SPA Management Business Plan Term Paper Example | Topics and Well Written Essays - 6000 words

SPA Management Business Plan - Term Paper Example Location and Floor Plan 24 5.5. Equipment 25 5.6. Inventory 25 5.7. Technology 26 5.8. Customer service 26 6. Personal Financial Statement 26 6.1. Personal Financial Statement 27 6.2. Start-up Expenses and Capitalisation 27 6.3. Financial Objectives 28 6.4. Balance sheet forecast 29 6.5. The profit and loss forecast 30 6.6. Expected cash flow 31 6.7. Break Even analysis 32 Reference 33 Bibliography 35 2. Executive Summary SoulConcord aims to be the premier spa salon in Los Angeles, California. The company is determined to offer a unique combination of offered services and products to offer the customers a luxury experience. The company would carry out intensive marketing and promotional activities to quickly gain market share. SoulConcord would provide customers with a relaxing, rejuvenating atmosphere where the products and services can satisfy all their mind and body requirements. The business would be set up with a management team including Myriam Maier, Yves-Jerome Ludwigs and Gi an Matteo Mannering. At the first year, the company may face certain difficulties. However, in the coming years, it is determined to make a huge success. 3. The Business 3.1. Business Description In the contemporary society, spa is turning out as part of day to day life. One can notice, spa is mushrooming at a faster rate even in the suburbs and thus the spa industry is growing at a healthy rate throughout the world. As the concept of spa is quite new, often people misunderstood it with other non-spa businesses like beauty salons, massage services offered in hotels and clinics. Therefore, the misconcept of people regarding spa can be minimised with help of a clear cut definition. Spa can be defined as â€Å"a business offering spa treatments based on authentic water-based therapies which are practices by qualified personnel in a professional and relaxing environment (Cohen & Bodeker, 2008, p.55). It is quite hard to find out origin of spa industry but as per the experts, use of min eral springs and thermal mud was part of the first civilization development on the Earth. With time, the concept of different forms of baths got attached with religious ceremonies, hygiene and beauty. Among the ancient spa baths, those of the Roman Empire were the most famous ones. These social baths were part of the culture and a mean of hygiene. In Roman culture, large hydrotherapy and garrisons were built near to hot springs. These places were used by the soldiers to heel their battle wounds. However, the prevailing spa industry has its origin in Europe during 18th – 19th century when people started using water therapy for rheumatic and respiration disorders. At that time spas were specifically made in mountain towns so that the visitors can enjoy spectacular views along with fresh air and water treatments. The modern spas are also based on hydrotherapy principles that use thermal pools, different types of massage and mud bath for therapeutic use (Williams, 2006, p.4-5). T he concept of therapeutic use of mineral water was well known to the Native American. The spa industry was commercialised in 1790 when Saratoga Hot Spring in Wyoming was opened for commercial use. Another major development in the spa industry was International Spa Association (ISPA) founded in 1991. The goal of this association is to develop networking among international professional spa associations, educate them, formulate policies & standards, provide required resources and build coalition throughout the world. Figure 1: Ten Elements of Spa