Small Buisness Management Paper

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SMALL BUSINESS MANAGEMENT 6

Small Business Management

Student Name

Institution Affiliation

Professor

Date

Small Business Management

Conduct a Feasibility Analysis in Which You Research: Industry and Market Feasibility, Product or Service Feasibility, Financial Feasibility, and Entrepreneurial Readiness

Feasibility analysis entails measuring the stability and effectiveness of a proposed framework that is mainly used in taking care of various issues. It also exploits some of the open doors recognized amid scope definitions and how it carries out the fulfillment exercise in the prerequisites that get distinguished during periods of necessity investigations of framework improvement.

One of the remarkable businesses that I’m set to start is a beauty bar that mainly deals with the provision of child care and caters to men (Eliyana et al., 2020). This business would be situated in the downturn side of Washington DC where many tourists and businesses are flourishing and I believe it would bring good returns.

The reason for selecting this business idea is the fact that I have a strong belief that entirely all people needs and desire to be catered to, despite gender (Saluja, 2020). Furthermore, I felt that most parents tend to put their needs on the backburner because they fail to get anyone to take care of their children while they are busily engaged with other things to do, such as pampering themselves among other things which are why my beauty bar is set to provide childcare at zero costs.

The target market for my small business involves individuals with children and those staying in the downtown part of Washington DC. Despite other beauty bars being in existence, my beauty bar will be the only sole provider of services to both childcare and men only (Eliyana et al., 2020). However, some of the potential challenges and setbacks that my business tends to face include that it is not a chain of businesses and some tourists would only enjoy our services when they get accessed to town. Furthermore, the parent may not need childcare services when schools are in session hence making the business slightly slow during the normal school calendar. On the other hand, men will have an access to the barbershop and cigar bar inside my beasty bar (Saluja, 2020). The challenge that will come with the men will be the fact that most men are loyal to their barber and they might fail or neglect to take the chance and try out my new barber.

The first question that could come to my mind was if my business tends to make sense, the answer was a proud yes all the time because the beauty industry is quite lucrative and not all businesses provide services of taking care of both men and women. Furthermore, upon conducting intensive and extensive research, I concluded that there were no beauty bars that provided childcare services (Saluja, 2020). The main objective of this beauty bar was to solve problems that parents face when trying to find someone to watch their children or parents to deep into their pockets for hiring a babysitter. The best time to start this business is during the spring season because, at this time, most students tend to have a break from schools and this tends to give parents a little time to themselves.

Launching the business was quite costly since I had to locate a building that was potentially big enough to be subdivided into a spa, hair salon, nail salon, barbershop, and housing children (Saluja, 2020). Furthermore, I have an obligation of looking for potential investors that would grant me a business loan to fund my business. I’m yet to make a remarkable profit from the unique location and the anticipated foot traffic that I am predicting for my business. The business loan will then be cleared within the first year when the beauty bar will get opened.

Noteworthy, the entrepreneurship readiness entails entrepreneurs who are prepared to run their business enterprises. Being a newbie in the business sector, I would make sure I look for a profound solid business plan to help me run my business. Some other activities that I’m obligated to do entail conducting research, develop a budget, and look for a well-versed lawyer to help me handle many legal responsibilities (Saluja, 2020). There fails to be the right time to start a business therefore tending to wait for the right time might make a person miss the shot. It is therefore significant that I study an array of techniques that incorporate new strategies to stay afloat of the game and on top of various changes and innovations that we as business people tend to experience.

Based On Your Assessment, Does The Business Idea Need To Be Modified, Changed Significantly, Or Abandoned? (Note: If You Abandon The Business Idea, Then You Will Need To Select And Analyze A New Business That Has Profit Potential.

I have a strong belief that my business idea is steady and fine. Some of the few modifications that I might consider are the location because my business needs more foot traffic especially near a shopping center or a shopping mall (Eliyana et al., 2020). The area surrounding the business needs to be attractive, safe, and well lit. There should also be the presence of other business enterprises around because they can generate the business as they attract various customers to their doors. Furthermore, locating the business next to a highway or a bypass will enable people to identify the business premise with ease especially the local people who are the potential returning customers as opposed to tourists who tend to pay a visit to the business premise when they come to town (Saluja, 2020).

The local customers who are in most cases the returning customers are very beneficial I will create a good rapport with them (Eliyana et al., 2020). They will respond positively by recommending their friends and family members about my beauty bar and they will seek to come to find out the lucrative services that we offer.

I have a strong belief that having the right plan, people in place, and the right budget will enable the beauty bar to be successful. The beauty bar is both a lucrative and feasible business and I’m set to make an extraordinary profit from it. My long term plan is to expand my business to other locations so that many people can experience the great service that I provide them.

References

Eliyana, A., Mashud, M., Sridadi, A. R., Sunarsono, R. J., &Pradikta, E. S. (2020, February). Small Industry Resolution Growth Through the Readiness for Using Android Technology in the Industrial Revolution 4.0. In 3rd Global Conference On Business, Management, and Entrepreneurship (GCBME 2018) (pp. 153-157). Atlantis Press.

Saluja, H. (2020). Feasibility Analysis of Maternity Package Business in India.