SoulSpace aims to be the premier spa/salon in the Raleigh, NC area. Through a unique combination of offered services and products, they will quickly gain market share. SoulSpace will provide customers with a relaxing, rejuvenating atmosphere where all of their mind and body needs can be met. The business will be set up as a partnership with Steve Long, Debby Long, and Linda Hill-Chinn owning equal portions of the operation.
Products and Services
SoulSpace offers a wide variety of mind and body healing services and products. The salon aspect of the business will provide both males and females with any type of hair styling services. The spa business is devoted to providing holistic methods of massage, body work, and energy work. This is all done in a relaxing, serene setting.
Location
SoulSpace has chosen Raleigh, NC as their city for the business venture. Raleigh has consistently over the last few years been voted the best place to work and live in the USA, frequently making the top five and ten lists of Forbes, Money, and Inc. magazines. Raleigh has one of the most educated populations that loosely correlates to earning potential, or at least indicates a higher average household income. Additionally, the downtown area has undergone a recent renovation that has attracted a lot of new businesses as well as become a hot urban area.
Competitive Edge
SoulSpace's competitive edge is their unique combination of services, location, and customer-centric focus. Both the extraordinary services and location has been detailed previously. SoulSpace has set out since its inception to provide quality, dependable services. SoulSpace has an innovative training program that is extensive in its depth, properly training employees to provide an unprecedented level of customer service. All customers will leave SoulSpace with a feeling that their needs were met well beyond any expectations that they previously had and far better than any competitor. This customer-centric business model is not just rhetoric, there are financial incentives in place for employees to offer unprecedented levels of service. This will ensure a high rate of return customers, allowing SoulSpace to meet their ambitious goal of 90%.
Financials
SoulSpace has forecasted substantial sales revenues by year two. Also by year two the business will reach profitability and have achieved a healthy profit before taxes. When SoulSpace begins their fundraising efforts they will consider options such as LLC status to replace the partnership business formation that they have currently adopted.
SoulSpace is an exciting business that provides a combination of sought after services that are not currently offered by a direct competitor. SoulSpace will provide a relaxing, serene setting for a variety of mind and body rejuvenation services for the booming Raleigh population.
1.1 Objectives
The objectives for SoulSpace are outlined below:
- Substantial sales revenue by end of second year.
- Profit before tax by end of second year.
- Have clientele return rate of 90% by end of first year.
- Become established community destination by end of first year.
1.2 Mission
SoulSpace will provide a comforting, yet stimulating, atmosphere in which customers will be able to relax both their body and mind, reconnecting their daily lives to their true purpose through a wide range of holistic methods including massage, body works, energy works, and hair styling. SoulSpace will establish itself as a dependable destination to which they can always come to escape the stresses of life, and rejuvenate their energies, their souls, and their lives.
1.3 Keys to Success
- Quality and skilled employees familiar with energy work and oriented to a soothing spiritual disposition.
- Establish trust within the community that each customer's needs will be taken care of during every visit.
- Easily accessible location.
- Effective advertising.
