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Business Plan ILP Sample - Name Yulieta Syamsu

By Keith Warren,2014-07-09 09:17
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Business Plan ILP Sample - Name Yulieta Syamsu ...

    Business Plan for Salon Spa

    An Independent Learning Project

    Presented by

    Name

    To

    Professor Cyndi Bloom

    Faculty advisor

    In partial fulfillment of the requirement for the degree of

    Master of Management

    Cambridge College

    Cambridge, Massachusetts

    November 2001

     1

    Table of Content

Chapter I Introduction

Chapter II Literature Review

Chapter III Methodology

    ? Questionnaire

    ? Informal Interview

    ? Conclusion

Chapter IV Data Analysis

    ? Questionnaire Results

    ? Interview Results

Chapter V Business Environment of Indonesia

    ? Geographical and Climate

    ? Government

    ? Population and Labor Force

    ? Regional Income

Chapter VI Business Plan

    ? Executive Summary

    1.0 Key to Success

    ? Company Overview

    2.0 Legal Business Description

    2.1 Business Location and Facilities

    2.3 Management Summary

    2.4 Management Team

    2.5 Staffing

    ? Services

    3.0 Competitive Comparison

    3.1 Product Trends

    ? Market Analysis

    4.0 Industry Analysis

    4.1 Market Segment

    4.2 Strengths

    4.3 Weaknesses

    4.4 Opportunities

    4.5 Customer Profile/Target Market

    4.6 Competition

    4.7 Risks

    ? Marketing Plan

     2

    5.0 Marketing Strategy

    5.1 Advertising Budget

    5.2 Personnel Plan

    ? Financial Plan

    6.0 Start-up Summary

    6.1 Financial Plan

    6.3 Break-even Analysis

    6.4 Projected Profit and Loss

    6.5 Projected Cash Flow

    6.6 Projected Balance Sheet

Chapter VII Conclusion

Reference List

Appendix

     3

    CHAPTER I

    INTRODUCTION

    This ILP, presents a business plan for a beauty salon spa to be located in

    Jakarta, Indonesia. Indonesia is a developing country. Economic growth has

    been slow for the past several years, although trade and small business,

    especially in the larger cities such as Jakarta, show progression and growth.

    Jakarta is the perfect place to open a beauty salon and day spa, because it is a

    center of Indonesia’s business and economy, and it is a cosmopolitan city where

    many women are concerned about their appearance. This includes both the

    working women and the women who don’t work. In addition they need a place

    where they can relax and release all the problems of their everyday lives, thus

    they will come not only for body treatment but also to socialize and enjoy

    themselves. The problem is that in order to go to a salon spa, they need to spend

    a lot of money, and the products and services are more expensive in Indonesia

    than in the U.S. cost

    Salon and spas are not a new business in Indonesia, but they are very

    rare. As a result of the high prices, business is slow and some have had to close,

    because of few customers and high overhead. Indonesia does have a variety of

    natural resources that could be used to make cheaper products rather than the

    more expensive American versions, as well as talented human capital to provide

    the services. I believe the problem is the lack of knowledge and management

     4

    skills needed to make this industry more effective and efficient. My goal is to

    create a business not only to solve these problems, but also to satisfy the

    customer’s needs less expensively.

     This business would be a start-up company. It would be a full service body treatment and beauty salon. It will provide excellent services and products,

    competitive prices an enjoyable atmosphere, a friendly and creative work

    environment.

     Two reasons I want to do this are because I believe that it will have a

    chance to succeed and because I want to run my own business. My mission will

    be to provide quality services and products for the physical treatment and

    appearance of the clients and for the relaxation of body and soul. I believe the

    keys to success for this business will be:

    1. Convenient location for customers.

    2. Service and products performed and applied by experienced and talented

    staff.

    3. Relaxing and professional atmosphere.

    4. Positive reputation.

    5. Acceptable price

    I believe a successful entrepreneur is a risk taker who knows their target market and does research before opening a business. An informal survey I did of

    Indonesian salon spa owners revealed to me that many don’t want to take a risk

    and do little preparation. For example, they didn’t write a business plan, and they

    don’t know how to develop a good one. As a result, they don’t know enough

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    about their target market, competitors, environment, and so on. As a result I

    believe they don’t have a strong foundation for their business.

    I believe that all the information that I will gather in this ILP will help others

    to become successful entrepreneurs as well as helping me to start my own

    business. This business plan model will not just help people who are interested in

    this kind of business, but could also be used for other types of business. I hope

    to bring American business practices to Indonesia, because I believe they will be

    good for Indonesian business.

     6

    CHAPTER II

    LITERATURE REVIEW

     My literature review will explain why a business plan is needed and what

    the elements of a good business plan are. In my research, I have used studies by Ricky W. Griffin, Linda Pinson and Jerry Jinnet, Garry Amstrong and Philip Kotler,

    as well as the U.S. Small Business Administration at http://www.sba.gov, which

    provided an outline as a guide for developing a business plan.

