Business about Thai Day Spa - Essay Example

Business Plan about Thai Day Spa i. Executive Summary Business Idea and Goals The basic idea is to commence Thai Day spa in London, UK with the aim of providing quality care products along with treatment facilities so that the people might have better relaxation and rejuvenation. In this context, the major objective of the spa is to develop as a leading performer in the spa segment with enhanced brand image, customer base and profit margin. The Company The spa will provide quality product based on natural ingredients procured from Harnn Products Co. Ltd. Additionally, the spa will provide therapy as well as treatments based on Thai traditional holistic medicines and techniques. The customers will be provided with treatment and product menus in accordance with which, they might be able to accomplish their needs. The spa will provide innovative products and traditional massage services in order to meet market demand. Corporate Strategy The spa in order to excel in its operation in the market segments of London, UK should adopt penetrating pricing policy with the aim of performing operations with better competitiveness. The company in order to make an effective presence in the UK market segments will procure renowned natural products from Harnn. Subsequently, the spa in order to improve awareness amid customers in the market segments will adopt different promotional strategies that include social media, print media and online community among others. In this respect, promotion of products and treatment services will assist in improving customer base. Table of Contents i. Executive Summary 2 Section 1: Introduction - History and Background 5 Section 2: Market Research 6 1. Desk Research 8 8 2. Competitors 8 8 Section 3: Products or Services 10 Section 4: Legal Obligation 11 Section 5: Business Aims and Objectives 13 5.1. Aims 13 5.2. Objectives 13 5.3. Goals and Core Values 16 Section 6: Marketing Strategy 17 Section 7: Sales Activity Plan 18 Section 8: Pricing and Production Costs 19 Section 9: SWOT / PEST Analysis 20 Section 10: Contingency Plans 24 Section 11: Staffing Requirements – Recruitment and Training 24 Section 12: Resource Requirements 25 Section 13: Sources of Funding and Investment 25 Section 14: Personal Survival Statement 25 Section 15: Conclusion 26 Section 16: Cash Flow Forecast and Other Financial Statements 27 Cash Flow Forecast Monthly Covering Three Years 28 Profit and Loss Account Monthly 31 Balance Sheet Yearly Basis 32 Section 17: Appendices 33 References 35 Section 1: Introduction - History and Background The ensuing business plan is to open a spa business in London, United Kingdom (UK). According to the plan, a Thai Day spa will be opened in London, UK with the objective of providing better refreshment along with relaxation services to the people. The spa will provide contemporary beauty care and massage services to the people in a traditional way. The spa business in the UK will facilitate in performing operations in a profitable along with sustainable manner, as the fast paced city life of the people is filled with work related stress wherein an opportunity to obtain relief and relaxation from the stress without consuming much time can be extremely attractive. In this context, people of the country have an immense demand for spa, relaxation as well as leisure pastimes. Thai Day spa will be set-up in the city owing to the fact that the available spa businesses are mostly based on beauty products. Additionally, the treatment procedures adopted in most of the spas in the city are based on western treatment style. In this regard, Thai Day spa will provide beauty care and treatment services with traditional products, which will be obtained from Harnn Products Co. Ltd, a renowned spa provider along with spa products manufacturer in different locations that include Thailand, Western countries except the United Kingdom and Asian countries. In this respect, the development of the spa business in the city with better traditional Thai spa products, massage service as well as treatment services by holistic medicine will assist the newly developed spa to conduct operations competitively. The people need leisure and relaxation services in order to minimise stress as well as work related pressures within a short span of time. The advantage of the spa is that it will focus on unique Thai herbal and holistic products and traditional healing philosophy based treatment services which are exclusive to the business and are not offered anywhere else in the region. These treatment facilities will be provided within a short time which will also be a key advantage of the business as customers not only require quality and valued services but also desire the relaxation services of a spa to be less time consuming so that they are able meet their assorted requirements of fast paced life. Section 2: Market Research In the present scenario, the UK spa market segment has now been developing in a considerable manner due to augmented demand for holistic treatments and relaxation services by the people. The market segments follow the trend of spa products along with treatments procedures from different countries with the intention of having better rejuvenation facilities (Johnson, 2012). The spa market has been conducting business operations on a global context with around 100,000 operators, which generate over US$60 billion (Johnson, 2012). In the regard, the spa market in the UK is identified to generate around £1.5 billion which include both retail as well as treatments (Johnson, 2012). It has been estimated that around 6 million consumers visit spas located in the UK on an annual basis (Johnson, 2012). Subsequently, the changing trends and the attitudes of the people in relation to treatments and sensory experiences have aided in meeting the needs along with the requirements of the customers in an appropriate manner. The spa market segment has been identified to play an important role towards building wellness as well as life balance of consumers significantly. In this respect, the spa market is expected to continue to develop in an effective manner in the coming years (Johnson, 2012). The city life in London is filled with job related stress and the people live a fast paced life (Blaug & et. al., 2006). The lifestyles of the people are based on their individual characteristics, circumstances, choices and personal preferences. Consequently, the people in order to have leisure time are involved with different activities that include visiting art exhibition as well as cinemas, engaging with sport activities and watching TV. The people are engaged with leisure activities with the intention of reliving themselves from their daily work activities. The people are attracted immensely towards spa market segments for leisure and relaxation. In this concern, the demand for spa market in the UK market segment has augmented to a considerable extent and the spa sector provides services as well as products in accordance with the needs of customers, which is based on their social aspects along with lifestyles (Seddon, 2011). Correspondingly, the spa business will focus on people of age 25 and above, as these people are involved with work activity related stress substantially. Additionally, the spa will focus on both middle as well as high-income group of people as its significant customers. The people of these age and income groups are more likely to have relaxation, rejuvenation along with holistic treatment. Subsequently, the location of the shop in London will assist in having large customer base (Tawil, 2011). 1. Desk Research The management team of the spa have obtained adequate information in relation to market information and competitors from various sources that local authorities, newspaper as well as journal articles and trade publications. 2. Competitors Development of the spa market in London has intensified market competition amid the spas located in the city. The spas in the city are majorly based on western beauty products and massage treatments services (EuroSpaPoolNews, 2013). In this respect, the spa with the assistance of traditional Thai products and massage treatment will be facilitated in conducting business operations competitively. The spa sector is segregated into different segments that include destination spa, club spa, day spa, medical spa, cruise ship spa, resort or hotel spa and mineral spring spa (Monteson & Singer, 2004). Thai Day spa to be developed in the city is categorised as day spa and in this regard, the major competitors will be day spas that are operating in the market segments of the city. In the UK market segment, day spas account for around 12% of total spas that are located in the country (Johnson, 2012). The major competitors for Day spa are the following. Spa London Spa London is a day spa operating in the different location of London. The spa provides luxurious therapeutic along with recreational benefits, which are its unique selling points. Additionally, the spa offers diverse treatments along with beauty care products which include traditional thermal therapies and innovative beauty products. The prices of the products as well as services are based on specific values offered to the customers. The spa does not provide herbal care products and treatment services that are in immense demand in the market segments. The care services along with treatment services are offered at expensive rates. The customers are charged with the price of £80 for the starting service. The customers visit the spa mostly for ‘Elemis Escape’ therapy service (Spa London, 2013). The Sanctuary Spa The Sanctuary spa is a day spa resort providing different services for the relaxation along with treatments of the people. The spa provides sauna, pools and steam rooms facilities. Additionally, the care and the treatment services are based on natural products along with botanical extracts, which are its unique selling points. The care products and treatment services are offered at affordable prices. However, the treatment and the massage services provided are not based on traditional process. The price charged for one service is around £95 and most preferred service is facial treatment service (Kiawah Island Golf Resort, 2014). Elemis Day Spa Elemis Day Spa is day spa operating in the UK and various international locations that include Bangkok and Miami among others. The spa provides beauty care and therapy treatment services based on innovative products developed from natural ingredients with the assistance of advanced technologies, which accentuate its unique selling points (Elemis, n.d). However, the treatments as well as the care services costs of the spa are based on different charges that include discretionary gratitude. Additionally, the spa charges prices in accordance with market conditions without prior notification. The price of one service is around £95 and most demanded service is absolute spa ritual (Elemis, n.d.). In this regard, the