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Creating a Winning Business Plan: A Guide for Women Entrepreneurs.

Angela and Priscila share their testimony with us.

They are entrepreneurs and are managing to excel in their respective fields. Angela is the owner of Monkey Doos Salon & Spa, while her daughter Priscila owns Alaris Creations, an advertising and merchandise business.


When asked to share their testimonial, Angela and Priscila spoke about their entrepreneurship journey and the challenges they faced along the way. Both emphasized the importance of hard work, resilience, and perseverance to achieve their goals.


Angela spoke about the difficulties she faced as a woman trying to start a business from scratch. She talked about how she had to overcome financial obstacles and navigate a very competitive industry. Despite these challenges, she remained determined and focused on her vision of creating a health, beauty and fitness experience for her clients. Today, her establishment has a portfolio of loyal clients, with tradition, who enjoy the good attention of Angela and her team.


Priscila also shared her journey into entrepreneurship and the challenges she faced as a young woman starting her own business 10 years ago. She talked about how she had to learn new skills and techniques and manage her business finances effectively to grow her business. Today, the agency has a loyal client base recognized for the quality and creativity of its work.


Overall, Angela and Priscila's testimony underscores the importance of hard work, determination, and resilience in achieving success as entrepreneurs. Her story is an inspiration to women who aspire to financial independence and self-sufficiency.


Welcome, entrepreneurs! At Vizions, we are committed to empowering women to achieve financial independence and self-sufficiency. We believe that all women have the potential to succeed in business and we are here to help you achieve your goals with our complete guide.


In this guide, we've tackled some of the most pressing questions facing women entrepreneurs. We'll provide you with the tools and guidance you need to create a successful business plan that will help you thrive in the competitive world of business.


Our guide covers a variety of important topics, including the benefits of having a business plan, in addition to:

Identifying your business opportunity,

Defining your business idea,

Setting SMART goals,

Developing your advertising strategy,

Creating a proper financial and operations plan,

Financing your business,

Maintain a strong support network and

Take action to make your dreams come true.


We are pleased to offer this manual as a resource for women entrepreneurs in Central Washington. Our guide is designed to be accessible to everyone and we hope it will be instrumental in helping you achieve the success you deserve.


To make our guide more effective, we have included the testimony of Angela Robles and her daughter, both successful entrepreneurs, who show that with prayer, determination, and effort, success can be achieved.


Join us on this journey to financial freedom and self-sufficiency. Let us guide, support and train you to develop a winning business plan. Together, we can create a prosperous and sustainable business community.



MONKEY DOOS SALON & SPA

4904 TIETON DR

Yakima, WA. Phone for appointments

(509) 853 - 4247




INTRODUCTION

At Vizions, we have several resources available for people who want to create a business plan. Strategic planning is an important exercise in clarifying ideas, creating a plan, and measuring progress toward goals. While the questions to ask when creating a business plan will vary by industry, location, and the goals of the individual entrepreneur, it is important to define personal goals, resources, and strengths that are compatible with business goals. Preparing a business plan will help individuals assess their commitment to starting a small business and provide insight into potential weaknesses.


In the case of Ángela Robles, she had a vision and a strong desire to become an entrepreneur despite the challenges she faced. Her journey into entrepreneurship is an inspiring story of hard work, faith, and resilience. She listened to the advice and opportunities presented to her, trusted her instincts, and remained dedicated to her vision of starting a successful business. As a result of her commitment, Angela was able to open her own business and stay on the path to personal and business success.



Benefits of making a BUSINESS PLAN include:


Feasibility Analysis: A business plan helps you evaluate the feasibility and viability of your business idea by reviewing factors such as market demand, competition, potential profitability, and available resources. This helps you identify risks, anticipate potential challenges, and develop strategies to maximize opportunities.


Clarify Your Vision: A business plan forces you to define your business idea and identify your target market. It helps you articulate what your business does, what products or services you offer, and who you expect to buy them. This clarity of vision enables you to chart a clear course of action, set realistic goals, and make informed decisions.


