Business Plan Project for Cosmetology Academy

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Paper Project utilized for College Course regarding Business Planning. Project is a rough outline of a plan for a Cosmetology Academy with innovative ideas not used currently in the Cosmetology Educational Field.

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Business Plan Project for Cosmetology Academy

  1. 1. Sandy’s Cosmetology Academy Brian Rakowski BBM 411, Business Project Wilmington University October 13th, 2013
  2. 2. Sandy’s Cosmetology Academy is the leading provider of superior cosmetology education in the Tri-State Area. Our Vision is to become the school known for having the most up-to-date training, highest completion rate and producing the most adept professionals recognized for training with well-known teachers of a high-class quality. Our mission is to provide unprecedented education to all those with a passion for cosmetology to learn in a dynamic and cutting-edge environment whereby they will become successful in whatever area of cosmetology they should choose. The core objective is to produce top-notch cosmetologists who are known and respected simply from where they acquired their education. The first major goal for starting this school is to acquire the funding to startup said business, acquiring the proper accreditations and permits, as well as ensuring that we are able to pay the salaries of those required to be employed. The second major goal is to gather together the proper professionals with the right credentials to back up our vision of employing teachers of a higher caliber than any other cosmetology school. One major strategy for enforcing my vision is to develop and copyright my own curriculum for use in the school. To do this I will evaluate curriculums that are in use now (Milady, Pivot Point) and then confer with the other teachers in developing a curriculum that not only matches the quality of those used now, but surpasses them by teaching more advanced techniques and incorporating the years of experience eliminating the “filler” in most curriculums that is not in use today in most salons. I will then copyright this curriculum so that it can only be used in my school and this will also assist in my accreditation with the Department of Education. Another major strategy I plan to enact is to locate and procure a prime location for the school that is accessible by all as well as creating an adaptable schedule so that more students can enroll and customize their schedules, thereby ensuring a higher completion rate. To do this, I will first do
  3. 3. research with the Bureau of Statistics, locating the area with the highest concentration of those who enroll in cosmetology school. Following that I will find a large and attractive building that stands out with easy access to parking and bus schedules, also making it easier for students to make it to and finish school. I will then create a Full Time, Part Time and Hybrid Schedule which will be the first of its kind in cosmetology schools. In Delaware, 1500 hours are required to obtain a cosmetology license. For the first 500 hours, the students will need to either select Full Time or Part Time in order to complete their “foundation” learning, which will be the basics of all aspects of cosmetology as well as what is needed for passing the state boards. After “foundation” the schedule will be more flexible where classes will be scheduled more like a college schedule. There will be required courses as well as specialty courses that will be scheduled at different times during the week. Students will need to select their courses making sure that they complete their required classes, and then can choose to specialize by taking courses designed for the areas they are most interested in. My third major strategy will be to have my first graduating class be recognized and hired for their accomplishments, education and talent. In order to be sure of this, I will also require that the students do an internship at a high end salon as well as take part in competitions all while keeping a “look book” of what they have done to show prospective employers. My possible competitors will mainly be the big cosmetology schools in operation today such as Paul Mitchel Academy, Empire Beauty Schools and The Aveda Institute for example. All of these schools have the same reasons for being my major competitors which are not only that they are National Franchises, but they are household names in the beauty industry. Paul Mitchell for example is not only known for the school, but they have a well-known and solid backed line of products that have been around for years.
  4. 4. My service operation would be multi-faceted as there are different roles to fill in a school. For me, I will be the lead administrator as well as a school counselor. I will be the first contact for prospective students, helping them to evaluate their goals in school, give tours, assist with problem solving and provide continued assistance in evaluating each student’s individual career plans. In addition, I will teach one or two classes in the subject that I specialize in. I will also have an office manager who will be responsible for ordering and maintaining inventory, keeping track of student time clocking, assisting students with schedule selection, payroll, and assisting me when needed. A financial aid officer is also needed as I plan on being an accredited school and offering financial aid will allow for more students to enroll. Teaching staff will be required, including a head teacher who will be responsible for creating teacher schedules, deciding what classes are offered at what time, who will teach them and managing the teachers at a lower level. Of course, a maintenance person will be required to keep the school functioning properly as well as maintaining the highest safety and sanitation standards as possible. Prospective students will meet with me, take a tour, talk about their goals and whether the school is the right fit. If they decided to enroll, they will go to my office manager who will explain the curriculum requirements, the costs of tuition, all additional requirements (internship, competitions etc.) and the way that our school will function including rules and regulations. Following that, if needed, they will meet with the financial aid officer who will assist them with obtaining any monies needed for their tuition and/or other costs associated. Once enrolled, the students will attend an orientation, and begin “foundation”. Once they finish “foundation” they will meet again with the office manager to decide their schedules for their remaining hours as well as sign up for lab time where they will work on live clients, practicing what they have learned while being supervised
