Analyze a business plan to determine feasibility.
WEEK 6 ASSIGNMENT – FEASIBILITY ANALYSISINTRODUCTION\”A feasibility analysis is a chance to open your eyes, ask yourself some very tough questions, then check to see whether your idea, as originally conceived, needs to be modified, refocused, or changed dramatically. (Or perhaps even scrapped altogether.)\” (Abrams, as cited in Scarborough & Cornwall, 2015, p. 237).OVERVIEW With this assignment, you will be addressing the fundamental question: Does this business have profit potential? INSTRUCTIONS Referring to the same business you started or purchased in the first assignment, write a 3–4 page paper in which you:
Conduct a feasibility analysis in which you research:
Industry and market feasibility.
Product or service feasibility.
Financial feasibility.
Entrepreneurial readiness.
Based on your assessment, does the business idea need to be modified, changed significantly, or abandoned? (Note: If you abandon the business idea, then you will need to select and analyze a new business that has profit potential.)
Include at least two references that don\’t include the textbook.
Analyze a business plan to determine feasibility.
Requirements: 3-4 pg
The name of the business that I am opening will be KAMS Beauty Supply and more. It hasbeen my dream to one day be the owner of my very own beauty supply store. As a child Ihave always enjoyed when my mother and I would take trips to the beauty supply store. Iloved to dib and dabble in beauty products. The products that they sold amazed me, and Ienjoyed looking at the pictures of the models and how beautiful they were. I always toldmyself that one day I will be able to turn this dream into a reality.In my store I would like to sell a variety of products. Make -up, skin careproducts quality hair extensions, hair care products, beauty accessories etc…. My store willbe a one stop shop for all your beauty needs. I will also have a cosmetologist in the storethat will install wigs and eyelashes if needed. Today women are subjected to what societydefines as beautiful. Women look and around and see expectations of what to look likeeverywhere around them This can lead to mental health issues as well as other issues. It canalso cause women to try and change themselves as well as their appearance to be able to fitin the society’s image.When customers come into my store, I want to provide a glamorousexperience. Where the customer feels beautiful and handsome after shopping at my hairsupply store. The hair market is a very competitive business, and I am aware of that.However, I am up for the challenge. A lot of business were faced with losing a lot ofmoney during the pandemic.PAGE 1
No ne was prepared for the type of damage it has caused. Approximately 30 percent of thebeauty industry market was shut down. It was stated that some of the stores will never beable to open their doors again and new openings will be delayed because of the pandemic.With nowhere to go people have been opting to skip out on their daily make up hair careand skin care routines. Covid has caused consumer habits to change, my key competitorswill be other beauty supply stores offering the same services and supplies that I am offeringat a lower price. Having knowledge of the competitors’ strengths and weaknesses providesinsight to pursue various strategies Strengths of competitors are location. Location is veryimportant. Customers usually look for hair supply stores that is near their home simply forconvenience. Unless they are looking for something specific. It would be a great idea toidentify your competitors gather information about your main competitors talk to themdirectly and identify your advantages. Strengths and weakness are internal to yourcompany. Some things you will have some control over and some you will not. We operatein a very competitive industry. Next, I will talk about some weakness. Limited productavailability. No one knows you. Lack of resources. Inability to keep up trends. The haircare market is evolving at a very fast rate. Some companies will find that it is difficult tomatch the speed of larger competitors. There can be numerous of reasons that could causeweakness to your business plan but you have to ensure that you keep striving to the top nomatter what. You must strive for greatness.PAGE
The mission statement of my hair store would be to provide a friendly personalizedexperience every time you come to my store. We have a team of highly skilled and acreative professional. Teamwork is our most valuable asset which ensures our customersare always number one. While education and innovation will sustain our future growth tostay ahead of market requirements.ReferencesSmallbusiness.chron.comNaics.com
The mission statement of my hair store would be to provide a friendly personalizedexperience every time you come to my store. We have a team of highly skilled and acreative professional. Teamwork is our most valuable asset which ensures our customersare always number one. While education and innovation will sustain our future growth tostay ahead of market requirements.ReferencesSmallbusiness.chron.comNaics.com
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