V. Competitive Analysis
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
Direct & Indirect Competitors
The following businesses are located within a 2 mile radius of [Company Name], thus providing either direct or indirect competition for customers:
First Choice Hair
Starting out as a single salon in London, Ontario, First Choice Haircutters has rapidly grown to over 400 locations across North America. First Choice Haircutters is owned by Regis Corporation, the world’s largest and most profitable hair care company. Regis operates more than 12,000 salons around the world and boasts system-wide sales of over 2.4 billion dollars. First Choice Haircutters has service hours from 9 am to 9 pm, Monday through Friday; 9 am to 5 pm on Saturdays; and 11 am to 4 pm on Sundays.
Sterling Silver Barber
Founded in 2012, Sterling Silver Barber Company is a mobile salon and barbershop serving [location] professional men and women from a 3-station salon inside a fully customized Airstream.
Hair MATRIX Design Team & Day Spa offers a wide variety of services ranging from Colors & Cuts to Facials & Manicures. Hair Matrix has hours of operation from 9 am to 5 pm on Mondays; 9 am to 7 pm Tuesday through Thursday; 9 am to 6 pm on Fridays, and 8:30 am to 3 pm on Saturdays.
Here is the pricing of our key competitors:
|Type of service||Cut||Color||Highlights|
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Location: [Company Name]’s location is near the center of town, giving us access to commuters going and leaving the train station, local office workers, and passersby going to local shops. We also offer adequate parking making it easy for customers to patronize us.
- Great service at an affordable price: The complete array of hair services offered by [Company Name] nearly equals the most premium positioned competitor, LUX CUTS. However, [Company Name] will offer these services at a much more affordable price.
- Management: Our management team has years of business and marketing experience that allows us to market to and serve customers in a much more sophisticated manner than our competitors.
- Relationships: Having lived in the community for 25 years, [Founder’s Name] knows all of the local leaders, newspapers and other influences. As such, it will be relatively easy for [Company Name] to build brand awareness and an initial customer base.