Eyelash Extension Business Plan Template

Eyelash Extension Business Plan Template

If you want to start an Eyelash Extension business or expand your current Eyelash Extension business, you need a business plan.

The following Eyelash Extension business plan template gives you the key elements to include in a winning Eyelash Extension business plan.

You can download our eyelash extension plan template (including a full, customizable financial model) to your computer here.

 

Sample Eyelash Extension Business Plan Template

Below is an eyelash extension business plan example with each of the key sections to help you write an eyelash extension business plan for your own company.

I. Executive Summary

Business Overview

[Company name] is an Eyelash Extension Company in [Location] that is dedicated to making every client feel beautiful and good about themselves without breaking their banks. We offer premium quality, medically safe eyelash extensions sourced from [Location]. We designed a product that is produced with the highest quality and lasts longer than the average eyelash extensions. We innovated the traditional eyelash extensions to become more natural-looking and created a glue that has a long bonding formula that keeps the lashes perfectly in place.

At [Company name], our staff went through extensive practice and training so that each lash is carefully applied, and hand-placed to achieve the look and feel that our clients are going after. We go beyond the extra mile to ensure exceptional service is received.

Products Served

[Company Name] will provide relationship-oriented eyelash extension services for all ages and both genders. Eyelash extension experts will focus on building long-term rapport with their clients and strive to deliver personalized beauty results for each individual.

Below is [Company Name]’s initial product list:

• Eyelash Extensions (different sizes, volume, length, color)
• Eyelash Adhesives
• Cream Adhesive Remover
• Cleansing Wipes

Customer Focus

[Company Name] will primarily serve the residents within a 5-mile radius of our location. The demographics of these customers are as follows:

• 49,827 residents
• Average income of $98,700
• 59% married
• 44% in Management/Professional occupations
• Median age: 38 years

In addition to this prime adult demographic for an upscale eyelash extension salon, there are two large high schools and four middle schools in the area. Students, particularly girls, from these schools will be sure to patronize [Company Name] for special occasions.

Management Team

[Company Name] is led by [Founder’s Name] who has been in the beauty business for 20 years. [Founder] has never run an eyelash extension salon herself, but she has extensive experience applying and maintaining eyelash extensions at major salons for the past 20 years. She began her career in [19xx] when she received a certification from [Beauty School] and began work at [major chain], where she worked for X years.

Success Factors

[Company Name] is uniquely qualified to succeed due to the following reasons:

• The Company will fill a specific market niche in the growing community we are entering. In addition, we have surveyed the local population and received extremely positive feedback saying that they explicitly want to frequent our business when launched.
• Our location is in a high-volume area with easy access from multiple residential and commercial district zones.
• The management team has a track record of success in the eyelash extension business.
• The upscale eyelash extension business is a proven business and has succeeded in communities throughout the United States.
• Local competitors leave a large gap in the eyelash extension market—there are low-cost providers ($10-$20), and an ultra-luxury salon ($120+), but nothing in between.

Financial Highlights

[Company Name] is currently seeking $260,000 to launch. Specifically, these funds will be used as follows:

• Store design/build: $140,000
• Working capital: $120,000 to pay for Marketing, salaries, and lease costs until [Company Name] reaches break-even

Topline projections over the next five years are as follows:

 

II. Company Overview

Who is [Company Name]?

[Company name] is an Eyelash Extension Company in [Location] that offers premium quality, medically safe eyelash extensions sourced from [Location]. We are dedicated to making every client feel beautiful and good about themselves without breaking their banks. That is why we designed a product that is produced with the highest quality and lasts longer than the average eyelash extensions. We innovated the traditional eyelash extensions to become more natural-looking and created a glue that has a long bonding formula that keeps the lashes perfectly in place.

At [Company name], we truly care for all our clients. Our staff went through extensive practice and training so that each lash is carefully applied, and hand-placed to achieve the look and feel that our clients are going after. We go beyond the extra mile to ensure exceptional service is received.

[Company Name]’s History

Located in the heart of [Location], [Company Name] was founded in [Month] of [Year] by owner [Founder’s Name] when she realized that there is a growing market for specialized and custom eyelash extensions. Through years of hard work and practice, she was able to grow her business to be one of the most popular eyelash companies in the city. By constantly collaborating with engineers, chemists and creative minds, [Company name] was able to expand its products and services from a basic eyelash extensions application to offering more types of eyelashes and complementary products.

Since incorporation, the company has achieved the following milestones:

• Developed the company’s name, logo and website
• Determined the list of products and services to be offered
• Determined equipment and inventory requirements

[Company Name]’s Products/Services

Below is [Company Name]’s initial product list:

• Eyelash Extensions (different sizes, volume, length, color)
• Eyelash Adhesives
• Cream Adhesive Remover
• Cleansing Wipes

We will feature eyelash extensions of different sizes, volume, color, and length. We will also be an exclusive supplier of our own eyelash extensions care products like adhesives, cleansers, and detoxifying creams. Included in our offerings is the application and after care of our clients’ eyelashes.
 

