Creating a Cosmetic Business
Reality business shows such as Dragon Den and the Apprentice have gained a large fan base due to the entertainment factor. However there is a stronger message being presented by both Lord Sugar and the Dragons to candidates who are asking for investment in their businesses. The message is you need to have a defined, clear business plan and strategy before any entrepreneur will invest in your business, regardless of your education and professional background. It does not matter if you have achieved success in another business since what is important is you have a thorough plan for the proposed business. A good plan will summarize the business concept and provide quantitative data to justify the business concept. The quantitative data is mandatory to show demand for the proposed service or product. The plan needs to provide detail instructions on how the business will achieve its financial objectives for year 1 and a strategic plan for the next five years since very few entrepreneurs wants to give money to a new business which might fail in year two. The candidate Neil from the apprentice performed excellent winning every task as project manager, however when asked for his business plan, he failed miserably. He had an idea but did not engage in market research to identify if the business idea was credible.
Apprentice Cosmetic Business Plan
On a good note, Leah who trained with KT Training and who is known for its business training to doctors, did have a business plan. She identified that the market was growing and she also identified that the return on investment was far greater than selling cupcakes on line. Well done Lea!!!! In a previous apprentice show there was a surgeon who did not make it through and similar to Neil, he felt he could make any business a success. Lord Sugar felt differently.
Banks, venture capitalists and entrepreneurs are looking for young entrepreneurs wanting funds to develop businesses in growth industries. Medical aesthetics is the fastest growing industry in the world and many doctors have the ability to raise funds from the private financial market however it is not your doctor credentials that will sell your business idea but your very comprehensive business plan showing you know how to manage the business for long term success.
Creating a Cosmetic Business Plan for Doctors
Simple Steps to Building Successful Cosmetic Practices provides the guidance and many of the solutions for any one who wants to start a cosmetic clinic.
Yasmin Khan is the author of Simple Steps to Building Successful Cosmetic Practices and a Consultant for KT Solutions.