Secure Financing: A business plan is an essential tool for securing financing from investors, banks, or other lending institutions. It shows prospective investors or lenders that you have a well-planned, well-managed, and viable business concept. It also demonstrates that you have a clear understanding of your market, your competitors, and your opportunities for growth and expansion.


Measure Progress: A business plan sets out clear objectives, strategies, and performance metrics that enable you to track progress and measure success. It allows you to identify areas where you are falling short, make necessary adjustments, and stay on course toward your goals.


Manage Risks: A business plan helps you identify potential risks and develop contingency plans to mitigate them. It forces you to consider different scenarios and think ahead about how you will handle unexpected challenges or setbacks. This helps you stay flexible, nimble, and better equipped to manage risks and seize opportunities as they arise.


In conclusion, a well-crafted business plan can help you develop a clear and compelling vision for your business, evaluate its feasibility and viability, raise capital, measure progress, and manage risks. It is an essential tool for any entrepreneur or business owner who wants to build a successful and sustainable venture.


Services offered: Monkey Doos Salon & Spa provides hair care, hand and foot beauty, and nail aesthetics services.


Potential customers:

Families: Both adults and children can benefit from the hand and foot beauty and hair care services offered by Monkey Doos.

Young and adult women: Women who seek beauty services and nail aesthetics to enhance their appearance and personal well-being.

Men: There is a growing interest among men in receiving personal care and grooming services, making them potential customers for Monkey Doos.


Location of potential customers:

Local area: The primary target market for Monkey Doos Salon & Spa is the local area, including residents of Yakima, WA, and surrounding areas.

Nearby communities: By implementing effective advertising and marketing campaigns, Monkey Doos can attract customers from nearby communities who are looking for specialized and quality services.


Customer segments:

Busy families: Families with working parents and children who value the convenience of accessing beauty and hair care services in a family-friendly environment.

Young professionals: young men and women seeking hair care and hand and foot beauty services to maintain a polished and professional appearance.

Older adults: older adults who prioritize beauty and personal care services to maintain their well-being and enhance their appearance.


Target age groups:

Kids and teens: Monkey Doos can offer fun and creative haircuts, colorful manicures, and themed salon chairs to attract young customers.

Young adults: Focus on hair care services such as cuts, styles, and treatments, along with hand and foot beauty services to cater to the needs of young adults.

Seniors: Provide hair care services such as cutting and styling, as well as relaxing beauty treatments for hands and feet that cater to the specific preferences and needs of older adults.


Ability to purchase Monkey Doos services:

The ability of customers to purchase Monkey Doos services will depend on their income and personal budget for beauty services. Haircut services at Monkey Doos start at $25.00. Customers can contact the customer service phone number (509) 853-4247 to make an appointment and inquire about service costs, or visit the Facebook page for more information.



The business OPPORTUNITY can be identified as providing high-quality hair care, hand and foot beauty, and nail care services to clients of all ages within major cities in Yakima County, WA. The business owner, Angela Robles, aims to establish and grow the business with a focus on providing exceptional services, creating a unique experience, fostering relationships with clients, and staying abreast of the latest trends. It is important for the business to identify the specific group of people who will be interested in their product or service through market studies, analyzing customer behavior, evaluating the competition, and staying up to date on market trends. By understanding the market and the needs of its possible consumers, the business can adapt its offer and shape its venture, guiding its decision-making process towards achieving its goals.


Perfect! Angela Robles has done a great job setting her goal for Monkey Doos Salon & Spa. By answering the questions of "what?", "for what" and "through what," she has established a clear vision and mission for her business.


Angela's desire to establish and grow Monkey Doos Salon & Spa as a successful and recognized business in the major cities of Yakima County, WA provides a clear direction for her efforts. Her vision goes beyond offering hair care, hand and foot beauty and nail care services. In her place, she wants to create a welcoming, family-like environment where everyone feels welcome and cared for.


