Cosmetics Store Business Plan [Sample Template for 2022] (2023)

Are you about starting a cosmetic retail shop? If YES, here is a complete sample cosmetics store business plan template & feasibility report you can use for FREE. The cosmetics business is a trade that requires little or no technical skills. It is part of the businesses whose skills you can pick – up very easily from books or from online video tutorials at no cost. As such, you can open a cosmetics store in your neighborhood.

Without a shadow of doubt, a cosmetics and beauty store business is indeed a profitable business because it is a fact that people all over the world make use of cosmetics, perfumes, toiletries and personal grooming products. The running cost for this type of business is pretty low and if you are able to secure a strategic high traffic location or a good shop in a shopping mall.

You can be rest assured to rake in good returns from your cosmetics and beauty store especially if it is well – stocked with cosmetics, perfumes, toiletries and personal grooming products from various manufacturers in the united states, France, Italy and other countries of the world.

A Sample Cosmetics Store Business Plan Template

Table of Content

    • 1. Industry Overview
  • 2. Executive Summary
    • 4. Our Mission and Vision Statement
  • 5. Job Roles and Responsibilities
  • 6. SWOT Analysis
  • 7. MARKET ANALYSIS
    • 8. Our Target Market
    • Our Competitive Advantage
    • 9. SALES AND MARKETING STRATEGY
    • 10. Sales Forecast
    • 11. Publicity and Advertising Strategy
    • 12. Our Pricing Strategy
  • 13. Startup Expenditure (Budget)
    • 14. Sustainability and Expansion Strategy

1. Industry Overview

A cosmetic, beauty and fragrance store is a retail outlet where different cosmetics, perfumes, toiletries and personal grooming products et al are sold. Businesses in this line of business include beauty supply stores, specialty cosmetics stores and fragrance stores et al

Starting a cosmetic, beauty and fragrance store is a very easy business to start and it is not so capital intensive- especially if you choose to start on a small scale in a small community. Getting the right brands that people want to buy and good stock keeping records are the secrets of running a retail business such as cosmetics, beauty and fragrance store.

In recent times, it has been observed that the Cosmetics, Beauty and Fragrance Stores industry shows a moderate level of market share concentration, with the leading brands (L Brands, Sephora, Sally Beauty Holdings Inc. and Ulta Salon, Cosmetics and Fragrances Inc.) accounting for over half of the available market share in the United States of America.

Industry concentration has increased in recent years due to rapidly increasing demand for specialty beauty retailers like Sephora and Ulta Salon, Cosmetics and Fragrances Inc. Going forward, the industry concentration is projected to continue increasing over the next five years as consumer-spending levels rise and people turn to well-known, trusted stores for their fragrance, beauty and cosmetics needs.

The Beauty, Cosmetics & Fragrance Stores Industry is a thriving sector of the economy of the United States, United Kingdom, France, Italy, Nigeria and Canada and in most countries of the world. Statistics has it that in the United States of America alone.

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The Beauty, Cosmetics & Fragrance Stores Industry generates a whooping sum of well over $21 billion annually from more than 91,236 registered fast Beauty, Cosmetics & Fragrance Stores scattered all around the United States of America. The industry is responsible for the employment of well over 230,572 people.

Experts project the cosmetics industry to grow at a 4.7 percent annual rate. L Brands, Sephora, Sally Beauty Holdings Inc. and Ulta Salon, Cosmetics and Fragrances Inc. are the leaders in The Beauty, Cosmetics & Fragrance Stores Industry; they have the lion market share in the industry.

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No doubt, expansive product selections and skilled employees have driven revenue for the Cosmetics, Beauty and Fragrance Stores industries. So also with the increase in youth-targeted cosmetics, the expansion of male-specific products and of course the reformulation of anti – aging products have given specialty beauty stores a new collection of cosmetics, beauty and fragrance products to offer customers.

Going forward, per capita disposable income will continue to rise and the revenue generated from this industry will also enjoy positive growth. If you are contemplating to start your own cosmetics, beauty and fragrance store business in the United States, you should endeavor to carry out a thorough market survey and feasibility studies.

Despite the fact that this line of business is a thriving and profitable venture, if you get some key factors wrong before starting your own cosmetics, beauty and fragrance store business, then you are likely going to struggle to stay afloat.

