in all social media platforms where the customers can provide valuable feedback San suggestions for improve the quality of product and service (Satoh Tanaka, 2014). All common type of customers looking for similar service can discuss the pros and cons of a service that is being offered by a company. With the help of policies of customer base it is also possible for a company to establish a healthy relationship with all the clients and thereby ensure that they are able to meet all the needs of the customer with the delivery of high quality service and products. In case of the glorious women beauty salon that customer group can be made from the entire Indian citizen residing in Cairns. With the help of all the Indian and western style of beauty salon service it is possible for them to attract all the Indian residents of the area. With the help of customer base the company can use the technique of word of mouth advertising in order to attract more people in the community of Cairns. It is also important for the company to have an effective customer care service which will help to resolve all issues and also collect valuable feedback from the customers (Jerath et al., 2013). As the hair and beauty salon industry belongs to Commercial sector all the customers in this based group will be in the commercial market category. The company can also try to expand the market by extracting more customers from Australian society and encouraging them to try out a new form of Style. The satisfaction level of the customer can also be predicted with the help of customer base group which can provide valuable feedbacks about the quality of service. The priority and needs of the customer can also be decided with the help of the opinion that are collected from customer base (Tiedemann et al., 2015). Pricing Strategy The pricing strategy is an important component of marketing plan which aims to increase the level of profit for a company. It is also one of the most effective ways that are used by all business organization to attract new customers. The type of pricing strategies that are used by companies depends on the type of the target customers. For example a company which is mainly targeting the economically higher section of the society have premier range of pricing which is a key tool for increasing the reputation and brand value within the market. On the other hand company which are aiming to target the economically middle and weaker section of the society need to use economics pricing strategy which will help to ensure that price of all the products and services are kept at minimum level in order to attract more customers. There is also that type of psychological level of pricing in which companies use attractive looking figures in order to influence the mindset of the customers (Wang et a l., 2016). The pricing technique for market penetration is also one of the effective ways that are used in the marketing plan. This is also one of the effective ways to gain competitive advantage by lowering the price of certain product or service in the market. This kind of marketing strategy is used for companies during the initial period which helps them to increase the level of brand awareness and market reputation (Beracha Seiler, 2014). This price skimming technique is also used by various startup companies in the introductory phase where the lower the price of any particular product or service from all other reputed companies (Hatch Howland, 2015). With the help of this technique all types of small business can make significant impact in the market. However, there is huge risk involved in this type of pricing techniques. The glamour beauty salon for women which is a type of startup can use this kind of pricing technique. However as there is high level of competition using the economic pricing strategy in order to attract the Indian residents Cairns, which can ensure that they are able to target all the middle and weaker section of the society. Moreover, due to limited budget, the economic pricing strategy can be one of the most effective ways to deal with all the customers. As they are introducing new kinds beauty salon service, it is important for them not to make higher level of pricing, which have higher level of risks of facing financial loss. Hence, the use of economic level of pricing strategy will be one of the most effective ways to deal with the customers of the local region of Cairns. Market research It has been identified that in the considered location of Cairns, there is the need for an Indian and Western salon as there no such salon featuring Indian style. After having a thorough market research, it has been identified that currently in the market area of Cairns, there are numerous salons and parlors, most of which feature on cosmetic tattooing, spa, body massage, Eyelash perming, bikini waxing and spray tans (Cooper, 2016). Henceforth, it can be said that the startup business may have the opportunity to flourish in the market with their proposed features. However, it has been also identified that there are three salons are there in the Cairns region, which provides some similar services, which are preferred by the concerned organization Glorious women beauty salon. It is fortunate to denote in this context that, the market of hairdressing and salon service in the entire Australia has been increasing on a fast pace and has expanded vastly in the last five years (Owens, 2016). Therefore, it is easy to assume that the rate of customer demand for the specific service is growing impressively. It has been realized that higher discretionary earning, growing population and rapid emergence of new markets have fueled the growth of the distinct industry in Australia (Owens, 2016). It is to mention in this context that high-priced beauty treatments such as microdermabrasion and increased concern regarding physical beauty have helped the revenue growth of the considered geographical location. In the coming five years, the revenue growth of the chosen industry will supposedly increase by near about $4.8 billion. Nevertheless, it is unexpected that in the current year, the income is projected to be declined by 0.4%. Hence, the present startup company would po ssibly found opportunity as well as threat for their operations (Mzungu et al., 2017). It is a questionable fact that whether the Indian style wedding make up and H.D makeup would be a steady demand for the target