BARBING SALON BUSINESS PLAN

TABLE OF CONTENTS

1.0    Executive Summary

1.1    Objectives:

1.2    Vision Statement:

1.3    Mission Statement:

2.0    Business Description

2.1    Industry Overview

2.2    Business Model

2.3    Location Advantage

2.4    Legal Structure and Ownership

2.5    Unique Selling Proposition (USP)

3.0    Market Analysis

3.1    Industry Overview

3.2    Target Market Segmentation

3.3    Market Needs

3.4    Competitive Analysis

3.5    SWOT Analysis

4.0    Marketing and Sales Strategy

4.1    Brand Positioning

4.2    Marketing Objectives

4.3    Marketing Channels

4.4    Promotional Strategies

4.5    Customer Retention Tactics

4.6    Sales Projections

5.0    Operational Plan

5.1    Location and Facility

5.2    Equipment and Supplies

5.3    Operating Hours

5.4    Service Delivery Process

5.5    Suppliers and Inventory Control

6.0    Management and Staffing Plan

6.1    Ownership and Management Structure

6.2    Staff Roles and Responsibilities

6.3    Compensation Structure

6.4    Organizational Chart

7.0    Financial Plan

7.1    Startup Capital Requirement

7.2    Revenue Projections

7.3    Operating Expenses

7.4    Profit Projections

7.5    Funding Strategy

7.6    Break-even Analysis

8.0    Appendices

Appendix A: SWOT Analysis

Appendix B: Legal and Regulatory Compliance

Appendix C: Equipment List

Appendix D: Sample Marketing Plan (Year 1)

1.0 Executive Summary

Prime Cuts Barbing Lounge is a premium barbing salon business situated in the high-traffic and upscale neighborhood of Victoria Island, Lagos. The salon will provide professional haircutting, grooming, and styling services tailored to male clients, including beard trimming, facial treatments, scalp massages, and luxury grooming packages. With a mission to redefine the grooming experience in Lagos by combining modern aesthetics, top-quality service, and excellent customer relations, Prime Cuts aims to establish itself as a leading name in the city’s beauty and wellness industry.

Our value proposition lies in delivering high-end barbering services using sterilized equipment, well-trained staff, and a comfortable, air-conditioned environment with amenities such as free Wi-Fi, refreshments, and a music-rich ambiance. We will target corporate professionals, high-income earners, tourists, and residents of Victoria Island and surrounding areas.

1.1 Objectives:

1. Launch the salon within 3 months of securing funding.
2. Break even within the first 12 months of operations.
3. Achieve monthly revenue of ₦2.5 million by the end of Year 1.
4. Expand to two additional locations within Lagos within 3 years.

1.2 Vision Statement:

To become the go-to barbing salon in Lagos, known for professionalism, hygiene, and customer satisfaction.

1.3 Mission Statement:

To offer high-quality grooming services in a luxurious and hygienic setting while delivering a world-class customer experience.

1.4 Core Values:

• Excellence
• Professionalism
• Cleanliness
• Innovation
• Customer-Centricity

1.5 Funding Requirement:

We require ₦7.5 million in startup capital to launch Prime Cuts Barbing Lounge. This capital will be sourced through a mix of owner’s equity and a small business loan.

2.0 Business Description

2.1 Industry Overview

The Nigerian grooming industry, particularly men’s grooming, has seen significant growth in recent years. With the rise of urbanization, social media influence, and increased fashion consciousness among Nigerian men, barbing salons are no longer mere service centers but lifestyle destinations. According to market research, the grooming and personal care market in Nigeria is worth over ₦400 billion, with the barbing segment growing at an average of 12% annually.

Lagos, being the commercial and fashion hub of the country, presents a huge opportunity for structured, customer-centric barbing salons. While many salons exist, only a few meet global standards of hygiene, customer service, and ambiance.

2.2 Business Model

Prime Cuts Barbing Lounge will operate a service-based business model offering various grooming services and products. Key revenue streams include:

• Haircutting and Styling (Classic cuts, fades, afro, patterns, etc.)
• Beard Grooming and Trimming
• Luxury Shave and Facial Treatments
• Scalp Massage and Relaxation Packages
• Hair and Beard Care Product Sales
• Membership Plans and Loyalty Rewards

2.3 Location Advantage

Victoria Island was selected due to its high density of professionals, expatriates, high-income residents, and consistent power supply. It also has a strong presence of corporate offices, making it ideal for weekday patronage, while weekends see a spike in visits due to social activities.

2.4 Legal Structure and Ownership

The business will be owned and operated by Mr. Tolu Adewale, an experienced grooming professional and entrepreneur. Prime Cuts will be registered as a sole proprietorship initially, with plans to scale into a Limited Liability Company within three years. All necessary business permits, health and safety certifications, and local council approvals will be obtained prior to launch.

2.5 Unique Selling Proposition (USP)

• Luxurious setting with modern décor and ergonomic barbing chairs
• Consistently trained staff on hygiene and customer service
• Cashless payment, online appointment booking, and loyalty programs
• Use of premium grooming products and tools
• Complimentary services: Wi-Fi, drinks, grooming consultations