But over and above, cosmetics, beauty and fragrance store business is a thriving and profitable business especially if you are creative and ready to take on the available market within the location where your business.

2. Executive Summary

Spotless Cosmetics, Beauty & Fragrance Stores is a standard and licensed cosmetics, beauty and fragrance store business that will be based in Carson City – Nevada, USA. We have been able to secure a corner piece property (store facility) where we intend to launch our first cosmetics, beauty and fragrance store before venturing out to opening our store outlets cum franchise in strategic locations all around Nevada and key cities in the United State of America.

Our business goal as a standard and licensed cosmetics, beauty and fragrance store business is to become the number one choice of residence in the whole of the communities where we intend opening our stores.

We are set to retail a wide range of Hair care and shower products, cosmetics, skin care products, fragrances, nail care products, deodorant and shaving products, sun care, baby care and other related product set al from different manufacturers both from the United States of America and from other countries. We have been able to secure permits from all relevant departments in the State of Nevada to run the business.

Spotless Cosmetics, Beauty & Fragrance Stores is set to redefine how neighborhood based cosmetics, beauty and fragrance store business should be run, not just in Carson City – Nevada, but also in the whole of the United States of America. This is why we have put plans in place for continuous training of all our store keepers and other back office staff members at regular interval.

No doubt the demand for hair care and shower products, cosmetics, skin care products, fragrances, nail care products, deodorant and shaving products, sun care, baby care and other related products is not going to plummet any time soon, which is why we have put plans in place to continue to explore all available market around the communities where we intend opening our chains of stores.

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In the nearest future, we will ensure that we create a wide range of distribution channels via franchising. With that, we know we will be able to 3. Our Products and Services

