Discuss About The Entrepreneurship Effective Small Business?
The idea which is invented to introduce a new business in the market is known as business plan. This is the official term and under this term various processes are included such as planning, forecasting, raising funds, opting advertisement and promotional techniques, etc. Apart from these components, business plan also includes the goals and the objectives set up by the management of the organization. Under this report, New Look Salon’s business plan will be discussed which will be introduced in the New York City of United States of America. Due to the prime location of this city, organization has planned to adopt various strategies through which all the tasks of new business could be could be executed in an appropriate manner. The major objective of the organization is to provide adequate salon services to the medium class people whose earnings are not enough to consume salon services. Hence, the prices of the services offered under New Look Salon will be set in relevance with the medium level income group.
Every organization develops their goals and the objectives to survive in the dynamic business environment. The basic motive behind developing these goals is that, organization set targets for them to reach to the targets in a particular period of time and if those targets are achieved adequately within the set time period then it will be marked as successful organization. Apart from this, every organization set ups their business with an assumption of long run survival and this assumption is also included in the mission of the organization (Lee, Barker & Mouasher, 2013).
The same missions are being developed by the management of the New Look Salon. While their some objectives and goals differ from general organizations, rather operating for profits, New Look Salon has decided to provide experience of salon services to the people who generally do not opt for salon. Despite being this motive, organization needs to adopt an effective pricing strategy through which organization could be able to recover its cost of production as well as the other expenses of the salon because operating the functionalities in the New York City are very expensive (Compact, 2015).
Apart from these missions, salon’s management has also invented various ways through which those missions could be easily achieved. While developing the visions in order to meet with the mission set up by the management of the New Look Salon, appropriate actions are being taken. Company sets vision in order to achieve the future objectives and it is set up from the perception of achieving adequate growth. It is a road map through which organization could reach to the desired destination set up by the management of the New Look Salon (Yoon, Lee & Chang, 2017)
The major activity of a salon is hairdressing services, make-up, cosmetic services and massage and therapy services. These services can be consumed by ladies as well as by men. Under this industry, organization needs to provide adequate training to its staff members in order to deliver the adequate services to its consumers. As this industry serves the services in relevance with the human body and a small mistake could harm them. Hence, training measures and using quality materials are very crucial aspect of this industry. Appointment of the staff is also done on the basis of knowledge of the candidate in relevance with the salon services. Qualification does not impact much on these types of jobs but talent plays important role. For every part of the body, specialist is appointed and amongst them, hair stylist, skin specialist, etc. person are appointed in order to provide adequate types of services which are offered under a salon. New Look Salon will not be able to appoint separate person for all every unique service. But they can appoint an experienced candidate who should be capable enough to serve the consumers with adequate type of services (Martin, 2015).
Business strategy is the procedure through which organization could be able to achieve its desired goals and the objectives. In relation with the scenario of New Look Salon, the major objective is to provide salon services to the medium class income people and apart from them, anyone can avail the services, there will be no restriction (Scholes, 2015). Under this method, appropriate and effective strategies will be adopted in order to implement those in the workplace of New Look Salon in order to achieve the adequate amount of goals for the organization. Apart from this, business strategy of the New Look Salon will be efficient enough because they have planned to operate their functionalities in the most expensive city of the world. Hence, in order to achieve the desired goals for the organization, strategies opted by the management needs to be efficient as well as effective enough to reach to the desired destination (Chang, 2016).
Under New Look Salon’s premises, unique types of services as well as beauty products are available. In order to attain the goals for the organization, New Look Salon has adopted the adequate quality standards through which customers can satisfy their requirements in relevance with the salon. Apart from salon products that will be used for grooming the customers, they are selling the beauty products through which consumers can treat them at their homes only. Beauty products such as face creams, body lotion, hair serum, etc. are provided to the consumers. New Look Salon’s some services are skin treatment, bridal and groom’s packages, hair treatment, massage services, spa, etc. are provided and at the cheapest price in order to attain the customer’s attention. This will also help them to grow in their industry as well as the chances for the expansion of the business arises (Hoskisson, 2009).
Through these products and the services provided by the salon to their consumers, a trust level against the organization is built in the consumers. Along with the trust level, it also helps the organization to attain the competitive advantage in the dynamic business environment (Glowik & Smyczek, 2011).
The major marketing will be done through the electronic medium of the promotion and the advertisement because these are the trending methods as well as it also helps the organization to cover more market area in relevance with other platforms of the promotion. Apart from the electronic medium of promotion, organization will also adopt the paper medium for promoting their business in the domestic market. As the products and the services will mainly be consumed by the local public and especially by the medium class income group and this is because they will promote their salon with this tag line only. In promotional campaign of the New Look salon, price list will also be displayed in order to more number of consumers. Despite being in the New York City which is known for being expensive, they are providing salon services at reasonable rates and this will be the key aspect through which they can attain more number of consumers (Gruca & Rego, 2009).
Apart from this, they have also included the discount and offer strategy in their marketing strategy in order to promote their salon in the market. On taking the membership for one year, organization will provide an additional discount of 10% and all the services consumed by the customer in that one year will also be charged at 5% discount. This offer will be for a certain period of time and this is specially added in the marketing strategy of the salon to attract more number of people and to gain competitive advantage in the competitive business environment in New York City (Farahmand, 2011).
