ITEC Level 3 Business Practice for Complementary Therapies (GC01826)

Table of Contents

1.0 Mission Statement

1.1 Mission statement

1.2 How you came to this and what it means.

2.0 Market Research.

2.1 Aims.

2.2 How I am going to achieve this aim.

2.3 What is my result?.

2.4 Conclusion.

3.0 Competitor Analysis.

3.1 Types of business I am competing with.

3.2 List of competitors.

4.0 Premises/Work Place.

5.0 Corporate Image, Brand and Logo Design.

6.0 Additional Services, Products & Prices.

7.0 Finance – Start-up, Fixed & Variable Costs.

8.0 Staffing Requirements & Employment Opportunities.

9.0 SWOT Analysis.

10.0 Risk Analysis.

11.0 Marketing & Publicity.

12.0 Additional Professional Services.

13.0 Legal Requirements.

14.0 Security and Data Protection.

15.0 Customer Service and Communication.

References.

1.0 Mission Statement

1.1 Mission statement

The mission statement of the start-up business is to provide good quality Swedish message to the customers. The main purpose of this Swedish message is to ensure the good health and safety of the customers.

1.2 How you came to this and what it means

According to Patricio (2019), the term “Business plan” contains a detailed explanation of a new business including its mission, vision, products, competitor’s analysis, pricing and marketing system. In case of the Swedish massage as a new business, there are many causes of starting. Firstly, this studio provides massages services to the customers to ensure their good health. Secondly, the massage centre has high demand because most of the people are tired of their daily lives, work problems, and personal problem. For this reason, this start-up business will be helped people by massaging the body and muscles. It helps to remove the tiredness, muscular tension, pressure and pain of the customers. In the global history of this industry, it has been found that this industry has high potentiality and sustainable growth. For this reason, the start-up business will be taken the decision to offer quality Swedish massage.

2.0 Market Research

2.1 Aims

According to Murray (2018), market research is considered an important task of every business firm to understand the market situation. Ngo (2018) stated that market research helps for identifying the customer’s needs and expectations and competitors’ position by which a start-up business can take good and accurate decisions. Additionally, the aim of market research is to collect and store the data and information of the market and use the data for taking the decision of starting or not starting the business (Dmitrienko, 2018). In the case of Swedish massage, market research is highly needed because this market has a high level of customers demand as well as a high level of competition.

2.2 How I am going to achieve this aim

There are some ways by which market research can be accomplished. Normally, it can be performed by using qualitative and quantitative research. Quantitative research can be accomplished by customers’ surveys, focus groups, interviews, observation and field works (Dmitrienko, 2018). Conversely, qualitative research can be accomplished by using websites, journals, reports and others (Dmitrienko, 2018). In the case of a start-up business, the place of starting the business is Sliven, Bulgaria. Therefore, the market research of this starts up business will be used in the qualitative study of the city by analyzing various websites, journals, reports and others. Additionally, the market research will be completed by a customer survey to find the following questions’ answers:

Do you like massage centres?
What is your demand from the start-up business?
What is your expectation about the pricing level of the start-up business?

2.3 What is my result?

By analysis of qualitative research, it has notified that this proposed business has a high level of future prospects. Additionally, this industry growth is very positive and customers are very familiar with the services of this industry. By the analysis of quantitative research form the survey outcomes, it also noticed that customers like the message center and they demand that they will get good quality services from the Swedish massage. The customers also expect that the price level will be reasonable in the Swedish massage. The Prices will be between BGN 30-85 depending on massage type and duration.

2.4 Conclusion

In summary, market research is a significant factor for every business firm to understand the market situation. Market research helps for identifying the customer’s needs and expectations and competitors’ position by which a start-up business can take good and accurate decisions. In the case of the proposed business, both qualitative and quantitative researches are used to find the potentiality of the business. From the analysis, the proposed business has huge potentiality and growth level in the future. Additionally, it has also notified that most of the customers including men and women like Swedish massage for taking lymphatic drainage massage and deep tissue’s. The proposed business will also open a website and a Facebook page for the customers. The start-up business will be provided various Discount cards to the loyal customers.

3.0 Competitor Analysis

3.1 Types of business I am competing with

According to Ravald (2019), competitor analysis is an important technique of evaluating the situation of the market and the competitors. The main customers of Swedish massage include both men and women who like lymphatic drainage massage and deep tissue. For this reason, the main competitors of the proposed business will be Classical massage, Aromatherapy, Deep tissue, Sports, Hot stones and other therapy firms. In the Swedish, market, there is a huge number of saloons and other competitors. The proposed business tries to analyze the current competitors’ business system and find the best process of business for overcoming the challenges of competition in the market.

3.2 List of competitors

The list of the competitors of the proposed business is presented below:

List of Competitors
Name	Their Services	Operating Hours	Prices	Are they busy?
Sports massage	Full body	Mon – Fri 09am – 6pm Sat 09am – 13.30pm	30 min 40 lv 60 min 60 lv 90 min 85 lv	yes
Aromatherapy	Full body	Mon – Fri 09am – 6pm Sat 09am – 13.30pm	30 min 40 lv 60 min 60 lv 90 min 85 lv	yes
Deep tissue	Full body	Mon – Fri 09am – 6pm Sat 09am – 13.30pm	30 min 40 lv 60 min 60 lv 90 min 85 lv	yes
Hot Stone	Full body	Mon – Fri 09am – 6pm Sat 09am – 13.30pm	30 min 40 lv 60 min 60 lv 90 min 85 lv	yes
Classical Massage	Full body	Mon – Fri 09am – 6pm Sat 09am – 13.30pm	30 min 40 lv 60 min 60 lv 90 min 85 lv	yes

The following chart shows the market share of the competitors:

4.0 Premises/Work Place

Wiltbank (2019) noted that the place is a significant factor of business success because customers’ attraction depends on the proper placement of the business. The proposed business will be situated in Sliven, Bulgaria. The proposed business will be rented a studio in the city centre to create enough facility for the customers. In the message centre, a room will be used for reception, one is for a booth at which customers can wait and a room will be decorated for providing massage services to the customers. In future, there is a plan for expanding the business area. Additionally, the workplace will be a more decorated and well environment with a nice sound system. The Swedish massage centre will be registered under business insurance and met all the legal requirements including legal certificate and Tax identification in Bulgaria…………………………………….

Business Plan

ITEC Level 3 Business Practice for Complementary Therapies (GC01826)