    Before explaining the reasons to write a business plan and the elements

    of a good business plan, it is useful to review the first steps for entering the

    business world. As R.W Griffin stated, “Entrepreneurship is the process of

    planning, organizing, operating, and assuming the risk of a business venture”

    (1999, p. 292). In his book Management, Griffin presented the process of starting a new business. He began by exploring the nature of entrepreneurship in the

    business world and examined and discussed the strategies for entrepreneurial

    organizations. Griffin explained what is needed to be considered as a successful

    entrepreneur He also explained how to choose an industry for a small business

    likely to do well and be strong. Third, in understanding the basic method for

    starting a new business, as Griffin stated, “ a business plan is a document that

    summarizes the business strategy and structure” (1999, p. 301).

    Griffin (1999) described the forms of ownership and sources of the

    financing. The forms of ownership are sole proprietorship, partnership,

    corporation, and venture capitalist. He provides set of questions that an

    entrepreneur must address when organizing a business, such as whether to buy

     7

    an existing business, start a new one, or seek a franchising agreement as

    methods for starting a new business.

    A significant source of information on business plan is the U.S Small

    Business Administration. SBA (2000) recommended that the elements of a

    business plan are a cover sheet, statement of purpose, table of contents, the

    business plan (including company summary, marketing, competition, personnel),

    financial data (including loan application, balance sheet, break-even analysis,

    income projection), and supporting documents. A tutorial and self-paced activity

    to help develop a business plan is included in this article, as well as a list for

    financial projection with tips, tricks, and traps. I intend to use this to develop my

    business plan for a beauty salon and day spa.

     Linda Pinson and Jerry Jinnett, who wrote the SBA publication, give a

    significant source, from the book titled Anatomy Of A Business Plan by Kaplan,

    published in 1986, 1993, 1996, and 1999. L. Pinson, (1999) suggested that in the

    business plan should include cover sheet, executive summary or statement of

    purpose, the organizational plan, the marketing plan, financial documents, and

    supporting documents. The book is designed to help an entrepreneur write a

    complete, concise, and well-organized plan that will guide one and toward a

    profitable future.

     Pinson and Jinnett (1999) explained the three main purposes for writing a

    business plan. First, the plan is a blue print of the business and will serve as a

    guide during the lifetime of the business. Second, it is a requirement if the

    entrepreneur plans to seek financing, and for a new company, this will give the

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    lender/investor insight into ways in which the business will be conducted. Finally,

    if the business will be conducted internationally, the business plan provides a

    standard means of evaluating the business potential in a foreign marketplace. I

    really like this book because it explains that the necessity of a business plan will

    demonstrate ways in which I believe the business plan failure is lack of planning.

    L. Pinson very clearly argued, “The business that fails to plan plans to fail” (1999, p.3). Taking the time to write a clear, concise business plan is critical. The

    success of the business could depend on it.

    Armstrong and Kotler described the strategic planning and the marketing

    process in their book called Marketing, especially in chapter 2. They detailed the “four Ps” of the marketing mix as a tool to create a marketing process that is vital

    in an organization. They also developed a marketing plan and the statement of

    purpose, which is similar to a business plan. How to develop a research plan

    was described in this book. The problem statement is defined, and then the

    research method to be used to gather the data is developed. There are two types

    of data used for collecting information for research. The first, is “primary data, which is information collected for the specific purpose at hand”. Second, there is

    “Secondary data, which consists of information that already exists somewhere,

    and have been collected for another purpose” (2000, p.144).

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    CHAPTER III

    METHODOLOGY

    For the research in this Independent Learning Project, two primary

    methods were used. The first is a questionnaire, the second an informal interview

    with an expert who works in the salon spa business.

    Questionnaire

     I prepared 12 questions in my questionnaire for people in the location

    where I plan to open my salon spa. The forms of the questions were multiple

    choice, scaled responses, and open questions. I also used a combination of all in

    one question to allow flexibility and to get more information. There were only 12

    questions because most people don’t have much time.

    In the first three questions, I asked what they do for a living, what age

    group they are in, and their household income per month. Those questions are

    important to give me an idea of the target market for my salon spa. I also asked

    whether they have ever been to a salon spa before, and if so how often, following

    with which spa have they been to and why they went there. I asked them how

    much money they can afford to spend to go to a salon spa, the reason they go

    there, and what they like the most about a salon spa. In my questionnaire, I also

    asked people to define the least important and the most important qualities of

    salon spa, in terms of the size of the salon spa, the location, the quality, the

    products that they’ve been using, the costs, and the hours of operation which are

    good for them. I asked them about the level of satisfaction that they get from their

    previous salon spa experiences, including the services and products that the

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