Business plan plus Critical analysis of the process of developing your business plan
The undersigned reader acknowledges that the information provided by Smart tan in this business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of Smart tan.
It is acknowledged by reader that information to be furnished in this business plan is in all respect confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader may cause serious harm or damage to Smart tan.
Upon request, this document is to be immediately returned to Smart tan.
1.0 EXECUTIVE SUMMARY
Smart Tan is a start up company seeking financing. Smart Tan has an experienced management team, excellent location, and sound business strategy. This business plan will highlight Tropical Tan’s needs, market, sales plan, and financial statements.
Smartl Tan will be located in Scunthorpe , North Lincolnshire. The location is in a high traffic street. The business’ main service will be offering tanning booths to individuals. Smart Tan will offer four Sun Angel tanning tubes, two
Essence 440 with Vibra Shape vibration plate and two with The sensor-controlled tanning programme . The BEAUTY ANGEL collagen bed .
and limited retail sales of tanning lotions, and sunglasses.
Smart tan is an upscale salon that offers today progressive lady or gentlemen a haven where they can experience the word class art of tanning in a relaxing atmosphere.
Smart tan is dedicated to consistently providing high customer satisfaction by rendering excellent service, the best quality products and furnishing an enjoyable atmosphere at an acceptable price/value relationship.
We will also maintain a friendly, fair and creative environment, which respect diversity, ideas and hard work.
Our goal, beyond becoming a profitable business, is becoming a trusted destination whereby the clients in our community can come to refresh their minds and bodies and replenish their energies.
The objective of this business plan is to acquire £70,000 in additional funding. This money will be used to purchase inventory, tanning beds, and other expenses as noted in the Start-up table.
Smart tan is more than just a full service tanning salon providing excellent care and quality products, in a peaceful, relaxed atmosphere. Smart Tan will set itself apart from the competition by making customer satisfaction a top priority. Employees will be treated with dignity. Employees are the public face of Smart Tan, and their health and goodwill is integral to the success of the business.
1. Sales of £ ? in Year 1 and £ ? by the end of Year 3.
2. Net Profit higher than 40%.
3. Net income more than 10% of sales by Year 3.
Smart Tan will offer our clients the highest quality indoor tanning experience, with top-of-the-line beds and tanning accelerators.
1.3 KEYS TO SUCCESS
• Location- providing an easily accessible location for clientele.
• Quality- providing the highest quality of tanning beds and accessories.
• Convenience – with quick tan beds less time is spent in the bed, and extended business hours.
• Customer Service and satisfaction- focus on our customers’ comfort and needs, one –time customer becomes a repeat customer and recommends us to friends.
The diligence of the owners, along with
Smart Tan will provide .the highest standard of tanning – SUN ANGEL gives our customer an excellent tan without the risk of sunburn. The sensor-controlled tanning programme only emits just as much UV light as customer’s skin can safely take on the day, while the variable UV spectrum creates a faster tanning effect than ordinary sunbeds. As a pleasant side-effect, customers are treated to the full benefit and enjoyment of the UV light spectrum’s biopositive effects.
The Ergoline Essence 440 is attractive thanks to its efficient Smart Power technology combined with a spacious tanning area and great value for money. Highly efficient ballasts result in a reduced energy requirement. All this with an impressive 200 Watt tanning performance.
The patented Vibra Shape vibration plate turns the tanning session into fitness training at the same time. The vibration is gentle on the joints, promotes weight loss, firms up connective tissue and prevents cellulite. The improvement in circulation also intensifies the tanning results. For a perfect tan in just 15 minutes, without the typical white areas on the shoulders and buttocks.
The BEAUTY ANGEL stands for innovative light and wellbeing treatments, meeting the demand for soft and natural skin rejuvenation.
BEAUTY ANGEL uses light in special active ranges to rejuvenate the skin naturally. As we grow older the metabolism of our skin’s connective tissue slows down, which leads to a loss of moisture, a drop in elasticity and finally to the formation of wrinkles. The special Beauty Light is absorbed by skin cells (fibroblasts) where it increases the body’s own production of collagen, elastin and hyaluronic acid. Small wrinkles are reduced and the skin becomes visibly tauter and smoother. As the treatment also helps absorption of cosmetics into the skin, cosmetic products can work particularly effectively. Enjoy this pleasant treatment and just feel great in your skin!
SUN ANGEL goes beyond breaking the mould in tanning technology. Eye-catching cabin decoration together with our complete Promotion Package will attract not only seasoned customers but also first-timers to salon( plus about Beauty Angel) We will provide an upscale, sanitary environment, along with quality lotions, Superior customer service and high quality tanning equipment will set smart Tan apart from the competition.
2.1 COMPANY OWNERSHIP
Tropical Tan will be created as a private business owned by its principal investors and principal operators.
2.2 START-UP SUMMARY
In the following table Smart tan demonstrates how the funds will be used to finance cost , remodel the location, purchase additional equipment and expand inventory. The funds will be repaid through earnings.
Table: Start-up ( to do and please us this figures)
Building Expenses £3000
Total Start-up Expenses £11000
Chart: Start –up ( to do)
SmartTan will provides customer the highest standard of tan. World class innovations like Intelligent Performance, NFC Connect, Control Centre, Personal Comfort and LED Lightshow will amaze our customers and ensure unrivalled tanning results in ultimate comfort.
