Coursework Assignment: Starting a New Small Business - Hair Salon (Coursework Sample)
Present a comprehensive business proposal that address all relevant aspects of business start up.
Starting a New Small Business: Hair Salon
Present a comprehensive business proposal that address all relevant aspects of business startup
Reasons for your choosing type of business ownership
The proposed business is a hair salon where applicable laws are prioritized when opening the business including licenses, safety and working conditions. Since the economy rebounded, opening a hair salon is one option for self employed individuals as there is growth potential. The hair salon will abide by all regulations focusing on safety, licensing safety and dress codes. It is expected that everyone will treat the clients with respect and be punctual to avoid delay in service delivery. This will create a good reputation and is expected to benefit the hair salon. Other than this, there will be fire, benefit, and liability insurance coverage.
Even with the salon industry being competitive, players still generate profits. Similar to other start up one must look for viable sources of finances and evenassess the cash flows as this show whether the business will be a going concern. Business owners are mostly risk tolerant in comparison to non owners and tend to be more open to the idea of self employment (Brown et al., 2013). To ensure the success of the business start-up there is a need of a business plan and this will address the company's services, mission, objectives, the hair salon competitive market, operational summary, management summary and financial information
2. Selecting this type of business
The owner seeks to begin operations in hair salon and beauty products, and we will focus on providing quality hair and beauty services. Besides meeting the legal and financial aspects of the business, promotion activities including pricing and location are prioritized to improve revenue. The business will provide all the services in one convenient location. The salon is strategically located in a busy street that is easily accessible from different parts of the town. It is expected that providing support customer service will be vital to increasing the market shares over time. The business is a sole proprietorship, and while the company allows adults and accompanied children, the shampoos will only be used to adults. One of the best promotion and advertising strategies in offering the best services and this spreads by word of mouth that the services provided are superior (Sandlin, 2014, p.186). This is prioritized since the clients will leave the business premises satisfied and more likely to recommend the place to other people.
3. The key goals and objectives for your business (SMART!)
The hair salon will provide affordable hair care, nail and facials services. The business will also attract and maintain customers, and will seek to meet and even exceed to the customers' expectations.
* To increase customers by 10% in each of the first three years of operation through providing quality services and promotion activities
* Support a sustainable business that is open to employees from different backgrounds with experience and skills
* To provide hair care service and improve service delivery and exceed the customers'
4. Human resources
The owner of the hair salon will focus on improving the working environment and managing people and it is expected that this will generate customer satisfaction and a good working environment. The employees have prior experience and have positive reviews from their previous places of work. These will be contract workers, and over time there will training to improve their skills even as they will already be experienced. There will be one barber, two chair stylists as well as a nail and facial tech...
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