Scale Your Skincare Company with a Business Plan Advisor
Owning a skincare company is exciting and challenging. There are several factors to take into consideration when starting a company and the multiple product lines within the skincare industry make it exceptionally directed to particular target audiences.
For example, teen skincare lines will always contain an acne treatment and oil reducer, along with conditioning facial lotions. A skincare line for older individuals will contain more natural oil and emollients to address the issue of dry skin.
These issues can create complicated processes in seeking solutions. However, in addition to these considerations, a skincare company needs to grow in order to thrive. In fact, within 5 years of launch, it needs to scale in order to begin building additional product lines and possibly add locations or consider franchising the model.
At this point, the company may be between 3 and 5 years and ready for innovation and change. Often, however, the owner may not have the experience or skillset to effect either.
In this case, a business plan advisor can begin to assist, both with the current business plan and, also, in scaling the company to bring the owner’s vision to reality. In the following paragraphs, we will detail the role of the business plan advisor and offer an overview of a business plan.
The role of a business plan advisor is simply that: the advisor assists small business owners, entrepreneurs, intrapreneurs, and startups in preparing business plans that will help them raise funding from various lenders or investors.
This role includes a heavy research requirement and data analysis, tactical suggestions for moving through growth mode, and suggestions for the overall improvement of the company’s processes and day-to-day operations.
One important note is that the business plan advisor will have data analysis software and other tech tools available for use, while the skincare company probably will not.
This increases the value of the business plan advisor. The key role of the advisor is to position the company for funding via the business plan, as increased funds are needed for any continued growth and expansion.
In addition to the above, a business plan advisor will take on the role of business advising overall, assisting in developmental plans for franchising, adding locations, and other major adaptations to the company.
This supplemental support frees the business owner to continue oversight of the current plan without having to take on the additional role of creating a business plan. In effect, the owner has a temporary advisor-mentor role.
When done creating the plan, the business advisor will often prepare the owner with presentation tools and prepare the final documents. The advisor will not be present at a funding request, nor present the company in any capacity, as federal and state laws prevent those actions.
In order to examine the business plan in some detail, we’ve outlined them in the steps that follow. These are not the only elements of the business plan, which will often be 75 to 100 pages in totality. Elements can be added or removed from the plan shown here; however, this offers an indication of what such a plan might include.
Business Plan Outline
- Mission and Goals of the Company: Prepared by the owner or founders of the company, the mission statement offers the “why” behind the company and offers the goals for the future of the company. Lenders and investors will be interested in this portion of the plan.
- Assessment of Target Audience: An assessment of potential customers is essential if the company is to scale. The plan should include data, tactics, and findings that assist in marketing strategies.
- Data Analysis of Competitors: Critically important for the skincare company is the knowledge of competitors in business and those that may be coming. The data analysis is extensive, including any special or unique values the competitors bring to the table.
- Financial Plan and Forecast: Another feature of the plan that will be heavily scrutinized by lenders and investors, the plan and forecast announce the current and future health of the company. Based on this alone, the company may receive offers of funding.
- Marketing Strategies: Without strategic plans to capture customers, the skincare company won’t contain the current growth and won’t scale. Winning strategies are critical to winning support from investors and lenders.
- Operational Plan: The inclusion of an operational plan is not a given; it depends on the extent to which one is needed to tell the story of the company.
A business plan advisor takes on a role that offers a company the chance to move from a steady growth mode to one that scales the company to multiple locations or franchising opportunities.
Using professional experience, an advisor will collect data, analyze, research further, and create a winning business plan for the company, bringing everything successfully to the table for hoped-for funding from investors or lenders.
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