Proposed Business Report

Executive summary

The proposed business is a hair growth and service store named Fidbra Personal Care, which will offer hair products and services for people experiencing hair loss in China. The store’s mission will be to offer customers quality and affordable hair growth products and services that are natural and organic, safe and scientifically proven. Based on its mission statement, Fidbra intends to solve the hair loss problem in China by providing customers with quality and affordable hair products made from natural and organic substances such as peppermint and lavender. By utilizing natural and organic ingredients, Fidbra aims to offer convenient products to its target market, which comprises, male, female and the elderly suffering from hair loss due to different causes in china as hair loss has become a common problem.

Introduction

This business plan aims to pitch for extra funds for a business venture which is a comprehensive hair care service store that will be providing hair growth products and services in China. Most Chinese are experiencing hair loss problems; 250 million suffer from hair thinning (Zhang et al.,2022). The business has initial funding of $100,000, which the business venture founding members have invested. However, the initial funding seems insufficient for this business venture, so the plan aims to get extra funds from other sources. These funds can be important as the venture can use them during the initial founding stage or for other services, such as marketing and expansion, after launching the business.

Figure 1: China hair loss Problem

Therefore, to have a detailed understanding of this proposed business venture, this report aims to provide a detailed business report that covers the following segments. First, the plan will start by discussing the industry and the business where the products and services, including the uniqueness and the growth and entry strategy, will be evaluated in detail. The report will then discuss the market the business will operate in by conducting a competitor analysis, a marketing plan, and the projected sales volume and values. Furthermore, the report will discuss the design and development plans, whereby the technical aspects and the designs and development outline will be evaluated. It will then further discuss the management and operations plans by discussing the manufacturing/operational needs, location analysis, and key suppliers. After that, the report will then evaluate the management and organization by analyzing the venture team, organization structure, legal entity, and external professional advisors and consultants. It will then discuss the milestone schedule, potential problems, and risks, proposes a contingency plan, and the projected profits, cash flow, and projected returns risk profile. It will then finalize by discussing the business’s financial venture and offer.

2. The Industry and proposed Business

2.1 Industry Analysis

The industry that this report will focus on is the beauty and personal care industry. This is such that the beauty industry in China consists of several sectors: hair care, beauty devices, skincare, and cosmetics (Daxue Group, 2023. All the sectors mentioned earlier are undergoing dynamic changes, such as increased attention to the ingredients used and elevated preference for domestic brands. As such, the Chinese beauty industry is mainly dominated by millennials aged between 21-30, who contribute to 31% of the sales in the sector (Daxue Group, 2021). The sectors have been doing quite well in that, as of 2023, the revenue generated from beauty and personal care in china was about US$59.06 billion (Statista, 2023). Moreover, the industry is expected to grow at a compounded annual growth rate (CAGR) of 5.41% for the years ranging from 2023-2027 (Statista, 2023).

Hence, in 2023, the beauty industry in China is doing quite well, as it is second behind the US in terms of revenues generated. The US generated a revenue of US$91.41bn and was followed by China with US$59.06 billion (Statista, 2023). As such, the Chinese beauty and personal care industry’s upward trajectory and growth are caused by several factors. One factor that has contributed to the industry’s growth is social media. This is such that social media, in conjunction with the generational shift whereby young customers enter the market searching for beauty and personal care products (Statista, 2023). This is such that about 63% of millennial customers claim that they heavily rely on customer reviews and bloggers’ opinions when buying these products (Daxue Group, 2021). Furthermore, the emergence of the e-commerce platform in china has had a massive impact on the demand for beauty and personal care products.

2.2 Proposed Business

The proposed business is the beauty and personal care company that will go by Fidbra Personal Care and deal in hair growth products and services. The store will be solely responsible for conducting product research and development but will outsource the production from experts. The store’s mission will be to offer customers quality and affordable hair growth products and services that are natural and organic, safe and scientifically proven. Based on the mission statement, the proposed business will ensure safety by producing the products using scientifically proven tactics to avoid any physical damage to the customers. Also, the mission statement focuses on the use of natural and organic products. There has been a shift in customer preferences as they only want to be associated with sustainable products (Technavio, 2022). The store’s main objective will be to provide hair growth products and services in the Chinese beauty and personal care sector.

2.3 Proposed Product, Service

The proposed product for Fidbra Personal Care is offering air growth products and services to individuals suffering from hair loss and thinning problems in China. Fiddbra will provide hair growth serum, shampoo, conditioners, and vitamins. Therefore, unlike the common products, the products at Fidbra will mainly contain organic products such as fruit extracts, proteins, and vitamins as they are usually gentle on the skin and will prove to be vital for people who have allergies and are prone to scalp irritation.