Her roadmap, which includes providing exceptional service, creating a unique experience, nurturing customer relationships and staying on top of the latest trends, highlights her focus on quality and customer satisfaction. By providing state-of-the-art services and personalized recommendations, Angela ensures that her clients receive the best possible care and attention.


Overall, Angela's clear vision, mission and action plan set her on a path to success and recognition for Monkey Doos Salon & Spa.



DEFINING Your Business Idea

At this stage, we have gathered a collection of crucial considerations that can assist you in pinpointing your unique selling proposition and aligning it with market demand. Our valuable insights will help guide you towards success and instill the confidence needed to elevate your business to new heights. Continue reading to discover how you can set yourself apart from competitors and make a lasting impact in the marketplace.


Begin by gaining a profound understanding of your target audience. Identify their demographics, preferences, and purchasing behaviors. This knowledge will enable you to customize your products or services, refine your marketing strategies, and enhance customer engagement efforts to effectively connect with and serve your intended market.


Conduct a thorough evaluation of factors such as market demand, competition, potential profitability, and available resources. Identify potential risks and challenges that may arise and devise strategies to effectively mitigate them. By doing so, you will be better equipped to navigate the complexities of the business landscape and position yourself for long-term success.


Remember, defining your business idea is a dynamic process that requires continuous refinement and adaptation. Stay open to feedback, monitor market trends, and remain agile in adjusting your strategies as needed. With careful consideration and strategic planning, you will be well on your way to establishing a solid foundation for your business and achieving your entrepreneurial goals.



The SMART methodology is a powerful tool for setting, achieving, and managing goals in any business. The SMART methodology represents Specific, Measurable, Achievable, Realistic, and Time-bound goals. By using this template, you can develop SMART goals that will help you achieve success in your business.


To use this template effectively, you should start with an initial goal that describes what you want to accomplish. Next, refine your objective to make it more specific and measurable, establishing clear metrics or indicators that will help you measure your progress. Then, evaluate the achievability and realism of your goal, taking into account the resources and constraints you have available.


Finally, set a specific target date or project schedule to achieve your SMART goal. By following this methodology, you can develop clear, actionable goals that will help you achieve success in your business. Remember to evaluate and refine your goals regularly, as circumstances change and new opportunities arise.


EXERCISE


Template to Develop Your SMART Goals


When you're ready, use this template to ensure that your goals are specific, measurable, achievable, realistic, and time-bound. Follow the steps below:


Initial Goal: Write a sentence or two describing your initial goal. You don't have to make it completely SMART at this stage. Use this template to refine your goal:


Monkey Doos Salon & Spa:

I need to increase the number of clients visiting Monkey Doos Salon & Spa.


Make it specific: Refine your objective to clearly define what you want to achieve in your project.


Continuing the Monkey Doos example:

I want to increase the number of haircuts provided by our salon.


Make it measurable: Determine how you will measure the success or failure of your SMART goal. Include specific metrics or indicators.


Continuing the Monkey Doos example:

I want to increase the number of haircuts we provide. Currently, we perform 200 cuts per month with two service providers.


Make it achievable: Ensure that your SMART goal is realistic and attainable within the scope of your project. Consider available resources and constraints.


Continuing the Monkey Doos example:

I want to increase the number of haircuts by 80%, reaching a target of 360 cuts per month. To achieve this, I will introduce a promotion where every 10th haircut is free. Additionally, I will offer a 20% discount for clients who refer new customers.


Make it realistic: Assess whether your project team can reasonably achieve the SMART objective. Provide data on available resources and constraints.


Continuing the Monkey Doos example:

To increase the number of haircuts by 80% to reach a target of 360 cuts per month, I will implement the promotional strategies mentioned earlier. I will also expand our operating hours from three to six days a week, including a special day with additional services or family combo offers. I will evaluate the impact of discounts and promotions on a weekly basis for three months and keep the most successful programs. I will develop a website for online reservations, availability of services, and pricing options, including a prepaid booking option. Furthermore, I will establish partnerships with daycare centers, the school district, and local organizations such as the Rotary club and chambers of commerce, starting next week.


