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Style n’ smile is a beauty salon that provides all the salon services by satisfying its customer through quality services, friendly environment in lower prices. In addition to this, it will also establish a fair, friendly, as well as innovative environment by keeping in mind the ideas, hard work and diversity.
The mission of the salon is to supply those products and services that will help in relaxing the mind of customer’s as well physical appearance at the same time. Besides this, the motive of salon is to provide the trending services. After taking the time of six month, salon is able to find the good location. After finding this, it is right time to start the new venture. The dream of owner to start the salon in future by serving as high profession has h the dream true by opening this salon.
Mohamed, who is co-owner with Ahmed worked in a well-known and renowned salon which is on larger scale in Dubai, UAE. Due to working for last two year, Mohamed has good contact with various clients. It is also known for the dedication and hard work. Mohamed as well as hard working team of beauticians has made the venture successful. In future, the salon is expecting the growth by connecting with new clients as well as by getting the support of beauticians. Therefore, in order to achieve this objective, salon is going the seek the loan for financing. Further, the loan will be paid through cash flows of the business backed by the experience, characters as well as guarantees.
The reasons of success of business is as follows-
Style n’ Smiles offers the wide range of products as well as services related to beauty. It also provides the nail and skin services, improvement in hair quality besides proving the best beauty products. Style n’ smile believes that its commitment in providing wider range of services at best location is the reason that keeps it apart from the competitors. The salon will be located in Dubai mall which will include the 1,540 square feet of space. It has chosen the best location in the Dubai which is one of the busiest mall. In addition to this, it is accessible across almost part of town.
After the research of too many months for purchasing of salon, owner decided to initiate the idea of salon in ground. For this, start-up capital will be used in improving the condition, purchasing the equipment of salon as well as for design. The leasehold improvement was estimated approximately AED119, 06000, and the cost for equipment will cost approximately AED99, 360. In addition, the owner will also invest the cash of AED840 at starting.
TOTAL START-UP EXPENSES
Other Current Assets
Start-up Expenses to Fund
Start-up Assets to Fund
TOTAL FUNDING REQUIRED
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Liabilities and Capital
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Additional Investment Requirement
TOTAL PLANNED INVESTMENT
Loss at Start-up (Start-up Expenses)
TOTAL CAPITAL AND LIABILITIES
Style n’ smiles offers the wide arrange of products and services that includes the:
Innovative services, better customer service and friendly environment at salon is necessary for implementing the business plan.
In order to set the salon apart from other salons who only offers some of the products and services, it has decided to offer the wider range of products and services. Due to the experience of Mohamed in other salon, it interpreted that clients remain frustrated due to availing of one service from other and other service from another. They have to go to one salon for nail and other salon for hair. Therefore, Style n’ smiles has decided to offer all the services at one place so that customer feel delighted.
There are several other salons like our salon but they are situated in high income areas of Dubai. We are not aiming to compete with those. The desire is only to offer those services to customers who cannot afford to avail those luxury service. For fulfilling’s this aim, our environment of salon will be so much relaxing. In addition to this, soft drinks will be offered to the clients. Televisions will also be there in the salon in the waiting area.
Style n’ smiles salon marketing mix is too simple. It is just satisfying the customers by using best marketing tools. It is simple whenever any client will leave the business by satisfaction, it will definitely recommend it to everyone by our quality. Most of the clients are the referrals from our current clients.
There is no such advertising campaign. We have done lot of research and it is founded that word of mouth is the best method to so publicity of the business. However, we will offer some special offers in a week. In addition, we will also give the discount to those clients who will approach clients. A lottery system is also planned in which we will offer a trip. For getting lottery, client will offer a client and we will put a card in a box in the name of each client person will bring. In this way, there will be more chances of lottery if they will bring more clients.
The charts and tables that are presented below will show our projected sales. We are expecting to increase the flow of income in the upcoming three years due to its quality services. Some revenues are also expected in the second year. We do not list any direct cost for services. As the service cost are already tracked in the regular monthly expenses.
Nails and massage
Direct Cost of Sales
Subtotal Direct Cost of Sales
Charts and tables of milestones show the specific detail regarding all the program activities that will take place in the whole year. Each activity has its starting date, manager, ending date as well as allocated budget. After the completion of the activity, proper check will be done regarding the completion of work.
