This is a guide to writing a nail polish production business plan.
The fashion industry is quite massive with loads of opportunities in a variety of niche areas such as bags, shoes, jewelry, beauty products, body art, and hairstyles among a long list.
Starting a business in one of its several niches such as nail polish production will require proper organization.
This is a deliberate process that requires detailed planning. Readers seeking to start their own nail polish production business will find this business plan template very helpful.
We clearly understand the work involved in writing a comprehensive plan.
As such, we’ve made this sample available to serve as a guide.
NAIL POLISH PRODUCTION BUSINESS PLAN
Laying the groundwork for your nail polish product business demands you include crucial components or sections of the plan. These include the executive summary, the company description, the products & services section as well as the market analysis sections.
Other basic inclusions are the strategy & implementation section, the organization & management team, as well as the financial plan & projections section.
Each of them discusses basic details about the business idea. When completed, your plan should implementable and comprehensive enough.
i. Executive Summary
Starting in order of arrangement is the executive summary.
This section is a highly condensed version of your nail polish business plan. It’s aimed at holding the reader’s attention and making them curious enough to want to know more about your nail polish business.
To do a good job at writing the executive summary, it’s best written last after you’ve completed all other sections. This way, you’re unlikely to leave out key details.
The executive summary is positioned first to provide an overview of what your business idea is about.
So, what’s in the executive summary section? It basically touches on every aspect of the main plan.
It includes subsections such as the business name & location, products and/or services, mission & vision statements, and the purpose of the plan.
Business Name & Location
One of the primary ways of introducing a business to your audience is by stating its name.
Also, due to the importance location plays in the success of a business, you’ll need to state your operational base. Is such a location favorable to your operations?
It definitely should. Include reasons why you think it’s well-positioned.
Products and/or Services
The name alone says a lot about the type of products you’d be producing.
However, you’d need to provide information on nail polish variants, and other related services you plan on offering or currently do offer. There should be a clear benefit to consumers.
Mission & Vision Statements
For anyone reading your nail polish production business plan to have any sense of direction, they must understand your mission and vision statements.
With your mission statement, you want to define your purpose and primary objectives. You must make such a statement as short and comprehensive as possible.
The vision statement for your nail polish production business should have a futuristic outlook. This should clearly define your goals and aspirations for the business.
Purpose of the Plan
This is where you make your audience fully understand the whole purpose or aim of writing your plan. Here, you’re providing a clear direction of where you’re headed as a business.
ii. Company Description
This is where greater detail is given about your nail polish production business. Under this section, you’re to include information on the legal structure adopted.
Also, provide a brief history of the nature of operations and the supply gap you wish to fill.
To do a good job, you’ll need to include an overview of services and products as well as the customers you’re targeting. You’d have suppliers providing all the raw materials necessary for nail polish products.
Have such suppliers identified?
If your nail polish production business is already in operation, you’ll need to supply details about its growth. Such growth should be about its financial and market highlights.
To have a sense of where you’re headed, provide a summary of short and long-term goals.
iii. Products & Services
This is the section of your plan where full details about your range of products and services are provided. You want to also state clearly how your range of nail polish products benefits your target market.
Also include information on new product categories still being researched.
What’s the market role(s) of your products?
There’ll definitely be competitive with similar products from competitors. As such, clearly explain why your products are better in quality and any other advantages than those in the market.
Here, you’re focusing on your competitive edge as a strategy to outshine the competition.
iv. Market Analysis
An analysis of the nail polish production industry gives your audience an idea that you know what you’re doing. However for such a message to be passed across, your analysis needs to be thorough.
Also, an analysis when properly done creates willing investors as they’re able to see how the money will be made.
Include a sketch of target customer segments including a description of the nail polish industry. There should be marketing data that captures the past, present, and projected trends within the industry.
Understanding your competition is crucial. As such, have their weaknesses and strengths analyzed?
v. Strategy & Implementation
However great your marketing and sales plan is, no impact will be felt if it isn’t well implemented.
This is what the strategy & implementation section of your plan is about. Under this section, you’re to explain how you intend to promote your nail polish production business.
You’ll also need to cover all details relating to pricing, costs, distributions, and promotions. Identifying your labor sources is crucial. You’ll also need to include information on operating hours.
vi. Organization & Management Team
Information about the team behind your success as a business must also be provided. Start by drawing an organizational chart showing key employees and departments.
Also, include details about ownership. Who are the owners? What’s the percentage ownership like?
The profiles of your management team should be included. Such profiles should capture names, responsibilities, positions, and experience.
vii. Financial Plan & Projections
With the help of a financial expert (such as an accountant), work out the historical financial details of your nail polish production business.
This should also include realistic prospective financial information as well as an analysis of such financial data.
With these completed, your nail polish production business plan should be ready for implementation.