Our intention to start Spotless Cosmetics, Beauty & Fragrance Stores is to maximize profit from the cosmetics, beauty and fragrance stores retailing industry and we will do all that is permitted by the law in the US to achieve our corporate aim and ambition. Here are the products that will be found in our stores;Hair care and shower productsCosmeticsSkin care productsFragrancesNail care productsDeodorant and shaving productsSun care, baby care and other products4. Our Mission and Vision StatementOur vision as a standard cosmetic, beauty and fragrance store business is to become the number one choice in the whole of Carson City and also to be amongst the top 2leading cosmetics, beauty and fragrance stores in the State of Nevada before our 5th anniversary.Our mission is to build a highly successful, profitable all round business; a cosmetic, beauty and fragrance store business that will grow from one store to chains of stores in different locations all around Nevada and other key cities in the United States of America.We want to become a one stop cosmetics, beauty and fragrance shop.Our Business StructureWe are aware that the success of any business depends on the foundation on which the business is built on, which is why we have decided to build our cosmetics, beauty and fragrance store business on the right business foundation.As a matter of fact, we are set out to build a cosmetics, beauty and fragrance store business that will favorably compete with some of the leading brand in the industry such as L Brands, Sephora, Sally Beauty Holdings Inc. and Ulta Salon, Cosmetics and Fragrances Inc. in the United States of America and Canada.We want to build a business of dedicated workforce who will go all the way to ensure that our customers are satisfied. In other to achieve this, we aware that it takes a business with the right employees and structure to achieve all what we have set to achieve, which is why will be putting structures and standard operating processes in place that will help us meet our clients demand and run the business on auto pilot.The success of our cosmetics, beauty and fragrance store business will be anchored on the team not on any individual.With the nature of cosmetics, beauty and fragrance store business we intend running and the plan to open chains of stores in various locations all around Nevada and key cities in the US, we are only expected to employ more than it is required to run a conventional cosmetics, beauty and fragrance store business. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;Chief Executive Officer (Owner)Store ManagerHuman Resources and Admin ManagerMerchandize ManagerSales and Marketing ManagerAccountants / CashiersCustomer Services ExecutiveCleaners5. Job Roles and ResponsibilitiesChief Executive Officer – Owner:Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.Responsible for fixing prices and signing business dealsResponsible for providing direction for the businessCreates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.Responsible for signing checks and documents on behalf of the companyEvaluates the success of the organizationReports to the boardAdmin and HR ManagerResponsible for overseeing the smooth running of HR and administrative tasks for the organizationMaintains office supplies by checking stocks; placing and expediting orders; evaluating new products.Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.Defining job positions for recruitment and managing interviewing processCarrying out staff induction for new team membersResponsible for training, evaluation and assessment of employeesResponsible for arranging travel, meetings and appointmentsOversees the smooth running of the daily office activities.Store Manager:Responsible for managing the daily activities in the storeEnsures that proper records of goods are kept and our racks and warehouse does not run out of productsEnsures that the store facility is in tip top shape and goods are properly arranged and easy to locateInterfaces with third – party suppliers (vendors)Controls goods distribution and supply inventorySupervises the workforce in the cosmetics, beauty and fragrance store sales floor.Merchandize ManagerManages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teamsHelps to ensure consistent quality of cosmetics, beauty and fragrance products on our rackResponsible for the purchase of goods and products for the organizationsResponsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendorsEnsures that the organization operates within stipulated budget.Sales and Marketing ManagerManages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new onesModels demographic information and analyze the volumes of transactional data generated by customer purchasesIdentifies, prioritizes, and reaches out to new partners, and business opportunities et alIdentifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clientsDevelops, executes and evaluates new plans for expanding increase salesDocuments all customer contact and informationRepresents the company in strategic meetingsHelps to increase sales and growth for the companyAccountant / Cashier:Responsible for preparing financial reports, budgets, and financial statements for the organizationProvides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.Responsible for financial forecasting and risks analysis.Performs cash management, general ledger accounting, and financial reportingResponsible for developing and managing financial systems and policiesResponsible for administering payrollsEnsures compliance with taxation legislationHandles all financial transactions for the organizationServes as internal auditor for the organizationSales Girls and Sales BoysSells our cosmetics, beauty and fragrance products to our customersEnsures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest levelThrough interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and servicesManages administrative duties assigned by the human resources and admin manager in an effective and timely mannerConsistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiriesCleaners:Responsible for cleaning the store facility at all timesEnsures that toiletries and supplies don’t run out of stockCleans both the interior and exterior of the store facilityHandles any other duty as assigned by the store manager.6. SWOT AnalysisBecause of our drive for excellence when it comes to running a standard cosmetics, beauty and fragrance store business, we were able to engage some of the finest business consultants in Carson City – Nevada to look through our business concept and together we were able to critically examine the prospect of the business and to access ourselves to be sure we have what it takes to run a standard cosmetics, beauty and fragrance store business that can compete favorably with leading brand such as L Brands, Sephora, Sally Beauty Holdings Inc. and Ulta Salon, Cosmetics and Fragrances Inc. in the United States of America and Canada.In view of that, we were able to take stock of our strengths, our weakness, our opportunities and also the threats that we are likely going to be exposed to in Carson City – Nevada and also in other cities that we intend opening our chains of stores.Here is a of what we got from the critically conducted SWOT Analysis Spotless Cosmetics, Beauty & Fragrance Stores;Strength:

Our location, the Business model we will be operating on (selling franchise and opening chains of stores in various locations), varieties of payment options, wide range of hair care and shower products, cosmetics, skin care products, fragrances, nail care products, deodorant and shaving products, sun care, baby care and other related products et al from different manufacturers both from the United States of America and from other countries and our excellent customer service culture will definitely count as a strong strength for Spotless Cosmetics, Beauty & Fragrance Stores.

  • Weakness:

A major weakness that may count against us is the fact that we are a new cosmetics, beauty and fragrance store outlet and we don’t have the financial capacity to compete with multi – million dollars cosmetics, beauty and fragrance stores like L Brands, Sephora, Sally Beauty Holdings Inc. and Ulta Salon, Cosmetics and Fragrances Inc. when it comes to retailing cosmetics products at a rock bottom prices.

  • Opportunities:

The fact that we are going to operate our cosmetics, beauty and fragrance store in one of the busiest streets in Carson City – Nevada provides us with unlimited opportunities to sell our cosmetic products to a large number of people.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our cosmetics, beauty and fragrance store; we are well positioned to take on the opportunities that will come our way.

  • Threat:

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new cosmetics, beauty and fragrance store or even a supermarket that retails cosmetics in same location where ours is located.

7. MARKET ANALYSIS

  • Market Trends

Cosmetics, beauty and fragrance store cum retailing business has been in existence for as long as human started trading goods, which is why you can easily find mom and pop shops scattered all around world. In most cases, those people that you find running mom and pop business in a very small scale in a street corner may not have the education that would want them to aspire to run the business on a large scale.