Be time-bound: Set a target date or project schedule to achieve your SMART goal.


Continuing the Monkey Doos example:

To increase the number of haircuts by 80%, reaching a target of 360 cuts per month, I will implement the promotional strategies mentioned earlier. I will evaluate their impact on a weekly basis for three months. Additionally, I will expand our operating hours and establish partnerships as mentioned. These initiatives will commence next week.


By using this template, you can develop effective SMART goals that are specific, measurable, achievable, realistic, and time bound. This will help you stay focused, track progress, and achieve success in your business venture.



DEVELOP your advertising strategy.

Monkey Doos Salon & Spa is a great business that can easily attract customers using a well-designed advertising strategy. Here is a comprehensive marketing plan that can help with the promotion of products and services:

  1. Visual Identity and Design: The image of a funny little brown monkey clinging to a branch will be used as the logo and distinctive element of the brand. The predominant colors will be purple and lilac to convey a sense of tranquility and sophistication.

  2. Website and Online Presence: The salon will have a website that showcases all its services, pricing, and contact information. The business will also create and maintain a fan page on Facebook where updates, promotions, and photos of the salon and the services offered will be shared. Interaction with followers will be encouraged to create an online community and promote customer loyalty.

  3. Customer Service and Appointments: The salon will have a dedicated phone number to answer any questions and schedule customer appointments. Staff will be trained in customer service to offer a friendly and efficient service that will increase customer retention and loyalty.

  4. Business Cards: Professionally designed business cards will be distributed in key locations such as ballrooms, local stores, and community events to build brand awareness. They will showcase the brand's image and contact information.

  5. Promotions and Loyalty Programs: Promote special promotions, especially promoting the "1 free haircut after 10 registered haircuts" program that encourages customer loyalty. These promotions will be communicated through Facebook, flyers, and business cards.

  6. Unique Services: The thematic aspect of the salon, especially the use of stroller-shaped chairs for the little ones, will be highlighted in advertising and promoted as a fun and unique experience for children. Include the Princess experience where the girls can celebrate with makeup, haircuts, and nail styling.

  7. Collaborations and Strategic Alliances: Establish collaborations with other local businesses, such as children's clothing stores or photographers specializing in children, to offer combined packages or joint promotions. This will help increase the visibility of the salon and reach a wider audience.

The advertising and marketing strategy for Monkey Doos Salon & Spa will focus on transmitting the warm, welcoming, and thematic image of the brand, highlighting the services offered, the special promotions, and the unique experience they provide. The goal is to attract customers of all ages, especially families and children, and build a loyal and satisfied customer base.



CREATE an operations and financial plan appropriate to your capacity and available resources.

The operating plan for Monkey Doos Salon & Spa includes details on staff, space, cash flow, and borrowing capacity. The plan focuses on providing efficient services, maximizing revenue and controlling costs to run a profitable operation. The opening hours are from 10 am to 7 pm, Monday to Saturday. The staff team consists of two people who keep track of services provided to clients. The salon needs more space to offer all services in one place, so a location will be sought to expand the facilities. Strategies to increase the flow of operations and maximize income will be implemented, such as special promotions, loyalty programs, and alliances with other local businesses. Expenses will be closely monitored, and opportunities to reduce costs will be sought.


The financial plan for Monkey Doos Salon & Spa includes a detailed budget for all operating expenses, financial projections for the first few years of operation, cash flow management strategies, pricing strategies, financing options, cost control measures, and periodic financial analysis. Establishing the prices of services in a competitive and profitable manner depending on the time spent on each service, the costs of supplies, and the prices offered by the competition will be done. Negotiation for favorable prices for supplies will be done regularly. The entrepreneur will periodically perform financial analysis to assess business performance, including income statements, balance sheets, and financial ratios. The financial plan will be reviewed and adjusted regularly to adapt to new circumstances. The entrepreneur may also seek advice and support from the Expert staff of Vizions economic development center who offer workshops, seminars, and conferences.



