People seek beauty. They are constantly looking to give themselves a whole new look or improve what they have. They drop by the nearest hair and beauty salon to be pampered by stylists and beauticians to style their tresses, shape their eyebrows, and color their nails – all for a few (or more) bucks. An hour in a hair and salon shop every month and one emerges confident and ready to take on the world. Beauty salon and spa business has grown rapidly over the past decade. Latest extrapolations from U.S. census data place the salon and spa service industry at over $35 billion annually. And that figure doesn't include the retail sale of professional beauty products which is at least another $7 billion annually. While traditional barbershops, hair salons and nail salons have experienced moderate growth, high end beauty salons and day spas have seen significant spikes of revenue in recent years. In the recent years, this business has seen redundant profits in Bangladesh. In this moment introduction of “Trendster” a full-service beauty salon to the Bangladeshi market is an exciting new development for us. Our Mission: “Trendster” is dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products, and furnishing an enjoyable atmosphere at an acceptable price/value relationship. We will also maintain a friendly, fair, and creative work environment, which respects diversity, ideas, and hard work.
Owners and source of finance
“Trendster” is a partnership business owned by several owners. Ms. Farzin Ahmed, co-owner with Kabir ahmed, her husband, has worked in a prestigious, upscale salon in Gulshan, Dhaka for the past two years. Ms. Farzin has created a large client following through hard work and dedication. She and her talented team of beauticians, has what it takes to make this venture an extremely successful one. We expect our growing reputation to lead to new clients and beauticians to support our anticipated growth. To achieve our objectives, Trendster is seeking additional loan financing. This loan will be paid from the cash flow from the business, and will be collateralized by the assets of the company, and backed by the character, experience, and personal guarantees of the owners. Address: The salon will be located at House 25, Road 5, Block A, Bashundhara Residential Area, Dhaka. The salon will utilize 1,540 square feet. The location is strategically situated on one of the high profile area, with easy access from all parts of town.
As we have said before, the owner has created a large client following through hard work and dedication. So, the rising demand from the owner's clients, as well as the ambitions of the owner to one day start her own salon, and the procurement of highly professional and qualified beauticians to support the salon, has made this business one of great potential. Moreover, the salon business in Bangladesh is raising potential. The keys to success in our business are:
* Location: Providing an easily accessible location for customers. * Environment: Providing an environment conducive to giving relaxing and professional service. * Convenience: Offering clients a wide range of services in one setting, and extended business hours. * Reputation: Reputation of the owner and other "beauticians" as providing superior personal service. Target Market:
A target market is a specific, well-defined segment of consumers that a company plans to target with its products, services and marketing activities. Target marketing orients all of the various components of the marketing function toward a single group, maximizing the appeal of brands to specific markets. The term "target audience" is a bit narrower; it refers specifically to the group of consumers targeted by advertisements. Now we are going to describe the segments of our salon’s target market: Category of segmentation:
1. Geographic segmentation...