FEGEOSTOM hair salon is a unisex hair salon and we are in the business of making people look good. Whenever there is a talk about a salon, it is a place frequently visited by both men and women. Don’t be surprised that men visit the salon more often (from twice a week to once in two weeks) when compared to women. This is the reason we, at Fegeostom, cater for both sexes in terms of hair need.
Location
We are currently located at Allen Roundabout, Ikeja, Lagos. We chose this location because of the high flux of human traffic. Prospective customers see and visit us daily because of this strategic location and we have plans to go mega by opening offices in Oshodi and Lekki. We have also consulted with our real estate agent to get us a property (land to build our office or office block to purchase), which is more accessible to the customer. This will enable us to get ample attention from the public.
Our vision
To be the best unisex salon in Lagos and Nigeria by satisfactorily meeting our customers’ specific needs.
Our mission
- To provide quality service at a modest price.
- To ensure customers are satisfied with our service.
- To expand our scope and increase patronage.
- To maximize profit and increase profit by at least 20% per annum.
Our business
Services: All our services are rendered by professionals who are trained and educated in the art and science of hair styling. Our services are barbing of hair; hairdressing for men and women; Servicing of clippers and Sharpening of clipper blades; Facials & massage; Manicure & Pedicure; and Home services.
Sales: hair creams; hair treatments; clippers; wigs; human hair; combs, straightener, and other hair styling tools
MARKET ANALYSIS FOR HAIR SALON BUSINESS PLAN IN NIGERIA
Our target market is every individual within the Ikeja neighbourhood. This includes service and product sales for all gender living, working or going through Ikeja.
For our marketing plan, we use two major plans. The first is the word of mouth referral method as you know that there is no better marketer than a satisfied customer. Apart from the advertisement, our work and the testimony of our customers are a driving force for us. It would be nice to remind you that testimonies backed up with evidence sells us fast.
Another tool we use is the media. Our office is branded in and out. Everything in our offices speak of our brand, telling you to come back again. Our media advertisements are very catchy and strategically positioned (physically and digitally) to attract new customers. This includes billboards, radio and TV advertisements, targeted ads, newspapers, and handbills.
Our main competitive advantage is the quality service we render to our customers. Since inception, the number of customers has risen as the regulars bring in their friends and the first-time customers become regulars.
We also provide souvenirs e.g. free pens, clippers, etc. and light refreshments to our customers. Another edge we have is the scale that some of our customers use to check their weight before taking their leave for the day. Not so many salons render such unique services to both sexes and are rarely as big as we are. We provide the best barbing environment which is clean, serene, conducive and comfortable for customers. As regards the product we sell, we offer discounts, promo and deals just to ensure our customers are satisfied.
Tools and equipment are Rollers, Clippers, Dryers, Straighteners, Mirrors, Tables, Chairs, Brushes, Combs, Manicure kits, (more in the full plan)
Financials Analysis of Hair Salon Business Plan in Nigeria
| Service | Price |
| Barbing | 300 |
| Standard Hair treatment | 300 |
| Manicure and pedicure | 500 |
| xxxxx | 500 |
| xxxxxx | 1000 |
| xxxxxxx | 1500 |
| xxxxxx | 2000 |
| xxxxxxx | 3000 |
| xxxxxxx | 3500 |
| Home service | 2000+ standard price |
Employee cost using the current cost for the projection.
| Number | Designation | Unit annual pay | Total annual pay |
| 1 | Operation Manager | 240,000 | 240,000 |
| 3 | xxxxxx | 180,000 | 540,000 |
| 3 | xxxxxx | 180,000 | 540,000 |
| 1 | xxxxxx | 120,000 | 120,000 |
| 1 | xxxxx | 180,000 | 180,000 |
| Total | 1,620,000 |
The breakdown of the overhead cost is as follows
| Description | Annual cost |
| Salaries | 1,620,000 |
| Rent | 200,000 |
| Adverts | 78,000 |
| Maintenance | 30,000 |
| Power | 48,000 |
| xxxxx | 300,000 |
| xxxxxx | 76,000 |
| xxxxxxx | 7,000 |
| xxxxxxxxxx | 41,000 |
| Total` | 2,400,000 |
For the expansion, a total of 3,475,000 Naira is required. A sum of 1,975,000 Naira has been sourced from the business ROI and personal contribution. A sum of 1,500,000 Naira is needed to meet the required expansion capital.
Estimated income:
| Service | Yearly average | Unit price | annual |
| Barbing | 460 | 300 | 1,380,000 |
| Standard Hair treatment | 160 | 300 | 480,000 |
| Manicure and pedicure | 200 | 500 | 100,000 |
| xxxxxxxx | 180 | 500 | 900,000 |
| xxxxxxx | 180 | 1000 | 180,000 |
| xxxxxxx | 300 | 1500 | 450,000 |
| xxxxxxxx | 80 | 2000 | 160,000 |
| xxxxxxxx | 150 | 3000 | 450,000 |
| xxxxxxxxx | 45 | 3500 | 157,500 |
| Xxxxxxxxxx | 210 | 2000+ | 420,000+ |
| Total | 4,587,500 |
An estimated profit of over One million Naira is expected on services alone in the coming year. An addition of returns on the sales should boost the profit to about one and a Half million Naira.
A contingency plan has been put in place as a form of insurance. During the business yearly peaks, a percentage is set aside for the days. This amount set aside is used to augment payments during the off peaks periods.
This is a very lucrative business that produces returns, especially on a day-to-day basis. We have been gaining a lot since we started this business. This is the reason we want to expand our business base and we want you to have a part in this by investing in us and our business. We guarantee your investment will bring rewards for you.
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