Cosmetics Business Plan 1

Cosmetics Business Plan

Sabita Chaudhary

Westcliff University

BUS 651 Entrepreneurship and New Ventures

Presidential Business School

Mnetor: Bibek Bhandary

Cosmetics Business Plan 2

Abstract

This paper consist of outline of business plan, in which all the activities and important steps

which must be followed while starting business are discussed. Generating business ideas,

operating them, recognizing opportunities and how to make them future oriented all these things

are included in this paper. As per the assigned work by this course, I have chosen the cosmetic

industry as my business plan, how I will start my business about my budgeting, marketing

strategy and setting up of my store all these things you will find in this paper.
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Introduction

Each stage of starting and managing your business is guided by a good business plan. You will

use your business plan as a roadmap for building, running and expanding your new business. It's

a way to think about company's main elements.[ CITATION Ram19 \l 1033 ]

Answer of question no 1

Outline of my business:

1. Generate idea: We need to test our proposals at first. It's a first important step to save

both time and money. It covers population, start-up costs, competition, strategy, sales and

income projection.

2. Develop a business plan: We must develop the business plan in depth after evaluating

and analyzing the business plan. A properly developed business plan helps guide, achieve

objectives, take timely decisions, and operations that achieve business goals.

3. Financial plan: It is impossible to start a company without proper capital and financial

planning. To order to cover all expenses before the company produces income, start-up

costs are needed. A proper business plan can help determine the business expenses and

find the company's capital. I can use 3F (Friends, Family and Fools) to manage the costs.

4. Business size: It will be necessary to choose the business weather structure before

starting a business, as partnership, sole owner or company.

5. Name of business: It is essential to choose of business name. Once you have selected the

business name, we must examine whether it is duplicated or not because it works as a

mark.
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6. Office registration: When the company name is chosen, licenses and approval for the

government to start a new business must be received.

7. Accounting sector: In every business, an accounting system is important as it contributes

to the establishment, management and updating of the budget and taxation. In

combination with this selection, you should select the right location and a team.

8. Brand: Eventually, after the organization has been set up and all groups have to respond

to its products. The logo, brochures, boards and advertising are included.

Entrepreneurial themes which I will follow are mentioned below:

1. Being a doer:

Too often people think about what they want to do or want to do, but for one reason or

another they often struggle to do so. Those who take measures to follow their dreams

from day one are successful people. Strive to do something all the time.

2. Visionary/ must be far-sighted

A collaborative effort produces far better results than anything a person can do by

himself. Decision making with high performance takes place at all levels if the mission

and objectives are well defined.[ CITATION Zar12 \l 1033 ]

3. Should not be afraid of mistakes:

The ability to overcome these failures is one of the most important factors for

performance.

4. Strategy:

Promoting a sense of cooperation and concentration, constantly inspiring others to help

achieve the goals of an organization.

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5. Success, Redefined:

The external climate dynamics constantly change. The companies continue to monitor

and reassess developments in the external environment and consequently adjust

positioning based on observations. At the same time, they tend to refocus on what success

means.[ CITATION Sch16 \l 1033 ]

Question no 3

We should always find the chance as entrepreneurs. The selection of good opportunities can lead

to maximum profit and increase organization's growth. Some of the business opportunities

recognition processes are listed below:

1. Listening to potential clients and past leaders

When we target potential customers, they listen to our business ' needs, desires,

challenges and frustrations. Have the same products and services been used before? What

didn't and liked them? When did they come? Why did they come to us? What objections

do you have to our products or services?

2. Must listen to customers:

We must listen to what they say about our industry, products and services when you

speak to your customers. What are the questions you ask often? What experiences do you

have? Is that frustrated? Requests and feedback?

This valuable client information helps us to identify the main business possibilities for

expanding and developing your current products and services.

3. Watching competitors
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Our competition analysis will help you identify key commercial opportunities in order to

broaden your reach of the market and to develop your products and services.

4. Industry trends and insights

Subscribe to the publications of the industry, join associations, establish Google alerts to

key business terms and news and follow other social media industry experts.

Absorb our self in our industry and learn about the latest technology and trends

continually.

For social enterprise, I have chosen Pretty click cosmetics, which have 14 branches all over

Nepal. It is one of the best cosmetics store where we can get all the cosmetics and skincare

products. Pretty click aims to provide branded and original cosmetics products which they import

from different countries. As I have chosen the business of Herbal cosmetics, I found Pretty click

cosmetics really inspiring because people will get the quality products as they pay for it. So, I

want to sell the organic original products which are imported from foreign countries and

provided services to the local people.

I have chosen Organic cosmetics store as my business plan. In which I will import organic

cosmetics from foreign countries and sell them in local markets of Nepal. Now days people are

being very conscious about their looks, they want beautiful and clear skin. So, by targeting this

situation I want to open an Herbal cosmetics store.

1. I need to learn how a cosmetics Business works: The first step in starting a business is

how it works. Fortunately we can start by studying all on on-line. There are several ways
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to do that. Look at Sephora, MAC and Estee Lauder to know all what we need. [ CITATION

Gra191 \l 1033 ]

2. Creating a plan: I will create a plan about my business which will include

 Mission and goals

 Who are target market for my business

 What's the cost of your startup?

 What will be my first year expect to achieve? And also after that

 How I will look my competition?

3. Budget setting: I will set my budget which will cover up all these things:

• Rent

• Business permits

• Equipment

• Human resource

• Suppliers

4. Deciding which products to offer: I will decide which product shout be offered to

customers according to their need which will be possible by market research.

5. Location: For location i will consider these things

 Must have parking facility

 Market area

 No traffic having areas

 Easy to access areas

6. Finding suppliers: As I am deciding to import products from foreign for that I will

contact with people which have connection with foreign trade and then took idea from
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them about importing makeup products from foreign and from local suppliers I will need

the following things

 Mirrors

 Cases to display

 Beauty blenders, brushes

 Furniture

 Art and stuffs for decoration

 Securities etc

7. Promotion of business: I will choose digital market like face book, Insta-gram, you tube

and TV commercials for promotion.

These all are the main things that I will do, while starting my business
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Conclusion

Everybody wants to look good, so cosmetics and skin care are always in demand. In fact, women

are ready to splutter on a big lipstick or an effective treatment for skin treatment even during

economic downturns. Preparation is the key to success of any kind of business, it is a blue print

of what we will do in the future, how we will operate our business all must be planned and

focused. In all start-up companies, a business plan plays an important role as it provides a way in

all aspects of business. The business plan is the basis for management of finance, marketing,

operations and products. For a businessman it's an important tool as achieving short and long-

term goals. All the important stuffs related to business startup is the major aspect of this paper.
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Reference

Granger, E. (2019). Retrieved from https://startupjungle.com/how-to-cosmetics-business/.

Rampton, J. (2019, February 20). Retrieved from https://www.entrepreneur.com/article/281416.

Schurman, D. (2016, November 16). Retrieved from

https://www.forbes.com/sites/entrepreneursorganization/2016/11/16/5-themes-of-

success-straight-from-the-mouths-of-entrepreneurs/#1466b4ff7061.

Zarrilli, S. (2012, November 15). Retrieved from https://www.safeguard.com/2012/11/15/5-

common-themes-that-drive-entrepreneurial-success/.
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