market or not. However, it can be said that the organization would probably find demand from the beauty contests shows and western bridal make up as both of them do not included in the conventional industry activities of the particular industry. Operational plan: This section of the business plan proposes the production technique and the way the labor force will be handled and treated in the newly launched beauty salon. Production: For the business of the beauty salon, there will be no need for any kind of production technique and the materials needed for the overall activities of the business could be easily purchased from the major suppliers of beauty products and other necessary equipments. Facilities: For setting up the salon, a shop is required. It should have enough space for different sections of treatment. For instance, there should be separate space foe waxing, facial, hair dressing, spa and other related activities (Ward, 2016). In fact, if the customer wants to have a separate and space for themselves, the same can be given to them as well. Geographic location: The salon is set to be established in Caims, Queensland, Australia. The objective is to target the Indians residing in this region. In addition to this, the salon shall be equally targeting the local residents as well. The salon is for the women only and so the girls and women of age 18 to 50 years and above are the targeted group of consumers for the set business. This includes the college and office goers, socialists and other women of that particular locality. Control system: The quality assurance program is to rely on the products to be used for the customers. The products should all be branded and of the top quality (Magnus et al., 2014). However, the customers could also be given the chance of selecting from a various ranges of products that might differ in some amount, in case if consumers want to use low cost products. Since the major target people are Indian, this would be a good option for the overall business. All kinds of certified products will be used as the beauty products. Labor force: As the aim of this beauty salon is to provide world class facilities to the visitors and give them the best experience. The most important staffs for the salon are the hair dressers. This would include two hair stylists, two barbers and three staffs responsible for the other services like nail, facial and massage technician. In the first year of the inauguration of the Glorious Women Beauty Salon, it would require a receptionist who shall be responsible for greeting the customers and also act as the one who receives payment from the customers. In addition to this, there will be a financial manager as well who shall be responsible for taking care of the overall financial and revenue of the salon. Caims region in Queensland has the availability of these labors easily because there are many existing salons. So there would not be any problem related to hiring and staffing. Staffing: It is expected that the major staffs like the hair stylists and the one responsible for the manicure and pedicure are hired on a full time basis even on contractual forms, but the receptionists and the financial manager would be hired as contract workers. The employees would be paid their salary accordingly (Gully et al., 2014). In addition to this, there should also be the provision for incentives and bonuses as well that would be lucrative enough for the employees to give the best to the organization as per their ability. All the employees can be recruited via recruitment agencies. In the latter stage of the business, employee referral system could also be used as a recruitment policy. Training: When it comes to hiring the financial manager and the receptionists, it is important to hire the experienced people as they would be able to manage the entire business appropriately. When it comes to the other staffs like the hair dressers or stylists, they can be given training before they start their work. For this reason, the plan is to hire a professional expert who shall be responsible for training the staffs (Engel Curran, 2016). The staffs would be hired from professional institutes only. However, in order to train them right and bring out the best in them, it is expected that the staffs would also be trained under the expert for at least 10 days where they would be able to learn on how to handle customers in a professional beauty salon. This training session would be an in-house session only where the trainer would come from a renowned training centre expertise in beauty programs. Financial plan The aim of the following section would be to accomplish a convenient financial plan for the start up organization, named Glorious Women Beauty Salon, which desires to provide satisfaction to customers regarding Bridal make ups in western style, professional H.D make up, make-over and beauty page competitions. Through the following plan, a fruitful assumption regarding the start up cost, profitability, cash reserves, projected income and projected cash flow will be presented. Finally, considering the fact that the concerned organization is a start up one, it is essential to form a harvest strategy; the following section would end up with a convenient harvest strategy. Start up cost It has been identified that the entrepreneurs need to have at least an amount worth of AUS$15,000. It has been realized that, presently the entrepreneurs only have AUS$8,000. Therefore, it is indicative of the fact that the entrepreneur will need to manage the rest from other sources. The entrepreneurs have decided that they will manage near about $7,000 from a commercial bank, which provide loans for start up businesses. It is important to mention in this respect that the entrepreneur has thought about taking loan from the commonwealth bank of Australia, which provides commercial loans for start up businesses. Most importantly, the entrepreneurs have decided to bet the car he/she owns in terms of mortgage. An elaboration of the estimated start up cost is given below Particulars Amount Space (Rented) $3,000 Equipments $2,000 Employees $5,000 Interior decoration $5,000 Total AUS$15,000 Profitability Prior to estimate, whether the present entrepreneur endeavor would be successful or not, it is significant to mention here that the entrepreneur has decided to open up the business, considering the fact that in the considered geographical area, there