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Essay on Entrepreneurship-University of Roehampton

1411 Downloads I Published: 16 Mar ,2020

Introduction

Business plan is the most important idea which assists corporation to cater need of large number of buyers. The new business idea is based on opening salon offering beauty services to men and women. The proposed salon will provide range of products and services through which effective service package can be delivered to end users. The main purpose behind current business is to introduce variety of beauty service in UK within short time span.

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Mission

The mission of the current business is to offer variety of beauty services by targeting both men and women. This is because generally people facet issue related time and they cannot access good quality of salon services. Especially working women who need to manage their personal and professional life effectively. Owing to this, current business will shed light on specific requirement of such kind of women and offer them good quality of services. For example, services at home will also be offered in accordance with preferences of clients. In this manner, the basic aim of the proposed business to meet the requirement of every single men and women related to beauty care.

Aims / strategic goals

The aim and proposed business are mentioned as follows which in turn management can be ensures long run survival of business with increased rate of return-

  • To create competitive edge of the business in the marketplace
  • To create leasing position of the business by offering good variety of services
  • To increase customer base by 25% till the end of 2017
  • To increase sales revenue of the business by 25% till the end of 2017.

The aforementioned objectives reflect that current business need to put efforts to create its good position in the marketplace by offering different types of beauty services. It would be effective for corporation to cater need of buyers and retain them for longer time span.

Background

The new business; named The Smasher beauty will be opened in UK which will provide variety of services such as hair cut, hair spa and manicure, pedicure and nail art and body spa, vexing etc will be included. Furthermore, services related to making tattoo will also be availed it the The Smasher beauty. However, population of UK is very higher and majority of people face issue related to time. They do not find enough time to get beauty services. Owing to this, proposed business will avail online booking system. This makes it possible to provide all facilities in accordance with requirement of buyers. For this purpose, home services can be provided during off season and holidays (Barringer, 2012). This tends to save entire time and increase overall rate of return of business. On the other hand, The Smasher beauty will be starting in relatively less time span.

Location: The selected location of business will be Westfield London where large number of buyers can be attracted. This tends to attract more buyers as selected location consists of huge number of working professionals.

Legal status: Company registration under which corporation get license for the business.

There will be some events related to show during festival season under which The Smasher beauty would like to participate for promotion of the business. This would be effective to attract more buyers and deliver good quality of services among them. At the same time, achievement and record will be tracked with the help of increase number of customers and higher rate of return. This proves to be effective to create competitive edge of the business.

Area of benefit

Users: The potential users of current business include both men and women. These respondents are provided good quality of services whereby it becomes easy to approach potential buyers. For this purpose, company tend to focus upon students, professional and housewives. However, location is selected as London whereby majority of students and professionals can be found due to huge population in that particular areas (Jasra and et. al., 2011). Not only this, but selected area also attract more tourists.

Key issues:They issues may be related to low customer base initial time. It will be resolved by using appropriate promotion plan thereby they come know about good quality of services offered by business.

Evidence of need:Data base of customers will be prepared by using computer. It would be effective to monitor the performance of The Smasher beauty and accordingly select appropriate strategy for improvement.

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Strategic analysis

Strategic analysis of business plays important role in the business as it helps management to take appropriate action for better performance of business. It can be done with the help of different types of tools such as SWOT, PESTLE and USB. These are explained as follows-

  • SWOT-SWOT analysis of The Smasher beauty has been done as follows-

Strength

·Variety of services

·Inclusion of skilled and competent personnel

·Opening at popular location

·At home services

 

Weaknesses

·Competition in the market

·Low customer base at initial stage

 

Opportunities

·Expansion across UK

·Adding more personnel for offering at home services

·Investing in other beauty projects such as keeping cosmetics at shop

Threats

·Higher competition in the marketplace

·Impact of external factors on performance of business

 

  • Staffing issues-The Smasher beauty might face issue related to staffing in term of lack of skills and competency. Owing to this, company shed light on selecting most competent workforce who can effectively render good quality of services to women and men. This proves to be effective to increase overall rate of return.
  • PESTLE-This consists of micro factors which affect business operation from the external environment. It is assessed by company in order to ensure well being The Smasher beauty in the marketplace. It includes different factors such as political, economical and technological as well as social. Apart from this, other factor legal and environment. The political situation of UK remains stable which does not have significant impact on performance of corporation like The Smasher beauty (Neck and Greene, 2011). However, economic situation might get affected because of latest effect with Brexit. Under this, threat of reducing currency value might affect purchasing power of buyers. Apart from this, changing preferences of buyers is the most effective aspect which will be considered by business and accordingly services are provided. In addition to this, technological changes might affect performance of business in long term. Moreover, changes in regulatory framework tend to affect productivity of The Smasher beauty. For this purpose, team of experts is associated with conducting detail analysis of environment. At this juncture, business need to shed light on potential impact of Brexit. For this purpose, management shed light on implement potential changes at workplace so as to increase overall rate of return and create competitive edge int eh marketplace. Other than this, eco friendly environment is established with application of natural products and services.
  • Unique selling point-The unique selling point of business will be of related to offering services at home. This assists corporation to attract more and more buyers by giving them discount on purchasing more services. It aids to create competitive edge of the business. However, proposed business focuses upon offering services at workplace as well home. This serves as the unique point through which long run survival of business can be ensured.