More so, the store will also offer services such as Scalp massage treatment using stable liquid made from a combination of natural and organic products to reduce sebum on the customer’s scalp (Holmes, 2017). The service will revolve around using a scalp massaging device combined with essential oils such as peppermint and lavender oils, as studies on animals suggest that they promote hair growth (Cherney, 2019). This, in return, makes the customers have thicker hair. Although various scalp massages exist, most are without essential oils (Cherney, 2019). However, Fidbra will uniquely encourage customers to do a scalp massage at home. It will employ a professional scalp massager who will use their skills to ensure they customize the scalp treatment based on the type of the client’s hair. This will help the professional to apply the required amount of pressure and oil during scalp massage treatment so that customers get the desired results.

2.4 Uniqueness of The Products (Strategic Competitive Advantage)

Strategic competitive advantage is important as it helps a company surpass its main competition and enables it to deliver similar benefits using tactics that align with customer needs. The beauty and personal care sector is quite competitive as it is the second best in the world, and hence Fidbra Personal care needs to identify its initial SCA to keep up with its competition. Hence, one of the strategies that can help Fidbra Personal care has a competitive strategy is the use of porter’s generic differentiation bases, specifically the differentiation strategy and the focus strategy (Ismail et al., 2020).

Regarding differentiation strategy, porter argues that a company will gain a competitive advantage if its products are highly different from those offered by the competitors in terms of quality and design, making it unique (Ismail et al., 2020). In doing so, if the customer feels that the product offered is peculiar, they will be loyal and buy more from the company. Hence, Fidbra personal care can show that its products are different by highlighting that all its hair growth products and services are natural, organic, and not synthetic. This, in return, will help it surpass its competitors that use synthetic products as, unlike synthetic products, natural products are gentle on the skin.

Likewise, Fidbra can also gain a competitive advantage through a focus strategy (Ismail et al., 2020). Focus strategy revolves around a business focusing on a specific group of buyers or a specific region. This strategy is advantageous as it allows a business to respond to changes in tastes and preferences faster (Ismail et al., 2020). Hence, Fidbra can utilize this strategy by focusing on the chinse market and selling natural and organic hair growth products to people experiencing hair thinning.

2.5. Proposed Entry and Growth Strategy

The proposed market entry strategy is a directly enter. This strategy will involve Fidbra setting up a store in China and s offering the products directly to the customers. In doing so, Fidbra will conduct its market research and develop a perfect distribution channel and marketing tactic. After that, Fidbra can grow and penetrate the beauty and personal care market by using porter’s differentiation strategy in enhancing the products based on the customer’s feedback and, in the process, make its product unique and quality. This will, in return, help it improve its SCA and more customers as Chinese beauty and personal care products are anticipated to grow at a CAGR of 5.41% between 2023 and 2026 (Statista, 2023). Hence by using direct entry and expanding its product through differentiation, Fidbra will be able to penetrate the sector and expand its services.

3.0 Target Market

3.1 Market and competitor analysis

3.1.1 Target market/ customers

For any business identifying the target market is an important aspect. However, for a business to target its customers accordingly, it must engage in market segmentation. Segmentation is simply dividing the customers based on similar characteristics and traits. Hence, in doing so, Fidbra personal care will divide the customer using demographic segmentation, psychographic segmentation, behavioural segmentation, and geographic segmentation (see Table 1 for further analysis). Therefore, Fidbra personal care will engage in geographic segmentation by targeting the target male, female and elderly people suffering from hair loss in China living in urban and rural areas who want healthy hair. Concerning the demographic segmentation, Fidbra will target males and women of all ages since people from Gen Z also suffer from hair loss problems in China.

Table 1: Market Segmentation for Fidbra Personal Care

3.1.2 Market Size and Trends

The market size for Chinese beauty and personal care in China has constantly improved. As of 2023, it generated revenues of about US$59.06 billion with an expected CAGR of 5.41% (Statista, 2023). Therefore, based on the revenue generated, it insinuates that there is huge potential for success. Furthermore, concerning the trends, there has been a shift in customer preferences and tastes (Technavio, 2022). This is such that there has been an increase in demand for natural and organic products due to their perceived benefits over synthetic ones, as synthetic hair growth products contain harmful chemicals like parabens (Technavio, 2022). The increase in demand, and disposable income, especially for women who are usually frequent customers, is propelling the market beauty and personal care sector.

