Business Plan for Hair Salon in Nigeria PDF/DOC
TABLE OF CONTENT OF THE HAIR SALON BUSINESS PLAN IN NIGERIA
1.0 EXECUTIVE SUMMARY
2.1 VISION 3
2.2 MISSION 3
2.3 OWNERSHIP/LEGAL STATUS 4
2.4 PRODUCTS/SERVICES 4
2.5 KEYS TO SUCCESS 5
3.0 MARKET 6
3.1 KEY COMPETITORS AND PLAYERS 6
3.2 SERVICE DELIVERY 6
4.0 MARKETING PLAN of the hairdressing salon business plan 9
4.1 PROMOTIONAL/MARKETING STRATEGY 9
4.2 MARKET SEGMENTATION 9
4.3 SERVICE BUSINESS ANALYSIS 9
5.0 ORGANISATION AND MANAGEMENT 10
6.0 LEGAL, REGULATORY, SOCIAL AND ENVIRONMENTAL ISSUES 11
6.1 REGULATORY ISSUES 11
SOCIAL ISSUES 11
6.3 ENVIRONMENTAL ISSUES 11
7.0 FINANCIAL PLAN 12
7.1 SUMMARY OF PROJECT COST. 12
7.2 FIXED CAPITAL INVESTMENTS. 12
7.3 UTILITIES 12
7.4 OTHER OPERATING EXPENSES 13
7.5 WORKING CAPITAL FORECAST 14
7.6 TOTAL START-UP CAPITAL REQUIRED 14
7.7 FINANCIAL PLAN of the business plan for hairdressing in Nigeria 15
7.8 LOAN REPAYMENT AND SCHEDULE AND INTEREST PAID 15
7.9 DEPRECIATION 16
7.10 FORECAST OF PROFIT AND LOSS 16
7.11 CASH FLOW PROJECTION 17
7.12 FINANCIAL ANALYSIS 18
7.13 PROFITABILITY ANALYSIS 18
7.14 CASH FLOW PROJECTION 18
8.0 RISK ANALYSIS, CONTINGENCY PLAN AND EXIT STRATEGY 19
8.1 RISK ANALYSIS 19
8.2 SWOT ANALYSIS 19
8.3 EXIT STRATEGY 20
9.0 OTHER CONSIDERATIONS, CONCLUSION AND RECOMMENDATION 21
9.1 ECONOMIC CONSIDERATIONS 21
9.2 COMMERCIAL VIABILITY 21
9.3 CONCLUSION 21
9.4 APPENDIX 22
1.0 EXECUTIVE SUMMARY for the hairdressing salon business plan
1.1 The following report and recommendation relate to the proposal by QUINCY to establish a womens’ salon at Damija Trans Ekulu Enugu
1.2 The project would require a start up capital of N269800 made up of N 139800 for fixed assets and N 130,000 for working capital.
1.3 The enterprises vision is to be the only upscale old-world womens hairdressing shop that offers today’s progressive woman a place she can sit back, relax and experience the “World Class” art of grooming and services in a woman’s club atmosphere, which is feminine and therapeutic.
1.4 The project will be located at Damija Trans Ekulu Enugu because of its easy access to target market from that location.
1.5 A huge market is available for the business to serve.
1.6 The financial projections show that the project would overcome all financial instability by the time it matures. The revenue figures stand at N1, 564,000, 1540800, 1570200 for year 1, year 2 and year 3 respectively. Also the profits after tax: 620,000, 2025000, and 2450000 for years 1, 2, 3 respectively. The cash flow position is equally good and encouraging by the second year through the third year.
1.7 The competitive edge of the enterprise is based on its ability to offer a combination of “World Class Services” not currently being offered by any competitor in the area.
1.8 We intend to be profitable by increasing our client base through becoming a highly sought after destination. The profitability measures as follows:
Table 1: Profitability ratios
The planned womens’ salon project is the result of a strong need of a comfortable environment where working class women can go in to have their hair styled and maintained, pedicure and manicure, massage etc without having to go far. After studying the environment, it was discovered that breaks in-between work was of a short duration and so was inconvenient for women to take a long trip to relaxation centres.
