Planning to open your own beauty supply store? Smart move!
Starting a beauty supply store can be a rewarding business venture as the beauty industry is booming and expected to reach $100.30 billion by 2024.
However, you should remember one thing—it’s a highly competitive field. And you’ll need to create a solid business plan to stand out in the crowd and make it thrive.
Need help writing your plan? Not to worry; we’ll help!
This beauty supply store business plan template will help you get started and guide you every step of the way, from drafting your initial ideas to assessing your store’s financial viability.
Sounds good? Let’s dive right in!
Why Every Beauty Supply Store Startup Needs a Business Plan
A business plan serves as a strategic blueprint for your beauty supply store startup, especially when you aim to thrive in the competitive beauty industry.
Here are some key reasons why you need a business plan to start and grow a new beauty supply store:
Clarify vision and objectives
With the help of a business plan, you can describe the vision and specific objectives of your beauty supply store. It lays out clear plans for what exactly you’ll need to do to achieve business goals, guiding all your decisions and operations.
Secure funding
Let’s face it—many startups need external funding to get off the ground. At that time, having a business plan can be valuable for securing loans from banks or investors. It shows them that you’re serious and how you plan to make your store profitable. This will increase their confidence in the financial viability of your business.
Mitigate potential risks
Not only beauty supply stores but every business faces risks & challenges. However, having a good business plan helps you identify these potential pitfalls and outline detailed strategies for risk mitigation. This will save you a lot of headaches and money.
Track business success
How will you know that your business is doing good? Well, your beauty supply store business plan helps you set clear goals and benchmarks to track your progress and update your strategies over time. It also keeps you aware of the current and emerging trends in the industry.
Now that you know the importance of a business plan, let’s explore what to include in a beauty supply store business plan.
What to Include in Your Beauty Supply Store Business Plan?
1. Executive Summary
An executive summary is a quick introduction to the beauty supply store business plan, outlining the most important aspects of your store.
Though it would be the first section, it is written at the end once the entire doc is ready. This is because it summarizes the key sections mentioned in the rest of the plan.
You may start writing this section with a brief description of your business and consider including the following points:
- Business concept and status
- Vision-mission statements
- Market opportunities
- Unique Selling Propositions(USPs)
- Branding & marketing approach
- Financial highlights
Here, you should note one thing—potential investors or stakeholders might not have enough time to read your 15-30-page plan, but they will surely go through your plan summary. So, keep it simple, crisp, and compelling enough.
2. Company Description
As you will give a brief company overview in the executive summary, this section will expand on it, providing an in-depth understanding of your business.
Well, this is your chance to present all the essential details about your beauty supply store, including its name, concept, legal entity, location, mission statement, background & history, ownership structure, and long-term goals.
In addition to that, you may even explain what type of business you own and what milestones you have achieved or what sales goals you’ve reached till now.
Overall, your company description section introduces your business to the readers, so ensure that it is clear, concise, and engaging.
3. Market Analysis
Your market analysis section is a detailed breakdown of the industry and the specific market niche in which your beauty supply store intends to operate.
This will provide valuable insights into your target market, customer demographics, market size & growth potential, key competitors, emerging trends, and regulatory compliance.
So, readers can easily comprehend the broader beauty supply market, competitive environment, and industry-specific factors that might affect business success.
4. Product & Service Offerings
In the products and service offerings section, you should mention details of your product or service range, benefits, pricing plans, and more.
You may consider including the most common product categories, such as
- Hair care products
- Skincare products
- Cosmetics
- Personal care items
- Beauty tools & salon supplies
If your beauty supply store offers any services (like consultations, makeup applications, hairstyling or color treatments), discuss them as well.
5. Marketing Plan
As its name indicates, the marketing plan outlines how you’ve decided to market or promote your beauty supply business. You may describe a list of online and offline strategies to attract and retain customers.
For example, your online marketing includes social media channels, professional websites, and Google Ads. On the other hand, offline strategies would consist of collaborations with beauty professionals, promotional events, and loyalty programs.
