A personal stylist business is a business that helps clients create the most suitable image by choosing clothes and accessories that fit clients’ body types and individual needs. A personal stylist may also provide style advice and assist with hair, make-up, and even home décor.
Usually, the services of a stylist may be required before a major event or even be incorporated into daily life for certain clients. The role of a personal stylist includes handling hair, makeup, fashion, and anything else related to the image of a client. Available data shows that among Personal cum Fashion Stylists, 79.2 percent of them are women compared to the 20.8 percent who are men.
Steps on How to Write a Personal Stylist Business Plan
Table of Content
Executive Summary
Stacy Greenwood™ Personal Stylist, Inc. is a standard and registered personal stylist business that will be located in Ponte Vedra Beach, Florida and we are well-trained and equipped to provide our clients premium services that will make them stand out. We will incorporate a budget into our client’s fashion needs and help them look their best.
At Stacy Greenwood™ Personal Stylist, Inc., our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the personal stylist and fashion consulting industry. Mason Gray is the founder and CEO of Stacy Greenwood™ Personal Stylist, Inc.
Company Profile
a. Our Products and Services
- Fashion communication and styling
- Fashion image making and styling
- Fashion product and promotion
- Fashion styling and creative direction
- Fashion styling and production
- Interior styling and design.
b. Nature of the Business
Our personal stylist business will operate the business-to-business and also business-to-consumer business model.
c. The Industry
Stacy Greenwood™ Personal Stylist, Inc. will operate under the personal stylist and fashion consulting industry.
d. Mission Statement
Our mission is to establish a world-class personal stylist business that will provide professional personal stylist and fashion consulting services that revolve around helping our clients achieve their image goals.
e. Vision Statement
Our vision is to be among the top 3 personal stylists and fashion consulting firms in the whole of the United States of America.
f. Our Tagline (Slogan)
Stacy Greenwood™ Personal Stylist, Inc. – Creating The Personal Signature That Will Stand You Out!
g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)
Stacy Greenwood™ Personal Stylist, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our personal assets by limiting the liability to the resources of the business itself. The LLC will protect our CEOs’ assets from claims against the business, including lawsuits.
h. Our Organizational Structure
- Chief Executive Officer
- Admin and HR Manager
- Personal Stylist and Fashion Consultant
- Marketing and Sales Executive
- Accountant
- Customer Care Executive / Front Desk Officer
i. Ownership / Shareholder Structure and Board Members
- Stacy Greenwood (Owner and Chairman / Chief Executive Officer) 56 Percent Shares
- Matt Romel (Board Member) 14 Percent Shares
- Chris Logan (Board Member) 10 Percent Shares
- Verone Lamp (Board Member) 10 Percent Shares
- Cloe Alpha (Board Member and Sectary) 10 Percent Shares.
SWOT Analysis
a. Strength
- Ideal Location for personal stylist business
- Highly Experienced and Qualified Employees and Management
- Availability of a wide range of personal stylist and fashion consulting services
- Excellent operational history
b. Weakness
- Financial constraints may restrict the publicity and branding of the business
- A new business that will be competing with well-established personal stylists in the city and on the internet.
- Inability to retain our highly experienced and qualified employees longer than we want during the teething stage of the business
c. Opportunities
- Excellent location – Ponte Vedra Beach, Florida is a thriving market for personal stylists and fashion consulting services.
- Increase in the inflow of celebrities into our location
- Online market, new services, new technology, and of course the starting of new markets
i. How Big is the Industry?
The personal stylist and fashion consulting industry is big and the average personal stylist and fashion consultant in the United States earns $83,650.
ii. Is the Industry Growing or Declining?
The personal stylist and fashion consulting industry are growing. Available data shows that the market is expected to grow by almost 25 percent from 2016 to 2026.
iii. What are the Future Trends in the Industry
The personal stylist and fashion consulting industry are changing, and players in the industry are improvising. No doubt, technology, and social media will change the landscape of the industry going forward.
iv. Are There Existing Niches in the Industry?
Yes, there are existing niches when it comes to the personal stylist business. Here are some of them;
- Independent personal stylists (Freelance stylists)
- Consortium personal stylists
- Mega personal stylists (They have offices in different cities of the world).
v. Can You Sell a Franchise of your Business in the Future?
Stacy Greenwood™ Personal Stylist, Inc. has plans to sell franchises in the nearest future and we will target the United Kingdom, France, Italy, Canada, and Australia.
d. Threats
- The arrival of a new personal stylist business within our market space
- Low demand during an economic meltdown will reduce industry profitability.
- Economic uncertainty
- Liability problems
- The government could change its regulatory status and decide to enforce strict regulations that can strangulate new businesses like ours.
i. Who are the Major Competitors?
