My Business Proposal I would like to set up an Asian themed beauty salon for my business. My business will be called Asian Beauty and will offer a variety of products and services.
Introduction
My Business Proposal
I would like to set up an Asian themed beauty salon for my business. My business will be called "Asian Beauty" and will offer a variety of products and services. "Asian Beauty" will sell make-up specially designed for Asian women as there is a gap in the market for Asian make-up. The salon will also offer services such as, henna, hair styles/cuts/colouring, Asian nail treatments, Asian skin treatments and Asian hair removal treatments which are all used in Asian countries. My business objectives are to make a profit and to grow and expand by improving my business reputation and gaining repeat trade. I think that my business will make a significant amount of money because there is a shortage of this type of salon in Leeds and my business will appeal to the large Asian community within Leeds. I would like to locate my business in the Headingly area because buildings in this area are cheaper than the buildings in town but still appeal to a large audience because of the attractions nearby.
I also chose this area because there are many Asian people located nearby, according to the 2001 census conducted by the statistics.gov.uk website there are a total of 3,487 Asian people in the Headingly area and a total of 38,265 Asian people in Leeds.
Personal Reasons For My Business Choice
I have no personal reasons for choosing a beauty salon for my business. I chose this type of business mainly because there is a gap in the market for an Asian beauty salon and I feel that more people will want to attend this type of beauty salon than the normal salons. There is quite a large Asian community in Leeds but a shortage in make-up designed for Asian skin, my business could meet the needs and wants for the Asian community in Leeds by selling make-up and providing beauty treatments used in Asian countries.
The graph above shows the growth of health and beauty product sales in the years 2008-2009. I also chose a beauty salon as my business because I have contacts in this business area to give me advice and ideas.
Goods And Services
There are two types of businesses, those that sell a product and those that provide something. The businesses that sell a product produce goods and the businesses that provide something produce services. My business will offer both goods and services. The services that my business will provide are treatments such as, hair styling, cutting, colouring and henna patterns, Asian hair removal techniques such as, threading, Asian nail treatments and Asian skin cleansing treatments. My business will also offer services which are available at other beauty salons. The goods that my business will provide for my customers is mainly make-up such as, foundation for Asian skin, eye-shadow for Asian skin, blusher for Asian skin and lip products for Asian skin. However products such as, hair-spray, nail polish and more products which are available at other beauty salons will be provided. The goods that my beauty salon will provide, will meet the wants of my customers. The services provided by my beauty salon will also meet the wants of my customers and will fulfil some of the needs my customers have as well.
Sectors Of Production
Production is the process of taking resources and changing them into products or services. There are three stages in the process of production, the primary sector, the secondary sector and the tertiary sector. The primary sector produces goods using natural resources, in this sector resources are being grown, collected or extracted from the ground, businesses such as farms would be in the primary sector of production. The secondary sector manufactures goods, businesses such as car manufacturers would be in the secondary sector of production. The tertiary sector provides the goods or services to the customer, in this sector of production.
The products provided by my business first go through the primary and secondary sectors of production, such as the make-up. The ingredients for the make-up need to be collected, this is the primary sector, the make-up then needs to be manufactured, this is the secondary sector, the make-up is finally sold at 'Asian Beauty' along with the services provided , this is the tertiary sector. My business is in the tertiary sector of production as 'Asian Beauty' sells products and services directly to the customer.
Target Market
Although a business will have many different customers it will always have one particular group of customers who are more likely to buy their products, therefore businesses will create a target market. This target market will consist of a group of people which the product and advertising of the business will be focused on. The customers could be grouped by gender, age, ethnicity, likes/dislikes, where they live, income, etc. the target market for "Asian Beauty" will be Asian women aged 15-35. There are many Asian women in the area that I am located in, making it easy for me to attract my target audience to my business. There is also a university in the area that I would like to locate my business, this makes it easy for me to attract the age range of my target market that I chose, which is 15-35 year olds. Teenagers would most likely visit my beauty salon around the time for prom or when they have been invited to a big event to get themselves ready for the special occasion.