Remember, a well-crafted marketing plan will help you streamline your marketing efforts and keep track of your marketing budget while maximizing ROI.
6. Operations Plan
The operations section of your business plan involves the day-to-day operations and activities centered on achieving your business goals.
This means you’ll need to summarize everything from store management, staffing, supplier relations, and inventory management to sales tracking and logistics.
To plan this section accurately, consider answering a few questions, like how many employees you will require, who will be responsible for customer service, and how you will manage the supply chain and track inventory.
For easy understanding, you may refer to the following operations plan of “Glow & Glamour Gateway”:
Example: Operations Plan for Glow & Glamour Gateway
Staffing and Training
Glow & Glamour Gateway hires 10 staff members, including 2 full-time managers. All new hires undergo a two-week training session covering customer service, store policies, product learning, and sales systems. Ongoing training programs are held quarterly to update the team on new products and industry trends.
Inventory Management
At Glow & Glamour Gateway, we utilize a robust inventory management system that integrates real-time sales data with stock levels. It alerts the store manager when supplies are low and automatically places orders with pre-approved suppliers. This system ensures that our best-selling items are always in stock.
Supplier Relations
We have established strong connections with multiple reputable and well-known suppliers to ensure a diverse and high-quality product range. Our agreements comprise flexible return policies and volume discounts, allowing us to present competitive pricing. We regularly reevaluate our suppliers based on product quality, delivery reliability, and cost.
Customer Service
Our Glow & Glamour Gateway’s customer service desk is staffed during all business hours, managing returns, handling loyalty programs, and responding to product inquiries. We also provide personalized beauty consultations by appointment, enhancing customer satisfaction and fostering loyalty.
Health and Safety
Glow & Glamour Gateway is strictly committed to health and safety regulations to provide a safe shopping environment. It includes regular cleaning services, proper storage of products, and compliance with local health guidelines. Emergency protocols and procedures are clearly outlined and reviewed with staff on a regular basis.
Technology and Security
Our Glow & Glamour store is well-equipped with state-of-the-art security systems, including surveillance cameras and anti-theft devices at exits. Our sales are processed through a secure POS system that protects customer data and provides detailed sales analytics.
7. Management Team
A powerful management team is the key element of your beauty supply store, as it represents the people behind the ultimate success of your business.
So, here, you’ll introduce the beauty supply store’s founders and key executives, along with their roles & responsibilities, educational background, industry experience, expertise, and compensation plan.
For instance, you may consider including a resume-styled summary for each member and explain how they fit their roles, what responsibilities they will take care of, and what value they bring to your business.
8. Financial Projections
A solid financial plan along with realistic financial projections, comes last in the business plan but is the most exciting element for potential investors or lenders.
So, consider including an in-depth summary of your store’s financial forecasts for the first few years (at least 3-5 years).
Here are a few key statements and financial reports that you may include in this section:
- Income statement (Profit & loss statement)
- Balance sheet
- Cash flow predictions
- Break-even analysis
Moreover, you can include your beauty supply store’s startup costs, scenario analysis, and sales & revenue forecasts. This will provide valuable insights into the financial viability of your business.
9. Funding Request (if applicable)
After detailing your financial projections, you can provide a clear picture of your financial needs. Clearly state the total amount of capital needed, followed by the purpose of raising funds and the type of funding you prefer(equity or a loan).
You can even explain how you will use the funds to achieve business objectives and if necessary outline your repayment plans. Also, briefly explain your long-term financial strategy.
Doing so will help you convince investors or lenders of your business’s viability and potential profitability.
Download Beauty Supply Store Business Plan Template
Need a sample business plan to get started? Well, here you go; download our free beauty supply store business plan pdf now and start drafting your plan.
This advanced business plan template provides step-by-step instructions and examples to create investment-ready plans that help you secure funding, business loans, and government grants.
Simply import data into your editor and use it as a reference point!
The Quickest Way to turn a Business Idea into a Business Plan
Fill-in-the-blanks and automatic financials make it easy.
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