Final Project Business Plan Milestone One Proposal

Final Project Business Plan Milestone One Project Proposal and C

1 3 Final Project Business Plan Milestone One Project Proposal and C

For the final project, you are required to develop and submit a comprehensive business plan. The initial milestone involves creating a project proposal and providing detailed company information. Your chosen business should be a small business, which can be a fictitious enterprise, an actual small business you are familiar with, or a franchise opportunity you are interested in exploring. The business can be based on a product or a service offering. Specifically, for this milestone, you should craft a brief proposal consisting of one to two paragraphs outlining your business idea. This proposal should identify whether the business is fictitious or an existing one, and specify the nature of the business—product-based, service-based, or both.

The proposal must describe your business concept and detail the product or service you will sell or provide. Use the “Company Information” paragraph on page 87 of your textbook as a guide to include essential business description contents. Additionally, you should state the type of ownership structure you have chosen for your business (such as sole proprietorship, partnership, LLC, corporation) and explain your reasons for selecting this ownership type. Your explanation should discuss how the ownership aligns with your business goals and operational preferences, especially emphasizing the focus on the product or service to be offered.

Paper For Above instruction

In this project, I will develop a detailed business plan centered around a small business in the beauty industry—a hair salon. For the purpose of this initial milestone, I will propose a fictitious hair salon business called "Elegant Tresses." This salon aims to provide high-quality hair styling, coloring, and grooming services tailored to diverse client needs. The primary target market includes young professionals, students, and local residents seeking professional hair care in a welcoming environment.

The business will operate as a service-based enterprise, focusing on personalized hair styling, coloring, treatments, and styling consultations. The salon will emphasize a luxurious yet accessible atmosphere, utilizing professional-grade products to ensure customer satisfaction and loyalty. The services will be designed to cater to both everyday grooming needs and special occasions, such as weddings and events, creating a comprehensive beauty experience for clients.

Regarding ownership structure, I propose establishing the salon as a Limited Liability Company (LLC). This choice provides a balance between personal liability protection and operational flexibility. The LLC structure allows for simpler management compared to a corporation and offers pass-through taxation, which is advantageous for a small business just starting out. I selected an LLC because it aligns with my goal to maintain control over the business operations while safeguarding personal assets, especially as I focus on providing high-quality services and building a loyal customer base.

The decision to focus on a service-oriented business aligns with current market trends emphasizing personal grooming and wellness. The salon industry remains resilient and in demand, particularly in urban areas where busy professionals prioritize convenient and professional hair care. By establishing "Elegant Tresses" as an LLC, I aim to create a sustainable and scalable business that can adapt to evolving beauty trends and expand its services or locations in the future.

References

  • Boatwright, J., Colander, D., & Gaiser, W. (2014). The Economic Way of Thinking (4th ed.). McGraw-Hill Education.
  • Krueger, R. A., & Casey, M. A. (2014). Focus Groups: A Practical Guide for Applied Research (5th ed.). Sage Publications.
  • McDougall, W. (2020). Starting and Operating a Small Business. Entrepreneur Press.
  • Scarborough, N. M., & Cornwall, J. R. (2017). Essentials of Entrepreneurship and Small Business Management (9th ed.). Pearson.
  • Small Business Administration. (2021). Choose a Business Structure. U.S. Department of Commerce.
  • Shane, S. (2003). A General Theory of Entrepreneurship: The Individual-Opportunity Nexus. Edward Elgar Publishing.
  • Stiglitz, J. E. (2015). The Great Divide: Unequal Societies and What We Can Do About Them. W. W. Norton & Company.
  • Yin, R. K. (2014). Case Study Research: Design and Methods (5th ed.). Sage Publications.
  • Zeichner, R., & Cunningham, K. (2010). The Business of Hairdressing: The Essential Guide to Building a Successful Hairdressing Business. Routledge.
  • Zhao, H., & Seibert, S. E. (2006). The Big Five Personality Dimensions and Entrepreneurial Traits: A Meta-Analysis. Journal of Applied Psychology, 91(2), 259-271.

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