- Tom Eerebout & Sandra Amador
- Ilaria Urbinati
- Rebecca Corbin-Murray
- Elizabeth Stewart
- Petra Flannery
- Erin Walsh
- Jessica Paster
- Karla Welch
- Julia von Boehm
- Elizabeth Saltzman
- Jill Lincoln & Jordan Johnson
- Micaela Erlanger
- Samantha McMillen
- Leslie Fremar
- Van Van Alonso
- Rob Zangardi & Mariel Haenn
- Law Roach
- Ade Samuel
- Cristina Ehrlich
- Ashley Weston.
ii. Is There a Franchise for Personal Stylist Business?
No, there are no franchise opportunities in the personal stylist business.
iii. Are There Policies, Regulations, or Zoning Laws Affecting Personal Stylist Business?
There are no county or state regulations and zoning laws for the personal stylist business, but players in this industry are expected to work with the existing regulations governing such business in the county or state where the business is domiciled.
Marketing Plan
a. Who Is Your Target Audience?
i. Age Range
Our target market age range covers people that are 18 years and above.
ii. Level of Educational
We don’t have any basic educational qualifications for those who we are targeting; everyone is welcome to hire our services.
iii. Income Level
Anyone who can afford our service fee will be welcome to hire our services.
iv. Ethnicity
There is no restriction when it comes to the ethnicity of the people we want to patronize our personal stylist business.
v. Language
There is no restriction when it comes to the language spoken by the people that will patronize our personal stylist business.
vi. Geographical Location
Anybody from any geographical location is free to do business with us, but we will prefer people who reside in the location where are have our physical offices.
vii. Lifestyle
Stacy Greenwood™ Personal Stylist, Inc. will not restrict any customer based on their lifestyle, culture, or race from doing business with us.
b. Advertising and Promotion Strategies
- Host Themed Events That Catch Attention.
- Tap Into Text Marketing.
- Use FOMO to Run Photo Promotions.
- Share Your Events in Local Groups and Pages.
- Turn Your Social Media Channels into a Resource
- Develop Your Business Directory Profiles
- Build Relationships with Other Businesses in Your Area
i. Traditional Marketing Strategies
- Marketing through Direct Mail.
- Print Media Marketing – Newspapers & Magazines.
- Broadcast Marketing -Television & Radio Channels.
- OOH, Marketing – Public Transits like Buses and Trains, Billboards, Street Furniture, and Cabs.
- Including direct sales, direct mail (postcards, brochures, letters, fliers), print advertising (coupon books, billboards), and referral (also known as word-of-mouth marketing).
ii. Digital Marketing Strategies
- Social Media Marketing Platforms.
- Influencer Marketing.
- Email Marketing.
- Content Marketing.
- Search Engine Optimization (SEO) Marketing.
- Pay-per-click (PPC).
- Affiliate Marketing
- Mobile Marketing.
iii. Social Media Marketing Plan
- Start using chatbots.
- Create a personalized experience for your customers.
- Create an efficient content marketing strategy.
- Create a community for our target demography.
- Gear up our profiles with a diverse content strategy.
- Use brand advocates.
- Create profiles on the relevant social media channels.
- Run cross-channel campaigns.
c. Pricing Strategy
When working out our pricing strategy, Stacy Greenwood™ Personal Stylist, Inc. will make sure it covers premium, skimming, economy or value, and penetration. Our pricing strategies will reflect;
- Cost-Based Pricing
- Value-Based Pricing
- Competition-Based Pricing.
Sales and Distribution Plan
a. Sales Channels
Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, managed service providers, marketplaces, or value-added resellers—to market our personal stylist business.
Stacy Greenwood™ Personal Stylist, Inc. will also leverage the 4 Ps of marketing which are place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, we can have a visible, in-demand service that is competitively priced and promoted to our customers.
b. Inventory Strategy
Stacy Greenwood™ Personal Stylist, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, and processing items in our warehouse. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.
c. Payment Options for Customers
Here are the payment options that Stacy Greenwood™ Personal Stylist, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
d. Return Policy, Incentives, and Guarantees
Stacy Greenwood™ Personal Stylist, Inc. will operate a refund policy but it will be dependent on the service providers we are working with. Please note that service providers such as fashion designers, fashion accessories supplies, and related product suppliers et al will determine the kind of return policy we will operate.
e. Customer Support Strategy
Our customer support strategy will involve seeking customer feedback. This will help us to continue to provide excellent customer service to our patrons. We will make use of effective CRM software to be able to achieve this. Regularly, we will work towards strengthening our Customer Service Team and also Leverage Multi-Channel Servicing as part of our customer support strategy.
Operational Plan
We plan to expand our revenue by 50 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include organizing regular giveaways and other incentives.
a. What Happens During a Typical Day at a Personal Stylist Business?