Just like in any retailing business, it is common to find cosmetics, beauty and fragrance stores locating their business in a location with the right demographic composition and a place that is visible to their target market.

Lastly, it is a common trend to find cosmetics, beauty and fragrance stores that are determined to stay top if the game retail a wide range of hair care and shower products, cosmetics, skin care products, fragrances, nail care products, deodorant and shaving products, sun care, baby care and other related products et al from different manufacturers both from the United States of America and from other countries.

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With that, they can be considered a one stop cosmetics, beauty and fragrance shop and if they retail in rock bottom prices, then they are going to stay atop for a long time.

8. Our Target Market

As a matter of fact, the cosmetics, beauty and fragrance stores industry has one of the widest ranges of customers; everybody on planet earth has one or more things that they would need from cosmetics, beauty and fragrance store- be it an adult or a kid.

It is difficult to find people around who don’t patronize cosmetics, beauty and fragrance stores. In view of that, we have positioned our cosmetics, beauty and fragrance store to service the residence of Carson City – Nevada and every other locations where we intend opening our chains of cosmetics, beauty and fragrance stores.

We have conducted our market research and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of cosmetics, beauty and fragrance products to the following groups of people;

  • Households
  • Bachelors and Spinsters
  • Corporate Executives
  • Business People
  • About to wed couples
  • Expectant Mothers
  • Sports Men and Women
  • Students
  • Tourists

Our Competitive Advantage

A close study of the cosmetics, beauty and fragrance stores industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.

We are aware of the stiffer competition and we are well prepared to compete favorably with other leading cosmetics, beauty and fragrance stores in Carson City – Nevada and throughout the United States.

Spotless Cosmetics, Beauty & Fragrance Stores is launching a standard cosmetics, beauty and fragrance store that will indeed become the preferred choice of residence of Carson City – Nevada. Our cosmetics, beauty and fragrance store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Carson City – Nevada. We have enough parking space that can accommodate well over 20 cars per time.

One thing is certain, we will ensure that we have a wide range of cosmetics, beauty and fragrance products available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for.

One of our business goals is to make Spotless Cosmetics, Beauty & Fragrance Stores a one stop cosmetics, beauty and fragrance shop. Our excellent customer service culture, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups cosmetics, beauty and fragrance stores) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Spotless Cosmetics, Beauty & Fragrance Stores is in business to retail a wide range of cosmetics, beauty and fragrance products to the residence of Carson City – Nevada. We are in the cosmetics, beauty and fragrance stores industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.

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In essence, our source of income will be the retailing of a wide range of cosmetics, beauty and fragrance products at affordable prices. We will retail products such as;

  • Hair care and shower products
  • Cosmetics
  • Skin care products
  • Fragrances
  • Nail care products
  • Deodorant and shaving products
  • Sun care, baby care and other products

10. Sales Forecast

One thing is certain when it comes to cosmetics, beauty and fragrance stores, if your store is well stocked and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Carson City – Nevada and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the cosmetics, beauty and fragrance stores industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Carson City – Nevada.

Below are the sales projection for Spotless Cosmetics, Beauty & Fragrance Stores, it is based on the location of our business and other factors as it relates to candy stores start – ups in the United States;

  • First Fiscal Year-: $240,000
  • Second Fiscal Year-: $450,000
  • Third Fiscal Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there wouldn’t be any major economic meltdown and there won’t be any major competitor offering same products and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

Before choosing a location for Spotless Cosmetics, Beauty & Fragrance Stores, we undertook a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Carson City – Nevada. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the cosmetics, beauty and fragrance stores industry to help us develop 11. Publicity and Advertising Strategy

Despite the fact that our cosmetics, beauty and fragrance store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our business.

