A STUDY OF BUSINESS PLAN DEVELOPMENT OF NAIL SALON IN BANGKOK.

Abstract

The growing tourism sector of Thailand has given rise to business opportunities in the health and wellness industry. Turquoise Nail Salon is one of the stores seeking to take advantage of this opportunity by providing luxury nail services to both locals and tourists in Terminal21, one of the most prestigious and well-known department stores in the Asok area of Bangkok, Thailand. After experiencing approximately 67% growth between 2017 and 2018, the owner of Turquoise Nail Salon has interest in investing in the expansion of a new branch in the Asok area. The purpose of this research is to qualitatively analyze and evaluate the business plan of the Turquoise Nail Salon, ultimately modeling the business through a business canvas and providing suggestions for both marketing and financial operations. The research has interviewed the relevant stakeholders of the Turquoise Nail Salon in order to create a successful business model. The owner, three nail technicians and seven customers were interviewed with questions that are thematically based on location analysis, value-chain analysis, and the SWOT model. From the answers gathered the researcher has formulated a business model canvas. Despite costs incurred by both the relatively high rental costs in Asok and staff, the researcher believes that Turquoise Nail Salon should expand its operations and open a second store as a result of meeting customers requirements and the large potential client base obtainable through online marketing. Further financial analysis of the business model has shown that the business would have an estimated monthly expense of 398,055 THB and could break-even by generating 1,392 THB hourly or by providing a daily income of 15,312 THB.