Are you about writing a beauty salon business plan? If YES, here is a sample SWOT analysis for a beauty salon to help you form a competitive strategy.
Beauty Salon Business Plan – Economic Analysis
This industry will keep booming because of the constantly growing population. Also there are a number of trends within the industry that are driving growth and revenue. For instance, organic products and products produced in a sustainable (environmentally conscious) manner is now a very lucrative niche in this industry.
It has been a niche market for many years- but greater availability of information about the benefits, personal or global, are driving increased growth. Also the products and services focused on our aging population is also growing this industry. Whether you believe it or not, the united states has a large retired/retiring population, and many of them have money to spend.
Products and services channelled on babies and young children are also bringing in more revenues into this industry. This is frequently related to the organic/sustainable movement above. Also millennial moms are now ready to pay a premium to make sure their kids have the proper skin protection. Men’s product and services is still relatively new, but it’s still expected to drive growth for years to come.
You need to understand that a lot of beauty salons derive up to 15% of their revenue from product sales; putting the right product on the shelves can make or break a business. With strong and growing demand and with employment estimates through the roof, the beauty industry continues to provide fantastic opportunities.
A Sample Beauty Salon Business Plan SWOT Analysis
Simply- cute beauty salon has engaged the services of a core professional in the area of business consulting and beauty to assist the firm in building a solid beauty one stop shop that can favorably compete in the highly competitive beauty industry.
Part of what our team of business consultant did was to work with the management of our beauty salon in conducting a SWOT analysis for our salon. Simply- cute beauty salon is very dear and promising to us. We believe that what they have come up with is in our own best interest and that is why we aren’t in any way going to joke with their findings.
Here is a summary from the result of the SWOT analysis that was conducted on behalf of simply- cute beauty salon.
Our core strength lies in the power of our team; our workforce. We have a team – made up of the Vietnamese women and other immigrants that can go all the way to give our clients value for their money. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new beauty salon in the area we have decided to operate from, it might take some time for our organization to break into the market; that is perhaps our major weakness.
The opportunities in the beauty salon industry can be said to be very promising despite the high level of competition that abounds. One of the opportunities is the fact that there are loads of people that engage the services of manicurists, and we will strive to be the leading ones.
Some of the threats that we are likely going to face as a beauty salon operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and new trends in trade that often affect patronage.. There is hardly anything we could do regarding this threats other than to be optimistic that things will continue to work for our good.