Priorities/ Services & Activities

In near future, current business will be focusing upon introducing new services such as Tattoo and wedding shows etc. This plays important role for business to grab the attention of buyers and accordingly appropriate packages are formed. This aids to cater need of large number of personnel and accordingly competitive edge of the business is created in the marketplace. For this purpose, short term plan can be related to offering packages or combination of two or more service on discount. On the other hand, medium term plan would be related to introducing services as tattoo and others. Apart from this long term plan would be related to expansion so as to attract more and more buyers.

Outline of services and activities

The services and activities related to beauty are effective for both men and women segment. This would be effective for The Smasher beauty to deliver good quality of services of large number of buyers. This services will be referred with the help of beauty experts who are specialized in the same field. However, services are provided in company and at the home of clients as well. Apart from this, The Smasher beauty remain open late night so that clients having time issue can access good quality of services.

Management structure

The management structure of current business plan will basically include 6 staff members. These explained as follows-

The following table reflects that 3 services providers will be hired who are skilled and competent enough. They contribute towards delivering appropriate services in accordance with requirement of selected segments. Apart from this,1 marketing manager and 1 finance manager as well as management is selected. This proves to be effective for delivering good quality of services. In addition to this, management will be at the position of CEO or manage director. Apart from this, personnel are provided learning different field so as to increase their expertise and meet the expectations of buyers in an effectual manner. Moreover, management also handle all operation related to arrangement of finance and appropriate operation of the business. In addition to this 1 finance manager is selected so that price of product and service can be set by taking into account expected rate of return.

Staff

3

60882

Marketing manager

1

20294

Finance manager

1

20294

Management

1

20294

Total

 

121764

Marketing

Marketing is considered as the most important aspect behind success of the business which in turn company approach potential buyers so as to create competitive edge in the marketplace. For this purpose, effective mode of communication such as internet and other related strategies are applied so as to gain attention of customers. This proves to be effective to enhance rate of return of corporation and accordingly ensure well being of business. Moreover, effective advertisement are placed on internet and other application of the firm so as to provide important information among clients and approach them to access good quality of services which are being offered by The Smasher beauty. However, information related to new products and services are offered over social media. At the same time, print media is applied for rotating important data related regarding potential services and products which are being offered by The Smasher beauty.

With the use of above mentioned techniques it becomes easy to approach all potential respondents and cater their need in an effectual manner. On the other hand, advertisement will be common male and female where focus will be laid on uniqueness of services. This would be effective for targeted population to approach good quality of products and services from buyers. At the same time, different kind of people are targeted by using simple mode of communication such as social media and other related application. However, advertisement may be provided with the help of segmentation on the basis of men and women. In addition to this, further bifurcation can be done by taking into account different types of services like hair cut, waxing and others. Supporters and potential founders are approached with presentation of clear business plan. It assists corporation to find potential investors and targeted population in less time span.

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Financial plan

Financial plan of The Smasher beauty is presented with the help of income statement of two years. It is showing that during first year revenue worth 365650 will be generated whereas 423948 would be in next year (Minimum wage for different types of work,2016). However, deduction of direct and indirect expenses affect profitability of business and accordingly return worth 79508 and 98029 is gained in first and second year respectively.

 

Year 1

Year 2

Revenue

368650

423948

Less: Cost of goods sold

81103

93268.45

Gross profit

287547

330679

     

Expenses

   

Marketing expenses

18433

21197

Administration expenses

29492

33916

Rent of the building

6000

6480

salary and wages

121764

133940

Depreciation on equipment

1500

1500

Insurance cost

600

630

Other operating expenses

7373

8479

Interest

3000

2000

Sum of expenses

188162

208143

PBIT

99386

122537

Tax

19877

24507

Net profit

79508

98029

 

 

Particulars

Pre-operating year

Year 1

Year 2

Cash inflow

     

Opening balance

30000

193000

254258.6

Sales revenue

 

368650

423947.5

Owners fund

50000

   

Personal fund

150000

   

Cash inflow

230000

561650

678206.1

Cash outflow

     

Licensing

25000

   

Research

12000

   

Marketing expense

 

18432.5

21197.375

Administration expenses

 

29492

33915.8

Rent of the building

 

6000

6480

salary and wages

 

121764

133940

Salaries of staff

 

25000

27500

Depreciation on equipment

 

1500

1500

Repayment of loan

 

50000

50000

Interest

 

3000

2000

Insurance cost

 

600

630

Other operating expenses

 

7373

8478.95

Tax

 

44229.9

51295.385

Total cash outflow

37000

307391.4

336937.51

       

Cash deficit/ surplus

193000

254258.6

341268.59

       

Closing cash balance

193000

254258.6

341268.59

 

