Royal Enfield Business Plan Case

Executive summary

The business proposed is a barbershop, offering a haircutting service for males and young boys. The trading status of this business will be a sole trader.

The service provided will be a haircut, a free Wi-Fi connection is offered, also soft drinks and food aimed at my target market will be offered in the shop.

Geography Location

I will be operating in Enfield as there is demand there and my target market is present in that area and borough. However I face competition in Tottenham and Edmonton (circled below).

The target market is males of African or Caribbean Ethnicity aged 16+ and also young boys under the age of 16.

Finance

Year 1 Turnover:

Operating Margin:

Net Operating Profit:

Sources of finance: The sources of finance will be the owner's capital, this will involve me and my partner each contributing money to the start-up costs of the new business. Bank loans is another source of finance and setting up an overdraft facility on the business back account, which will allow us to make transaction even if the account goes into a negative figure.

Introduction

The business Idea is an Afro-Caribbean barbershop located in Enfield, North London. The trading status of this business idea will be a sole trader.

The barbershop will be offering a haircutting service. The target market is males of Caribbean and African ethnicity aged 16+ and young males of the same ethnicity who are below the age of 16. A free Wi-Fi connection and soft drinks will be on offer. Also food aimed at our target market (e.g. traditional African and Caribbean dishes) will sold in the shop for customers to have whiles they are waiting for their haircut.

The business concept and the business model

This section of the business plan will give information on how the proposed business will operate; it'll include the legal form of the business, the missions, aims & objectives.

Legal Form

I'll be operating as a sole trader because this offers benefits e.g. I have full responsibilities of the business and I get to retain the profits.

Mission, aims and objectives

The mission of the proposed business is for our target market to perceive us as the best barbershop in North London, for offering excellent customer service, excellent haircuts and for being innovative.

Aims:

1. Keep our target market satisfied and gain their loyalty.

2. Be innovative and different from our competitors, in the eyes of our target market.

3. Give excellent and high quality haircuts.

Objectives:

1. Offer excellent customer service and ensure customer leave the shop happy and satisfied.

2. Offer haircuts at competitive prices, to overcome my competitors.

3. To keep staff happy and create an enjoyable working environment.

The operational base will be in Enfield, North London.

Marketing plan

As part of the marketing plan of the proposed business I will be caring out primary and secondary market research and I show the results, I'll also implement the 4p's (Product, Price, Place and Promotion.) into the market plan.

Primary Market Research

Primary market research is the gathering of information directly from customers, individuals or competitors within the target market. The following can be used to conduct primary market research telephone interviews, surveys, focus groups and face to face interviews.

I have chosen to conduct surveys and face to face interviews with my target market.

Below are the findings after completing my primary market research:

Below is a copy of the survey I will conduct on customers within my target market.

Please tick your answer to the following questions:

Do you think a barbershop should offer a free Wi-Fi connection for customers to use whiles they wait for their hair cut?

YES

NO

Do you think a barbershop should sell soft drinks and food aimed at their target market (e.g. traditional African and Caribbean