Spotless Cosmetics, Beauty & Fragrance Stores has a long term plan of opening chains of stores in various locations all around Nevada and key cities in the United States which is why we will deliberately build our brand to be well accepted in Carson City before venturing out.As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Mama Jay Candy Stores;Place adverts on community based newspapers, radio stations and TV stations.Encourage the use of word of mouth publicity from our loyal customersLeverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business.Ensure that our we position our banners and billboards in strategic positions all around Carson City – NevadaDistribute our fliers and handbills in target areas in and around our neighborhoodContact corporate organizations, households, landlord associations and schools by calling them up and informing them of Spotless Cosmetics, Beauty & Fragrance Stores and the products we sellAdvertise our cosmetics, beauty and fragrance store business in our official website and employ strategies that will help us pull traffic to the siteBrand all our official cars and vans and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.12. Our Pricing StrategyPricing is one of the key factors that gives leverage to retail business like cosmetics, beauty and fragrance stores, it is normal for consumers to go to places (retail outlets) where they can get cosmetics, beauty and fragrance products at cheaper price which is why big player in the cosmetics, beauty and fragrance stores industry like L Brands, Sephora, Sally Beauty Holdings Inc. and Ulta Salon, Cosmetics and Fragrances Inc.et al will attract loads of consumers. Products in their stores are tagged with the cheapest price you can get anywhere in the United States.We know we don’t have the capacity to compete with L Brands, Sephora, Sally Beauty Holdings Inc. and Ulta Salon, Cosmetics and Fragrances Inc. but we will ensure that the prices of all the cosmetics, beauty and fragrance products that are available in our store are competitive with what is obtainable amongst cosmetics, beauty and fragrance stores within our level.Payment OptionsThe payment policy adopted by Spotless Cosmetics, Beauty & Fragrance Stores is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.Here are the payment options that Spotless Cosmetics, Beauty & Fragrance Stores will make available to her clients;Payment via bank transferPayment with cashPayment via POSPayment via online bank transferPayment via checkPayment via bank draftIn view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for the purchase of products from our stores.13. Startup Expenditure (Budget)In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.As for the detailed cost analysis for starting a cosmetics, beauty and fragrance store business; it might differ in other countries due to the value of their money. These are the key areas where we will spend our start – up capital;The Total Fee for Registering the Business in the United States of America – $750.Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.Marketing promotion expenses for the grand opening of Spotless Cosmetics, Beauty & Fragrance Stores in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.Cost for hiring Consultant – $2,500.Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $53,300.Cost for Shop remodeling (construction of racks and shelves) – $5,000.Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000The cost for Start-up inventory (a wide range of hair care and shower products, cosmetics, skin care products, fragrances, nail care products, deodorant and shaving products, sun care, baby care and other related products et al from different manufacturers both from the United States of America and from other countries.) – $75,000Storage hardware (bins, rack, shelves, food case) – $3,720Cost for store equipment (cash register, security, ventilation, signage) – $3,750The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.The cost of Launching a Website: $600The cost for our opening party: $3,000Miscellaneous: $10,000We would need an estimate of $350,000 to successfully set up our cosmetics, beauty and fragrance store in Carson City – Nevada. Please note that this amount includes the salaries of all the staff for the first month of operation.Generating Funding / Startup Capital for Spotless Cosmetics, Beauty & Fragrance StoresSpotless Cosmetics, Beauty & Fragrance Stores is a family business that is solely owned and financed by Mrs. Peace Osteen and her immediate family members. We do not intend to welcome any external business partners, which is why we have decided to restrict the sourcing of the start – up capital to 3 major sources.These are the areas we intend generating our start – up capital;Generate part of the start – up capital from personal savingsSource for soft loans from family members and friendsApply for loan from my BankN.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.14. Sustainability and Expansion StrategyThe future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.One of our major goals of starting Spotless Cosmetics, Beauty & Fragrance Stores is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.We know that one of the ways of gaining approval and winning customers over is to retail our products a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.Spotless Cosmetics, Beauty & Fragrance Stores will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of six years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.Check List / Milestone
  • Business Name Availability Check: Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Leasing of facility and remodeling the shop: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • writing of business plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business both online and around the community: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party / launching party planning: In Progress
  • Compilation of our list of products that will be available in our store: Completed
  • Establishing business relationship with vendors – suppliers of cosmetics, beauty and fragrance products: In Progress

FAQs

What are the steps to writing a business plan in 2022? ›

How to write a business plan in 9 steps
  1. Draft an executive summary.
  2. Describe your company.
  3. Perform a market analysis.
  4. Outline the management and organization.
  5. List your products and services.
  6. Perform customer segmentation.
  7. Define a marketing plan.
  8. Provide a logistics and operations plan.
27 Jan 2022

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How do I write a simple business plan for a small business? ›

Traditional business plan format
  1. Executive summary. Briefly tell your reader what your company is and why it will be successful. ...
  2. Company description. ...
  3. Market analysis. ...
  4. Organization and management. ...
  5. Service or product line. ...
  6. Marketing and sales. ...
  7. Funding request. ...
  8. Financial projections.

