The 30 Second Pitch/Hook 1.My business plan is to open a hair salon. 2.My hair salon will take care of peoples hair; I will cut, color, and style hair.

The 30 Second Pitch/Hook

1. My business plan is to open a hair salon.

2. My hair salon will take care of peoples hair; I will cut, color, and style hair.

3. I am different because my hair salon will focus more on coloring hair than anything else.

4. You should care because my business will be a success and it will make life easier for the women in my community.

The 30 Second Pitch/Hook

Are you tired of worrying about how your hair is going to come out when you go to the hair salon. At Triznay we will make sure that you are satisfied with our work.

Bill Warner, Steve Bayle

Triznay(Logo)

Taryn Mancuso

Grade:11

Age:16

1

Business Profile

• My business is a hair salon. I chose this business because in the future I plan to open my own hair salon. I am very interested in cosmetology and would love to learn more about it.

• Type of Business: – Service– I will satisfy my customers by cutting, coloring, or styling their

hair the way they want.

• Legal Structure:

– Sole Proprietorship

2

Product/Service Description

• My business will consist of cutting, coloring, and styling hair.

• The hair salon will satisfy peoples needs that want a quality hair cut, hairstyle, or color.

• Qualifications– I am determined– I am confident – I have had experience with hair

3

• What are the facts that support the opportunity? What is industry growth rate?

– How much money is being spent in this market? (ex. Children’s market spends $14.1 billion per year)

– What are the results of your survey, observational research, interviews, etc.

– What is the size of your market?

Market Analysis (Chapter 18)

Total Population (by age and gender)

Average Income (of target bracket)

Potential Market Size

4

Consumer Profile (Chapters 11 & 18)

• By Location– [The size of the area, density, and location of your

customers. Where do your customers live, work, go to school, or shop?]

• By Population– [The age, gender, occupation, and education of

your customers]• By Personality

– [The general personality, lifestyle, sports, hobbies & other fee time activities, music preferences, etc.]

• By Behavior– [Purchasing patterns and buying behavior such

as rate of use, repetition of purchases, benefits sought, brand preferences, and loyalty characteristics of your customers.]

• By Income– [Economic factors such as household income,

family composition and size, and purchasing behavior (impulsive cash or cautious credit card purchases). ]

Photo of a consumer

5

Competition (Chapters 8 & 17)

Competitive Advantage (Chapter 8)

• List 2 reasons why customers will purchase your product or service over your competitor’s. (Go beyond lowest price.)

Competitor Price Quality Greatest Strength

Greatest Weakness

[ex. Local seller] $

[ex. National chain] $

$

6

Marketing Mix (Chapter 10 &18)

• Price: – [Should be an explanation of why you chose your

price]• Place:

– [Should be an explanation of why you chose this place] • Product:

– Explain the benefits and features of product• Promotion:

– Explain the strategy to promotions you will use

7

Marketing Plan (Chapter 10 & 19)

Phase Method Description Cost

Awareness What tactics will you use to get consumers to know you exist?

Where?How many?When?

How much will it cost?

Purchase What tactics will you use to motivate people to buy your product/service?

Retention How will you build a long term relationship and get them to return?

8

Economics of 1 Unit (Chapter 9)

(Retail/Wholesale Businesses ONLY)

Definition of One Unit

Selling Price per Unit $ (A)

COGS Per Unit $ (D)

Variable Costs Per Unit

(outgoing shipping, packaging, commissions)

$ (E)

Total Cost of Sales (D+E) $ (F)

Gross Profit Per Unit (A-F) $

9

Cost of Materials/Direct Labor (Chapters 2 & 9)

(For Service and Manufacturing Businesses ONLY)

Definition of One Unit

Cost of Sales Per Unit

Direct Labor

(Labor Cost per Hour) (A)

Time (in hours) to make 1 unit (B)

Direct Labor Cost Per Unit (A)*(B)

$ $

Total Direct Labor Per Unit $

Material Description Cost/Total Quantity Cost Per Unit ($)

Total Material Cost Per Unit $

Variable Costs Per Unit (shipping, commission, packaging) $

Cost of Sales Per Unit (labor +material+vc) $

10

Economics of 1 Unit (Chapter 9)

(For Service and Manufacturing Businesses ONLY)

Definition of One Unit

Selling Price per Unit $ (A)

Direct Labor Per Unit (if applicable) $ (B)

Materials Per Unit(if applicable) $ (C)

Total COGS Per Unit (B+C) $ (D)

Variable Costs Per Unit

(outgoing shipping, packaging, commissions)

$ (E)

Total Cost of Sales (D+E) $ (F)

Gross Profit Per Unit (A-F) $

11

Time Management Plan

Business Schedule for a Typical Week

Entrepreneurship Hours

School Hours

Work Hours (ex.part time job)

Free-Time Hours

12

Average Monthly Fixed Costs (Chapter 9)

Type of Fixed Cost Monthly Cost

Entrepreneurial Stipend[ hours x (minimum wage + $1]

$

utilities $

salaries of employees $

advertising $

insurance $

interest $

rent $

depreciation $

other $

Total Monthly Fixed Costs $ 13

Monthly Sales Projections (Chapter 13)

Month Units Sold

January

February

March

April

May

June

July

August

September

October

November

DecemberTotal =

(Double click on chart to add information)

Monthly Break-

Even Units (Chapter 20)

Monthly Fixed Costs/Gross Profit Per

Unit

14

Sales Assumption• Size of Market

• Full Capacity

• Seasonality

Selling Price Per Unit $ (A)

# of Units Sold (B)

Total Sales (A*B) $ (C)

Total COGS (COGS per unit * B) $ (D)

Other Variable Costs (Other variable costs per unit * B

$ (E)

Total Variable Costs (D+E) $ (F)

Gross Profit (C-F) $ (G)

Yearly Fixed Costs $

Other Costs/Unforeseen $

Total Fixed Costs $ (H)

Profit before Taxes (G-H) $ (I)

Less Estimated Taxes @25% (I * .25) $ (J)

Net Profit (I-J) $

Projected Yearly Income Statement (Chapter 13)

15

Start-up Investment (Chapter 14)

Entrepreneurial hours needed for start-up (A)

Wage I pay myself (B)

Total start-up time investment (A*B)

$ $

Item Where I will buy this? Cost of Item$

$

$

$

CASH RESERVE covering 3 months of fixed costs $

Estimated TOTAL START-UP INVESTMENT $

16

Return on InvestmentReturn on Sales

(ROS) chapter 14

Yearly Net Profit ÷ Total Sales X 100 %

For every $1 dollar of sales,

my business earned :

$

17

(ROI) chapter 3

Yearly Net Profit ÷ Start-up Investment X 100 %

For every $1 dollar invested,

my business earned :

$

Financing Strategy for Total Start-up Investment (Chapter 14)

Total: $

Source Amount Debt Equity GiftPersonal Savings [ How will you save?]

$

Relatives/Friends $Investor [Who is it?] $Grant [From Whom?] $

18

Social Responsibility Plan (Chapter 10)

• Describe how your business will give back to the community or support a cause in which you believe

• Explain how you will incorporate social responsibility into your marketing plan

19

Business & Educational Goals (Chapter 3)

• Business- [enter short term goal]

- [enter long term goal]

• Educational - [enter short term goal]

- [enter long term goal]

20

[Enter your mission statement ]

Thank you for your consideration of

[Enter company name]

21