Within the context of an entrepreneurship course, I had the opportunity alongside with my colleagues to think of a potential app and create its business plan. This presentation offers the business plan of the application FaceSense. FaceSense is a virtual try on makeup app, using a face-recognition algorithm to serve consumers’ beauty and cosmetics needs and help them to find their own beauty.

1. Business Plan Of
FaceSense
Entrepreneurshi
p & Innovation

2. Agenda
 Environmental Analysis
 Goals and strategies
 Operations Plan
 Marketing Plan
 Organizational Plan
 Risk Assessment
 Financial Figures

3. Why do people want a
virtual application for
buying beauty and
cosmetic products?

4. Our firmOUR VISION
To invite more and more people around
the world to find their own beauty by
joining our app.
OUR MISSION
To be a part of the beauty tech world by
offering personalized, customized and try-
on services with the most cost-efficient
cosmetics options.
OUR PHILOSOPHY
Dare to passionately embrace the
technological era we live in! Only then
you will realize how to be unique, creative
and innovative.

5. Political/Legal (O)
• Democracy & political stability in
Greece
• Protection of IP, transparency,
regulatory framework for market
access, international trade relations &
regulatory convergence for online
businesses in EU
• GDPR regulations
Pestel
Social (O)
• Population 11 million, 65% of whom
are internet users
• Digitized consumption phenomenon
due to social media, online shopping
& coronavirus crisis
• Brand loyalty in C&B industry
Economic (O)
• Steady growth of C&B industry,
contributing in the recovery of Greek
economic crisis
• Low inflation rate encourages the
services’ purchase
• Online apps as a response to the
economy’s uncertain future generated
by Covid-19
Technological (O)
• Important technological infrastructure,
high internet connectivity/no restrictions
in internet usage or social media &
high smartphone usage
• Investments/fabric optic networks

6. Suppliers
Opportunity
 AI technology
 Niche market targeting
Opportunity
 Customers need for online
purchases due to health
crisis
 Partnerships/Collaborations
Not applicable
Opportunity
 Low switching costs but
exploitation of the new market
 Cost & time effective app
 Know how benefits
Opportunity
 Economies of scale
 High capital investment for
manufacturing/testing/R&D/
marketing, beauty tech trend
 Government’s restrictions
 Brand identity of big incumbents
5Forces
New entrants
Buyers
Competitors
Substitutes

7. S
W
O
T
1. Real-time face recognition tool (Unique resource)
2. Easy to use, time & cost-efficient
3. Professional advice available to premium users (Unique resource)
4. Variety of cosmetics products
5. Newly formed & niche market targeting
1. Low initial user interaction
2. High initial promotional costs
3. Probability of mistaken product recommendations
1. Greek population is educated in mobile usage
and in social media
2. The outbreak of Covid-19 led to the
augmentation of e-commerce utilization
3. The app’s price comparison service as a
response to Greek economic crisis
1. The physical stores presence
2. Giant cosmetic brands and retailers have
already their own similar apps

8. Goals
Corporate
level
Business
level
Functional
level
Strategies

9. Goals
1ST YEAR
-Revenue growth rate of
almost 65%
2ND YEAR 3RD YEAR
-Raise 50.000€
-Revenue streams of 40%
from ads on the app
-Raise 80.000€
-Revenue streams of 60%
from ads on the app

10. Related Differentiation
Market Penetration
Internationalization
1st year 2nd year 3rd year
Strategy-Corporate Level

11. Strategy-Business Level
Throughout the 3 years
Unique
customer
experience
Variety of
cosmetic
products
Partnerships
with giant
beauty chains
Tips provided
from makeup
specialists