Read On ›
How do I write a 6 month business plan? ›

How to Write a Business Plan, Step by Step
  1. Write an executive summary.
  2. Describe your company.
  3. State your business goals.
  4. Describe your products and services.
  5. Do your market research.
  6. Outline your marketing and sales plan.
  7. Perform a business financial analysis.
  8. Make financial projections.
26 Jul 2022

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What 5 things should a business plan include? ›

Five Essential Items To Include In A Business Plan
  • Concept. A key purpose of a business plan is to give readers a total understanding of the company's goals and how they will be achieved. ...
  • Market Analysis. ...
  • Strategy. ...
  • Organization. ...
  • Financials.
15 Nov 2015

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What are the three C's of a business plan? ›

These three C's include: (1) having a concept of what your business is all about; (2) identifying who your customer or client will be; and (3) figuring out how the cash flow in your business will actually work.

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What are the 3 things a business plan should do? ›

The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

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Can I write a business plan by myself? ›

If you're a good writer you can probably write a business plan yourself, at least with some assistance. Software and samples are available to help prepare business plans. Additionally, the SBA is a terrific resource for guiding you through the process.

View More ›
What is a 30-60-90 day sales plan? ›

What Is a 30-60-90 Territory Plan? Simply put, a 30-60-90 plan is when you strategize action steps and goals to accomplish in the first 30, 60, and 90 days of a new sales territory or position. The plan is helpful not only for keeping yourself focused on specific targets but also for keeping your manager in the loop.

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How do you write a 30-60-90 Day business plan? ›

9 tips for creating a 30-60-90 day plan
  1. Set SMART goals.
  2. Consider what you want your employee to prioritize.
  3. Encourage professional development.
  4. Encourage reflection time.
  5. Outline goals into months: first month, second month, third month.
  6. Ask for input from your employees and direct reports.
17 Jun 2022

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What was the 5 year plan in 2022? ›

Seventh Five Year Plan

For the first time in the history of Independent India, the private sector gained more priority over the public sector. The Government achieved a 6.0% growth rate as compared to the target growth rate of 5.0%.

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What are some future plans examples? ›

100 Life Goals Ideas
  • Become an inspiration to others.
  • Master a difficult skill.
  • Become a thought leader in your industry.
  • Get promoted to an executive role at your company.
  • Learn about how to become a millionaire.
  • Go on a trip around the world.
  • Travel to your dream country.
  • Double your personal income.

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What is a business plan format? ›

A traditional business plan typically includes—an executive summary, an overview of your products and services, thorough market and industry research, a marketing and sales strategy, operational details, financial projections, and an appendix.

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What makes a perfect business plan? ›

Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, finance, personnel and various operating procedures. They are specific, communicate to all company employees and require commitment from everyone.

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What are the 9 key elements to successful business plan? ›

9 elements of an effective business plan
  • Executive summary and company description. Explain your company and its mission. ...
  • Solution statement. ...
  • Products and services. ...
  • Business leadership/personnel. ...
  • Market analysis. ...
  • Competitive audit. ...
  • Goals and objectives. ...
  • Financial plan.

Read On ›
How much should I charge to write a business plan? ›

How Much Should I Pay For a Business Plan Writing Service? Professional business plan writers and consultants generally charge between $2,000 and $25,000. However, the cost largely depends on the required quality of your plan, the complexity of your business plan, and the length of the document.

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What are the 4 U's in marketing planning? ›

If you've been writing for the web long, you've probably heard of the 4 U's formula, which says that content should be Urgent, Unique, Useful, and Ultra-specific.

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What are the 3 C of sales? ›

The three Cs refer to the core aspects that lay the foundation — and drive the vision — of real-world success: content management, customer engagement and coaching excellence.

Read On ›
What are the 5 tips for writing a business plan? ›

12 quick tips for writing a business plan
  • Don't be long-winded. Use clear, concise language and avoid jargon. ...
  • Show why you care. ...
  • Provide supporting documents. ...
  • Reference data. ...
  • Research, research, research. ...
  • Clearly demonstrate your points of difference. ...
  • Be objective in your research. ...
  • Know the purpose of your plan.
23 Nov 2020

View Details ›
What are the 13 things list that a business plan should have? ›

As is the case with most big projects, crafting a business plan is one of those things that takes an incredible amount of diligence and no shortage of courage.
...
  • Executive Summary. ...
  • Company Synopsis. ...
  • Market Overview. ...
  • Product (How it Works) ...
  • Revenue Model. ...
  • Operating Model. ...
  • Competitive Analysis. ...
  • Customer Definition.