I think this group of people are more likely to be interested in my business because my business is specially designed to cater specifically to Asian women. Also women aged 15-35 are more likely to be conscience of their appearance than women older than this age range, reinforcing that this group of people are more likely to be interested in my business.
Need For My Business
There is a gap in the market for Asian beauty products and services. Although there are many beauty salons in Leeds and the Headingly area, there are none designed specifically for the Asian community.
Cosmetic sales continue to increase at a healthy rate in Europe, with revenues projected to increase by 13 percent to £1.7 billion this year. Organic Monitor forecasts sales revenues to approach £2 billion in 2010.Organic Monitor's 2009 edition of The European Cosmetics Market report found cosmetic sales have been affected by the financial crisis. However, healthy growth is continuing because of increasing distribution and high consumer demand for cosmetics. With Asian girls as young as 14 buying into cosmetics, the UK's Cosmetics and Toiletries market is going from strength to strength. According to Ernst & Young, sales of skin care and make-up have risen approximately 26% in the last two years to reach a total of £207million in 2006. And the international audit firm is confident that the market will grow a further 15% in 2007. Undeterred by rising prices and encouraged by advertising, promotional activities and growing brand awareness, the New Straits Times reports that the growing number of Asian working women are spending an average of £65 to £85 a month on branded cosmetics. Anti-ageing products, whitening creams, foundation, lipstick and eye-shadow are the most popular items. My business will fill the gap in the market for Asian make-up because it will provide products and services specially designed for Asian skin fulfilling the wants of my target market. I know that there is a gap in the market for my type of business because I have first hand experience to the struggle of finding products and services suitable for Asian skin. I also know this because I carried out some primary research. Field research involves the collecting of primary data or new information. I interviewed twenty-five different people who are included in the group of my target audience, who live in the area that I wish to locate my business. The conclusion I came to after conducting these interviews is that an Asian beauty salon would be of great benefit to these people. I know that my business will be successful because there are 38,265 Asian people in Leeds, all these people are potential customers for my business.
My Business Proposal
I would like to set up an Asian themed beauty salon for my business. My business will be called "Asian Beauty" and will offer a variety of products and services. "Asian Beauty" will sell make-up specially designed for Asian women as there is a gap in the market for Asian make-up. The salon will also offer services such as, henna, hair styles/cuts/colouring, Asian nail treatments, Asian skin treatments and Asian hair removal treatments which are all used in Asian countries. My business objectives are to make a profit and to grow and expand by improving my business reputation and gaining repeat trade. I think that my business will make a significant amount of money because there is a shortage of this type of salon in Leeds and my business will appeal to the large Asian community within Leeds. I would like to locate my business in the Headingly area because buildings in this area are cheaper than the buildings in town but still appeal to a large audience because of the attractions nearby.
I also chose this area because there are many Asian people located nearby, according to the 2001 census conducted by the statistics.gov.uk website there are a total of 3,487 Asian people in the Headingly area and a total of 38,265 Asian people in Leeds.
Personal Reasons For My Business Choice
I have no personal reasons for choosing a beauty salon for my business. I chose this type of business mainly because there is a gap in the market for an Asian beauty salon and I feel that more people will want to attend this type of beauty salon than the normal salons. There is quite a large Asian community in Leeds but a shortage in make-up designed for Asian skin, my business could meet the needs and wants for the Asian community in Leeds by selling make-up and providing beauty treatments used in Asian countries.
The graph above shows the growth of health and beauty product sales in the years 2008-2009. I also chose a beauty salon as my business because I have contacts in this business area to give me advice and ideas.
