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Market Analysis

1024 words - 5 pages

Men Grooming Service

Question 1: Describe your Business
A men grooming service encompassing Head Shave, Beard Trim, Hair Care and general grooming services, delivered in a professional atmosphere.
Question 2: What benefits of the product or service enables your business to stand out from your competitors?
Two benefits of the business will stand out- professionalism and a high quality, personalized customer experience. The vision is to merge the best of old grooming techniques with the latest equipment and technology to change the landscape of a man’s haircutting experience in Nigeria.
Q 3: Does this meet a particular need or demand (your competitive advantages if any?)
Yes. There ...view middle of the document...

Q6: Describe the benefit you and your proposed staff will bring to the business including expertise, track record in the business and management experience.
The business already has four highly trained groomers who are experienced in the various types of grooming services. The promoters of the enterprise are business graduates with deep knowledge about business management, customer service, marketing, client engagement, product development, budgeting and financial management.
Q7: Name your three largest /expected competitors. Which, if any, have a localized presence or distributor network.
Our major competitors are Street Barbers, Fitness Parlours and Gyms. A vast majority of them are stand-alone entities with no franchise or distribution networks. Even though they target the same client population as we do, we will distinguish our offers by a superior commitment to customer service and hygienic practices.

Q8: Describe the materials you will need to create your product or service. Are these materials readily available at the right price and quantity in your location? If yes, please describe any relevant information
The materials we need include Clippers, Shavers, Trimmers, Hair Removers, Tweezers, Razors, Brushes, Shaving Accessories and washing bowls etc. All these materials are locally available and are fairly priced. We will therefore not have difficulties in obtaining the materials we require to start the business.
Q9: Is there an existing or expected lead time for manufacture, set-up, harvesting or breeding? If yes, give estimated lead time for each product.
Our line of business requires little lead time. The time between receipt of grant funds and commencement of business activities can be as short as one month. Within this timeframe, we will:
i. Acquire the business location
ii. Purchase materials
iii. Recruit and train staff
iv. Open for Business

Q10: What risks or challenges might affect the success of your business including licenses and accreditations (what can stop you from making this business a success?) How will you reduce or mitigate thus risk?

The major risk is that of service failure. Since our success is dependent on providing a high level of service – one that is difficult to...

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