FORD’S Thoughts

Global business & beauty education expert, KIM FORD, shares news, views & observations from the international nail circuit

ABOUT KIM FORD

Kim Ford has worked in the beauty and education sectors for over three decades, in more than 40 countries. She has honed her skills in beauty, spa, sports, nails, holistic therapy and aesthetics, in private and public education establishments, spas, salons and retail businesses.

Kim has extensive experience as an international examination officer for awarding organisations, and has held the titles of chairman of BABTAC and CIBTAC and vice president of CIDESCO GB. An education consultant for CIDESCO International, she sits on a number of industry boards globally as a director or trustee, and has won awards for education and business in the UK and internationally.

As owner of Beauty Enterprise Solutions, Consultancy & Training, Kim supports industry education establishments in gaining accreditation or endorsement. She strives to raise industry standards and help beauty professionals reach their education and career goals.

“A well-crafted business plan demonstrates that you have a clear understanding of the nail industry and outlines a roadmap for success.”

Hello nail superstars! In this column, I am going to discuss business plans. Did you create one before you established your business and if so, how often do you revisit it? It is essential to invest time and effort into creating a comprehensive business plan; without this, you risk wasting time, money and resources. A detailed business plan should outline your goals, strategies and financial projections, helping you to stay focused and organised. It will also help you to consider challenges and make informed decisions.

The format of a business plan will vary based on your goals. It should provide a detailed description of your business, including its location, target market and unique selling points, and outline services offered.

Points to include in your business plan:

• Your mission, executive summary and company description.

The executive summary is the most important section of a business plan.

It is an overview of your business and introduction to its services.

• Explanation of management.

• Breakdown of your products and services.

• Marketing plan opportunities and sales strategy.

• Market and competitive analysis. This involves researching your target market, identifying competitors and understanding consumer needs and trends. It should give a clear and detailed description of the products and services you offer, outlining unique selling points, your pricing strategy and any intellectual property considerations.

• Financial analysis.

This should include realistic revenue projections and a detailed budget. I advise completing feasibility studies to determine whether your financial plan will work in the real world. Your financial analysis will highlight any areas you need to change or focus on to give a better return on your investment.

SWOT analysis

A SWOT analysis is a planning tool that helps you to identify the Strengths, Weaknesses, Opportunities and Threats involved in your business. Consider economist, Michael Porter’s five forces analysis model, which details that the likelihood of a business making profits in any given industry depends on five factors: barriers to entry and new entry threats, customer power, supplier power, the threat of substitutes for a sector’s services and competitive rivalry.

Legal and legislative considerations

When creating your business plan, it is crucial to reflect on various legal and legislative areas, so your business can avoid potential issues by operating within the boundaries of the law. You must adhere to any industry-specific regulations, such as licensing requirements, environmental regulations and workplace safety standards. Research HMRC requirements on registering your business and proper reporting, as well as Companies House obligations, such as checking if the name of your business is available.

Revisiting your business plan

It is not enough to simply create a plan. Regularly revisiting and updating your business plan is of utmost importance to ensure that your business’ strategies align with current market conditions and goals. Re-examining your plan allows for adjustments and improvements to be made, meaning your business remains competitive and adaptable in an ever-changing landscape. This is essential for long-term success and growth.

A well-crafted business plan demonstrates that you have a clear understanding of the nail industry and outlines a roadmap for success.

Until next month,

Kim

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