small business

Beauty Business Plan Kit Start and develop a profitable hair salon business

Index

● Hair Salon Business Opportunity

● Industry Analysis ● Target Market

● Business Strategy ● Marketing Plan

● Management and Financial Plan

Hair salon business opportunity

A salon industry is one of the simple business to start. Based on recent studies and researches, the hair salon and beauty business is a rising sector in the most parts of the world that year after year grows steadily and is projected to will continue to grow. It is a kind of industry that is estimated to be worth $48 billion USD with a really good expectations of growth, at least 1,4% for the next few years. This industry is a sector that is booming in this particular era, accompanied with the digitalization of the time which allows growth and profitability for this kind of business.

Hair salon and beauty sector

Regularly go to the hairdresser

85% of women

65% of men

Define yours: Write your business opportunity...

Industry analysis

Over the globe the hair salon and beauty industry is one of the major business that has a really high profit earnings. That is because this industry has always consumers willing to consume them. This is a kind of need that people can't do without from his daily habits and that’s the reason for his great profitability.

Industry analysis

It is well known that the beauty industry it is resistant to economic downturns, that’s because is built on the products and services that help us to look good and to be at our best. We all know that it takes a lot of effort to keep us looking at our best, and the use of beauty products are determining factors when we have to prove it. And shows how hair salons and a barber shops rely on 5-15% of their revenue from this kind of products.

$56 billion USD

Industry analysis

Industry that generate

5-15% Part of revenue are from

product sales.

Target market

Customer Estimated market share In the hair salon and beauty sector the principal consumer is basically defined by someone that wants to look good, be at his best and pampered by a professional who will know how to boost his self-esteem.

Will be estimated based on a specific PESTEL Analysis results that will show the market size and trends.

Define

● Political ● Economic ● Social ● Technological ● Environmental ● Legal

Pestel analysis of your market

Define yours: Political

Economic

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Define yours: Social

Technological

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Define yours: Environmental

Legal

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Swot Analysis

Strenghts Weaknesses

ThreatsOpportunities

Business strategy

Short term strategies The business should focus on establishing functional systems. All the main procedures and systems for all the areas should be defined.

Marketing Operations Finance Human Resource

FUNCTIONAL AREAS

Medium term strategies

Customer satisfaction Process efficiency The whole business had to focus on achieving and seeking 100% customer satisfaction. You have to understand all their needs and preferences to exceed their expectations.

The business has to focus on streamlining all the hair salon and beauty services so they could ensure that they are performed timely and efficiently at all times.

Growth The business should be focused on expanding its market and have a vision of growth that will allow the company to expand in the long term.

Long term strategies

Marketing plan

Marketing plan has to have these 3 key points:

Brand identity Brand strategy Customer strategy

Brand strategies

Visibility

In every brand strategy one of the main goals are focused on strengthening the brand's visibility and positioning across different markets to establish a long lasting reputation.

Trust Test Routine

Brand strategies In every brand strategy one of the main goals are focused on strengthening the brand's visibility and positioning across different markets to establish a long lasting reputation.

Visibility Trust It will include strategies which will give the brand important reach and positioning so the store can be recognized. Initiatives like: ● PR ● SEO&SEM ● Social Ads

The aim is to link the brand with other known identities and create engagement with the final user with the aim of achieving security in the service. Actions like: ● Co-branding ● Sponsorships ● Social Media

Brand strategies

Test Routine After the visibility and conviction initiatives which have put the brand at the front of the users minds, catching their attention and winning their trust, the time comes when they will try the service. This step is fundamental. Through: ● Service Offered ● Customer Service ● Customer Visit to a store

The aim of all this business strategy is to get customer recurrence, because this will allow for much more investment in acquisition and recruitment, as customer profit will be high.

The commitment for the beauty business is to give a unique service and to create and develop a clear and defined brand identity that is clear and strong where they are going and what the aim is. This will be clear with:

1. Mission The mission of the business is to allow people to feel good, look good and live good. With a beauty service that will bring happiness in customers life.

2. Vision The main vision is to improve the concept of hair salon and beauty service as we know it and to become an essential service.

3. Brand Mantra The Brand Mantra for this kind of business could be LET PEOPLE LOOK GOOD, FEEL GOOD AND LIVE GOOD.

Brand identity

Define your mission and vision:

write your mission...

write your vision...

Define your motto: write your motto...

write your target audience...

Define your target audience:

Customer strategies This section deals with the elements the company has to keep in mind to attract customers and advertise the Beauty Salon. The customer will become a recurrent customer if he will have a good experience with the store. It is important to emphasize the key differences our store has over other hair salons options. We will get that with:

Digital and offline actions A good digital performance to get brand positioning and increase its visibility. But none of these actions will have an effect on the physical salons if they don't perform offline actions. Hyperlocal actions which provide the necessary visibility for the customers coming to the Salon.

Acquisition strategies It's important to carry out these actions so that the Hair Salon secures customers and becomes profitable.

● Distributing Discounts with Promoters: To get this kind of collaboration with a Promoter, it is advisable to analyze the area and see if there are any Promoter with which is possible collaborate. Promoters are very useful to get new customers as they act as prescribers of the service using discounts or flyers provided by the Salon.

● Cross Promotions with Other Establishments: This is an initiative that allow the company to collaborate with other businesses in order to publicize our services. Some kind of business that are frequented by the same target audience with is possible do this are bars, restaurants, cafés, etc.

● Flyer distribution: These kind of actions are one of the most powerful tools to use. It is a hyperlocal, offline marketing tactic and its success is guaranteed, as well as being proportional to the invested resources.

● Poster Placement: Put some posters about the store can be a very useful action to inform the potential customers. It is advisable to have them in every place or businesses with a lot of visibility (libraries; hospitals; etc.).

Management and financial plan

An organizational structure of the business is just a simple hierarchy of the business defining the positions of employees in the company. This structure will help by telling the reporting system of the company.

ACCOUNTANT and EMPLOYEE(S)

SUPERVISOR

OWNER

Organizational chart

3

2

1

Define your own chart

This section has to include every regular expense, expected future expenses, and associated expenses.

The financial plan is the task that will determine how the hair salon and beauty business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. And at least must be composed of 6 elements:

1. Sales Forecasting Is how the company has to estimate of the sales revenue for every month, quarter and year.

3. Statement of Financial Position The financial position on the balance sheet will offer a more complete view of the business's health than a profit and loss statement or a cash flow report.

2. Expense Outlay

Financial plan

A break-even analysis can tell your business how many units need to sell at various price points to cover the costs.

4. Cash Flow Projection Is where will predict the cash flow on a monthly, quarter and annual basis.

6. Operations Plan To be able to understand how to run the business as efficiently as possible will be necessary to understand what roles are required to operate the whole company. It's important to control every expense to get a healthy and propitious growth.

5. Break-Even Analysis

For a successful hair salon and beauty business, it is necessary to get proper knowledge and skills in managing the entire business. The owners should take care of the company taking a personal interest in all the activities staying updated the whole time. And in order to adapt and prevent some risks that the business could face anytime should take suitable measures to eliminate or minimize them.

Conclusion and recommendation

Discover Beauty Jeff Franchise Company

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