3.1.3 Needs of Target Market

The target market for hair growth and services has varying needs which the Fidbra SCA will address. This is such that based on the SCA, the store products are different from most of the available products, as Fidbra will use organic and natural products. This aligns with the target market’s needs as they want to be associated with an organic and natural product that will not cause any bodily harm usually caused by synthetic products (Technavio, 2022). Furthermore, the customer wants an affordable product and quality. This is something that Fidbra personal care will promise to deliver since, by closely examining its mission, the store promises to provide quality and affordable products. Hence by looking at hair growth products, Fidbra personal care meets most of the demand, which is the demand for safe and affordable products.

3.1.4 Competitor Analysis and Comparison

In the beauty and personal care industry, competitors are stores and companies that will provide hair growth products and services in China. Looking at the Chinese companies that deal in hair growth products, there are several. Among the common ones are such as Growus and Dexe Group. This is such that Dexe Group, located in Guangzhou, China, is one of the companies with numerous clients worldwide (Dexe Group, 2021). Dexe prides itself on being able to provide high-quality products that are priced competitively priced. Besides Dexe Group, another common company that provides hair growth products in China is Growus. As such, Growus has also specialized in hair products, and it uses professional technology and natural products to treat hair loss mainly caused by diverse hormones (Growus, 2023). Likewise, the company uses seawater therapy to solve scalp challenges safely.

Therefore, looking at some of the competitors, they have more financial resources and a well-known brand reputation. However, most of them, such as Dexe, use general cosmetic products, making it challenging to address hair loss problems. However, Fidbra personal care will be different in that with the help of the focus strategy whereby Fidbra personal care will be able to keep up with the competition as it is more concerned with helping different segments of customers based on their specific hair loss need needs. Also, Fidbra personal care is different in that Unlike others such as Growus, which deal with hair loss due to different hormones, Fidbra deals with hair loss due to different factors, be it hormones, Lifestyle, stress, or age. This will, in return, give it a competitive advantage over most Chinese companies that deal with numerous global customers.

3.1.5 Estimated Market Share

The Chinese beauty and personal care industry is quite competitive, generating massive revenue. Therefore, since Fidbra personal care is a startup store, it will have a small market share as it has yet to establish itself. Currently, the Chinese personal segment has a volume of US$25.52bn (Statista, 2023). Therefore, for the first year, the market share is expected to be 0.005% in the first year, 0.008% in the second year, and 0.01% in the third year. Therefore, the market share is expected to increase yearly as Fidbra increases its brand awareness. In the first year, the market share is small as the store has not established its reputation.

3.1.6 Supplier Analysis

The suppliers, in this case, are those that will be providing the raw material. Although Fidbra will outsource manufacturing, it will engage in R&D and sourcing of materials. Since Fidbra will outsource production of the products from an established manufacturer using porter’s five forces, the suppliers’ bargaining power will be moderate. This is such that there are various raw materials suppliers in Guangzhou then, so getting the suppliers will be easy. This, in return, limits suppliers’ power as there are numerous suppliers.

3.2 Marketing Plan

3.2.1 Marketing Strategy

There are numerous marketing strategies that Fidbra can use. However, an ideal strategy that will be used is the 4Ps of marketing. In doing so, this strategy is known for analysis of marketing tactics using the elements of price, place, promotion, and products

3.2.2 Product Strategy

The product that Fidbra will be selling is a hair growth product and service. However, contrary to common hair products, the product that Fidbra will sell will only contain natural and organic ingredients. More so, the hair growth product will be customized based on the type of hair and the customers’ needs. Besides selling hair products, the store will also offer scalp massage services which will be done using essential oils such as peppermint and lavender, as they are known to stimulate air growth (Cherney, 2019). Eventually, the main benefit of Fidbra personal care will be to provide customers with quality and affordable hair products and services.

Figure 1. Sample of Hair Growth Products

3.2.3 Pricing and Margins

One of the most important aspects when it comes to marketing is deciding the appropriate price. Setting it too low and the customer might perceive it as poor quality, and setting it too high, the customer will view it as expensive and will not opt for it. Since the beauty and personal care sector is highly competitive, the only way to keep up with the competition is to see competitive pricing, which is setting the price based on what the competition will offer. There Fidbra intends to start making a profit from the first year, and hence the ideal pricing strategy that the store will use is cost-plus pricing. This strategy will involve evaluating all the associated costs and then adding a markup percentage to the cost to create a precise retail price (Campbell, 2020). This pricing system is non-discriminatory and fair in that the price will only rise if the affiliated costs have increased.

3.2.4 Packaging and Manuals

As for packaging, Fidbra will be using visually appealing made of biodegradable material. Packaging using biodegradable materials helps to address the issue of climate change, mainly caused by the issue of non-biodegradable materials. As for the manuals, Fidbra will provide easy-to-read manuals that will describe how the product should be used when to expect the results and the general benefits of using Fidbra products.