III. Industry Analysis

The eyelash industry is booming and expected to grow over 36% in the next five years. The number of independent eyelash studios has also steadily grown over the past year.

The eyelash extension industry shows no sign of slowing down over the next 5-year and 10-year forecast periods. Although a majority of the growth will occur in North America, this field looks to be a promising one for any students, cosmetologists, or beauticians that want to find a niche for themselves.

The number of businesses offering professional services grew by 14% last year, with some sales quarters seeing gains of 15% over the year before. Franchising has come to the industry as well, with major brands adding over 170 new outlets for American consumers alone last year.

The eyelash extension industry may still be relatively young, but its quick growth and dedicated customer base will help it to be an economic force for many years to come.
 

IV. Customer Analysis

[Company Name] will serve the residents of [company location] and the immediately surrounding areas as well as those who work in [company location].

The area we serve is populated mostly by the middle class; as a result, they have the means to pay for higher quality products and services, and are looking for an eyelash extension services somewhere between the deep discounters and the top-end luxury brands.

The precise demographics of the town in which our retail location resides is as follows:

Customer Segmentation

The Company will primarily target the following three customer segments:

• Moms: The town has a large population of stay-at-home moms who are active in the school and community. These moms seek beauty services on a regular basis. These women are well-connected to each other and as such are a prime source of referral business. [Company name] expects to regularly acquire new customers from referrals.
• Professionals: [Company name] is located along a well-traveled commute route. By offering convenient location and exceptional service to the customer, [Company name] will draw in working men and women who need to look professional for work.
• Students: There are multiple high schools and middle schools located in the surrounding area. These students still live on their parents’ income and can therefore afford to pay for higher-quality services than discounters provide. In particular, [Company name] can expect to generate significant seasonal business based on the beauty needs of the local youth culture.

 

V. Competitive Analysis

Direct & Indirect Competitors

The following businesses are located within a 5-mile radius of [Company Name], thus providing either direct or indirect competition for customers:

Eyelash Studio
Eyelash Studio is a leader in lash extension application. Our lash stylists come to the plate with backgrounds in esthetics and/or make-up artistry, they are not only required to take training with recognized global leaders in lash extensions such as Xtreme Lashes but they work directly with our eyelash specialist under an intensive apprenticeship for many months before becoming a full time stylist.

Services include: Lash Extensions, Makeup, Micropigmentation and Brow Bar.

Lily Lash
Lily Lash is Victoria’s first dedicated eyelash extension studio. The Lily Lash expert lash technicians provide lash/lifestyle evaluations to determine the most flattering and practical look for each individual. Lily Lash offers private treatment rooms, exceptional hygiene practices and medical-grade adhesive. The technicians work to put as many lash extension on as possible in the appointment time, which averages between 40 and 70 extensions per eye.

Services include: Full set of lash extensions and Fill of existing extensions

Eyelash Mode
Established in 2006, Eyelash Mode is a locally owned and operated full service salon that offers a complete nail salon, waxing bar, Lash Lounge, Skin and Body Care Center, and more. The Eyelash Mode offering that is in direct competition is the Lash Lounge. The Lash Lounge features a semi-private treatment area where the lashticians offer pre-application consultations, and lash extensions.

Lash Lounge services include: Lash Extensions, Lash Fill, Lash Removal, Lash Tint and Brow Tint

Competitive Pricing

Competitive Advantage

[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 to and leaving the train station, local office workers, and passersby shopping in the city. We also offer adequate parking making it easy for customers to patronize us.
• Great service at an affordable price: The complete array of eyelash extension products and services offered by [Company Name] nearly equals the most premium positioned competitor, [Competitor name]. 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 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.

 

VI. Marketing Plan

You can download our eyelash extension plan template (including a full, customizable financial model) to your computer here.

The [Company Name] Brand

The [Company Name] brand will focus on the Company’s unique value proposition:

• Convenient location
• Familiar, regular eyelash extension expert
• Significant personal attention
• Moderate price point
• Comfortable, customer-focused environment

Promotions Strategy

[Company Name] expects its target market to be individuals working and/or living within a 5-mile radius of its location. [The Company’s] promotions strategy to reach these individuals includes:

Local Publications
[Company name] will announce its opening several weeks in advance through publicity pieces in multiple local newspapers and publications. Regular advertisements will run to maintain exposure to relevant markets. Community newspapers, school publications, youth sports programs, and similar channels will be a major promotion effort.

Major Publications
We will make careful use of advertising in selected larger publications. [Publication or newspaper name] has a circulation of xyz, and we can expect to reach a wider geographic region of customers on a limited basis. Advertisements with major publications will be used selectively, based on cost-effectiveness. These ads will include discount coupons so that response to the ads can be tracked.

