Business Plan - Hair Salon

Executive Summary

This report attempts to present an in depth analysis of the core aspects of business planning. It is a detailed strategic management analysis with the basic aim of determining the factors that influence the process of business planning. It presents a comprehensive insight into the business structure, its operations, executive biography, marketing and risk management, competitors' analysis as well as the financial management and forecasting required for the purpose of formulating a feasibility report for starting a hair salon. Furthermore, the paper critically analyzes the various aspects, departments and organizational factors that would influence the completion of the process of formulating and implementing the business planning processes for the commencement of a hair salon.

Business Plan - Hair Salon

Business Overview

The idea is to start up a hair salon in the area. The increasing trends of fashion have created a huge market for hair styling salons in the Unites States of America. Moreover, a hair salon is a place whose services are availed by everyone irrespective of age, gender, ethnicity, etc. Thus, the idea of starting a hair salon, “Stylo Salon”, in the area is an extremely good and profitable business due to the rising population density in the area. The typical customer is either someone who has come for a routine haircut or people who are really fond of fashion and looking trendy.

Vision and Mission Statement

Vision of Stylo Salon

Ensuring the enrichment of our customer's lives by offering them the look they always wanted.

Mission of Stylo Salon

Introducing and fostering a love of style and fashion in the area and offering the best options for customer to look pretty and up to the trendy fashion.

Current position

“Stylo Salon” is yet to be launched and its business operations will be in the introductory phase for about 6 months tenure. It is being launched in the United States of America for the first time. The business plan has been devised professionally and is broad enough to cover almost all relevant aspects required to start a business. Apart from that, the fashion industry is not yet saturated and has to offer a lot for new entrants in outfit, makeup as well as hair styling (Atrill & McLaney, 2002). Thus, “Stylo Salon” is expected to enter into the growth phase in a short period of time.

Competitive Advantage

The lack of good hair styling places makes the competition almost minimal for “Stylo Salon”. Apart from that, the hair salons currently doing business in the area are mostly offering the general services rather than emphasizing on the various other aspects of hair styling and trendy fashion that “Stylo Salon” has to offer. This makes “Stylo Salon” quite different and unique in the services it offers. However, the issues in doing business for “Stylo Salon” are that there are a few hair salons that have been operating in the area since long and are recognized as good service providers in hair styling (Crawford, 2002). Although “Stylo Salon” will have a competitive edge over the existing hair salons, it ...