Employed with limited career prospects Vs. New Business Start Up

CASE STUDY: Matthew David

Situation: Employed with limited career prospects Vs. New Business Start Up

Client: Matt an experienced, successful and ambitious young London hair stylist with an impressive loyal client list established his reputation working with a renowned hair dressing salon alongside the industries greats.

Having reached the highest ranks in London hairdressing and adding value to operational management team responsibilities the only career option ahead was becoming an investor in developing the future growth and success of the salon. This option was explored however not forthcoming.

The alternative option was to realise a dream and open a bespoke luxury hair dressing salon in the heart of London.

Opening his own business was a long term future plan however the possibility of it transpired unexpectedly early as a result of a rare and prime location becoming available in Mayfair, London his professional home ground.

Objectives
1. Weigh up pros and cons of staying as a senior stylist with no future career prospects vs starting own new business venture with his personal mentor his dad and his one 2 one professional coach.

2. Understand the requirements of a start up business and its challenges.

3. Assess the risks involved related to committing to a long term commercial lease, financial obligations, people and related resources required. The impact on personal existing financial security and on others involved in the venture.

4. Soul searching commitment for his passion for the profession and starting a new business venture. Whilst both ambitions are entwined by his love of hairdressing, the motivation and drive to run a business demanded unrelenting passion, faith and business rigour.

5. Assess and gage business awareness, skills and experience developed to date. Understand what else was required to learn and plan for a business? What skills gap needed to be filled by self or others?

Actions
1. Review ambition and career options with a trusted and wise mentor and career coach.
2. Explore motivations and limiting fears to professional growth.
3. Define the goal of a new business venture.
4. Develop a high level reality based action plan to assess the viability of the goal.
5. Assess and understand the property contractual commitments with legal specialists.
6. Prepare a 5 year business plan detailing business requirements costs vs payback plans.
7. Investigate and evaluate finance venture options and commitments.
8. Identify the network of people, specialists and organisations required to support the venture.
9. Undertake an analysis of goal Strengths, Weakness, Opportunity and Threats (SWOT).
10. Creative visioning process focused on defining an inspiring unique business service.

Results

Matt meticulously prepared with focused commitment and passion. He developed a successful business plan that supported his ambition of a new business venture underpinned by his love for hairdressing.

He successfully launched his bespoke luxury hairdressing salon in the prestigious Mayfair, London in 2011.

Today his cutting edge business Matthew David Bespoke Hairdressing continues to flourish.

His success is due to investing in and developing his potential. His edge lies with his natural people skills, practical business sense approach, setting the highest quality service standards and building a creative dream team to deliver a personalised service experience to their clients.

Submitted by Sonia Khera, Professional Member

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