Personal Marketing Business Plan for Williams Hair Salon (Term Paper Sample)

Personal Business Plan Student’s NameInstitution Date
Personal Business Plan for Williams Hair Salon
Vision and Opportunities
Williams Hair Salon is a beauty salon that operates on full time basis that aims to provide high quality services to its customers. The salon has a plan to use quality products of different variety and provide a conducive environment with affordable price that will satisfy all. The business will ensure that an environment that respect the diversity, race as well as diverse ideas is created. The vision of the business is to provide excellent services and use quality products that are unique and enhance physical appearance. The motto of the business is, customer first priority.
This business aims at maximizing the available opportunities that are not utilized by other people in the same business. This business for instance will be gender sensitive containing workers of both gender as well as serving both genders. This is unique from many hair salons that serve only one gender. In addition to this, modern products as well as hairstyles will be encouraged so that it can attract more customers. People of diverse experience and age will be employed in the business to enhance Innovation. Moreover, social media will be used to enhance the advertisement especially to young people. Utilizing these readily available opportunities will attract more customers and overshadow most of our competitors CITATION Vuo14 \l 1033 (Phuong, 2014).
Marketing and Implementation Strategy
This business has a good marketing strategy that will attract more customers than other competitors. The business shall sell the experience and ensure that the information is available to many people. Selling the experience will be achieved by displaying images of high quality, products and the location where the business is located. The information will be displayed on billboard and social media websites including Facebook and Instagram. The business shall also focus on retaining customers. This will be achieved by providing customers with business card containing stylistic name and business information so that they can inquire or make appointment next time. In addition to this, the business will have a promotion where a customer who introduces new customer receives a forty percent pay cut. This strategy can attract more customers leading to more profit. Moreover, market segmentation will be applied to ensure that customers of all economic status are served CITATION AMA171 \l 1033 (AMA, 2017).
Marketing implementation will ensure that the marketing plan has been put into action. In this business, there is an effective and efficient coordination of various activities within the business that ensure all customers are attended and given quality service without delay. Marketing control has been also put in place. This will ensure that corrective actions have been taken so that the goals of the business are achieved. Since resources are inadequate, marketing control will help this business to be more successful and the target is attained CITATION Cat16 \l 1033 (Lovering, 2016).
Risk and Mitigation
Risks are expected just like other business in the market. For instance, the business may not satisfy all the needs expected by the customer at the beginning of the business. This is common in any business and therefore Williams hair salon is prepared for that. Another risk that may face the business is stiff competition from other entrepreneurs running the same business. Since this business is not new in the market, competition will be tough because everybody will be fighting to attract more customers. Furthermore, the business might encounter problems of generating low income especially during the first few months since most people are not familiar with it and marketing strategies would not be effective at this timeCITATION Mac16 \l 1033 (Gallagher, 2016).
Since risks have been anticipated in this business, mitigation measures have been put in place. The management of the business shall tirelessly receive feedbacks from the customers in a positive way to know what they want and what to be done to meet their satisfaction. More marketing campaigns will be given priority. This will help the business to attract more customers to avoid problems of capital in the business. In addition to this, the business shall borrow money from lending institutions such as banks during the first three months before the business fully established. In addit...