Need assistance reviewing, and revising the final version of a business plan. The key to this assignment is to use the feedback received throughout the course to polish the plan to the point that you could confidently show it to investors and potential partners or customers. One new piece you will be including is a 1–2 page executive summary.
In MS Word, construct a 10–20 page business plan in which you:
Format your assignment according to these requirements:
Company Description and SWOT Analysis
BB Hair Boutique is an upscale hair boutique that will offer top tier human hair extensions, with the convenience of beauty, in a luxury environment. BB hair boutique will also offer the option to purchase in store and online.
The store front will be in a shopping plaza in Augusta, Ga. The location will appeal to the convenience for women in the local area, that are looking to experience an upscale hair experience. We will offer a variety of hair extensions, wigs, u-parts wigs, and clip ins, all catering to the convenience of beauty. We will also offer installs within the boutique.
Hair extensions and wigs can be worn for a number of reasons. BB hair boutique’s goal is the serve this customer base, grow our hair business locally, and then expand within the surrounding areas and online.
Women aged 30–50, who earns between $85,000 and $120,000 per year and has a four-year college degree or higher. Our target market specifically targets when in the age range who desire convenience. Whether it’s due to a career, being a mom, managing a business or all of the above. We know this age group can have limited time, but also deserves an luxury experience.
Augusta, Georgia; the CSRA (South Carolina/Georgia); Our store front boutique will be located in a shopping plaza centrally located; Online store
Customers shop in high end, luxury stores. For leisure, the customers, shop, attend business conferences, travel, and enjoy family and friend’s time. The types are cars the customers drive are luxury vehicles.
Socially responsible, middle-class mothers, and successful business women, who are looking for the luxury of convenience.
Purchasing Pattern Description
Target Market will use the products daily or as needed for the convenience of beauty option without the salon time. New and returning customers will purchase when they want to change styles, monthly or every other month. They will to purchase via cash, debt/credit, or payments through third parties such as PayPal, Zip, or AfterPay.
Buying Sensitivities Description
The important factors that customers want to know before they buy are the prices, the quality, and customer service.
Our strength will be the unique, convenient, and quality experience that our business will bring to the area. We will in store and online retail sales on a variety on extensions, wigs, u-part wigs, and clips for different origin, along with our first-rate customer service. Offering install services by qualified stylist and extension specialist, will also be a plus.
A major weakness could be the competition with well know online hair boutiques. Also, with being a newer business, we will be limited with the flexibility of pricing.
Our opportunities, lie in the fact that we are starting a business in the beauty industry. “The global beauty industry is worth $511 billion.”1 With the industry constantly growing and changing there is always opportunity with entering this industry. Secondly, we are going to be operating our hair extension boutique in the second largest city in Georgia, which also sits on the board of South Carolina. This provides us a market advantage to sell our luxury wigs and hair extension locally and in surround areas. We’ve researched other business in the area, and we’ve discovered that there is opportunity for the quality services and convenience, that we will offer.
As any business can expect, a threat we could face is any factors related to the economy. The economy has been up and down in the last few years due to the coronavirus. Another threat could be the shipping. Also due to coronavirus, shipping as been delayed and the majority of our products will have to come from overseas in China and India. A delay on receiving products could cause a threat for our supply and demand.
Taking the time to go through the SWOT analysis and process gives us an advantage. By taking the time to create this SWOT analysis, this will also be a major part of our strategic planning process. We are able examine any profitable opportunities or losses for this business venture beforehand.
BB Hair Boutique is an upscale boutique that will offer top tier glue-less wig, top grade hair extensions, clip ins, u-part wigs, and also promotes healthy hair.
Our goal is to provide the convenience of beauty with the option of shorter or no salon chair time.
Based on our target market, BB Hair Boutique will focus on the demand of convenience and an upscale experience.
We will provide services to established women and mothers looking for quality services and the convenience of beauty, but may not know where to start.
The location of choice will appeal to the convenience for women in the local area, that are looking to experience a local upscale hair boutique, as well as a receive knowledge on the different types of hair and hair care advice.
The demand for convenience and quality extensions, shows that there is a great opportunity to engage our target market in the hair extensions business.
Our store front will exemplify, a luxury experience like no other in our area.