Goods And Services
There are two types of businesses, those that sell a product and those that provide something. The businesses that sell a product produce goods and the businesses that provide something produce services. My business will offer both goods and services. The services that my business will provide are treatments such as, hair styling, cutting, colouring and henna patterns, Asian hair removal techniques such as, threading, Asian nail treatments and Asian skin cleansing treatments. My business will also offer services which are available at other beauty salons. The goods that my business will provide for my customers is mainly make-up such as, foundation for Asian skin, eye-shadow for Asian skin, blusher for Asian skin and lip products for Asian skin. However products such as, hair-spray, nail polish and more products which are available at other beauty salons will be provided. The goods that my beauty salon will provide, will meet the wants of my customers. The services provided by my beauty salon will also meet the wants of my customers and will fulfil some of the needs my customers have as well.
Sectors Of Production
Production is the process of taking resources and changing them into products or services. There are three stages in the process of production, the primary sector, the secondary sector and the tertiary sector. The primary sector produces goods using natural resources, in this sector resources are being grown, collected or extracted from the ground, businesses such as farms would be in the primary sector of production. The secondary sector manufactures goods, businesses such as car manufacturers would be in the secondary sector of production. The tertiary sector provides the goods or services to the customer, in this sector of production.
The products provided by my business first go through the primary and secondary sectors of production, such as the make-up. The ingredients for the make-up need to be collected, this is the primary sector, the make-up then needs to be manufactured, this is the secondary sector, the make-up is finally sold at 'Asian Beauty' along with the services provided , this is the tertiary sector. My business is in the tertiary sector of production as 'Asian Beauty' sells products and services directly to the customer.
Target Market
Although a business will have many different customers it will always have one particular group of customers who are more likely to buy their products, therefore businesses will create a target market. This target market will consist of a group of people which the product and advertising of the business will be focused on. The customers could be grouped by gender, age, ethnicity, likes/dislikes, where they live, income, etc. the target market for "Asian Beauty" will be Asian women aged 15-35. There are many Asian women in the area that I am located in, making it easy for me to attract my target audience to my business. There is also a university in the area that I would like to locate my business, this makes it easy for me to attract the age range of my target market that I chose, which is 15-35 year olds. Teenagers would most likely visit my beauty salon around the time for prom or when they have been invited to a big event to get themselves ready for the special occasion.
I think this group of people are more likely to be interested in my business because my business is specially designed to cater specifically to Asian women. Also women aged 15-35 are more likely to be conscience of their appearance than women older than this age range, reinforcing that this group of people are more likely to be interested in my business.
Need For My Business
There is a gap in the market for Asian beauty products and services. Although there are many beauty salons in Leeds and the Headingly area, there are none designed specifically for the Asian community.
Cosmetic sales continue to increase at a healthy rate in Europe, with revenues projected to increase by 13 percent to £1.7 billion this year. Organic Monitor forecasts sales revenues to approach £2 billion in 2010.Organic Monitor's 2009 edition of The European Cosmetics Market report found cosmetic sales have been affected by the financial crisis. However, healthy growth is continuing because of increasing distribution and high consumer demand for cosmetics. With Asian girls as young as 14 buying into cosmetics, the UK's Cosmetics and Toiletries market is going from strength to strength. According to Ernst & Young, sales of skin care and make-up have risen approximately 26% in the last two years to reach a total of £207million in 2006. And the international audit firm is confident that the market will grow a further 15% in 2007. Undeterred by rising prices and encouraged by advertising, promotional activities and growing brand awareness, the New Straits Times reports that the growing number of Asian working women are spending an average of £65 to £85 a month on branded cosmetics. Anti-ageing products, whitening creams, foundation, lipstick and eye-shadow are the most popular items. My business will fill the gap in the market for Asian make-up because it will provide products and services specially designed for Asian skin fulfilling the wants of my target market. I know that there is a gap in the market for my type of business because I have first hand experience to the struggle of finding products and services suitable for Asian skin. I also know this because I carried out some primary research. Field research involves the collecting of primary data or new information. I interviewed twenty-five different people who are included in the group of my target audience, who live in the area that I wish to locate my business. The conclusion I came to after conducting these interviews is that an Asian beauty salon would be of great benefit to these people. I know that my business will be successful because there are 38,265 Asian people in Leeds, all these people are potential customers for my business.
