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Expanding Your Business Paper

1007 Words5 Pages

Expanding Your Business
Alisha Hobbs
Sally McMillian
Small Business Management- BUS 402
August 27, 2017

In this assignment, I will prepare a financial plan outline for expanding my beauty salon. I will also develop a guerrilla marketing strategy, discuss the best location for a second salon and outline a plan for securing debt financing. Creating a solid financial plan entails the business owner to succeed. “The financial plan is a road map for how the company can make money, pay bills and earn profits” (Howell, 2017). Lending opportunities from the public and private sources may be available through a comprehensive financial plan.
The Beyond Fab Beauty Salon is a small salon that targets women, men, and children of all ages who …show more content…

The location can determine total sales and how costly it is to run a business. The Current location for beyond Fab is in a residential area with a lot of schools and stores around. The second salon I want to go a different direction and put the new salon in the Walmart shopping center near my house at 4551 New Bern Ave Raleigh, NC 27610. This shopping plaza has many restaurants and other stores that have a high traffic flow of …show more content…

So, I will look into alternate sources for financing my new location. I will examine my options through the Small Business Administration. The SBA offers relatively affordable and reliable loans that will charge low-interest and have longer terms of repayment. This move will enable me to manage my business financially and remain competitive in my industry.
Conclusion
Small businesses need to follow and complete a research analysis and strategic plan to establish and meet the objectives of the business. Expanding my salon gives me the opportunity to staff new personnel, broaden my customer base and opens my business up to favorable financing opportunities. Implementing the right analysis and strategies allows my salon to sustain long term advantages in the future. Securing the correct funds is important, and overestimating can show negatively to loaners. Implementing the right marketing strategy will help promote and expand my

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