12. Strategy-Functional Level
Human
Resources:
Differentiation
strategy
-Recruit a
capable
workforce
Marketing:
Differentiation
strategy
-Emphasis on digital
channels
-Promotion & advertising
through social media &
partnerships
-Word of mouth
- Unique user
experience
Operations:
Reduce running
costs
-Outsourcing
services
-Outsourcing
-Increase profits
by acquiring
funding from
potential
investors
Legal:
Reduce
running cost
Accounting &
Finance: Reduce
running costs
Sales:
Differentiation
strategy
1ST
YEAR
2ND
YEAR
3RD
YEAR
-Outsourcing
-Complying
with the
legislative
framework
-Providing
incentives
-Increase sales
by
collaborations
&
advertisements
-Add to the
existing
workforce
-Open a smaller
office in another
European
country
-Targeting specific markets
because of market
expansion
-Advertising on physical
stores as well
-Upgrade user experience
-Run an international
marketing campaign
-New international
collaborations as a
potential source of
profits increase
-The presence of
the app on
physical stores
as a potential
source of sales
increase
-Alternative source
of sales increase
due to
internationalization

13. Operations Plan

17. Marketing Mix
P roduc t
P lac e P ric e
P romotion

18. Marketing Mix
Application
App Store and
Google Play.
Place
 Virtual try-on
cosmetic and beauty
products
 Unique app design
 Conversation with
makeup
professionals
 Rewarding user
experience
Product
Freemium
Gold (10,99€)
Platinum (15,99€)
Price
 B2B and B2C context
 Digital marketing
 Affiliate marketing
 Content marketing
Promotion

19. Marketing
Expenses
2020/T0
Investment
2021/T1 2022/T2 2023/T3
SOCIAL
MEDIA
MARKETING
- 9.000€ 8.000€ 9.000€
SEO/SEM
- 3.000€ 2.000€ 1.800€
INFLUENCER
MARKETING
- 7.000€ 4.800€ 3.800€
E-MAIL
MARKETING
- - 3.200€ 2.700€
EVENTS/
SPONSORSHI
PS
- 4.000€ 2.000€ 1.700€
TOTAL - 23.000€ 20.000€ 19.000€

20. 2020/T0 2021/T1 2022/T2 2023/T3
CEO &
Managers
4 4 4 4
Employees - - 2 5
Partners 3 6 23 33
Total 7 10 29 42
OrganizationalPlan

21. Risk
Assessment
Risk: The fraud by make-up artists
Prevention: The HR manager will explicitly monitor the
hiring processes and the recruitment procedure will be
performed in 3 stages

22. Financial Plan-
Revenues
# of Total
Users in
2021/T1:
10.000
# of Total
Users in
2022/T2:
21.000
# of Total
Users in
2023/T3:
63.000
Free 70% 62% 40%
Gold
(10.99€)
20% 7% 32%
Platinum
(15,99€)
10% 31% 28%
Revenues € 37.970€ 120.420€ 507.620€
2021/T1 2022/T2 2023/T3 Total
Customers 10.000 21.000 63.000 94.000
Revenues
(basket
value)
25.196€ 66.139,5€ 198.418,5€ 289.754€
Ad banner
revenues/y
ear
2.400€ 9.900€ 31.200€ 43.500€
Revenues
from
premium
subscription
37.970€ 120.420€ 507.620€ 666.010€
EBT 65.566€ 196.459,5€ 737.238,5€ 999.264€
Revenues
(with taxes)
52.452.8€ 157.167,6€ 589.790,8€ 799.411,2€

23. Financial Plan-Costs
COSTS 2020/T0
Investment
2021/T1 2022/T2 2023/T3
App
development
- - - 1.500€
Office
equipment
3.000€ - - 4.000
Rent 3.000€ 6.000€ 6.000€ 6.000€
Payroll 13.350€ 30.440€ 66.160€ 100.240€
Utilities 500€ 1.000€ 1.000€ 1.500€
Marketing - 23.000€ 20.000€ 19.000€
Total (with
taxes and LLC
costs)
20.000€ 61.590€ 94.310€ 133.390€
2020/T0
Investment
2021/T1 2022/T2 2023/T3
Costs 20.000 61.590€ 94.310€ 133.390€
Revenues - 52.452,8€ 157.167,6€ 589.790,8€
Net
Revenues
- -9.137,2€ 62.857,6€ 456.400,8€

24. Net
Present
Value

25. Contact
Information
MAILING ADDRESS
12 Skoufa, Kolonaki, Athens, Greece,
10673
EMAIL ADDRESS
facesense@gmail.com
PHONE NUMBER
210 9854156

26. Thank you!