FINANCING:

Initial financing typically comes from the owner's investment. However, additional financing may be required to support the growth of the business. Debt and equity financing are two common sources of funding. Debt financing involves borrowing money from lenders, such as banks, and paying it back with interest over time. Equity financing involves raising money by selling ownership shares in the company. It is important to maintain a balanced debt and equity position to ensure financial stability and minimize risk.


Debt and Equity Position: Maintaining a balanced debt and equity position involves carefully managing the amount of debt and equity the company holds. Too much debt can put the company at risk of defaulting on its loans, while too much equity can dilute ownership and reduce the company's earnings per share. Finding the right balance is key to financial stability.


Financial Risk Management: Financial risk management involves identifying potential risks to the financial health of the company and implementing strategies to mitigate these risks. This may include closely monitoring cash flow, maintaining an emergency fund, implementing cost control measures, and periodically reviewing and adjusting financial strategies.


Monthly Cash Flow: Ensuring that there is enough cash flow to meet monthly obligations, such as payment of creditors and staff salaries, is crucial for the success of any business. Effective financial planning, expense tracking, and sound cash flow management practices can help achieve this.


Important Assumptions: Financial projections are based on assumptions about market demand for services, pricing strategies, customer retention rates, and operational efficiency. These assumptions should be reviewed periodically and adjusted as necessary to ensure that they remain accurate.


Financial Reporting: Maintaining accurate financial records is important for assessing the financial health and performance of the company. Balance sheets, income statements, and cash flow statements are common financial reporting methods used to provide a clear overview of the company's financials. Balance sheets show assets and liabilities of the company at a given point in time, while income statements show revenues and expenses over a period of time. Cash flow statements show cash inflows and outflows over a period of time.



We suggest that you are interested in building a STRONG SUPPORT NETWORK. Here are some tips for building a support network:


Seek guidance from experienced professionals – Connect with experienced professionals in your industry who can offer advice, guidance and support. You can communicate with them through social media or attend industry events to meet them in person.


Join Business Communities: Joining business communities or groups can give you the opportunity to network with other entrepreneurs and business owners. You can participate in group discussions, workshops, and other events to learn from others.


Attend Industry Events – Attend industry events, seminars, and conferences related to your field. This will allow you to meet people from different industries and learn from their experiences.


Build relationships with mentors: Building relationships with mentors can provide you with valuable guidance and support throughout your entrepreneurial journey. Look for experienced mentors who can offer information and advice based on their past experiences.


Turn to local organizations and community resources: Many local organizations and community resources offer support to entrepreneurs, including incubators and accelerators, co-working spaces, and business-related programs. These organizations can provide you with resources and support to help you grow your business.


By building a strong support network, you can gain valuable information and support to help you overcome challenges and grow your business.


Contact with us.

VIZIONS economic development center / Rural Community Development Resources.

24 S. 3rd Avenue.

(509) 453-5133



Action steps to succeed as an entrepreneurial woman. Here are some tips:


Stay agile and adaptive: Being an entrepreneur requires constant learning and adaptation. Stay open to feedback, keep up with industry trends and be willing to adjust your strategies as needed.


Embrace challenges as growth opportunities: Challenges are inevitable in any entrepreneurial journey, but they can also be opportunities for growth. Embrace challenges as opportunities to learn and improve.


Stay optimistic: Keeping a positive mindset can help you overcome obstacles and stay motivated. Trust in your abilities and stay optimistic about the future.


Continually learn: The business world is constantly changing, so it's essential to keep up with new developments. Attend workshops, seminars, and conferences to learn from others and stay up to date on the latest industry trends.


Maintain a strong support network: Building a network of mentors, advisers, and fellow entrepreneurs can provide you with valuable support and guidance along the way.


Regularly review and update your business plan: As your business grows and changes, it's important to regularly review and update your business plan to ensure that it remains relevant and effective.


By following these action steps, you can increase your chances of success as an entrepreneurial woman and build a thriving business. Remember to enjoy the journey, stay resilient and don't be afraid to take risks. Good luck!



