Small Business Development Can Beauty Parlour Marketing Essay

Small Business Development Can Beauty Parlour Marketing Essay This reflective report will describe my own role in helping the team to achieve its goal in relation to the Business plan. Also I will provide evidence of my involvement to the success of the team from the idea initiation and how I facilitated the completion of the Business plan. It started like this, I was arranged in a group of three members, a team with other group mates which were all new to me. Although we were in a same class since the beginning of the course but I was not close to them. Our group seems to understand each other quickly because of the good communication. We always solved easily problems encountered through out the exercise. As a group we were performed different tasks in making a business plan. The aim of this business is to acquire a loan from a bank, so as to help our salon CAN Beauty Parlor to start the business in relation to capital and assets. Afsa was responsible for the marketing , Christine had a task of future beauty fashions operations as well as identifying the competitors and I was responsible for preparing financial projections through the input from Afsa and Chrisstine The report also illustrates the Team work, our mutual interest as a group, idea initiation process and the experience achieved from presenting the business plan and as well as my personal views towards the whole business plan. The business plan has allowed us to work as a group and also learn of the industry as a whole and we were able to apply the academic theories we learned throughout our course . 1 TEAM WORK CAN beauty parlor came to be a perfect choice of our mutual interest of the whole group. Our group consistent of three people eager to carry out our tasks in relation to the writing the business plan. We started by splitting the tasks so that we could have competition to see who achieve the task goals as we planned. My team included Afsa Bhanji, Christine Mkwawa and myself We as a group were allocated different tasks in order to form the business plan. Afsa was responsible for the marketing, Christine had to analyse the industry and identify the competitors and I was responsible for preparing financial projections through the input from colleagues of our beauty parlor The three of us were not conversant with each other although we have been studying in the same college for some years. and we were not engaging in regular conversation during the classes so it was not easy for us to work as a team. But all three of us had an interest in setting up a beauty outlet where people will come and get quality service different from others. We came over Five stages of group development; i.e forming, norming, storming, performing and adjourning. Although the norming stage took a while but after knowing each other well the rest of the stages went much easier. As we have now completed our business plan we have finished up the adjourning stage. Christine , enjoys regular visiting most of the famous salons in town. She is a beauty lover and is always up to date with the upcoming fashions. She has contacts with several people that performs beauty at different venues in Dar es Salaam. Her strength is awareness of popular beauty trends. Afsa too is a beauty lover. Her beauty interest includes of nails, hair , and skin. She currently participated in a beauty contest in Tanzania her strength is being well conversant in the beauty industry. Myself, I dont have much interest in beauty but I love running a hotel my strength in this exercise was identifying the opportunity as I related the organic restaurant by seeing the opportunity of opening a salon using natural beauty products. We worked as a team with acknowledgement of everyones contribution related to the tasks, we coordinated and make sure we achieved our goals. 2 PROCESS OF IDEA INITIATION Our team wanted to initiate an idea which will be effective and being able to achieve the goals in the business we planned as a our group. As a team we all put forward suggestions to come over one effective Idea. Industry situation of the current market was our first priority before choosing the idea. Our discussion included:- 1. An Organic Restaurant The idea was good as the Industry is very profitable, as there is no many such restaurants which makes the business less competitive. But we hesitated getting into this business as all of us had any experience on the said business. Then we dropped the idea. 2. Dry cleaning Business . Several dry cleaners are operating in the markets. People today require this service to make their life easier. But due to investment costs to buy the modern machines and due the lack of experience in that field we deduct chose the idea. 3. Beauty Parlor. The final choice was to open a beauty salon. The whole idea was a bit difficult as how our project will succeed while they is a fleet of salon in Tanzania. We came out with the Idea of differencing ourselves from other by opening a Beauty Salon by using Natural Beauty Products. Our final choice which was a beauty Parlor was an interest of the whole group. process of idea initiation has been very difficult to us as we had to take risk by introducing natural beauty products which is the new product in the beauty industry. What we had to do was laying out strategies and make sure we implemented them accordingly. 