Experts always suggest putting your goals on paper before you actually start a business so you can keep a track of your efforts and return. In case of setting up a small scale makeup artist business, writing your goals simply with an estimated deadline for each will suffice, but if you are planning a big setup to attract strategic partnerships or else to generate funding and want to have a huge public exposure through marketing and media coverage, you must have a proper business plan for your makeup artist business.
This article will identify the sample contents of the business plan and guidelines for developing those contents under proper sections. So here it goes:
Business Description Comes First:
This section involves all the “Ws”, i.e. who, what, when, where. Answer the following under this section:
- Who you are?
- What your business does?
- When your business will be in operation?
- Where your business will operate?
- What are your short term goals?
- What are the long term goals of the business?
- Where do you see your business 1 year, 2 years, 3+ years from now?
Highlight Your Services Next
Create a list of services that you will offer and better is to identify the pricing at the same time. Make sure that whatever you are offering is creating a value to your customers. If you are offering services that have many competitors, go for competitive pricing through packages and promotional offers. If you are selling a unique service, again make sure you are delivering the value of the price. Think of a competitive advantage that you have and highlight it!
Present Market Analysis Now
The market analysis starts with identifying your customers’ demographics, economics overview, industry outlook, and interests and demands. To keep it simple, focus on:
- List attributes of your potential customers.
- Where will you find them?
- List of competitors.
- Strengths and weaknesses of your competitors in comparison to your services.
Sales & Marketing Strategies and Planning Comes Next
This section will include details on how you plan to market your business as well as the resources that you will need to do so. Check out our detailed guide on how to market your makeup artistry business, and develop this section of your business plan accordingly.
Along with the marketing strategy, you also need to mention all the monetary and non-monetary resources required to run the sales and marketing operations. For instance, whether you will be needing a website or not, who will develop the website, who will develop the materials and contents for brochures and business cards (Do not forget to check out our guidelines and sample business cards for makeup artist business).
Include People Who Will Be Working with You
Make a list of people who will likely be the part of your business in one way or other. List people with their responsibilities and also mention whether their role will be full time or part time and you will pay them or they will volunteer.
Include the Financial Plan and Projections
As you have already done the costing in previous stages, this is the time to put all the financial elements at one place in proper order. Here in this section, you will list all the costs that you are going to incur on your makeup artistry business along with projections based on when and how you are going to spend the amounts.
You can also include a sub-section for projected earnings. This will help you identify how much you are going to spend initially and in how much time it will return.
This part of the business plan can be lengthy depending upon your goals, however, make sure to focus on:
- Fixed cost; that you will incur initially for one time. This includes the cost of equipment and other items that will be needed to start the operations.
- Running costs; which will be on a periodic basis, i.e. products, bills etc.
- Marketing & Advertising Costs: Even if you have a very small scale business, advertising and marketing is very important and the costs depend on the intensity of your marketing campaigns.
- Other Expenses: If you are planning to hire people, include salaries and similar stuff in it.
- Revenues: Mention all the projected revenues. Just project how many services you can provide to have a fair idea.
With the above guidelines, you can develop an effective and presentable business plan for your makeup artistry business. If you are to present the business plan to investors, make sure to add rich media like images of your best work, letters of association from your strategic partners, testimonials from people/groups where you have delivered promotional services etc to make your business plan more appealing and attention grabbing.