competitive advantage of Thai Day spa is that it will offer true benefits through leveraging the tradition of healing philosophy which is based on Thai herbal along with holistic medicine. Additionally, the spa providing traditional as well as holistic treatment services will be able to meet the current demands of the customers effectively. Contextually, the care products and the traditional treatment services offered would assist in building decisive unique selling points for the company in both shot and long run. The customers can certainly gain the value of time efficient fast paced services with unique Thai spa products which are traditional and which offer holistic value to a person to set him/her free from daily work stress Section 3: Products or Services Thai Day spa will provide massage as well as treatment therapies in a traditional manner practiced in Thailand. The ultimate concept of the spa will be to offer effective healing along with treatments based on holistic medicine along with Thai herbal. Correspondingly, the spa will provide different services that include Thai compress, Thai heritage massage and Thai aromatherapy among others with the intention of providing better relaxation as well as rejuvenation sensation. Contextually, the customers visiting the spa will be given care treatments and massage services in accordance with the advice of experts, so that the needs of the customers are met in an effective manner. The treatment and the care services will be offered at affordable prices as compared to competitors. The treatment menus of the spa will be based on requirements and preferences of customers and customised accordingly. Treatment services are provided in a systematic as well as in a mix and match way. The services and treatments offered to the customers are chargeable on an hourly basis. Regarding, Thai heritage massage and Thai aromatherapy service, it will take upto 1 hour duration while Thai compress service will take up around 45 minutes duration. The care and beauty products will be offered from the concept shop located within the spa. The care products will be procured from the key supplier i.e. Harnn. The spa will provide a variety of products on the basis of texture, creativeness, natural ingredients and odour. Harnn is identified as an important brand in the spa products segment operating on a global context. The products are developed from natural ingredients comprising traditional herbal medicine in a scientific way. The products of the company are seemed to be effective for maintaining balances in relation to mind, environment and body (Harnn, 2013). In this regard, the spa with the assistance of herbal products and treatment services will be able to perform operations competitively. Section 4: Legal Obligation The day spa in order to set up business in London is required to adhere to the registration process of the UK and legal requirements with the aim of conducting operations legitimately. In this regard, the spa will be based on the legal structure of partnership. In this regard, the spa will commence its business with three partners in the initial stage. The partners before commencing the business operation in the market segments of the UK are required to prepare a draft agreement specifying the basis on which profits will be shared. Each partner will also be liable for debts that arise from the spa business. Additionally, the partners are also required to determine their roles significantly. On the commencement of business operations, the partners should inform ‘HM Revenue and Customs’ (HMRC), which is a tax authority. HMRC is entrusted with the task of administering tax along with contribution made in the segment ‘National Insurance’. The partners will act as self-employed individuals of the spa. It has been identified the taxation system of the UK is efficient and attracts international businesses. The spa is also required to implement health along with safety measures for better protection of employees and customers (Olswang, 2011). The spa in order to have company name is required register with Companies House. Additionally, the partners are required to provide name along with address with the aim of naming the business legally. The partners are required to comply with certain tax-related regulations which include Income Tax, ‘Value Added Tax’ (VAT) and ‘National Insurance’. Correspondingly, income tax of the partners should be calculated on a self-assessment basis and accordingly, tax return should be paid to HMRC within the months of January as well as July. Subsequently, the partners are required to pay individual returns along with partnership tax return. The tax amount is usually on the amount of profit made. National Insurance should be paid to the individuals employed. Moreover, the partners are required to pay VAT on the basis of sales, imports along with services that are made by the spa (Enterprise Europe Network London, 2010). In case of turnover exceeding £81,000, the partners should register as taxable person with HMRC (Whitefield Tax Ltd, 2013). Section 5: Business Aims and Objectives 5.1. Aims Thai Day spa in the market segment of London will intend to make its presence felt with different natural products and traditional treatment services in order to perform sustainably as well as to build a unique brand image. In this regard, the mission of the spa will be to provide better relaxation and recreation services to the people. 