Marketing Strategy and Vehicles
In order to engage our audience, we will use the avenues of social media, and local and online promotions. We will use content marketing as a marketing approach, to create and distribute valuable and consistent content to attract and retain our target audience.
By creating video and picture content, we will be showing the unique and luxury experience available when visiting our in-store boutique. We will also display real people wearing our extensions and unit, and includes their reviews.
Our long-term strategy will be based on building and growing strong, lasting relationships with new and returning customers by offering incentives and unmatched deals.
Company’s Value Proposition and Marketing Slogan
We want to focus on branding ourselves as “The Local Luxury Hair Company”. People are more likely to try a business that is in a nearby or local to their area because of the convenience. For example, just like there are local beauty salons and beauty supply stores in our area, it'll be the same concept, but an upscale experience.
Of course, people have the option to shop with local competition or an online beauty supply store but the convenience of getting all your needs met faster, in an upscale, customer focused environment is what will convince people to try our boutique, and to also become returning customers. Our goal is to establish ourselves in our area first, while also growing our online presences.
We will use our website to be able to service people outside of our area, but also create incentives for people who are local to our area such as deals based on the day or holiday. Once people know that we are local, they’ll most likely feel more comfortable, and connected to want to come in and visit our boutique to see what we have to offer.
The value proposition is to reach a significant number of women, by focusing and servicing in our local area, first before expanding.
Market competition would be online hair companies. For example, Kendra’s Boutique is a well-known online hair company. “Kendra's Boutique provides luxurious hair care products, including: platinum blonde closures, deep wave frontals, straight lace closures, and bundle deals.”2
Kendra’s Boutique has a large following on social media, and they leverage their popularity by using celebrities, as brand ambassadors that will post themselves on different social media outlets wearing their extensions.
A company like this could be competition, because of how popular they are within a certain age group and the quality of their hair.
What will set us apart is, they seem to target age groups between 18-25, and the styles and color options that they are into.
Our target market will focus on established women ages 30-50, looking for quality and convenience.
We will also have a store front when this company operates solely online.
This will appeal to our local audience, by offering them convenience and access to faster service, by being able to come in store.
BB Hair Boutique goal is to provide the top beauty experience and become the number one hair extension and wig provider in the Augusta, GA area, while providing convenience to women and mothers who have limited time.
BB Hair Boutique is a luxury hair extension and hair boutique, that will provide quality products and services very time.
Our hair boutique will operate in store and online for the convenience of our local and non-local customers.
Our facility and operations will be a combination of a hair extension boutique and upscale hair salon.
Our store front with will be 1800 square feet. There will be a relaxing waiting area that consist of luxury couches and massage chairs. There will also be a reception desk, three individual style rooms that include a hair dressing chair, a large mirror, and work station. There will also be an area for three washing stations towards the back of the store, one computer and one cash register.
For our wig and extension display there will be a bar, bar stools, individual vanity mirrors, disposable caps, and a sanitation station for the customers that are coming into the store just to purchase extensions or wigs and aren’t getting them installed.
Our facility will be rented, and the production of our products will be produces overseas, and then shipped to us.
The monthly cost to rent this facility is $2500, with the estimated utilities including electricity, water, cable and wifi to be approximately $750.
Additional equipment needed to purchased will include sit under dryers, towels, and washing machine and dryer, hot tools.
Production Process or Description of How Your Business Will Operate If Retail or Service Company.
Our store front will operate as a hair boutique, with booth space that is available for hair stylist and hair extension specialist to rent.
Stylist will accept walk ins when available, but each stylist will also have their own booking site for their clients.
We will have a hair bar located in our boutique for customers to come in and choose from our variety of top-grade extensions, wigs, clips in or u-part wigs.
To ensure quality control, we will ensure all products and extensions are top quality, as well as being support with the best customer service for in stores and online.
Our hair supplies and extensions will be shipped in from a hair factory in China. We will place our weekly orders by our demand.
The goal is the keep on hand the extensions and textures, that are sold the most.
Our online orders are to be process in 2-3 days from the time the order is placed, then received by the customer between 5-7 days.
Research and Development.
In order to stay abreast with new development in our industry, we will be attending hair and beauty shows and conferences at least once a year.