3.2.5 Distribution Channels

Distribution channels are how a company gets its product or services to customers. For the sake of Fidbra personal care, it will use direct-to-consumer and online platforms to ensure the product reaches the customer. This is such that Fidbra will have various physical stores where customers can walk in and buy hair growth products or receive hair treatment services. Likewise, the store will use online platforms such as Alibaba to sell their products in China, as most Chinese prefer online channels. However, an online platform will only sell hair growth products; if customers want any service, such as Scalp treatment, they must visit the physical store.

3.2.6 Promotion Strategy

Product promotion is important as it aims to inform the customers about the product and convince them to buy it. Therefore, Fidbra, since it is a startup, will mainly use social media marketing and TV advertisements. This is such that Fidbra will advertise and inform the public about its hair products by using TV advertisements for one month after the initial launch. After that, Fidbra will mainly rely on social media platforms such as WeChat, Tik Tok, and Baidu to promote its products and services by posting daily content about its hair and growth products and services. However, other media platforms such as Facebook, Instagram, and YouTube will not be used as they are highly restricted in China.

3.2.7 Service and Warranty Policies

Concerning the services, there will be several. This is such that the store will have a customer service centre whereby the customers can visit it physically and be helped or make a call and be offered assistance. However, as for the warranty policies, Fidbra will only provide a warranty if the customer can prove beyond reasonable doubt that the Fidbra product caused them physical complications or did not deliver the expected result. In case of physical complications, Fidbrta will cover all the expenses incurred to ensure the client is okay. If the client claims that the product did not deliver the desired result, the customers will be provided with an alternative product, and there will be no refund once the product has been used.

3.2.8 Marketing Timetable and Budget

Based on the analysis of the 4Ps of marketing, the following is the marketing timetable and the affiliated costs. The product cost is bait higher as it involves paying the manufacturer for all costs, such as production and purchase of raw materials. Also, the cost of place is high as it will involve leasing a physical store and establishing an online platform for e-commerce purposes (Table). On the other hand, promotion is so cost slow as Fidbra will only use Tv advertisements and then resort to social media marketing which is pocket friendly

Table 2

3.3 Projected Sales Volume and Values

The following table presents the expected sales volume and value after successfully launching it. The figures are based on the current value of the personal care segment, which is US$25.52 billion. More so, the sales volume and values have been evaluated about the CAGR of 5.41% (Statista, 2023)

Table 3: Sales Volume and Values

4.0 Design and Development

4.1 Technical Aspects

The Fidbra peroneal care products are formulated using the most efficient and safe natural and organic ingredients so that the customers can maintain healthy and thick hair. The products work on the principle that what happens to your hair and scalp is as important as the general well-being of what one puts in your mouth. As such, Fidbra personal care products will not contain any harmful chemicals common in other hair products; the products will have certified rich nutrients, organic ingredients, essential oils, and amino acids. Based on Kotler’s 5 product levels, Fidbra personal care has numerous core benefits. One is that they preserve hair health as the ingredients found in Fidbra personal care can inverse hair damage caused by a different factor (Ranka, 2022). Also, the Fidbra being organic and natural, causes no side effects to the customer. Furthermore, as for the augmented product, Fidbra personal care products will be made using innovative natural and organic safe ingredients.

4.2 Development plans

Fidbra personal care hair growth products can be evaluated using the porter value Chain framework. The framework will be critical in describing the primary and support activities as shown in the table below (Holsapple & Singh, 2001)

Table 5: Porter Value Chain Analysis

• Development Expenditure

For Fidbra personal care, the development expenditure will involve various human resources. Some common human resources are R&D, marketing, and sourcing raw materials such as peppermint, lavender, aloe vera, and saw palmetto. The main expenditure will be a product that will be outsourced.

• Difficulties and Risks

There are various challenges and risks. One of them is that product development is complicated as it requires extensive Research and heavy investments. Also, another likely issue is meeting the client’s expectations. As they have high expectations and fail to meet their expectation, they might turn to other services.

• Needed resources

Several resources are required for this service. One of them is expertise in manufacturing m R&D, and designing. Other resource includes human resources for sales and marketing, handling customer question and complaints, and accounting.

• Protection of Development work

Being personal care company, Fidbra personal care requires copyright protection and also protects its trademark. Copyrighting will help to prevent other stores from copying Fidbra’s packaging, marketing materials, and creative work. Trademarking is mandatory in China, and Fidbra will also comply with these guidelines.

