writing the biz plan
I knew it was time to start putting my dreams into action! So I sat down and started writing my future. I never knew how hard it truly is to write a “Business plan.” Objectives, Company Summary, The Market, Analysis, Five Year Financial Projection…this is just a few of the things that I had to Google. Where will I get the money to start the business? Who is the best attorney? What licenses and permits do I need?…the list goes ON AND ON.
After countless hours on the computer, asking advice from everyone I could think of, and calling the Small Business Administration to ask numerous questions, I finally had my 32 page Business Plan.
Below are a few of the requirements that I included in my business plan…
Objectives
The objectives for the first three years of operation include: 1. To create a service-based company whose goal is to exceed customer's expectations. 2. To increase the number of clients served by at least 20% per year through superior performance and word-of-mouth referrals. 3. To develop a sustainable start-up business, contributing to increased employment of community residents.
Mission Statement
At Blow Out, our mission is to make each client feel glamorous. All guests are treated as an individual and each style is a personal affair. We strive to enhance beauty and confidence by offering convenience and affordable pricing, while encompassing the art and form of the blow dry experience. Beauty is how you feel, when you look your best! No matter your age or ethnicity, let us make your hair and skin-your best accessories.
Market Analysis Summary
Blow Out will be targeting five diverse groups of customers. Blow Out will work hard to distinctly appeal to each of these groups. By focusing on more than one group, Blow Out is lowering their risk that in a downturn one group will negatively affect the company.
Market Segmentation
Blow Out will target five different market segments:
● Females will typically make up 90-95% of the clientele. Sometimes you get up and think, “I just want to get my hair styled because I am going out to dinner tonight.”
● Females who are in a hurry and don’t want the hassle of scheduling an appointment months in advance with a regular stylist. There is not often a difference in quality of an upscale salon/spa relative to a blow dry bar other than a upscale salon/spa will offer more services like cut and color, only accepts appointments, and the facility is generally a bit more spa like. Blow Out will offer last minute appointments unlike regular full service salons.
● Brides and bridal party for the wedding day. Brides enjoy going to a salon with their bridal party to get their hair styled. With the flexibility and staffing of Blow Out, the entire bridal party will be able to have their hair styled at the same time. With affordable pricing, brides will not have to worry about the high cost of finding a stylist come to their wedding venue.
● Prom and pageant girls. Trendy styles and braids are the new crave for prom queens. Blow Out stylist will undergo continuing education of the most up to date looks.
● Females who just don’t want to wash and style their own hair. After a long day at work and then hitting the gym, the last thing a woman wants to do is wash and blow dry her own hair
““Efforts And Courage Are Not Enough Without Purpose And Direction””