Location of the New Look salon is quite attractive as well as it has the capability to gain more number of consumers. New York is the place where large number of public prefers to adopt salon services irrelevance to their income, age, etc. But normal and medium income group of people prefers to opt for reasonable salon while high standard people prefer to consume the services of high class salons. In relation with the New Look Salon, their location and the layout of the salon are quite attractive as well as reliable. It will be capable enough to gain number of consumers as well as to beat its competitor’s strategies. New Look Salon will operate its functionalities from the Rockefeller Centre which is known as the iconic midtown business complex of New York City. This location is amongst the most attractive and famous places of the New York while it will also be easily reachable for most of the public (Drummond, Ensor & Ashford, 2012).
These are some of the strategies which will be considered as the location and the layout services of the organization and these are crucial element of business plan especially for a new business idea. Apart from this, infrastructure of the salon will not be less than a high class salon and it will be known as the compatible and reasonable salon across the New York City (Cool & Schendel, 2010).
There are a number of salons available of various sizes in New York while none of them carry the similar idea as compared to the New Look Salon has invented. Major competitors of New Look salon will be New NYC Hair Salon, Sorayahs Salon Services, FourStar Salon Services, etc. All of these are ranked under the three to five start rating of the salon services. New Look Salon is introducing their salon below these ratings but their services are not less than the services offered in these big standards salons (Scarborough, 2015).
In order to gain the competitive advantage, organization will perform the competitor analysis in relation to gain the relevant information of the strategies implemented by them for attracting the consumers. After reviewing those strategies, organization will develop some unique strategies in order to beat its competitors’ as well as through which organization could attain the adequate outcomes (Renton, et. al., 2015).
New Look Salon is not a big or multinational level organization; it is introducing the salon services for the first time and with a small professional team in order to provide adequate salon services to the medium income group of people. This is the idea invented by them for gaining the more number of consumers as New Look Salon’s infrastructure, products, services and the professionals will be of optimum quality but in order to provide the experience of high class salon to the less income group people, New Look Salon has adopted this strategy. Management team of the organization is having three members including the one owner. It is a small management team and other two persons are investors as well as the member of management team who takes the decision on the behalf of the organization in order to develop its distinctive image in the competitive salon industry (Pardalos & Tsitsiringos, 2013).
Under this step of the business plan, according to the organizational capabilities, goals and objectives will be developed in order to attain the growth in the particular industry. All the functionalities which will be operated in the New Look Salon business will be executed in an adequate manner so that the possibility of their failure decreases and the chances of success rise. Under the plan of operations, from the process of planning till the process of raising funds and the promotion of the business idea are analysed and ranked on their importance basis. After this process, execution of the several strategies and the plans takes places in order to develop the identity in the new market (Lam & Harker, 2015).
The major objective of the New Look Salon is to deploy their services in the New York City and behind these objective, certain resources are needs to be arranges such as professionals for salon services, funds to operate the activities, office, infrastructure for the salon, etc. In order to fulfil these objectives, organization will require funds and for raising funds, organization has two investors and apart from those investors, loans, advances, etc. are some sources available with the organization for raising funds to operate its activities. The basic expenses of the organization will be the start-up cost i.e. expenses on leasing of land, infrastructure, and office supplies, legal certificate to operate business activities, hiring of professionals, promotional and the advertisement expenses, etc. will be included in the start-up cost and these will be high costs as they are relevance with the setting up the business (Hill, Jones & Schilling, 2014).
Apart from this, New Look salon may appoint an investment analyst who can guide them in order to raise the funds as well as to attain the objectives for the organization. Along with these expenses, it is expected that a minimum of 25% growth will be easily attainable in the New York City with this idea of start-up and this rate of growth is quite attractive (Baker, 2014).
New Look Salon is starting up their business at the small level with approximate 5-7 customers’ attainability capacity. In order to expand the business in future, management may opt for the loan or search the investors through showing their business capability as well as the financial statements of the previous accounting years. At the initial period, organization may arrange certain capital from the loan or through other resources otherwise all the initial requirements will be fulfilled through the internal sources of funds only (Armstrong, et. al., 2015).
Conclusion
This report concludes the various aspects of developing a business plan and under this report, business plan for New Look Salon was discussed in order to develop their presence in the New York City. Initially, the business activities will be operated at small level but after reviewing the response from the public of New York City, it will be expanded as per the demand. Hence, for this purpose, vision and mission in relation with the New Look Salon, profile of the business, strategies opted to gain the success, marketing strategy, etc. components of the business plan were discussed. It can be assumed that organization could be able to develop their separate image in the salon industry of New York City.
References
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Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Chang, J.F., 2016. Business process management systems: strategy and implementation. CRC Press.
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Cool, K., & Schendel, D., 2010. ‘Performance differences among strategic group members’, Strategic Management Journal, 9(3) , pp. 207-223
Drummond, G., Ensor, J. & Ashford, R., 2012. Strategic Marketing: Planning and Control, (4th) London: Palgrave Macmillan
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Lee, K.H., Barker, M. and Mouasher, A., 2013. Is it even espoused? An exploratory study of commitment to sustainability as evidenced in vision, mission, and graduate attribute statements in Australian universities. Journal of Cleaner Production, 48, pp.20-28.
Martin, K., 2015. Keeping ahead in the beauty salon business. Professional Beauty, (May/Jun 2015), p.54.
Pardalos, P.M. and Tsitsiringos, V. eds., 2013. Financial engineering, E-commerce and supply chain (Vol. 70). Springer Science & Business Media.
Renton, M., Daellenbach, U., Davenport, S. and Richard, J., 2015. Small but sophisticated: entrepreneurial marketing and SME approaches to brand management. Journal of Research in Marketing and Entrepreneurship, 17(2), pp.149-164.
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Scholes, M.S., 2015. Taxes and business strategy. Prentice Hall.
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