Finish Business Plan
Ah HA! Event
Ah Merde Alors! Event
Marketing Program Starts
Plan vs. Actual Review
First Break-even Month
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Style n’ Smiles salon will be managed and systematized in very innovative as well as creative way in order to maximize the customer’s satisfaction. In addition, it uses innovative fashion to creative such working climate which also economically satisfy the employees.
Training is also an important element in the salon. Various training programs are conducted to improve the skills of employees on regular basis. When the business grows, company will offer the various benefits and packages of vacations and health for each one.
It includes the receptionist who will politely handle the customers as well as take the payment of services and products they avail. There will be one barber, five to six stylists for hair, one facialist, one nail technician, and one or two massage therapist. Among all, receptionist work will be to contact the customers and it is something commission based work based on the revenue that salon will get. The future plan is to hire the shampoo technician whenever the business will grow.
In the initial year, assumptions are of a barber, three hair stylist, part time facial, nail and massage technician till the business get a high reputation for attracting others to work in salon.
In the first month, our salon objective is to earn some profit. The important thing is that salon is not required to wait for long since the stylist already has some clients in their list. For assuring the financial stability of owner, financial statement is surrounded which includes the dividend income as well income from investments (AED 10,451), commission income (AED 55,200), and salary (AED 109, 141).
All the financials enclosed have various assumptions:
Revenue is estimated to increase 15% annually by increment of 20% in November as well as December due to jump in revenue in this year. We are also anticipating the increase to continue grow through the coming years due to increase in the new clients at salon. The estimation for growth and revenue are decided intentionally low whereas estimated expenses are inflated high in order to show the worst case.
We do not use the “cost of goods sold” in doing the calculation of net service sales. However, it will include the frequent expenses like supplies, payroll in the area of operating expenses (profit and loss table).
Sales of product are at minimal in our market. Salon is not sure regarding the money that will be receive from products so we have took estimation of low ball approach by estimating the sales of AED2,944 per month. In the projected sales table, Services reading massage and nail are included. We are also not sure regarding the revenue that this revenue will generate. Therefore, the estimation of revenue from these services are estimated at AED 5,520 per month in the initial year.
Current Interest Rate
Long-term Interest Rate
Our salon is expecting the management of cash flow In the next three by growing the cash flow of business. The salon business will generate the enough cash flow that covers the expenses.
PRO FORMA CASH FLOW
Cash from Operations
SUBTOTAL CASH FROM OPERATIONS
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
SUBTOTAL CASH RECEIVED
Expenditures from Operations
SUBTOTAL SPENT ON OPERATIONS
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
SUBTOTAL CASH SPENT
Net Cash Flow
The break-even analysis depicts that Style N’ Smiles has enough balance of fixed costs as well as well good sales in order to grow. This calculation focuses on the service sales as well as excludes cost related to the sales of products. Our salon has forecasted that the salon will pass the breakeven analysis in the initial year but we are expecting the actual sales a bit higher.
Monthly Revenue Break-even
Average Percent Variable Cost
Estimated Monthly Fixed Cost
PRO FORMA PROFIT AND LOSS
Other Costs of Sales
TOTAL COST OF SALES
Gross Margin %
Independently contracted stylists
Total Operating Expenses
Profit Before Interest and Taxes
As shown in the balance sheet, salon is expecting the healthy growth.
PRO FORMA BALANCE SHEET
TOTAL CURRENT ASSETS
TOTAL LONG-TERM ASSETS
Other Current Liabilities
SUBTOTAL CURRENT LIABILITIES
TOTAL LIABILITIES AND CAPITAL
All the business ratios are shown below. Profile ratios of industry based on the SIC that is Standard Industrial Classification in Beauty shops and United Arab Emirates are shown below for comparison.
Percent of Total Assets
Total Current Assets
Percent of Sales
Selling, General & Administrative Expenses
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Net Profit Margin
Return on Equity
Accounts Payable Turnover
Total Asset Turnover
Debt to Net Worth
Current Liab. to Liab.
Net Working Capital
Assets to Sales
Current Debt/Total Assets
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