  5. 5. by a teacher. Schedules and specialty classes will be rotated monthly to make sure that all students have the opportunity to take the classes that they choose. The top two levels of management will of course be myself, the administrator/owner as well as the office manager. As the administrator my primary functions will be ensuring the school runs as planned, performing intakes on prospective students, doing career assessments with students as well as regular evaluations and enhancements on my customized curriculum to make sure that it is always the most current and addresses the most recent trends in cosmetology. I will also be responsible for networking with salons, teaching classes and organizing ongoing education for my teachers. The office manager, who is the next level of management will have the very important functions of maintaining the school’s inventory, being in charge of day to day operations, keeping track of student’s hours and assisting with schedules, completing payroll as well as any other assignments that I might need assistance with. My marketing strategy is very comprehensive. Number one will be that my teachers will need to be recognized locally for achievements or being exceptional at their jobs. This will already create a camaraderie with salons because they will know “who” is teaching the students as well as the level of experience they are learning from. Advertising our hybrid and incredibly different scheduling options will be a major drawing point for prospective students because allowing them to specialize while in school as well as customize their schedule will allow them to keep/get jobs, maintain families if they have them and feel like they are in control of their education. I plan on giving presentations in high schools, at job fairs, and in any other environment where there are those looking for a new opportunity. Speaking about the schedule as well as the teachers will draw students to my school as it will be something different than what is currently offered. Also, perhaps not immediately, but in time word of mouth will me my
  6. 6. strongest marketing strategy because as I graduate superb quality cosmetologists who obtain gainful and exceptional employment, my school will eventually be known for the quality of students that are produced, thereby making the salons want students from my school instead of from other cookie cutter schools. The Critical Success Factors for my school will be first and foremost that at least ten students will need to enroll each start date, which will be every three months in order to maintain the monies needed for salaries and school functioning. In addition, the students will need to be able to grasp what is being taught, otherwise my goals for a certain quality of graduate is impossible. Another critical factor will be that the students that do graduate maintain their levels of superiority in the cosmetology world, which I will attempt to ensure by offering continuing education at per class cost for alumni to keep up with the latest. Hiring the level of teachers required will also be a critical factor, and I will try to acquire this by having strict requirements for those who do become teachers. And, perhaps the most critical success factor for my school will be becoming accredited so that I can offer financial aid through the Department of Education, because without this, there will not be enough students who can afford to pay out of pocket, which will make it impossible to pay for school functioning. My initial source of funds will need to be a loan to start as I will need to hire teachers, find location, pay for licenses, accreditation, and more. For this I will need to have an iron-clad first startup, my source of funds will be the tuition from the students. This should be revolving in that there is enough tuition coming in to pay for maintenance costs (rent, insurance, etc.), salaries, inventory and advertising with a certain percentage leftover to pay off my loan, have a savings fund for the school, pay for continuing education for the teachers and to hopefully in the future open a second location where I can reach more students.
  7. 7. If needed my exit strategy will be two-fold. My first priority will be to reach out to other schools and transition any students still enrolled into other schools in the area, making sure that they maintain hours they have earned as well as providing a sufficient recommendation for them. I will use any leftover overage from tuition to pay remaining salaries and then sell off my inventory as well as the building that I am using. My second priority will be to utilize the curriculum that I have copyrighted and proven successful can be sold and used in other schools which will not only keep me from completely going under, but can provide me with income even after my school is no longer open.
  8. 8. REFERENCES American Association of Cosmetology Schools Home » American Association of Cosmetology Schools. (n.d.). Retrieved from http://beautyschools.org/ Barbers, Hairdressers, and Cosmetologists : Occupational Outlook Handbook : U.S. Bureau of Labor Statistics. (n.d.). Retrieved from http://www.bls.gov/ooh/Personal-Care-andService/Barbers-hairdressers-and-cosmetologists.htm College Accreditation in the United States -- TOC. (n.d.). Retrieved from http://www2.ed.gov/admins/finaid/accred/index.html Delaware Professional Regulation - Board of Cosmetology and Barbering - Shops/Salons. (n.d.). Retrieved from http://www.dpr.delaware.gov/boards/cosmetology/schools.shtml Protect what is yours. Register for Copyright Protection | LegalZoom.com. (n.d.). Retrieved from http://www.legalzoom.com/sem/ip/copyright/copyrightsongwriter.html?cm_mmc=Google-_-Copyright%20Broad%20|%20Search-_Copyright_Writing-_-copyright%20writing&kid=70a63e57-c862-9609-3a8300003430208c&gclid=CK_s_8O0l7oCFROZ4AodWiYAoQ The U.S. Small Business Administration | SBA.gov. (n.d.). Retrieved from http://www.sba.gov/

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