Barbershop Opportunity Analysis Plan Draft Tom mutunga only

Barbershop Market Research

Brief Introduction

When starting a new business, it is important to carry out a market research of the business one intends to venture into. Conducting a market research enables one to determine how viable the idea is, and will also make it possible to convince creditors who one maybe looking up to for startup capital. After starting the business, it is also advisable to conduct regular market research so as to be able to understand changes in the market (Gunn, 2013).

In this case we conduct a market research of a barber shop. The objective is to try to see the size of our target market, competitors, and see if it would be possible to make a profit. This is what will make the difference between building a successful business, and one that will fail. The main aim is to build a barber shop business that will be liked and trusted by the clients in the community, in addition to making profits (Gunn, 2013).

Description of Industry/Economic Sector

The barber shop industry is one that thrives even when economic times are hard. It does not suffer when recession takes place.

In a Census data that was conducted between 2007, when recession hit, and 2009, results showed that the number of barbershops in Maryland increased by 11%. There was an increase of 18.6% in the number of barbershops in 2009 that in 2007 nationwide. Barbering is on the rise, something that is seen even in the increase in enrolment in schools of the people taking the exam to get licensing. This is mostly attributed to by the desire to look and feel good even during bad times (Jones, 2011).

The objective of a modern day barbershop is to offer a gentlemen setting of relaxation, a place where men can sit back, relax and experience a wide range of male grooming services, with an aim of having an adult professional and urban market and a discerning customer base that will add tremendous value to the local community, while offering a wide range of world-class services (Jones, 2011).

Evaluation of the Target Market

From the research, we come to learn that most barber shops are located in urban areas and small towns. Having a good marketing strategy can enable the business to identify potential customers and offer appropriate services to them. For example, in a small town with a large student population, any marketing activity targeting this group of customers should mostly be concerned with the value for money service the shop can offer. Students will most likely consider the price of the haircut first (McBride, 2012).

Once the strategy is complete, the next activity will be to ensure gets information about the services being offered. This can be done by through advertisements, conducting promotions, networking, or through advertising on the internet.

To be able to attract maintain customers, there is need to emphasize on quality and originality of service given. The staff should be well trained in customer service to be able to meet the expectations of the client. The shop must also provide the clients an atmosphere that is pampering and soothing, a relaxing experience from the everyday pressure of their lives. There is need to focus on earning the trust of the customers, by providing services and also by helping the clients progress by adopting a balanced and healthy lifestyle (McBride, 2012).

Company Overview

The Mayfair barbershop will be a world-class gentleman’s barber shop that will be dedicated to providing haircuts that are new in the market, and grooming services in an enjoyable, relaxing atmosphere at an affordable price. With its location in Houston area, it has a very high potential of growth due to the increasing number of people moving into the town.

The objective is to make it a haven that will be liked and trusted by the clients in the community, where they can come to relax, restore their energy, link up with friends, in addition to making profits (McBride, 2012).

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