5.2. Objectives The objectives of the spa are specific to its aim, as the spa with the assistance of the objectives will be able to develop a better customer base and brand image in the long run with differentiated products along with treatments. The table below depicts the list of objectives Thai Day spa endeavours to achieve in the period of three years. Objective Timescale Status Year 1 To open a Business Bank Account Produce Business Cards Create and Publish Website Organize open Day Achieve year 1 turnover of £125,100 Gain 30 customers within 3 months (can be more) Gain 100 customers within 12 months Advertise in local theatre paper Advertise in local newsletter/magazine Register website with local search engine July 2014 July 2014 July 2014 July 2014 April 2015 Sept 2014 July 2015 July 2014 July 2014 April 2014 Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Year 2 Maintain the customers gained in 1st year Introduce extra product/services: Become a limited company Research potential areas/premises for location of sub-branches Achieve projected profit/loss target Employ extra staff and administrator Purchase an innovative therapy treatment instrument Focus on traditional products July 2015 May 2015 December 2015 June/July 2015 December 2015 December 2015 December 2015 Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Incomplete Year 3 Research franchising the company Maintain advertising Maintain employment of 6 employees Achieve projected profit/loss targets December 2016 January 2016 September 2016 July 2016 Incomplete Incomplete Incomplete Incomplete 5.3. Goals and Core Values Thai Day spa has provided a list of goals along with core values in order to assist customers as well as staff in having a better understanding of the rich experiences and excellence of products and/or services offered. The goals of the spa are hereunder. Products as well as treatment services will be provided in accordance with the preferences of customers The customers will be offered with better soothing and recreational atmosphere The spa will be associated with different events that are organised in the community Core values of the spa include the following: The spa will be creative in offering products and/or services The employees and management of the spa will be respectful towards the needs as well as the requirements of the customers The spa will work in an integrated manner with the values as well as the legal obligations Section 6: Marketing Strategy The spa in the initial stage i.e. first week of the business will provide leaflets describing the products and treatments services offered. Additionally, the Thai day spa will provide free trial massage for 10 minutes to the guest customers and accordingly receive their feedbacks. The guest customers will be offered with 10% discount coupons if they agree to obtain full-time services on their next visit to the spa. In the second week, the customers obtaining full-time spa services will be provided with the opportunity of 20% discount services for brining colleagues, friends as well as family members to the spa shop, which will be valid for one month. Correspondingly, in the third week, the customers will also be offered home spa product giveaways as a promotional strategy to allow them to have a close look at the quality and uniqueness of the offered products. This strategy will encourage the different set of customers to try distinct varieties of products they are offered which can facilitate to boost sales. In the second month of business, the spa shop in order to improve customer base will provide the facility of membership to the customers to join in. Accordingly, the customers obtaining memberships will be offered with discounts as provided hereunder. Membership Amount (£) Discount (%) 100 10 300 20 500 30 Additionally, after the period of one year when a steady faithful customer base is obtained, an official webpage can be opened to promote as well as sale the offerings of the spa shop. The assistance of social media platforms that include Twitter and Facebook among others will be taken. Print media including business magazines, city guidebooks and newspapers will be used for ensuring extensive reach of the spa to the customers. Besides, the created website will be connected from popularly used spa related websites such as Spa Seekers, Spa Management and Spa Finders. The promotions will aid the customers in having important information in relation to natural products and holistic therapy treatments offered. The customers are identified to demand for relief as well as relaxation services for their daily work-related stressful life. The customers are also identified to be inclined towards natural products and traditional treatment services in order to relief themselves from stress. However, the spa might face competition from other day spas’ in the market segment owing to their brand value and luxurious products along with treatment services. Overall, the spa can be stated to be better-off than a few of its major competitors due to its uniqueness in offered facilities and products. Respectively, the selling strategy of the spa will be to provide unique traditional products as well as treatment services to the customers in a competitive price through engaging in word-of-mouth communication. Section 7: Sales Activity Plan The spa with the implementation of market strategies have planned to enhance its customer base. The sales activity of the plan will commence on the month of July 2014. In this regard, in order to improve the effectiveness of business