- The office is open for the day’s work
- The walk-in areas, chairs, and tables are properly arranged
- Walk-in customers are attended to
- Phone calls and inquiries are attended to
- Personal stylists and fashion consultants are attached to clients
- Administrative duties are carried out
- Reports are written and submitted to superior officers
- The facility is administratively closed for the day.
b. Production Process
There is no production process when it comes to personal stylist business.
c. Service Procedure
When a personal stylist business is opened and everything is in place, customers either come in to request the services they want or they call or email the personal stylist business. Once the request is gotten and the service fee is agreed upon, the personal stylist and fashion consultant go to work to deliver on all agreements.
d. The Supply Chain
Stacy Greenwood™ Personal Stylist, Inc. will rely on trusted agents to supply some of the needed supplies (fashion accessories) and we have been able to establish business relationships with key stakeholders in the fashion and beauty care industry.
e. Sources of Income
- Fashion communication and styling
- Fashion image making and styling
- Fashion product and promotion
- Fashion styling and creative direction
- Fashion styling and production
- Interior styling and design.
Financial Plan
a. Amount Needed to Start your Personal Stylist Business?
Stacy Greenwood™ Personal Stylist, Inc. would need an estimate of $50,000 to successfully set up our personal stylist business in the United States of America. Please note that this amount includes the salaries of all the staff for the first month of operation.
b. What are the Costs Involved?
- Business Registration Fees – $750.
- Legal expenses for obtaining licenses and permits – $7,300.
- Marketing, Branding and Promotions – $5,000.
- Business Consultant Fee – $2,500.
- Insurance – $5,400.
- Rent/Lease – $70,000.
- Other start-up expenses like commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
- Operational Cost (salaries of employees, payments of bills et al) – $30,000
- Store Equipment (cash register, security, ventilation, signage) – $4,750
- Website: $600
- Opening party: $3,000
- Miscellaneous: $2,000
c. Do You Need to Build a Facility? If YES, How Much Will it Cost?
Stacy Greenwood™ Personal Stylist, Inc. will not build a new facility for our administrative office; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring a facility.
d. What are the Ongoing Expenses for Running a Personal Stylist Business?
- Utility bills (gas, internet, phone bills, signage and sewage et al)
- Salaries of employees
e. What is the Average Salary of your Staff?
- Chief Executive Officer – $62,000 Per Year
- Admin and HR Manager – $42,000 Per Year
- Personal Stylist and Fashion Consultant – $40,000 Per Year
- Marketing and Sales Executive $40,000 Per Year
- Accountant – $38,000 Per Year
- Customer Care Executive/Front Desk Officer – $32,000 Per Year.
f. How Do You Get Funding to Start a Personal Stylist Business?
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from your bank/banks
- Source for soft loans from your family members and friends.
Financial Projection
a. How Much Should You Charge for your Service?
The amount a personal stylist charges a client depends on the type of services rendered and of course the type of project. Many personal stylists charge anywhere from $60 an hour to $200 an hour. Some charge by the project as well: from $500 to $2,000 per day or project.
b. Sales Forecast?
- First Fiscal Year (FY1): $250,000
- Second Fiscal Year (FY2): $350,000
- Third Fiscal Year (FY3): $500,000
c. Estimated Profit You Will Make a Year?
Stacy Greenwood™ Personal Stylist, Inc. is projecting to make;
- First Fiscal Year (FY1): (50% of revenue generated)
- Second Fiscal Year (FY2): (45% of revenue generated)
- Third Fiscal Year (FY3): (45% of revenue generated)
d. Profit Margin of a Personal Stylist Business Product/Service
The profit margin of a personal stylist business is not fixed; to a large extent, it will depend on some factors that are unique to the service you are offering and of course the commission attached to the services.
Growth Plan
a. How do you intend to grow and expand? By opening more retail outlets/offices or selling a Franchise?
Stacy Greenwood™ Personal Stylist, Inc. will grow our personal stylist business by first opening other offices in key tourist cities in the United States of America, the United Kingdom, France, Italy, and Australia within the first five years of establishing the business and then will start selling franchise from the sixth year.
b. Where do you intend to expand to and why?
Stacy Greenwood™ Personal Stylist, Inc. plans to expand to:
- Los Angeles, California
- Long Beach, Washington
- Newport, Rhode Island
- Chicago, Illinois
- Clearwater, Florida
- Portland, Maine
- Orange Beach, Alabama
- Ocracoke, North Carolina
- Dallas, Texas
- New York City, New York.
The reason we intend to expand to these geographic locations is the fact that the cities attract huge numbers of celebrities and they are known to patronize personal stylist companies. Internationally, we plan to expand to Canada, the United Kingdom, France, Italy, and Australia.
Exit Plan
Stacy Greenwood™ Personal Stylist, Inc. intends to build a family business hence our exit plan will be family succession. For that reason, the founder Mrs. Stacy Greenwood is already grooming her daughter Yvonne Greenwood to take over from her.