Spa unique business enterprise: An evaluation of the potential for a spa salon business in Neath Town Centre, South Wales

Abstract

In order to conduct the enterprise project the author had to look into the feasibility of setting up a holistic spa salon business based within their home town of Neath. With regard to the process of setting up the business the author had to firstly understand what would be required throughout the business in order to complete the business plan and entire project. The author set out a set of objectives which they aimed to complete by the end of the project. These objectives were: 1. Undertake a literature review on the field of business 2. Investigate the legal issues and implications of compliance 3. Produce a business plan incorporating both financial forecasts and marketing strategy and identify a specific premises. 4. Evaluate and discuss the facilities 5. Summarise and conclude the business plan with relevant and specific recommendations. Primary research for the business was taken and conducted in the form of questionnaires. The questionnaires were focused predominantly on the demand for the type of business. Visits to competitors were also used to identify their strengths and weaknesses which could be used as an advantage to the new business. The secondary research focused on the relevant literature based on setting up a business and the relevant area such as: • Marketing • Accounting • Legal requirements The author also used industry journals and articles such as, Mintel and times online which would reflect the current market position. Market research, PEST analysis and SWOT analysis were also used as a key tool in order to overcome any weaknesses the business may come into contact with. Market research helped the author identify the best way in which they would be able to advertise and attract customers to their business.