operations, it will communicate and visit potential customers on a monthly basis. Additionally, the management of the spa should communicate with the customers through online community and social media technologies which include Facebook and Twitter. The magazines and newspapers will provide adequate information in relation to the different products along with services offered in order to boost sale figures. In this context, the spa will spend around £6,000 on a monthly basis for the promotional activities for the first eight months. In the next four month, the spa will spend around £7,000 for promotion in television and radio in order to create better awareness amid customers regarding the differentiated products and treatments along with other promotional strategies for enhancing customer base. In this context, the spa will be facilitated with the opportunity of retaining market position. Section 8: Pricing and Production Costs The spa entering the market of London is required to possess competitive prices in relation to products as well as services offered as compared to competitors in the city. In this context, the spa should adopt penetrating pricing policy with the aim of acquiring more customers in a rapid manner. Additionally, the policy will also aid in building an effective customer base. The production and services cost of the spa will be based on different factors that include energy, raw materials, time and labour usage. Subsequently, the management of the spa should seek that prices are calculated on the basis of production costs in order to ensure better profit margin (Sije & Oloko, 2013). Massage Price Thai compress £65 Thai heritage massage £75 Thai aromatherapy £80 Deep tissues back massage £32 Stress buster massage £45 Reviver body massage £50 Price List of Different Offerings of the Spa Section 9: SWOT / PEST Analysis A SWOT analysis will be conducted in order to ascertain the competitive position of the company. The factors of SWOT are discussed hereunder. Strengths The spa has planned to develop business in the market segments of London, as the spa market has been developing in a significant manner. Additionally, the spa with traditional Thai herbal and holistic medicine products and therapy treatment will be facilitated with the opportunity of differentiated products along with treatments services to the customers (Mavridis, 2012). Weaknesses The spa is new in the market segment of London and thus adequate promotions are required for creating awareness, which in return will necessitate ample investments in the initial stage. The spa might lack brand image in the present spa market, which might adversely affect its performance (Mavridis, 2012). In this regard to alleviate these kinds of apparent weakness, the spa will adopt effective means of advertisements which include TV, radio, newspaper and magazines for creating better awareness in the market segment. Opportunities The development and growth of the spa market in the UK will facilitate the spa in setting up and conducting business operations proficiently. Moreover, a lack of Thai natural products and therapy treatments might assist the spa in conducting operations with better competiveness in the prosperous market of the UK (Mavridis, 2012). Threats The spa market has developed in the UK with spas providing different traditional as well as western style products as well as services. In this regard, the spa might face intense competition while conducting operations (Mavridis, 2012). Subsequently, the spa in order to conduct operations competitively is required to ensure that unique products and/or services are provided to the customers on a sustained basis. PEST Analysis The PEST analysis will aid the spa in having better information about market conditions and business environment. Political The political condition of the UK is stable. Additionally, the governmental and other trade policies of the country are seemed to be attractive towards international business due to simple procedures of business registration process (CIA, 2014). Economic The economic condition of the UK is developing in a steady manner after the crisis. In this respect, it will assist the spa in conducting business operations with better profitability. Additionally, the economy of the UK is determined as one of the leading trading along with financial centres amid the European nations (CIA, 2014). Social The people in the UK lead a fast paced and stressed life owing to work pressure. Therefore, the people are inclined to have relaxation as well as rejuvenation during leisure hours. The tastes along with preferences of people have changed in relation tastes, lifestyles and behaviours. Respectively, the people are attracted towards spas during leisure hours for recreation. Moreover, due to time constraints, a spa type of facility which provides prompt rejuvenation service can be extremely lucrative for customers to indulge in proper relaxation (CIA, 2014). Technological The country i.e. the UK is equipped with advanced technological system, which has assisted in developing the communication along with transportation system in an immense manner. In this respect, the spas are able to possess innovative technologies in their treatment services. The spas are also facilitated with the opportunity of communicating with customers effectively (CIA, 2014). Section 10: Contingency Plans The opening of the spa in London might be under different threats that include intellectual property risk, service or product