This will include as management down to the store associates, so that we all have a through understanding of the any changes to industry that may benefit us all.
The CEO and manager will also attend business conferences to be sure we are operation our optimal levels to be able to support our staff and customers.
As of now the newest hair extensions on the market are called I-Tips and Tape ins that come in variety of textures.
These methods of installs, are designed to give the client the desired additional length and fullness, while still looking natural.
Personnel Needs in Operations.
In order to operate successfully, our operations will include a CEO/owner, a manager, 3 Stylists, 2 Store associates, and a receptionist.
Our Ceo will be responsible for directing the business. The manager will support the CEO, and oversea the receptionist and store associates.
Our store associates will assist customers with in stores as well as, monitor online sales.
The receptionist will assist anyone coming in, and direct them to sales or the stylist.
Our stylist, will be there for installs and styles desired by the clients.
In order to successfully run a business, technology is a major factor. From managing orders, payroll, to marketing and social media management.
· Software needs will include and an accounting software to manage finance and payroll for our salary and hour associates. We would also need an inventory management software the manage the what’s being sold and what’s still in stock.
· Hardware needed includes computers, monitors, a MacBook, and a cash register.
· Telecommunication equipment needed include a land phones, Internet, cable, fax, and mobile phones.
Personnel Needs in Technology.
· Technology personnel will be outsourced. When needed we will consult with or have an outsource technology company to come in.
Management and Organization
Our organization will consist of an CEO/owner, a manager, a receptionist, three stylist/extensions specialist, and two part time sales associates.
Chief Executive Officer (Owner) (Salary-65,000/year):
· Responsible for providing direction for the business.
· Creates, communicates, and implements the organization’s vision, mission, and overall direction – For example, leading the development and implementation of the overall organization’s strategy.
· Responsible for fixing prices.
· Responsible for recruitment
· Responsible for payment of salaries
· Responsible for signing checks and documents on behalf of the company
· Evaluates the success of the organization
· Prepares budget and reports for the organization
· Responsible for Training and Development in the organization
· Defines job positions for recruitment and managing interviewing process
· Carries out staff induction for new team members
Manager (Salary-$55,000 per year)
· Supervises all activities in the boutique
· Ensures customer satisfaction
· Welcome new and returning customers and clients
· Answer all calls
· Collect payment for any services or sales rendered
· Support any duties directed by manager
Sales Associate (Salary-$20/hr.)
· Welcome new and returning customers and clients
· Answer and support any customer questions regarding the products
· Collect payment for any services or sales rendered
· Support any duties directed by manager
Hair Stylist/Extension Specialist(Commission pay/set their own rates)
· Welcome new and returning customers and clients
· Answer and support any customer questions regarding installs
· Install extensions, wigs, and style hair for clients
· Educate clients on proper care of extensions.
Advisors. (Rates will be based off consulting fees on as needed bases)
Advisors will include a lawyer, marketing advisor, and a business advisor.
A lawyer will be in place to support any legal needs and to review any legal documents.
The marketing advisor will support, and advise on any matters regarding the best way to market. The marketing advisor will keep us up to date on any new or updated strategies and tools to keep up with the market trends.
A business advisor, will solely be there if we need to consult with them regarding in business needs, and business strategies to further grow our business and operate as one of the leading hair extensions companies.
Profit: Profit is very important element for our business. Our profit will support the coverage of cost for our business to sustain for years to come. The goal to generate profit not only for shareholders of the company, but also find ways to support our local community. When customers buy our hair extensions and wigs, they will get the benefit of having convenient and protective hair options.
People: Our approach for caring not only for our customers, but also our employees, suppliers, and community is to be fair across the board, and consider how each scenario will affect all these pieces that make a successful company.
For our employees, we will offer regular training, benefits, and an inclusive and diverse work environment.
For our customers, we will prioritize, customer satisfaction, and only offer quality products.
We also want to ensure that if there are any issues, we are able to correct them in a timely manner, if it’s our fault.
Planet: Our approach to minimize our company’s impact on the environment will consist of ensuring that we save energy and water within the storefront.
With the type of business that we are in, we are able to minimize any negative effects on the environment.
