Our Shared Values: Passion... Integrity... Excellence
Our Vision:
An industry of true professionals, where the energy and creativity of the stakeholders will be harnessed and channeled towards building a sustainable Beauty Industry in Nigeria and Africa at large.
Our Mission:
To be the first and preferred name in Beauty Business Consulting for Industry stakeholders
To redefine the landscape of the Nigerian and ultimately, the African Beauty Industry through our bouquet of experiential beauty events
To create a platform for upcoming, uncelebrated talents to explore their creativity and express their inherent potentials
To be a trusted partner in the sustainable development of the Beauty Industry that will enable a viable Nigerian economy
Find out more about us by visiting our website: www.beautybynature.com.ng
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8 SIMPLE STEPS TO CREATE A BEAUTY BUSINESS PLAN
Yes, yes I
know. Makeup Artists and beauty business owners hardly (at least those in this
part of the world), if ever spend time to carefully consider researching the
beauty business before committing their time and resources to going into
business. Most usually just get some form of artistic training (some even skip
this very important step) and thereafter sets up a business, without any idea
how to make a success of their investments. This is not only wrong but one of
the major reasons why the industry has for a long time lagged behind its
counterparts in other parts of the world. Hopefully, that ugly trend is now over
and we now have an industry where young beauty entrepreneurs are willing to
follow due process and do things right.
BEFORE YOU START
Starting your own business is a huge step to take, and is likely
to herald a major change in the direction of your life. A very important part
of the decisions you will need to make as an entrepreneur is the decision of
having a business plan. Some of those decisions will need to be made long
before you have your first customer. The key to building a sound, viable
business is to combine thorough research with careful, detailed planning,
covering every aspect of your business – and that’s where the business plan
comes in. Your business plan is like a road map to long-term success. Have you
ever been in a situation where you didn’t have a map to find your destination
and got lost wasting previous time and money? Well, the same can happen to your
business if you don’t plan out your business strategies.
WHY YOU NEED A BUSINESS PLAN
A business plan gives you a clear direction of where your
business is headed. Many young beauty entrepreneurs at the beginning just jump
into creating a business without researching and making a concrete plan. A
business plan should be written by you (the owner of the business), with
appropriate advice from an accountant. The purposes of a business plan are to:
- Transfer your thoughts to paper
- Raise finance
- Monitor the project
- Grow a profitable & sustainable business
The
following are eight simple steps to creating your own business plan. It is by
no means the most comprehensive plan, but it’s a good place to start and would
give you the edge you need to ensure that your business not only succeeds, but
that it continues to grow and be sustainable.
A. The Name of your
Business: Choose a name or re-evaluate the one you have. Ask yourself, ‘does
this name integrate well with what I do? Is it easy to spell and remember? Is
it a name that can be well branded over time?
B. The Vision of your
Business: What will your business look like five years from now? Think of how
you may want to expand it to cover other aspects/sectors of the industry.
C. Mission Statement: This
defines what your business really does, what activities it performs and what is
unique about it, that is, what stands it out from other competitors.
D. Goals & Objectives:
You must clearly define what you want to achieve with your business. Make sure
that they are quantifiable and set to specific timelines. Ensure to set
specific goals for each of your products and services.
E. SWOT Analysis: What are your areas of Strengths? Weaknesses? The
Opportunities & Threats? Careful analysis of these characteristics in your
business will give you a very clear idea of what it will take to survive and
prosper in business. This could include such factors as –
- The ever changing dynamics of the beauty industry
- The Marketplace which may change as a result of social & economic conditions
- Competitions which may pose a threat or present a new opportunity
- New technology which may cause changes to your products, services or the process in how you do things
Evaluating your SWOT analysis will help you to build on your strengths,
resolve your weaknesses, exploit opportunities and avoid threats. Taking the time
to do this analysis will help you create a more realistic and strategic action
plan.
F. Strategic action plan:
This will include such things as your sales and marketing strategies. This is a
most critical aspect of your business plan without which your business will not
get off the ground.
G. Financial Plan: A
business can exist without a budget, but its certainly good business practice
to have one. With a solid financial plan, you will be more likely to achieve
your business objectives, you will make more reasoned decisions and you have a
better control of your cash-flow. The cash flow statement will include:
- The cash & credit sales (or accounts receivable) expected to be received during the period
- The anticipated cash payments (for example expenses for purchases, salaries, utility charges, taxes, office expenses, etc.)
- A description of other incoming & out-going cash, with a calculation of the overall cash balance
Those steps highlighted above will help you access how much
money is on hands to meet your financial obligations – what cash has been
received and what amount has been paid out. Knowledge of this cash flow cycle
will help you predict when you will receive funds and when you will be required
to make payments.
H. Measurements &
Evaluation: You wrote your business plan and set those goals with the intent of
achieving them. So now you have to break those steps down into measurable
pieces and monitor the results regularly. A plan that cannot be measured will
almost definitely result in failure. Celebrate your wins, Learn from your
mistakes and recharge yourself to accomplish your next goals.
CONCLUSION:
Now that you have a business plan, make it a part of you by
knowing and understanding it clearly. Build upon it continuously and refer to if
often, it will help you to remain on track as you proceed on your journey of
building a profitable and sustainable beauty business.
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