• Plan for Ongoing Development

Fidbra person care has various tactics that it intends to use for development. Based on the Ansoff matrix, Fidbra intends to engage in market penetration by increasing the sales of its hair growth products in an existing beauty and personal care market in China (Hussain et al., 2013). It also intends to engage in market development by selling its products to new markets, such as nations beyond China.

5. Manufacturing and Operating Plans

5.1Manufacturing and Operating needs

Being a startup, Fidbra personal care will outsource manufacturing and will only be in charge of the Research and design of their hair growth products. Therefore, there will be a building designed for conducting R&D. More so, the equipment required will only be used for conducting R&D. it is appropriate for Fidbra to outsource production to reduce the costs incurred in setting up a manufacturing plant and purchase equipment. However, Fidbra planes will have their manufacturing facilities and equipment in the future.

5.2 Location analysis

For any business Choosing an ideal location for the business is Important. That being said, Fidbra intends to have its location in Guangzhou. Guangzhou is ideal for several beauty and cosmetic centres like Dexe Group (Dexe Group, 2021). This will not only allow Fidbra to learn from the best but also allow it to source material for its manufacturer easily.

5.3 Key suppliers

Manufacturing of Fidbra hair growth products will require raw materials such as peppermint, lavender, aloe vera, and saw palmetto. Although Fidbra might face challenges securing raw materials as it is a new player, there is a high chance that it will get the required materials as there are various beauty and cosmetic brands in Guangzhou, meaning there is a wide pool of suppliers that source materials from.

6.0 Management and Organization

6.1 The venture Team

The venture team will comprise various members, such as the management team, entrepreneurs, and key personnel. The founding members are the ones who will act as entrepreneurs. For the management team, it will only have one CEO. The key personnel will include finance and accounting officers, Human resources, sales and marketing agents, a research and development team, and an operations team.

6.2 Organization structure

Fidbra will have a simple hierarchal organisational structure. The management team will consist of CEO, who will oversee various sectors, as shown in Figure 1.

Figure. Fidbra Personal Care Organizational Structure

6.3 Legal entity

Fidbra personal care will be a private limited company registered in Guangzhou, with the founding members as the major shareholders.

6.4 External Professions and Consultants

Fidbra personal care on external professionals and consultants such as legal and manufacturing consultants. Since Fidbra will outsource manufacturing, it will have a manufacturing consultant who will advise the manufacturer on improving the products and ensuring they align with Fidbra’s needs (Collins, 2023). Also, Fidbra will require legal consultants to guide to ensure Fidbra complies with all the Chinese legal requirements.

7.0 Milestone Schedule

The following Gantt chart presents the objectives, events, and time from April 1 2023, to March 1 2024

8.0 Critical Risks, Problems, and Assumptions

8.1 Potential problems

Using the PESTLE framework exposes various problems to which Fidbra personal care is exposed. One of the problems related to economic factors is that hair growth product requires extensive R&D, which requires numerous financial resources. Currently, Fidbra does not have sufficient resources as it is still looking for additional funds for the venture.

8.2 Key Risks

Among the key risk that Fidbra will face is stiff competition. Guangzhou has various brands, such as Dexe, which specialises in beauty and hair products. Such a brand has established itself in the area, and Fidbra will likely find it challenging to compete with such brands (Dexe Group, 2021). More so, given the competitive nature of hair products companies in Guangzhou, Fidbra will find it challenging to attract investors despite the feasible idea.

8.3 Propose Contingency Plan

There are various problems, and risks to Fidbra exposed as a need for more financial resources and competing with established brands. The problem of insufficient funds will be handled as it is looking for additional funds from potential investors for the risk of competition to keep up with the competition by using a differentiation strategy to produce quality and affordable hair products made from natural and safe ingredients.

9.0 The core Financials

9.1 Projected profits and cash flow

Capital expenditure

We estimate that the startup cost for the store will as follow

working capital- 150,000

Leasehold improvement- 30, 000

Furniture and equipment- 20,000

Total 200000

budgeted profits and loss

based on the revenue of 1,343,500

Cost of goods 671,750

Operational expenses

10. Financial offer

Based on the above, the business venture will require 3333333. The venture team will provide 6666666, insinuating the business will seek additional funds of 6666666. Since debt is not available, the main source of finance will be Equity. As for potential investors who want to familiarize themselves with the business, they can look at the core financials and revenue generated in the third year.

11. Conclusion

The business plan presents a hair growth and service store, Fidbra Personal Care, in Guangzhou, China. Based on the analysis, the business is feasible as China has numerous hair loss problems, and core finances show it is profitable. Therefore, the business needs additional funds……financed via Equity.

References

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Appendix

Appendix 1: SWOT Analysis of Fidbra Personal Care