Executive Summary of a Hair Salon Business Plan
The cosmetology industry is vast and continuously expanding with new discoveries made on a daily basis. A subset of the cosmetology industry is being considered in this article.
The hair salon business today is huge and growing on a daily basis. This is coupled with innovation in the manufacture of synthetic as well as natural hair. There is a growing interest among investors in this industry. However, investment requires planning, and planning for the business most times takes the form of the business plan.
We will concentrate on the hair salon business plan executive summary.
This is area of the hair salon business plan is concentrated upon due to its importance and the influence it has on other sections of the document. This is where most of the work lies, as it summarizes the entire document while allowing anyone to have an entire picture at a glance of what the business stands for, and also its plans for growth and expansion. This section clearly exposes how viable the hair salon business is.
The Executive Summary
Exceptional Touch is a hair salon located in Philadelphia which serves as a one-stop-shop for a variety of hair do’s and styles for both young and old. Being driven by excellence, our workforce is highly experienced hair stylists who have had vast experience within the salon industry. Our services will be mainly driven by innovation in the way our clients are attended to and also in the process of hair styling.
A department of research and development will be established to drive our services through the development of new and better ways of doing our job. Also, we would be actively involved in improving on the weaknesses of our competitors through properly identifying these weaknesses and applying the needed measures to improve on them. However, we would not only look outward, as we would also examine any areas of weakness we may have using the help of our clients who would easily spot these weaknesses if any.
These would be adequately tackled to ensure better service delivery. The Exceptional Touch is founded by Thomas Green and the funding for this business will be sourced from personal savings as well as through debt financing. Currently, a sum of $150,000 has been realized from the savings, and the rest of the required balance of $350,000 will come from debt financing. Part of the funding will go into the payment of wages as well as the purchase of equipment and hiring of a business outlet.
Some innovative measures to be taken include the acceptance of payment using all the payment methods. These would include the acceptance of credit cards, payment using the POS machine, the acceptance of cash as well as the use of mobile and internet banking for the payment of services offered. For us, this is an effective way of eliminating the inconvenience some of our clients have to undergo in paying for services.
While providing the best services to our clients, we would also ensure that these are reasonably priced and affordable to all. Also, we are poised to grow and expand the business to be among the top salon businesses in Philadelphia. We hold our customers in high esteem; hence, our services will show them how much we esteem them. First time clients will be given a VIP treat, with huge discounts of over 50% given. This is will be a strategy to attract patronage through the creation of client loyalty.
Products and Services
Some services to be offered include hair cuts for men and women, hair dyeing, hair styling for both sexes, including make-up services. There would also be the sale of a variety of hair care products such as shampoos, conditioners, combs, relaxers among several others carefully chosen, which represent the best in the market.
Our main objectives are to attract increased patronage from potential clients through the offer of exceptional services not offered by other hair salon businesses. a definite target for attracting new clients is set at 30% per year. Also, our activities are not only tied around business, as we will also get involved with people within the community, towards effectively fulfilling our social responsibilities in making the communities better.
Keys to Success
In order to get clients coming in droves, it is not enough to provide very good services, word will need to be spread regarding these services. This is why we will engage in effective marketing and advertisement for our products and services. A marketing department will be established to handle this campaign effectively. Also, the use of both electronic and print media will be adopted. This is in addition to the creation of an easy-to-navigate website which would display our services and products.
The products and services to be provided will be expanded upon with time. Also, with growth comes expansion. Thus, we would be expanding our business which will lead to the opening of more business outlets across Philly and beyond.
With the above sample, writing a hair salon business plan executive summary would be a lot easier as this sample can be used as a guide. The essential components have been included for easy comprehension and understanding, therefore eliminating any mistakes.