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Description of the businessBusiness Name ValentinoPrime Function
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At Valentino, we are dedicated to consistently providing high customer satisfaction. We provide quality hair, nail and skin services at an acceptable price. We also maintain a friendly, comfortable environment for all our clients.Location The business is located at Shop 5, Pitt Street Mall, Sydney CBD, near a busy intersection. Reasons for location The business is situated on one of the busiest Malls in the Sydney CBD, close to our target customers. It is a high profile area, with easy access from all parts of Sydney. Legal Structure SoletraderMission Statement "We strive to understand and fulfil the needs of all our customers by supplying reliable services and quality products that enhance our clients physical appearance and overall well being."Business GoalsFinancial ɨ pay a good return on employed capitalɨ provide a good and steady income to ownerɨ gain a substantial market shareɨ generate growth and establish more outletsɨ have enough working capital in order to repay all debts as they fall due Socialɨ All business practices are ethical and legalɨ Provide employment and pay above award wagesɨ Social justice- fair and non-discriminatory policiesɨ Community services such as sponsoring events and promotionsɨ We are aware of our responsibilities to the environment hence, using bio-degradable productsɨ We only use product that have not been tested on animalsPersonal goals of ownerɨ Be a good employerɨ Remain independentɨ Become successful and enhance social statusɨ Learn more about the Beauty Industryɨ Over time to gain recognition as one of the top beauty salon's in the wider community MarketingMarket analysisIdentification of the target market ɨ Our primary segment ranges from 18-5 year old fashion conscious women and mainly consists of office workers or professionals working in the CBD. ɨ Our secondary segment consists of the grey market (55+), weddings, formals and various special occasions. Reasons for selecting the target market Sydney is populated by a sufficient number of high-income persons with an interest in high fashion and the time and disposable income to indulge their desire to obtain our most exclusive beauty treatments.SWOT analysisStrengthsɨ Quality hair and beauty productsɨ Highly skilled and motivated staffɨ Energetic, enthusiastic and dedicated teamɨ Good customer base in CBDɨ Services all under one roof Weaknessesɨ Inconsistent cash flow in early stagesɨ New salon (starting from scratch)ɨ New team who will need to develop a good working relationshipɨ Cannot obtain financingOpportunitiesɨ Ability to open more beauty salonsɨ Recently a competitor closed down, now we have the possibility of taking over their customersɨ Due to reduced interest rates it is a good time to borrow money as it is not as expensive to repay Threats ɨ Other beauty salonsɨ Not finding qualified staffɨ Poor economic conditionsɨ Due to the fall in the Australian dollar it is more expensive to buy our goods as we purchase them from an overseas supplier Marketing strategies/ Marketing MixProduct Hair Cuts, colours, perms, treatment, shampoo, conditioning and blow dryNails Manicure, pedicure and polishSkin care Facial, body waxing and massagesOur sustainable competitive advantage is that we provide all these beauty services in one convenient location below competitor's prices.Pricing strategy We will apply the penetrating pricing strategy (10% below similar competitors). Using this strategy we hope to gain a greater market share and intern will create greater profit in the future. We can afford to do this and still make a sufficient profit because we know similar establishments enjoy very high profit margins.We have a credit policy of a 0 day's until payment is due, and offer discounts on early payment.Promotion We plan to design and print simple handouts, which will be distributed to by-passers and in office buildings in the CBD area. We will also place advertisements in the local Newspaper to attract customers at special times during the year. We also advertise in university newsletters. Word of mouth is our major promotion so we strive to fulfil our customer needs in order for our name to be spread amongst their social groups Place Our location is our strongest part in our marketing mix. We are located in Sydney's CBD. This is a very busy foot traffic place and many by-passers see our shop. Valentino is close to a major train station, bus services, monorails and ferries, so this means that customers not just from the local community but also the wider community have easy access to transport links. For customers who travel by car there are many parking stations just minutes away from Pitt Street mall. Where Valentino is located there are no other beauty salon's which offer the same services.FinanceFinancial RequirementsSource and cost of borrowing At Valentino we use both debt finance and equity financeɨ Debt finance Bank loan of $75 000 at 8% p.a., repayable over 10 years.ɨ Equity finance Retained earnings of $10 000Capital Fixed capital Production equipment $0 000 Office furniture $1 000 Computer and software $4 000 Stationary $00 Total $5 00 Working capital $0 000Gearing ratio Debt / equity75 000 / 0 00010.5 or 50% this means that we are very highly geared and for every dollar of debt we have 5 cents in equity. Valentino is a risky business, yet it also has greater potential to make a profit.ForecastsSales forecasting We expect our employees to be handling 5 customers per day at an average sale of $80. Annual sales = $80(per customer) 5(customers per day) 00(days per year) = $600 000Break-even analysisPrice (P) $80Sales/ quantity (Q) 7500Total revenue (TR) PQ $600 000Fixed costs (F) $4 40Variable costs (V) $0Total costs (F+V) $4 440Profit/loss (TR-TC) $564 15 In order to break-even, we must sell 56 Units at which neither a profit or loss is made. Sales above the break-even point indicate a profit and sales below indicate a loss.Business Plan for VALENTINO
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