Assumption related to customers

Average customer for a day

Services

Average price

Total revenue for a year

10

Hair cut

25

91250

10

Waxing

22

80300

10

Hair spa

28

102200

7

Manicure & Pedicure

20

51100

8

Nail and Body &Skin care

15

43800

 

Sales revenue for a year

 

368650

 

Other assumption

  • There will be 15% increment in sales turnover every year
  • Marketing expenses are increased by 5%
  • Administration expenses and rent of the business will raised with 8% rate in each year
  • Salary and wages are increased by 10% (Average uk office rents,2016)
  • Per hour wage rate of staff will be 6.95
  • Staff will work for 8 hours in a day
  • Depreciation of equipment is being charged on the basis of 5%
  • 2% of revenue will be charged as insurance
  • All the operating expenses of business are increased by 2%
  • 20% tax will be deducted from income of the business
  • The interest will be charged 2% per annum on loan taken from bank

Particular

Amount

Tools and equipment

30000

Loan

15000

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Fund-raising strategy

The fund raising strategy of company depends on different sources such as bank loan, leasing companies and personal finance etc. For the current business, personal finance and bank loan will be taken. It would be effective for The Smasher beauty to raise enough sources of finance. This proves to be effective to start operation of company in relatively less time span. Owing to this, current funders for operation of new business are internal and external sources under which bankers are considered as external one. Furthermore, The Smasher beauty takes loan worth 150000 for purchasing necessary equipment and technologies for rendering good quality of services for both selected segments such as men and women. Apart from this, personal finance will also be used to invest money in the current business project (Wentzensen and Wacholder, 2013). This proves to be effective to start operation in relatively short time span. In addition to this, new services related to making tattoo will also be introduced in the marketplace. This proves to be effective for long run operation of business of business.

Monitoring And Evaluation

The monitoring and evaluation for current business will be done on the basis of increased customer base and higher rate of return. For example, in case number of customers or clients are increased then it is considered then business is performing good. At the same time, other performance indicators like increasing sales turnover and profitability shed light on good performance of the business. It can be critically evaluated that questionnaire method is applied for collection of information related to potential buyers (Bryman and Bell, 2015). It would be effective for management of The Smasher beauty to cope up with changing scenario and deliver good quality of beauty services to large number of buyers. This work will be done by research and develop department of company. In this manner, information collected from questionnaire will be used for the purpose of improvement. Accordingly, collected information are analyzed by researcher and other related personnel of marketing department. This proves to be effective for new business to implement new strategies in accordance with information collected from potential buyers. However, feedback may be positive or negative and accordingly strategies are updated.

Conclusion

The aforementioned report concludes that current business is performing very good in the marketplace and generating higher rate of return. It facilitates to meet expectations of large number of buyers such as men and women. However, the business is introduced with little uniqueness in its services and product, Hence it would be effective to attract more buyers and meet their expectations effectively. It can also be said that proposed business will get output in term of increased customer base. Furthermore, skilled and competent personnel are associated in the business where smart objectives can be set in relatively short term span. In addition to this, it is expected that business will get increased rate of return and competitive edge will be created by offering package of services with additional benefit related to at home service.

Implementation plan

The implementation of plan will be based upon following activities which reflects that at first objectives are set. Under this, at first management assess different business activities such as allocation of task and inviting clients by designing proper advertisement. This proves to be effective to offer services to respective clients (Osterwalder and Pigneur, 2010). Not only this, but The Smasher beauty will also provide at home services under which appointments get booked via internet or specific application of business. However, all related actions are implemented in accordance with set objectives such as increasing satisfaction level of buyers by providing to ease. However, focus will also be laid on research and development activities under which feedback is taken from buyers. This kind of strategy facilitates to create competitive edge of the business as customers would get attracted towards quality of services. It can be critically evaluated that availed services are revised by taking into account views and suggestions of buyers or clients (Trompenaars and Hampden-Turner, 2011).

Activities

Duration

Setting objectives

2 weeks

Allocating task among employees

1 week

Inviting clients

1 week

Offering them services

1 week

Accepting appointments

1 week

Offering services at home

2-3 weeks

Giving discount

1 week

Taking feedback

2 weeks

Revision current strategies

2 weeks

Execution

3 weeks

 

References

Journals and books

  • Barringer, B., 2012.Entrepreneurship: Successfully Launching New Ventures.
  • Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
  • Jasra, J.M. and et. al., 2011. Determinants of business success of small and medium enterprises.International Journal of Business and Social Science.2(20).
  • Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new frontiers.Journal of Small Business Management.49(1). pp.55-70.
  • Osterwalder, A. and Pigneur, Y., 2010. Business model generation: a handbook for visionaries, game changers, and challengers. John Wiley & Sons.
  • Trompenaars, F. and Hampden-Turner, C., 2011. Riding the waves of culture: Understanding diversity in global business. Nicholas Brealey Publishing.
  • Wentzensen, N. and Wacholder, S., 2013. From differences in means between cases and controls to risk stratification: a business plan for biomarker development.Cancer discovery.3(2). pp.148-157.
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