3 PRESENTATION EXPERIENCE Presenting the CAN Beauty parlour to our tutor allowed us to see the other side of our business plan. After passing through the pages of the written business plan; obvious would come out with several questions to the parts that needs more elaboration. We were informed of executive summary was too brief as doesnt show everything in our business plan, we were needed to elaborate a bit more. We were also needed to draw a graph showing the break even point. Presentation always adds weight to the Business plan as the investors may have a clear picture as the presents will be able to deliver what is need from the investors, question will be answered and criticism can be responded during the exercise of presentation. Presentation is a good experience as the panel can ask questions and need elaborations as we can communicate orally which will hell the business man to defend the projections written in the business plan. 4 ALTERNATIVE SCENARIO The beauty Industry is tightly come but only self I can optimistic to the group of our Beauty Parlour as per business plan. As we differentiated ourselves by using the natural products our business will be able to increase its profit by 5% every year as we projected in our financial parts. The services we offer will attract many people as the product are new in this Industry. Our service will be delivered by professional staff which will make our parlour more popular once customers experience our services. Another factor that greatly effects our growth is our initial geographic location. CAN beauty parlour will be located in Masaki near the shopping mall and tourist hotel. Our target market is a small portion of the population compromising of the middle and high income earners who are either employed or operate their own business. Our initial location will tend to gain the business of these customers due to the traffic. Lastly, the demand for healthy beauty products we will be able to make a good business as the health concern is the major issue among the people living in urban areas 5 ACADEMIC THEORIES IN THE BUSINESS PLAN We were able to apply to our project a shared leadership once we divided our team in three different parts according to the tasks we were able to take responsibilities for different parts of the business plan. We learned that everyone can work towards a common goal and there is no need to be just one separate leader.   Every member has a share in helping to lead the group. With the experience of leadership we also showed the importance of being ethical leaders, Ethical leadership is very important in any organization. . We were also able to analyse the current situation of the beauty industry attractiveness and profitability by using Michael Porters five forces. The Business plan was a great example for us to apply our knowledge of our academic theories. Our small group was able to make our business plan very effective since we had meetings every week we were able to keep it going without much toil. Another topic which came to our help is the SWOT analysis this frame work helped us to identify our competitors and where our firm stand by identifying our strengths and weaknesses, and also the business model the use off differentiation strategies here we displayed our competitive advantage using the natural beauty products which is different from our competitors. The use of the those theories helped us to increase our knowledge as we applied the in the real situation and see it working. By using the roles in making the business plan will help us a lot in our effort to make our job easier in the future. . 6 ADVANTAGES AND LIMITATION OF BUSINESS PLAN The main importance of the business plan is the industry analysis as well as market plan. It is through the industry analysis that businessman will be able to fully known the current market situations and also thoroughly identify it competitors. The industry analysis allows an entrepreneur to initiate the first decision whether to enter the market as well as the final.. A well written Business Plan is the true picture of any business because it gives details on how you plan to serve your customers and retain them. The Business Plan is important to any business as it is based in operation and management plans. Referring to our business plan the Industry analysis is will give our business an advantage to fully view the current market situation and thoroughly Identifies our competitors, and also help in knowing our competitive advantage which in this case is the differentiation strategy on our services using the natural Beauty Products. A well written Business Plan make implementation of strategies easier and helps to increase business market share. But the disadvantage could be As we projected that our financial growth will be 5% every year, this will be actionable if the implementation of the strategies will be as planned. Comparing to the actual operation the projected growth in the business plan could be wrong. 7 OTHER AREAS AND CONCLUSION The overall process of developing the business plan was very challenging. As different individuals are involved, it is difficult to come up with one point of view and hence there can be a few of disagreements and then to see the situation again and come to the final decision. I enjoyed making the business plan of the CAN Beauty Parlor with my team members. In the process, I learnt a lot of things about the Salon industry in our country. We took up the chance of introducing the salon services by using the natural products and we are certain that the business will achieve growth or expansion in the future. Conclusions I have benefited from the Business Plan writing in a number of ways: 1. I enjoyed making the business plan of the CAN Beauty Parlor with my team members. In the process, I learnt a lot of things about the Salon industry in our country 3. The overall process of developing the business plan was very challenging . Areas of Improvement I think that the Business Plan writing can be of greater relevance if more time is allowed for sitting together as a team. I have I now realize that getting business done as projected requires much more knowledge and practice of a written Business Plan Lastly, I would like to thank Afsa for her cooperation throughout the exercise in the team and whenever I was stuck she gave me advice, she was always there to give me a hand.. 8