liability risk and foreign exchange rate risk. The products are procured from Harnn, which are based on natural herbs along with oil. In this respect, the intellectual property rights of products should be safeguarded from parties copying the products in an unauthorised manner. The products as well as the treatments provided by the spa might cause body injuries that include bruises and sprains among others. In this context, the spa should obtain product liability insurance along with professional indemnity insurance (ABI, 2013). The spa might also be under the risk of exchange rate fluctuation, as the care and beauty products are procured from Harnn. Correspondingly, the spa is required to obtain foreign forward contract with the aim of hedging currency risk. In terms of fall back option, the management team of the spa will engage in preparing a better competent product line in order to meet the changing needs of the customers (Wu, n.d.). Section 11: Staffing Requirements – Recruitment and Training The management team of the spa will comprise three partners associated for setting up the business. In this respect, the three partners will segregate their responsibilities as managing director, chief operating officer and brand marketing executive. The management team will be entrusted with the responsibility of managing as well as coordinating the business operations of the spa. Moreover, the spa will recruit around 10 staff for conducting operations of reception, accounting, technicians, therapists and sales person. The employees will be recruited on the basis of their expertise as well as experience locally. Contextually, the spa with the assistance of job recruitment websites will be able to recruit staff efficiently. The staff recruited will be provided with performance incentives and medical benefits. Additionally, the staff will be offered with 16 day paid leave on an annual basis. In this context, the spa will be facilitated with the opportunity of retaining as well as motivating employees to conduct their operations proficiently. Section 12: Resource Requirements The initial amount of capital invested by the partners of the spa is £51,200. The capital investment will be invested towards different resources which include computers, furniture and equipment for commencement of business operations. Additionally, capital will be required for promotional activities along with procuring products from prime supplier i.e. Harnn. Section 13: Sources of Funding and Investment In the initial phase of seating up the spa, the partners will make individual contributions. Additionally, investments required for the commencement of business operations will be obtained from banks. In this respect, the partners will contribute around £25,000 and the rest will be obtained as loan from banks i.e. £26,200 Section 14: Personal Survival Statement The partners associated with the spa require cash for their personal expenses. In this regard, the partners require an amount of around £4,950 on monthly basis, as depicted hereunder. Monthly Expenses( £) Food 1250 Clothes 850 Rent 2000 Gas and Electricity 350 Mobile Phone 500 Total 4950 Section 15: Conclusion Thai Day spa has planned to inaugurate day spa in the market segment of London, UK. The present spa market has been developing rapidly owing to increased demand for relaxation and rejuvenation facilities by the people during leisure hours. Additionally, the people in order to relieve themselves from work-related stress for better physical and refreshment sensation visit spas in an immense manner. The development of spa business in the UK market segment has augmented due to changing preferences of customers. In this regard, setting up the spa with appropriate information obtained in relation to market conditions, competition, government regulations, trade policies and customers’ preferences will act as a decisive factor to ensure its success. In this respect, based on the analysis, the spa business commencing operations as partnership in compliance with legal requirements will be facilitated in conducting business successfully. Moreover, the management team conducting operations in a planned manner with appropriate resources will be able to conduct operations profitably. Subsequently, the spa procuring natural products from Harnn based on natural ingredients will be able to meet the requirements of the customers in an enhanced manner. Respectively, the spa will be providing differentiated products along with holistic therapy treatment services based on Thai tradition. In this context, the spa with the assistance of the natural products and Thai traditional herbal and holistic medicine based treatments will be able to conduct operations in a profitable and sustainable way. Section 16: Cash Flow Forecast and Other Financial Statements The financial statements of the spa are based on certain assumptions that are provided with the facility of layaways and there are no credit sales. Additionally, the payments are made through checks along with cash. The assumptions are used with the intention of ensuring that the financial statements are prepared in an effective manner. Cash Flow Forecast Monthly Covering Three Years First Year Second Year Third Year Profit and Loss Account Monthly Balance Sheet Yearly Basis Section 17: Appendices Product Range Body Massage Oil Aromatherapy Interior Design of the Spa References ABI, 2013. Product Liability Insurance. Liability Insurance. 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