Our point of view on the current environment for building a beauty and styling business like Monkey Doos. These are some relevant aspects of the current business environment in this industry:


Growing Demand – The beauty and hairstyling industry is constantly growing, with more people seeking beauty and personal care services. The demand for these services presents an opportunity for businesses like Monkey Doos to succeed.


Competition: The industry is highly competitive, with many salons and spas in operation. To be successful, Monkey Doos needs to develop a unique and differentiated proposition to stand out from the competition.


Changing Trends and Preferences: The beauty and hairstyling industry is constantly evolving, with new trends, products, and techniques emerging all the time. It is important to Monkey Doos to keep up with the latest trends to meet changing customer preferences.


Technological advances – Technology is transforming the beauty and hairstyling industry, from innovative tools and equipment to mobile apps and online booking platforms. The use of technology can help Monkey Doos improve the customer experience and optimize business operations.


Rules and Regulations: The beauty and styling industry is subject to specific rules and regulations regarding hygiene, safety, and licensing. Monkey Doos must ensure that it complies with all applicable legal requirements.


Changes in consumer behavior: Consumers are increasingly concerned about sustainability, natural products, and ethics in the beauty industry. Making green and ethical choices can give Monkey Doos a competitive edge.


Impact of the pandemic: The COVID-19 pandemic has caused temporary closures, capacity restrictions, and changes in safety and hygiene practices in the beauty industry. Monkey Doos will need to adapt to the new rules and precautions to ensure the safety of customers and staff.


Customer Experience: Providing high-quality, personalized experiences is crucial to attracting and retaining customers. Monkey Doos must prioritize excellent customer service, expert advice and creating a welcoming and relaxing environment.


Social Media Influence: social media plays an important role in promoting and marketing beauty businesses. Building a strong social media presence and generating engaging content can help increase visibility and attract new customers.


Human resources and training: Investing in trained and talented personnel is vital to offer quality services. Monkey Doos must invest in staff training and development to improve customer satisfaction and overall business success.


In conclusion, the beauty and hairstyling industry presents both challenges and opportunities for companies like Monkey Doos. However, with proper strategic planning and constant attention to market needs.



Dear Vizions Economic Development Center team,


Thank you for your kind words and for entrusting me with the opportunity to collaborate on the Manual to empower women entrepreneurs. It was an honor and pleasure to share my knowledge and experiences with other aspiring businesswomen. I firmly believe that empowering women is vital to the development and growth of our society as a whole.


I am glad to hear that my contributions have enriched the manual and that it will serve as a valuable resource for women who dream of starting their own businesses. It is my hope that this manual will inspire and provide guidance to many women entrepreneurs who face the challenges of starting and growing their businesses.


I am grateful for the opportunity to support women entrepreneurs through my own business, Monkey Doos Salon & Spa. I believe that we can all make a difference in our communities by sharing our knowledge, expertise, and experiences.


Once again, thank you for the opportunity to collaborate on this project and for your continued commitment to empowering women entrepreneurs. I look forward to the continued success of this initiative.


Best regards,

Angela Robles



Dear readers,


On behalf of Angela Robles and the entire team at Vizions Economic Development Center, we would like to express our sincere appreciation for your interest in this booklet "Developing a Winning Business Plan: A Guide for New Women Entrepreneurs". We are very pleased to see your enthusiasm and commitment to developing your entrepreneurial skills.

We know that starting a business can be challenging, but with determination and the right knowledge, you can achieve great things. We hope this manual provides you with the necessary tools to chart a successful path in the business world.

We would like to remind you that we are here to support you on your entrepreneurial journey. If you have any questions, concerns or need additional assistance, please do not hesitate to contact our team of experts. We are here to help you and provide you with the support you need to achieve your goals.

Once again, we thank you for your interest and trust in Vizions Economic Development Center. Their dedication and perseverance are inspiring and drive us to continue providing resources and tools for business success.

We wish them much success in their endeavors and look forward to seeing them reach new heights!


Sincerely,

Vizions Economic Development Center Team




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