This enterprise is aimed at establishing the most highly sought after salons in the whole of Enugu with Damija Trans Ekulu the starting point. My goal, beyond establishing a profitable business, is to render trusted and reliable services to the clients in to the most affordable and attainable comfort.
Adding tremendous value and colour to our community through the provision of quality, attractive and comfortable hair styles in vogue. Following the trend gives women a sense of belonging and increases their self esteem Quincy beauty salon will provide a comforting, yet stimulating, old world woman’s club atmosphere in which customers will be able to relax both their body and mind, through a wide range of services. Quincy will establish itself as a world class service provider to which clients can always come to.
2.3 OWNERSHIP/LEGAL STATUS for the hair salon business plan / feasibility study
The business is a sole proprietorship wholly owned and managed by Ibegbute Edelquinn Chinemerem. Quincy beauty Salon is a privately owned business enterprise owned by Ibegbute Edelquinn Chinemerem who has one year experience in hair dressing.
2.4 PRODUCTS/SERVICES in the hairdressing salon business plan / proposal
Quincy beauty salon is considered an upscale full-service hair dressing shop exclusively for women. We offer our clients a woman’s club atmosphere, with a complimenting wide range of services and products that include:
Hair: Cut and style, one step hair colour, highlights, toner, corrective colour, hair and scalp treatments.
Nails: Manicures, pedicures.
Waxing Services: Eyebrow shaping.
Hair Laser Removal: Hair removal on neck, back, ears, etc.
Shoe shine: shoe shine services in the waiting room or while services are being performed.
PRODUCTS: Nail fixing, hair care, skin care, and other accessories exclusively for women.
Explanations and/or consultations will be provided on all services and products if needed.
Table 2: SERVICES AND PRICES
2.5 KEYS TO SUCCESS
The keys to success in our hair salon business are:
Location: Providing an easily accessible location for clients.
Environment: Providing an environment conducive to giving relaxing and professional service.
Convenience: Offering clients a wide range of services in one setting, and extended business hours.
Reputation: Reputation of the owner and staff as providing superior personal services.
3.0 MARKET for business plan for hair salon shop
Based on location survey it was discovered that the neighbourhood which is crowded with working class ladies and personalities of timber and caliber needs a relaxation centre with style and class which would be a means of having certain services which cant be available to them within their work environment. With few eateries around and the provision of meals to most offices, break hours would be well utilised by easing away necessary stress and possibly having their hairdo and massages.
3.1 KEY COMPETITORS AND PLAYERS
The major competitors are DE-Deons salon which is located at the outskirt of the area. They offer nice services based on information I have but do not offer shoe shinning and a relaxation section where customers can seat after services have been rendered and watch some movies
Also, there’s Klean hairdressing salon which due to their location, they have a very small area and also have no parking space. They offer same services but cant compete because they can only attend to 3 women at a time as against 5 customers at a time offered by us due to large space and employees etc.
3.2 SERVICE DELIVERY
Below are the stages to which services will be delivered;
Check in at the receptionist and give full detail of services needed.
Move over to cashiers desk to present the services as documented by receptionist who in turn gives you a detailed breakdown of all services documented down and as well your total fee. He also gives you a card with a number directing you to the stylist you’ll meet who is free at the moment. If none is free, you proceed to the waiting room but will be notified as soon as there’s a free spot.
Have your services rendered to you as you want it.
Forward the card to cashiers desk through one of the attendants and proceed to the relaxation room if you want to for free but can spend a maximum of 15mins.
Exit the building as you return back to office, home etc
TO GET THE COMPLETE HAIR SALON BUSINESS PLAN & FEASIBILITY REPORT (INCLUDING THE FINANCIAL PROJECTIONS AND ALL). Pay N10,000 to
GTBank (Guaranty Trust Bank)
Account Name – Chudi-Oji Chukwuka
Account No – 0044157183
After payment text your names, your e-mail address and what you paid for to 08060565721 and you’ll receive your HAIRDRESSING BUSINESS PLAN IN NIGERIA PROPOSAL.