Executive Summary of Hair Salon Business Plan in Nigeria
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Introduction of Hair Salon Business Plan in Nigeria
Patilad Hair Salon is set to redefine how neighborhood-based Hair Salon and beauty business should be run, not just in Ikeja, but also in the whole of the Lagos. Hair business in Nigeria, as well as in other parts of the world is a money-making venture. This is as a result of the seriousness that is being attached to the trade. These days, more than ever before in the history of man, there are more people who are taking to the trade. In Nigeria for instance, those who own hair salons are considered as those who run essential services, since both men and woman are known to want to care for their hair.
The advent of hair making dates make to time immemorial. Since the ancient times, there has always been the need for women to look good. Fast forward today and you will find that it hasn’t changed at all, and that is why there are several hair salons that continue to crop up on a daily basis all over the world.
Our strongest selling point at Patilad Hair Salon is the unique strategy of offering private services. We are passionate about putting smiles on the faces of our clients, which is why we shall procure all equipment that will help us achieve just that. We plan to launch out thoroughly, which is why we have also invested plenty of money in making the environment where we plan to operate from very conducive. We believe the aphorism that says ‘first impressions say a lot about a thing’ and that is why our interior and exterior is well furnished to attract all and sundry.
Patilad Hair Salon will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our customers.
Overview of Hair Salon Business Plan in Nigeria
Patilad Hair Salon is a start-up company located at Ikeja, Lagos. Patilad is a unisex salon that expect to catch the interest of a regular loyal customer base with its full-service beauty salon dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products and furnishing an enjoyable atmosphere at an acceptable price/value relationship. The company plans to build a strong market position in the town due to the partners’ industry experience and mild competition in the area. Patilad Hair Salon aim to offer its products and services at a competitive price to meet the demand of the middle-to higher-income local market area residents. We will also maintain a friendly, fair and creative work environment which respects diversity, ideas and hard work.
The Company of Hair Salon Business Plan in Nigeria
Patilad Hair Salon will be established as a limited liability company owned by Akinyemi Sarah and Ojulewa Femi. The company will be managed and overseen by Akinyemi Sarah, a seasoned beautician who has sixteen years’ experience in hair styling and have served in countless of salons all around Nigeria. The company’s main office is located at Ikeja, Lagos State. The leased office space should be sufficient for planned staff size growth within the first few years.
Products and Services of Hair Salon Business Plan in Nigeria
Patilad Hair Salon is a salon that allows both male and female folks to have their hair needs satisfied in one convenient visit. We shall be offering private services where our hair stylists and barbers can go to the homes of clients to have their hair problems solved. We know that home service in a place like Ikeja will generate a whole lot of profit that is why we want to key into the trend. We have a training arm where we train people on how to run a successful Hair Salon business. It comprises of 5 weeks of lectures, practical and hands-on training. We also offer consultancy service on any of our products and services. The benefits our products and services are high quality, varieties of products, prompt delivery services, excellent customer care service, online ordering for both training and products.
The Market of Hair Salon Business Plan in Nigeria
Everyone loves looking good and making one’s hair is one of the major pillars of looking good, there is hardly anyone who does not visit a salon or require their services at one point in time or the other. The Hair Salon industry in Lagos has recently experienced rapid growth and Patilad Hair Salon will position itself to cater for this fastidious market. The local customers are looking for high quality services in a relaxing atmosphere, where they can meet friends and refer family to. Patilad Hair Salon wants to establish a large regular customer base and will therefore concentrate its business and marketing on local residents, which will be the dominant target market. This will establish a healthy, consistent revenue base to ensure stability of the business. In addition, customer traffic is expected to comprise approximately 35% of the revenues. High visibility and competitive products and service are critical to capture this segment of the market. Without a shadow of doubt, a Hair Salon business is indeed a profitable business because it is a fact that people all over the world make use of Salon, and other hair 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 take in good returns from your business. The industry is a thriving sector of the economy of Nigeria and most countries of the world and is responsible for the employment of well over 230, 572 people.
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Competition of Hair Salon Business Plan in Nigeria
In the true sense of the word, so many other competitors are in the same town, a couple of other Salon also exist in the neighbouring towns. Despite the similar business in the area, Patilad Hair Salon will contain a few beneficial strengths to make it more desirable than its competitors. The central location of our Patilad will be an additional value aspect of the company.
Patilad Hair Salon is launching a standard Salon that will indeed become the preferred choice of Ikeja residents. Our company is located in a corner piece property on a busy road and we have enough parking space that can accomm0date well over 10 cars per time. At Patilad Hair Salon, it is a different ball game altogether, as maximum flexibility and sturdy customer attention is to a large extent guaranteed. without mincing words, we have plans in place to become the one stop hair salon when satisfying her clients comes to mind. As such, we will sure gain significant market share and create serious long-term relationships with our clients. Our excellent customer service culture, various payment options and highly secured facility will serve as a competitive advantage for us.
Financial Considerations of Hair Salon Business Plan in Nigeria
Patilad Hair Salon seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital. Funding for the launch of the business will be provided primarily by equity from the partners and investors.
Our market survey and research show that Patilad Hair Salon holds the promise of reaching positive cash flow in its 12th month of operation. The advantage of this is the provision it makes for accelerated repayment of its loan obligations, as well as for dividends to be paid to the owners.
Revenue is expected to amount to N12, 984,326 and profit N3, 592,736 in our first year of operation.
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- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.