Keep Reading ›
What is the most difficult parts of the business plan? ›

“The most difficult part of writing a business plan is the financial section. It is difficult to project figures on a brand-new business with, possibly, a brand-new concept. There is not roadmap, no one to follow. The best you can do is find a similar company and try to gauge what they are making.”

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What are the 6 types of business activities? ›

What Are the 6 Types of Business Activities?
  • Sales. The sales team is the lifeblood of every business. ...
  • Marketing. Marketing and advertising help in developing the brand and boosting the exposure of the business and its services.
  • Finance. ...
  • Accounting. ...
  • Customer Service. ...
  • Human Resources.

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What is the easiest part of a business plan? ›

Executive summary

It may include a table of contents, company background, market opportunity, management overviews, competitive advantages, and financial highlights. It's probably easiest to write the detailed sections first and then extract the cream to create the executive summary.

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Is a handwritten business plan acceptable? ›

A handwritten business plan is acceptable if it is neat, well organized, and inviting to read. The main body of your plan may be quite long because it should include all available information and supporting documents.

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What is a simple single business plan? ›

SIMPLE SINGLE BUSINESS PLAN

It covers the business structure, product and service, market research marketing strategy, complete budget and financial projection for a particular length of time. Business plan shows the step to business success.

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What are the 6 most important parts of a business plan? ›

6 essential elements of a good business plan
  • Executive summary. ...
  • Description and bios of your leadership/executive team. ...
  • Description of your product(s) or service(s) ...
  • Market/competitive analysis. ...
  • Financials (how much cash you need and when you'll pay it back) ...
  • Marketing plan.
20 Oct 2016

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What is a good name for a business? ›

7 Tips for Choosing a Business Name
  • Follow Your State's Naming Guidelines. ...
  • Don't Pick a Name That's Too Similar to a Competitor's Name. ...
  • Choose a Name That People Can Spell and Pronounce. ...
  • Make Your Name Web-Friendly. ...
  • Be Memorable But Not Too Unique. ...
  • Pick a Name that's Consistent With Your Brand. ...
  • Don't Limit Yourself.

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What are 10 startup tips for a new business? ›

  • 1) Be Passionate.
  • 2) Start While You Are Still Employed.
  • 3) Don't Do It Alone.
  • 4) Get Clients or Customers Lined Up.
  • 5) Write a Business Plan.
  • 6) Do Your Research.
  • 7) Get Professional Help.
  • 8) Make Sure the Money Is Lined Up.
13 Sept 2022

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What are the 4 basics to a start up business? ›

Requirements to Start a Business

Create a business plan. Choose and register business name. Apply for Federal Tax ID Number or (EIN). Obtain permits and licenses.

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What are the 7 steps to creating a sales plan? ›

The seven steps to creating a sales plan:
  1. Company mission and positioning.
  2. Goals and targets.
  3. Sales organization and team structure.
  4. Target audience and customer segments.
  5. Sales strategies and methodologies.
  6. Sales execution plan.
  7. Measuring performance and results.

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What is the 70/30 rule in marketing? ›

For many businesses the 70-30 rule is a reality, 70 percent of revenue is generated by 30 percent of their clients. Most businesses have an active on-going relationship and regular communications with these customers.

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What is best plan in sales? ›

What is Beat Planning? Beat planning or permanent journey plan is a day-level route plan made for field sales/marketing personnel to make visits to a number of stores at a predefined frequency. A beat plan defines whom to visit, when to visit, based on the company's priorities on stores category/segment.

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What is a 1 3 5 Business Plan? ›

The 1-3-5 framework has you starting with a goal then breaking that goal into 3 priorities, and 5 strategies for each priority. The goal and priorities should be measurable targets; while the strategies are your plans to achieve each priority. If all 3 priorities are met, then your goal should be attained.

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What does a good 90 day plan look like? ›

Ideally, a 90-day plan should: Serve as a single reference point for resources, outlets for support, and clarity on responsibilities and goals. Introduce and foster an environment that supports regular growth conversations with managers so the employee can envision their path for advancement.

