New Business Analysis
Section 1: Opportunity Identification/Concept Development: This section will provide an overview of the business, its location, and the organizational structure (chain of command,number of employees)
Slayed Up Hair Studio’s vision is to create a harmonious, productive, and profitable salon environment, supplying the community with professionals to assist in the hair care maintenance.
Future planning includes, expansion of retail department with virtual shopping which will be hosted on the main salon website. Ownership of the present building is planned, expanding an additional salon with a location to be determined.
Slayed up Hair Studio was founded in 2017 and is presently in its start-up stage. The salon can best be described as currently being in the business of cosmetology, education, and wellness. In recent times our key strengths have been customer service, retailing, and education, teaching the most recent technological aspects of cosmetology and business management. The corporation brings together talent with a salon manager and four salon stylists with collectively over 40 years’ experience in the industry, as well as an esthetician. Refer to resumes for background and references.
Section 2: Competitor Analysis: This section will include an honest and complete analysis of the business’ competition. It will demonstrate an understanding and awareness of the business’ relative strengths and weaknesses compared to its competitors.
According to the Bureau of Labor and Statistics Occupational Outlook, published by the U.S. Department of Labor, it shows cosmetology as a steadily growing occupation (at 8%) in the U.S. through 2018. However, the U.S. News shows cosmetologists as number 62 in the top 100 occupations.
Locally, consumers demand pampering treatments while on vacation. Today's stress-relieving treatments are best bundles as packages at a competitive rate. Customers want a “bang for their buck” consisting of a product or treatment include with the price. The overall market demands quality service at a fair price.
Section 3: Marketing and Sales Management: This section will provide an overview of your potential customers. Who is your target market? Are they accessible? Why should they buy your product?
As our client base builds in the local market, targeting marketing to acquire new clients will bring new opportunities. Still another opportunity involves providing custom packages for special groups. Wedding parties, Prom Packages, Special Occasion Bundles, along with stress-relieving esthetician treatments.
There is no specific profile. Most clients are female and range from 5 years to 50 years old. They reside in Fayetteville, NC. 3% or less may travel more than 30 minutes to the salon. The clients are of all nationalities however more than sixty percent are African American, and have natural hair.
Section 4: Service or Product Line: This section describes the product or service demonstrates how the business’ product or service will be marketed and sold. What and how are you selling? What are the prices?
The marketing plans are presently in the development stages. Slayed Up is one of the new up and coming salons in Fayetteville, NC. Strategy can be defined as the science of planning and directing large-scale operations. Six months after opening Slayed Up, Genesis by Elle, a hair oil was released. There is an edge control to be released as well. It is this area of business I enjoy the most. It is creative and easily measured. More time is needed for proper planning. We have already budgeted this area (retail sales) to be around 10% of total revenue.
On January 1, 2020, Slayed Up will be mapping out a 12-month promotional grid. Social Media marketing will introduce the new service and product menus. Most marketing is done through Facebook and Instagram. Customers are of all ages but mostly 20-45 years old. Recruitment will begin for new salon staff. Employees will involve themselves in the community. All of this will be developed, mapped out, and evaluated.
Measurable results include:
increased knowledge of business
identified competitive advantage
created improved climate for future sales
When completed, it will be the best for the industry in this area and it will safely grow the business 10% annually. 10% is considered conservative and steady in this industry.