1. Szabolcs SzecseiWith over a decade of experience in writing and two decades in making music, and Szabolcs Szecsei. “30 Breathtaking Beauty Industry Statistics for a Pretty 2022.” CapitalCounselor, 20 Jan. 2022, https://capitalcounselor.com/beauty-industry-statistics/.
2. Kendras-Boutique1. 2022. Kendra's Boutique. [online] Available at: <https://kendrasboutique.com/> [Accessed 9 May 2022].
*Below is the feedback for each section to revise the final business plan.
Company Description and SWOT Analysis
· More details in discussing the components of the mission statement would have improved your response here. Outline why they are important to be included in this message. The mission statement represents what your company stands for in the present and should outline "who you are, how you stand out, and your purpose and core values." It also shows that you understand the focus of your company and you can articulate your objectives concisely. It is your opportunity to tell the world what your company stands for, and it determines the company's direction. This is also a reminder to all employees about what makes the company successful. It is a point of reference for keeping everyone clear on the direction of the organization.
· You provided some information about the trends in the industry in which you operate. However, I need more support or reasons as to why these are trends (specific research and data). I need to see you support your answer with relevant material so I know you understand the concepts. Evaluating the industry increases your knowledge about the factors that contribute to your company's success and also shows potential investors that you understand the external business conditions in which your company operates. You will describe the industry, the trends, and identify any opportunities that exist within the industry. Identifying these trends is critical for the growth and survival of your business.
· If you could have made your support for your answer more robust, I think it would have clarified why the strategic position you selected is the best fit for your company. Describe in more detail your implementation process and how, by using this strategic position, you can differentiate yourself from the competitors you identified. The strategic position allows you to establish a position in the market and clarify how you will compete or what sets you apart from other companies. To determine the best strategic position, you will evaluate your strengths and your interests and also what differentiates you from the competition. A clear strategic position influences every aspect of your business, such as the development of new products, marketing approaches, operations, and location. Your strategic position can evolve over time. When you find opportunities in the market, you will always have to identify a strategic position to distinguish your company from others.
Marketing Plan and Budget
· You have a few formatting errors in your post. You should use the required headers (facilities, production process, research and development, and personnel needs in operations) instead of using the questions as the headers.
Operations, Technology, Management, and Social Responsibility Plan (With Financials)
· Good effort! You described the operations plan for your business addressing most of the required areas. Be very specific as you discuss each of these areas and include any applicable costs: facilities, how your business will operate, inventory, research and development and an overview of the personnel working in operations. Clarity in operation will lead to success in business. A manager must understand how a business operates step-by-step so that decisions can be made. Each step must be carefully evaluated as improvements and flow should always be the goal. Improvements in this area can lead to cost reductions and increased profit margins. Ensure these costs are reflected in the Excel document. Be sure to revise for the final version of the business plan in Assignment 4.
· Good effort in this section! You described the technology plan for your business including the software, hardware, telecommunication, and IT personnel needs for the business. Think of all the areas of your business as you discuss this. Be sure to discuss each in detail as well as to include a dollar amount for each technology cost you identify. These costs will be reflected in the Excel document. Technology issues can be time-consuming, expensive, and difficult. Clarifying the right technology for the business is part of the company's success. Ensure these costs are reflected in the Excel document.
· Your response partially addresses the management plan for your company. You want to provide the key skills and experience for each person in the management team as well as the advisors you will use to help you with the business. People are key to the success of every business. Investors may make their investment decisions based on the strengths of the people involved in a business. Experience, skills, and personalities of the people in an organization influence the success of that organization. Be sure to use the guidelines provided and reflect the cost in the Excel document. The flow chart is an easy way for everyone in the organization to quickly identify the official lines of authority.
· You have partially discussed your social responsibility plan. You must provide specific strategies you plan to use regarding each of your stakeholders (customers, suppliers, employees, the community, etc.). Consumers respect and stay loyal to companies that care about their communities and the environment. You discussed some ways in which your company's activities will impact the environment. More strategies would have improved your response. Think of all aspects of your operations. You are missing the steps you will take to mitigate any negative impacts. Making your business environmentally friendly not only benefits the environment but can also save you money (recycling can reduce your costs), can be a competitive advantage (attracting customers who have the same interests and values), and improves sustainability (less dependent on natural resources).
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