Final Business Plan

Cosmetics Booth Business

Heather Taylor

Kaplan

MT499: Bachelors Capstone in Management-peregrine

Prof:  Angie Sokol

July 8, 2016

Cosmetics Booth Business

Numerous people in the contemporary world are conscious of their looks as has been throughout time. However, given the daily routines and tight schedules individuals especially in the corporate world both women and men are faced with; the time to make themselves look and smell good is limited. Most of these people especially women will forget they makeups and other materials used to ensure they look good. Consequently, they will become stranded just when they are about to enter their offices. On the other hand, some men are accustomed to increased sweating and thus usually use cologne before going to their workplaces. In other occasions, both men and women will leave their jobs late and will require going directly to their dates. Therefore, it is essential for them not only to look and smell good because they are the corporate face of their business or their workplaces but also in their personal lives immediately after work. In this manner, setting up a cosmetic booth around busy corporate areas is an excellent business idea. This study will determine the business type, vision and mission as well as create the structure and management applied in the firm. Additionally, the study will also evaluate the role structure, administration and leadership foundation created.

Business Type, Vision, and Mission

It is critical to consider the number of owners to determine the type of business. In this case, the cosmetic booth business is small and is intended to be owned a single person. Further, the profit from the enterprise is expected to be pocketed by a single individual. In this regard, the business type is a sole proprietorship which will be retailing cosmetics and providing simple makeup services. The vision of the Cosmetics Booth business is to draw customers from all the professionals and workers in the various corporations within the enterprise locality to ensure they feel and look good before and after getting to their workplaces. The mission statement is: the Cosmetic Booth is an initiative devoted towards ascertaining workers with busy routines and tight schedules look good at their workplaces. The mission of the enterprise is affordable to provide all the essential cosmetics item for men and women as well as the different other simple makeup services.

Structure and Management

Structure

The Cosmetic Booth enterprise is a sole proprietorship. A sole proprietorship business structure is most straightforward and typical (Bartlett, 2013). The business is an unincorporated enterprise possessed and administered by a single person with there being no differences amid the business and the owner. As the proprietor of the Cosmetic Booth business, I am entitled to all the benefits emanating from the business and at the same time responsible for the paying deficits, debts, and liabilities. Having come up with the firm name as Cosmetic Booth business, I will acquire a license to be able to operate legally. Further, as the sole proprietor, I will have the complete control of the enterprise including making all the decisions, recruiting employees and executing all the other activities relating to the business. Also, as the sole proprietor, I will be charged with determining the kind of activities the enterprise engages in including determining its growth or reduction.

Management

The sole proprietor of a firm has complete control and thus the manager of the business. The sole proprietor administers all activities ranging from finance issues to training the workers. Management in a sole proprietorship entails filling the paperwork. While commencing the business, it is legally required for the sole proprietor to some paperwork with the local and state authorities. This paperwork may include listing the enterprise name with the country clerk. Further, based on the line of work a business permit is a compulsory which in this case as the sole proprietor it will be necessary to acquire a license from FDA (Gamble, Peteraf & Thompson, 2015). The next management activity for a sole proprietorship is raising capital. The manager will raise capital through the mechanism such as personal savings or getting bank credits. The next management undertaking for a sole proprietor is the daily operations of the enterprise. Lastly, the sole proprietor is also charged with the financing exertions of the enterprises which include paying the suppliers, reimbursing the creditors, remunerating workers and paying taxes accordingly.

Role of Structure, Management, and Leadership

The role of structure in a sole proprietorship business is to guide the owner on the legal requirement of the enterprise. For instance, with the familiarity of the of the sole proprietorship structure, the entrepreneur can make various decisions, for example, the sourcing of the capital (Bartlett, 2013). The other role of the sole proprietorship structure is that it allows the businessperson to make all the decisions relating to the business. Making all the decisions is significant as it makes the decision-making the process quicker compared to other business structures such as companies where choice making is slow due to the stringent bureaucracy. Further, the sole proprietorship structure being straightforward and easy to step up facilitates many individuals to develop a business with its arrangement. The structure of a sole proprietorship enables the owner to distribute his/her losses across all their sources of incomes in the determination of the taxes to pay.

The role of management in a sole proprietorship is inevitable. The sole proprietor is entirely in charge of managing the business. In the first place, therefore, the sole proprietor is tasked with planning for the enterprise. Planning, in this case, includes coming up with the short term and long term goals of the business. The sole proprietor will also be responsible for developing the mission and vision statement as part of planning the enterprising. The next role of management in a sole proprietorship is organizing. Organizing, in this case, alludes to the procedural structuring and integrating the business goals and daily activities to ensure attainment of both the short-term and long-term objectives (Gamble, Peteraf & Thompson, 2015). The next management role of a sole proprietor is that of staffing. The businessperson is tasked with hiring qualified employees through setting the bar of qualification. The sole proprietor will also be charged with determining the salary of the employees as well as the salary appraisals. The following management obligation of a sole proprietor is controlling. The sole proprietor is the regulator of all the activities within and outside the business. The entrepreneur controls the flow of activities in the enterprise. The management role of control is significant as the entrepreneur can foresee actions that should be taken as well as correct possible errors that led to deviation from pursuit of the business goals. Management also includes activities about directing and budgeting.

The role of leadership in a sole proprietorship is unlimited. Leadership facilitates the entrepreneur have a sense of what is to come in the future (Bartlett, 2013). For instance, a leader can identify contingent prospectus and therefore establish and execute the right actions. Similarly, the manager can recognize possible future threats and develop means to curb these dangers. The next critical role of leadership in a sole proprietorship is getting results. The sole proprietor, in this case, being the leader will develop the appropriate strategies towards achieving the set goals. The strategies are only worthwhile if they can accurately be implemented. Therefore, it is the role of an enterprise leadership to execute the approaches accurately and extensively. Further, leadership is vital in making assessments on the accomplishment made by the business towards attaining the enterprise objectives. Making the evaluation is significant as the leader will be enabled to make the necessary adjustment to ensure smooth attainment of the business objectives.

Conclusion

In outline, before establishing a business, it is significant to determine the business type, vision, and mission. In this case, the Cosmetics Booth business is a sole proprietorship whose vision is to draw customers from all professionals and other workers within its locality to sell them cosmetics and provide simple makeup services. Further, an entrepreneur should create the structure and form the management of the business. A sole proprietorship, in this case, takes the simplest and most typical structure. The structure of a sole proprietorship can be termed as an enterprise that is unincorporated that is owned and administered by a single individual. Regarding management, the business is planned, controlled, budgeted for, and directed by a single person.

References

Top of Form

Bottom of Form

Top of Form

Bartlett, R. (2013). A practitioner's guide to business analytics: Using data analysis tools to improve your organization's decision making and strategy. New York: McGraw-Hill.

Gamble, J., Peteraf, M. A., & Thompson, A. A. (2015). Essentials of strategic management: The quest for competitive advantage. New York, NY: McGraw-Hill Education.

Bottom of Form