Community Events/Organizations
[Company name] will promote itself by distributing marketing materials and participating in local community events, such as school fairs, local festivals, homeowner associations, or sporting events. Since mothers are often heavily involved in such things, we will not only reach the lucrative audience of adult women but also potentially their families by extension.

Commute Advertising
We will drive attention toward [Company name] by hiring workers to hold signs alongside [route or highway]. Advertising on heavily traveled commute routes are an opportunity to alert large numbers of working individuals with disposable income of our opening.

Customer Loyalty Programs
[Company name] will create a winning customer loyalty program to keep its best clients coming back again and again. When not actively providing services to customers in the store, our professionals and other employees will make periodic, regular phone calls to customers. These phone calls will (a) ensure that customers are satisfied with their eyelash extension application, and (b) remind customers after a certain period of time has passed that they might want a reapplication. Long-term customers will have the opportunity to participate in the loyalty program, and referrals will be rewarded as well.

Direct Mail
[Company Name] will blanket neighborhoods surrounding its locations with direct mail pieces. These pieces will provide general information on [Company Name], offer discounts and/or provide other inducements for people to visit the salon.

Ongoing Customer Communications
[Company Name] will maintain a website and publish a monthly email newsletter to tell customers about new events, products and more.

Pre-Opening Events
Before opening the store, [Company Name] will organize pre-opening events designed for prospective customers, local merchants and press contacts. These events will create buzz and awareness for [Company Name] in the area.

Pricing Strategy

[Company Name]’s pricing will be moderate, so customers feel they receive great value when patronizing the salon. The anticipated price point for a standard eyelash extension is $35, in exchange for which a customer can expect to receive personalized attention during and after their visit. The customer can expect to receive quality eyelashes care from a familiar eyelash extension expert, for a more affordable price than what they pay at an ultra-premium salon.

 

VII. Operations Plan

Functional Roles

[Company name] will carry out its day-to-day operations primarily on an appointment basis. Walk-in clients will be served by the earliest available eyelash extension expert, but priority will be given to clients who called ahead. In the meantime, waiting customers can divert themselves in the lounge, which features television and current popular magazines. The Company intends to employ [X] experts and [A] assistants during peak hours and [Y] experts and [B] assistants during off-peak hours. [Company name] anticipates having [Z] customers on a weekly basis.

In order to execute on [Company Name]’s business model, the Company needs to perform several functions. As an eyelash extension salon, the majority of employees will assist in upselling customers in addition to the primary functions as eyelash extension experts and assistants. [Company name] anticipates using the services of X employees, divided into the following roles.

Service Functions

 

• Eyelash extension application
• Eyelash extension after-care
• Maintenance personnel
• Customer service/cash register functions

 

 

Administrative Functions

 

• General & administrative functions including legal, marketing, bookkeeping, etc.
• Product procurement
• Human Resources

 

Milestones

[Company name]’s long term goal is to become the dominant provider of eyelash extensions and related services and products in the [city] area. We seek to the standard by which other providers are judged.

The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:

 

VIII. Management Team

Management Team Members

[Company Name] is led by [Founder’s Name] who has been in the beauty business for 20 years.

While [Founder] has never run an eyelash extension salon herself, she has extensive experience applying and maintaining eyelash extensions at major salons for the past 20 years. She began her career in [19xx] when she received a certification from [Beauty School] and began work at [major chain], where she worked for X years.

[Founder] graduated from the University of ABC where she majored in Communications.

[Other person’s name] will serve as the customer service manager. He/she has extensive experience in the hospitality industry.

Hiring Plan

[Founder] will serve as the store manager. In order to launch our salon, we need to hire the following personnel:

• Eyelash extension expert [Number]
• Receptionist [Number]
• Store Manager

 

IX. Financial Plan

Revenue and Cost Drivers

[Company Name]’s revenues will come primarily from the services rendered and sale of eyelash extension products.

As with most services, labor expenses are the key cost drivers for eyelash extension salons. Eyelash extension experts are paid through a combination of salaries and commission, rewarding them for performance and making them an active part in business retention and development.

The major cost drivers for the company’s operation will consist of:

• Commission paid to experts on a per-service basis
• Salaries
• Lease

Ongoing marketing expenditures and cost of good sold expenses are also notable cost drivers for [Company Name].

Capital Requirements and Use of Funds

[Company Name] is seeking total funding of $260,000 of debt capital to launch its store. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses and working capital.

Specifically, these funds will be used as follows:

• Store design/build: $140,000
• Working capital: $120,000 to pay for Marketing, salaries, and lease costs until [Company Name] reaches break-even

Key Assumptions

The following table reflects the key revenue and cost assumptions made in the financial model:

5 Year Annual Income Statement

5 Year Annual Balance Sheet

5 Year Annual Cash Flow Statement