4.0 MARKET ANALYSIS SUMMARY
167,400 people living in North Lincolnshire. Please use Census 2011
4.1 MARKET ANALYSIS
Table : Market Analysis
Chart: Market Analysis (PIE)
4.2 Service Business Analysis
5.0 STRATEGY AND IMPLEMENTATION SUMMARY
The main priorities of Smart tan upon start up are the following:
• To maintain positive cash flow and aggressively limit expenses to match the projected financial statements.
• To differentiate the brand and product from the competition by supporting and encouraging a unique customer experience.
• To outsource important management activities so that any management team gaps are minimized.
By keeping these priorities in mind throughout the start-up process, the implementation team (management team) will maintain a course of action that will lead to solid results.
5.1 COMPETITIVE EDGE
Our competitive edge is a combination of our unique service, outstanding location, and our interaction with customers. By providing our customer the highest standard of tanning we build relationship of trust and satisfaction. Our customers will come to depend on our unique service and fulfilling environment.
5.2 MARKETING STRATEGY
Our marketing strategy is the key to our success:
1. Emphasize our name and unique service through word of mouth advertising.
2. Focus on the convenience of our location.
3. Build community relationship through unique and quality service, friendly and caring atmosphere and establishing absolute dependability of our service.
Our marketing strategy is a simple one: satisfied clients are our best marketing tool. When a client leaves our business with a new look, he or she is broadcasting our name and quality to the public. Most of our clients will be referrals from existing clients.
5.3. SALES STRATEGY
Smart Tan sales strategy will be based on extremely professional interactions with the customer. More
5.3.1 SALES FORECAST
The following sales forecast table and chart shows our projected sales and expectations for the next three years. The attached appendix shows the monthly growth. We expect income to increase steadily over the next three years, as the reputation of the salon its service become apparent to the general public.
TABLE: SALES FORECAST
CHART: SALES MONTHLY
CHART : SALES BY YEAR
6.0 MANAGEMENT SUMMARY
The Smart tan success is dependent on the warmth and uniqueness of its atmosphere which is generated by a fun-loving and caring employee.
The initial management team will consist of one owner. As we grow an additional management member will be added. They are experienced entrepreneurs with years of small business accounting, finance, marketing, and management experience.
6.1 PERSONNEL PLAN
The personnel plan calls for 1 part-time employees while one owner will be there full time. During the busier months, May, June, and July an additional part-time employee will be added.
FINANCIAL PLAN must be completed. Plus all red places please finish.
This business plan is almost completed. Just needs a numbers, financial planning, the relationship of key entrepreneurial theory to your idea, e.g. does it relate to some of Schumpeter’s areas of innovation, (technical, social or political), etc. Based on that business plan you need critical analyse the business idea (max. 3000 words). some tips which may be helpful:
In this assessment, we will be looking to see evidence of your understanding of the process of evaluating a business idea and the value of the theories and techniques that you have used in that process. The stronger answers will evaluate different theories that are introduced throughout the course in relation to their relevance and practical value to your business idea. You also need to evaluate how your group applied these techniques and critically analyse the efficacy of the group’s work. This needs to be written as per your semester essay in 3rd person. The assignment needs to start with underpinning foundation knowledge based on key entrepreneurial aspects, these are further developed throughout the assignment utilising key author theories.
You might also consider the entrepreneurial abilities and characteristics that the group employed/developed through the process and relate this to the theories learned in Semester A.
The following questions will help to guide your writing:
– In what ways is your business idea/venture entrepreneurial?
– What growth potential does your business have?
– How did you select and evaluate the initial business opportunity?
– How effective and how valuable was the market research that you carried out?
– How effective and how valuable was your financial planning?
– Do you have the necessary skills, networks, resources to run the business?
– What are the main risks/limitations that you perceive in developing the business?
In answering these questions, you will both present the output of the group efforts and, more importantly provide an evaluation of the theories that you employed and the process which you followed in developing the initial idea into a detailed plan. These areas need to be related to the theory you learned in semester A.
A suggested layout:
1) Introduce the business idea
2) Explain the merits of the opportunity (and why other opportunities were rejected; only discuss a maximum of three)
– opportunity recognition theories used – useful?
– discuss as to what stage they progressed
3) Market research
– what approach(es) did you use and why did you choose them?
– effective approach? useful results?
– what else do you need to know to take it further forward?
– justify your target market
4) Financial Planning
– illustrate the group’s financial plan first (one off start-up costs)
– discuss the viability and robustness of the plan based on financial theory
– discuss the usefulness of the financial theories
– does it explain the feasibility of the idea?
5) Skills, resources, personal networks, limitations
– what theory says is valuable – do you agree?
6) Overall conclusion
– is it still a good idea?
– what have you learned from the process?
Given that you will have different responsibilities within the group, we would expect to see greater detail in some areas than in others, but we expect you to refer to each of the three key areas to some extent.
In terms of your personal learning, you might reflect on the experience of working in groups to develop your ideas as well as reflecting on the value of entrepreneurship and business start-up theories. If you have a future business opportunity, what would you do the same or differently?
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