The source of revenue, the businesses provide additional services

The name of my business is
called Nailchanics.  My business provides instant oil changes and
other preventative maintenance service and nail service all one place.

 

Industry

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The
industry revenue in the oil change service is projected to increase as
disposable income continues to rise. 
Based on the information from  IBISWorld, the revenue expects to grow at an
annual growth rate 0.8% to $804.4 million over the next 5 years up to
2017.  The revenue will continue to grow
from an annualized rate of 0.6% to $7.1 billion.  The profits are expecting to rise as
operators upsell value-added services. 
Besides providing oil changes as the main source of revenue, the
businesses provide additional services such as liquid flushes (transmission or
power steering system).  However, it
would help preventative maintenance for the consumer but also differentiate the
industry amongst the competitors.  Many
retailers or warehouse companies, such as Walmart or Costco do not offer
different types of services.  Their main
focus is the price-competitive oil changes. 
Preventative repair sales are expecting to grow as well as the profit
margin in the next five years to 2022. 
Providing additional services besides instant oil changes would help bolster
revenue growth. 

 

                The nail salon industry provides nail care services
such as manicures, pedicures and nail enhancement serviche which includes
polishes and extensions for both male and female customers.  The revenue forecast is expecting to grow by
a rate of 2.1% to $62.0 billion.  The
demand for the service will continue to grow due to disposable income
improving.  This means the industry is
expected to outperform the economy within the same period.  One study indicates an average woman pays
$29.00 just for a deluxe manicure.  In
2016, a study was performed that showed millenials were more likely to purchase
products in-store such as spa and salons than online.  Below is the list of product segmentation
that are provided in the salons:

·        
Nail polish

·        
Nail Treatment

·        
Nail Polish
removers

·        
Nail Accessories

 

With a strong economy and
a rise of clientele, the salon business continues to boom which investors will
take advantage of by opening more stores. 
 

 

 

 

Mission

                Our
goal is to cater to our #1 customer: Women with reliable, friendly and superior
services. 

Vision

                Nailchanics core value is to respect our customers with integrity
and honesty and maintain diverse culture within our company.

 

Market Research

               

                The
buyer

                In the
interview and based on the analysis above, I have learned in
order to attract customers, target the right type of clients not just anyone
walking through the door.  My ideal
clientele should be perfect for my business that is based on the facility,
location, client experience, talents, and strengths.  The purpose is for my clients to love the
services I would provide, who buys regularly, is easy to service and to refer
my business to their friends. These type of clients would be highly
profitable.  One of the women that I
interviewed suggested adding a play area in the salon.  It would be more convenient for them to bring
their children rather than looking for a sitter. 

                I
need to know other ways to attract customers. 
I think one of them is define yourself. 
For example, I would need to make my services personal, not just
standard manicure/pedicure or lube service. 
I would need to be creative like distributing business cards with a
picture of the business.  Another idea is
to entice new clients with competitive prices. 
The first year of business offer great discounted services but after the
year, while still gaining clients.

Other factors that would influence prospective customers
to choose my business are the following:

 

Cleanliness – make sure the atmosphere is clean such as
floors, restrooms and nail utensils are sanitized daily.

 

Feeling safe and secure – The primary customers will be
women, make sure they feel safe in the stores especially with children
present. Having a storefront that allows full-store visibility is helpful for
both safety and marketing purposes. 

 

Price – offer discounts, promotions or coupons.  Beat my competitors!

 

Store hours – many professional employees work the same
business hours like 9 to 5, it would be great to either open later like 10 and
close late around 8.

 

Parking availability – customers should not have to worry
about parking or pay for parking.  It
would be feasible to find a location that has several parking spaces for the
customers 

 

Payment options – customers should have several options
to pay for the services such as credit or debit cards, cash, Paypal or Paypal
Credit, link the store app to their bank account or personal checks or other
electronic payments.

 

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