1 Type of Business

Choose their business type.

My business idea that I have chosen is a unisex barber shop. The type of business this will be is sole trader. This means I am my own boss and I am responsible for the business operations on a day to day basis.
State their aims and objectives.

The aim for my business is to provide a service for my target market and to generate profit over each business year. My objectives for my business would be to have a minimum return of 80% by the end of the year. And also another objective for my business will be to break even within my 1st year, from this I can analyse what I’m doing right and what I am doing wrong so I make time for improvement.
A unique selling point I will use for my business is that, all booking and appointments will be made in advance via telephone so here I am showing that I wont fail to disappoint customers in terms of time consuming, also since my business will be unisex, I will be giving away vouchers for free beauty products for females and clippers for males when they spend a certain amount of money.

Identify the unique selling point and the competitive edge the business will have

A competitive edge that my business will have compared to my target market is that I will make sure my customers are comfortable while having their haircut or waiting, I will do this by providing entertainment such at flat screens to watch TV, magazines and also provide refreshments such as tea or coffee and soft drinks.
Show how their can establish the Potential demand for their new business.

The way I can establish potential demand for my business is to first identify my target market. For this I would have to market research. Here I can set up questionnaires about different types of people’s interests and what they expect from a salon shop and what they normally get from salons. I would also need 2 assess my competition. What are they doing well? How can I match that or go even better than them? Why are successful? Why aren’t they?
Demonstrate how their will balance their personal and business needs.

I will make sure that I am at the location where the business will be and making sure all day to day business operations and being run properly and to the best standard and talking to customers personally asking about the service given. Then after a certain period of time, e.g. 1 year I will then start to hire more staff so then I can take care of my personal needs such as family etc. while the other staff take care of my responsibilities, however at the end of each business day, I will come down to the business and find out how the day went and if there were any problems.

Estimated: potential profitability.

I will charge £10 for a male haircut and aim to have at least 120 male customers in the 1st month, which will give me £1,200, for females I will charge £20 and will aim to have 90 female customers within the 1st month as I am predicting more males than females. This will give me a total of £1,800 for female haircuts which will then give me an estimated total of £3,000 taking for my 1st business year.
Conduct a PESTLE analysis.

I will also be conducting a pestle analysis of my business so I identify aspects such as ethical issues and resources etc.
Develop their self-esteem through a business mentor - pick a mentor from Businesses Startup Seminars - link profile to your answer.

Self-esteem is a term used in psychology to reflect a person's overall evaluation or appraisal of his or her own worth.Self-esteem encompasses beliefs (for example, "I am competent-incompetent") and emotions (for example, triumph-despair, pride-shame). Behaviour may reflect self-esteem (for example, assertiveness-shyness, and confidence-caution).
Illustrate how business planning will help them to ensure their success.

Business planning will help me ensure success in my business because I will be being organised within my business proceedings and I will have step by step information of my progress which will also be consisted of positive points and anything I need to improve on.

My business plan will follow the following seven steps:
1) Type of business
2) Target market
3) Human resources
4) Legal and physical resources
5) Financial resources
6) Growth and development
7) Financial contingency