is no Indian beauty parlor. Henceforth, it can be anticipated that the business may prove fruitful and profitable. However, it should be also considered that the target market of the place might not be looking for offers like the ones, which will be provided by the start up business. The following will give a hint about the profit that is being expected by the present entrepreneur Investment Profit/sales growth Year 1 Profit/sales growth Year 2 Profit/sales growth Year 3 AUS$50,000 0.00% (Break even) 15% - 2,250 AUS$ 25% - AUS$ 3,7500 The above table is indicative of the fact that in the first year, the start up business organization considers having no profit and no loss as the organization is penetrating into the market for the first time. Therefore, it would be appropriate to expect neither loss nor profit. Thereafter, in the second year the entrepreneur is expecting to have a sales growth worth/profitability of 15% and in the third year 25%. Cash reserves It is essential to keep in mind for the entrepreneur that within six month the amount of cash reserve may exceed due to varied emergency circumstances. Therefore, estimation is required in order to understand how much money the entrepreneur should keep in hand to combat with any emergency funding needs. The probable short-term emergency funding needs may be found in areas like technical equipments, employee ground, customer demand and external market environment. The following will give a hint of the estimation Short term emergency situations/Possible liabilities Asset Change in customer demand AUS$1,000 Increased rate of bargaining of the suppliers AUS$3,000 Technical hazards AUS$2,000 Employee issues AUS$1,500 Sudden change in bank interest AUS$2,000 Projected Income Referred to Appendix Projected cash flow Pro forma cash flow 2017 2018 2019 Cash Received Cash from Operations Cash Sales $5000 $6000 $7000 Subtotal Cash From Operations $5000 $6000 $7000 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $0 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $5000 $6000 $7000 Expenditures 2017 2018 2019 Expenditures from Operations $2500 $3000 $3500 Cash Spending $4000 $5000 $6000 Bill Payments $2000 $2500 $3000 Subtotal Spent On Operations $6000 $7500 $9000 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 Principal Repayment of Current Borrowing $0 $0 $0 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 Purchase Other Current Assets $0 $0 $0 Purchase Long-term Assets $0 $0 $0 Dividends $0 $0 $0 Subtotal Cash Spent $6000 $7500 $9000 Net Cash Flow $1000 $1500 $2000 As it has been assumed that the net profit would be $2500 (As per the appendix below), the cash burn rate will be possibly $15000 - $2500 = $12500 Then, the rate will be 83.33% Exit or Harvest strategies As the entrepreneur has decided take loan from a commercial bank, then the harvest strategy would be give interest from the annual net profit. As it has been anticipated that the probable net profit would be $2500, then the harvest strategy of the entrepreneur is to give $1000 in terms of interest to the bank. Critical risks and assumptions As per the reason the concerned organization is a start up enterprise and will penetrate in the business market of beauty and salon for the first time, the organization probably would have to face varied of issues lately. As signified in the financial section, some of the emergency issues, which can take place any time, are market uncertainty, employee issues, and change in customer demand, supplier issue and technical hazards (Valle, 2016). Technical issues In the contemporary era of technology, one of the key success factors has become technology. The customers of Australia has become beauty conscious since they have come to know about the use of high-tech technologies and their positive outcome on beauty and hair treatment activities (Pine, 2016). However, it should be considered that with the implementation of varied technologies, there stay the possibilities of numerous technical hazards such as slip and fall injuries, electrical hazard and inappropriate use of sharp objects (Milich et al., 2017). On the other hand, chemical exposures are another issue that can take place anytime in a beauty salon. Bad customer review It is a possibility that the organization cannot manage to hire professional employee due to lack of financial investment. Without properly trained and experienced employees, the aforementioned chemical exposure or other technical hazards may occur. In terms of consequence, both employees and customers may experience fatal accidents, which would finally bring bad reviews and reputation for the considered organization. Threat of new entrants As per the reason that the organization is penetrating into a market that has high growth potentials, the present organization would possibly face strong rivalry (NGUKU, 2014). Most significantly, the startup organization would have high threat from other start up organizations who want to penetrate into the same market. Low profit As per the reason that the organization is a startup organization, there will be always the risk of having less or zero profit. There is both the possibility to have steady demand or no demand from the target market. Economical crisis Instead of the fact that Australia, the economic growth of the country is 2.4% and cash rate 1.5%, the present organization in future may face economic crisis. Therefore, in that circumstance, the organization may face issues with to provide interest to the commercial bank and could experience huge loss. Conclusion The present paper has designed a business plan for a start up organization that will feature on the Indiana and western style beauty and salon activities. According to the above plan, as per the reason that the organization will penetrate into the market for the first time, therefore the entrepreneur has decided to invest $15000 and has estimated that they would get a net profit of $2500. However, as the entrepreneur has to take a commercial loan from a bank, it has been decided that the organization would provide $1000 to the bank annually in terms of interest. On the other hand, it has been understood that the organization can both find success or failure as currently in the chosen geographic location, there are no such salon that features the attributes those are proposed by the startup organization. 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