View Details ›
What should be included in a 100 day plan? ›

What should a 100 Day Plan Include?
  • Situation Summary – Outline the current business landscape, strengths, opportunities, and other important headlines that capture the context you're stepping into as the leader in your role. ...
  • Goals – Consider where you want to be 100 days in on the job.
23 Feb 2022

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What are the 7 main points in a business plan? ›

The 7 Components of a One-Page Business Plan
  • Business objectives.
  • Competitive analysis.
  • Target market.
  • Business structure.
  • Products and services.
  • Marketing plan.
  • Financial analysis.

Read On ›
What are 3 things you must do in order to own your own business? ›

3 Things You Must Do Before Starting a New Business
  • Take a business or entrepreneur training class. Take a business class or workshop before you start a business. ...
  • Create a business plan. Yes, you really do need a business plan. ...
  • Conduct real research. ...
  • Let's review:
  • Take the next step.
29 Aug 2018

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› jeff-haden › how-to-write-perfect-... ›

Overview and Objectives; Products and Services; Market Opportunities; Sales and Marketing; Competitive Analysis; Operations; Management Team; Financial Analysis...

How To Write A Business Plan

https://www.entrepreneur.com › business-news › how-to-...
https://www.entrepreneur.com › business-news › how-to-...
The purpose of the design and development plan section is to provide investors with a description of the product's design, chart its development within the ...
Executive summary · Products & services · Market analysis · Marketing & sales · Company organization and management team &mi...

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What are the steps of preparing a business plan? ›

Here are six key steps that can lead to an effective plan for your business:
  1. Step 1: Establish your mission. In essence, your mission statement explains why your business exists. ...
  2. Step 2: Analyse your SWOT. ...
  3. Step 3: Develop a plan. ...
  4. Step 4: Create a budget. ...
  5. Step 5: Put it in writing. ...
  6. Step 6: Make it a living document.

Keep Reading ›
How can I make 2022 my best year in business? ›

Here's how to make 2022 your best year in business, no matter where you are right now.
  1. Step into your new version. If nothing changes, nothing changes. ...
  2. Ignore the news. Headlines and doom scrolling cultivate nothing but fear. ...
  3. Expand the great. ...
  4. Relentless focus. ...
  5. See allies, not competition. ...
  6. You do you.
4 Jan 2022

Show Me More ›
Can I write a business plan myself? ›

If you're a good writer you can probably write a business plan yourself, at least with some assistance. Software and samples are available to help prepare business plans. Additionally, the SBA is a terrific resource for guiding you through the process.

Get More Info ›

What are the 3 parts of introduction in business plan? ›

The introduction should contain a two or three page management overview of the business. It covers the description of the business, the goals and why the business is a good venture to start.

Show Me More ›
What are the 5 tips for writing a business plan? ›

12 quick tips for writing a business plan
  • Don't be long-winded. Use clear, concise language and avoid jargon. ...
  • Show why you care. ...
  • Provide supporting documents. ...
  • Reference data. ...
  • Research, research, research. ...
  • Clearly demonstrate your points of difference. ...
  • Be objective in your research. ...
  • Know the purpose of your plan.
23 Nov 2020

View More ›
What are the 13 things list that a business plan should have? ›

As is the case with most big projects, crafting a business plan is one of those things that takes an incredible amount of diligence and no shortage of courage.
...
  • Executive Summary. ...
  • Company Synopsis. ...
  • Market Overview. ...
  • Product (How it Works) ...
  • Revenue Model. ...
  • Operating Model. ...
  • Competitive Analysis. ...
  • Customer Definition.

Read The Full Story ›
What comes first in a business plan? ›

Business plans generally start with an executive summary and company overview, move through background research and market analysis, customers, and competition, describe the company's intended methods in the marketing plan and operation plan, show who's on the management team, and conclude with the financial plan and ...

Get More Info ›
What are your top tips for small businesses looking to grow in 2022? ›

6 Tips For Small Business Success In 2022
  • Attract and retain staff. ...
  • Manage supply chain challenges. ...
  • Embrace digital transformations. ...
  • Adapt to working from home and the future of work. ...
  • Focus on mental health and workplace wellbeing. ...
  • Build resilience and plan for uncertainty.
9 Mar 2022

View More ›

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