Company and market analysis of TRU colours

Company and merc overturnise analysis of TRU colorsTRU influence is a private establishment partnership which provides numerous run for women of solely get ons. These runs range from go down exercise to product knowledge, bridal packages and more. TRU colours is a sole proprietorship run by Rosie capital of Peru. She provides processs bring disclose of her own home and is also a mobile take shapeup artificer. c argon StatementMy mission is to help bring what I see on the inside, outside for every unriv anyed else to see by enhancing clients physical appearance and mental relaxation. none AnalysisInternal EnvironmentOrganization backgroundRosie capital of Peru blameless TRU influence Make-Up Artistry in 2007. TRU construct is an unregistered sole-proprietorship exclusively owned and run by Rosie Lima. She completed full-dress cultivation in the industriousness in 2009. She has a Certificate in Entrepreneurial Studies, a Diploma in Cosmetic Management, and a Spa Technician Certificate, all by dint of Humber College. She also interned with Creatively Beautiful. Creatively Beautiful is an award-winning bridal tomentum cerebri and nail down benefit located in Brampton, Ontario, serving the Acton, Milton, Burlington, Hamilton, Markham, Peel, Halton Hills, and Greater Toronto Area. This company focuses on bridal preparation. They aim to achieve the ultimate ingest in relation and pampering for the bride and her party on her wedding day. They focus on musical composition application, pilus styling, hair extension work, je closelyery, accessories, and rentals. TRU work provides clients with a customized be application experience in the comfort of their own home or a specified mess. Since TRU influence was completed, Rosie has been a freelance representative for Lise Watier Cosmetics, freelanced for Shoppers Drugmart twain in-store and at their Customer Appreciation Galas, designed and applied numerous looks for movie shoots, a nd to the highest degree recently applied devote, alongside the team from Creatively Beautiful, for the models at the prestigious wide- lash Wedding Show.Services OfferedMake-up Design exertionBridal PackagesOne-on-One Shopping TripsMake-Up Skin simple machinee LessonsMake-Up shop PartiesFinancial and Non-financial ResultsThe market for call-up in Canada increased at a compound annual growth rate of 4% between 2004 and 2009. The core comprise category captured the fall market in Canada and accounting for a sh ar of 37.4%. Leading players in Canadian make-up market atomic number 18, Procter adventure Company, LOreal S.A. and Revlon, Inc. The consistent annual growth of these companies depict that the sector is growing and on that point are untold more opportunities to be explored. Rosie Lima uses the best lendable make up products manufactured by the top brands to provide property answer to her clients. The industry is expected to grow at much higher(prenominal) ra te in near future, so focus should be on tar fol down(p)ing maximum number of clients. Study shows that the women aging between 12 -40 should be the potentiality prey.ChannelsMarket entertain is behindd on sales finished with(predicate) all retail channels including direct to consumer. Toronto gives numerous amount of options to the clients to select the make-up artists from the list that has Melissa Andre, Melissa Nicholl, Nerissa Haines, Vicki Millar etc. In such(prenominal) a competitive market the publicise channel go out help attracting clients thoroughly(p) for once. To succeed the retention and referral clientele digiting is required. Rosie Lima should offer clients the price and usefulness that helps her to establish as a brand. outer EnvironmentsMarketsA market is any one of a miscellany of systems, institutions, procedures, neighborly relations and infrastructures whereby t involvees sell their goods, dish ups and labour to mass in alternate for money . The establishment industry had a mixture of markets. These markets range from individuals who require one time makeup application for a specific occasion, to those who regard perpetual makeup application. These are the multiple avenues make-up nontextual matter contribute withdraw you.AdvertisementsMagazinesModeling agenciesMoviesMusic ikonsRunway showsSalons and holiday resortsTelevisionTheatreBridal organic lawRosie Lima mostly works with individuals. Her clients are unremarkably people who read to look their best for a special occasion, such as an awards dinner, looker knaveant, prom night, or wedding. The coffin nail market is women between the ages of 12-35. This segment of the market provides the greatest opportunity. This is because girls around the age of 12 testament be reservoir to experiment with makeup. Parents may be elicit in teaching their adolescents how to correctly apply makeup. Also girls around this age go through ii major celebrations grade 8 graduation and prom. Many girls will sine qua non to look their best on these occasions which will prepare a demand for a make-up interpretics operate. Women between the ages of 20-30 are the modal(a) age to be married. This will wee a high-demand for bridal make-up servicings. Some women may be interested in make-up com tacker address which will teach them the skills required to apply their own make-up.This ranges from picking the products desired for your uncase type, the appropriate colours and how to apply your make-up. These are the types of markets that TRU Colour targets. warlike environment there are many make-up artists available crosswise Toronto. head-nigh of them offer various go ranging from makeup application, spa to hair treatment. Due to heated competition and avail king of many artists, the rate of services is kept moderate by most businesses. When one search on the internet to find a makeup artist there are several options available and the majority of them are sole-proprietors offering various services. TRU work faces competition from all the local businesses but what sets them apart is the personal fleck that Rosie Lima brings along with her.TRU Colours provides customized make-up application to the clients and builds a perpetual relationship with most of them. The convenience of get the make-up done is clients selected location is a unique feature that is not provided by many in the locality. Rosie has gained practical experience in the field and has related formal grooming as soundly to better her service offerings.Economic EnvironmentAlthough calm down re principal(prenominal)s firmly in the list of reliable categories during the difficult stinting conditions that are currently prevailing, a NPD report suggests that it has dropped to fourth place in a list of the least vulnerable consumer goods categories. According to the NPD consumer survey just 32% of respondents said they would cut back on throw for video gam es, while 36 percent said they would cut back for toys, 39 % would reduce spend on movies and 41% said they would reduce spend on beauty products.Economic slowdown affected this industry too. throng were not ready to spend money for appealing outlook. With time as things started coming back on track, the industry is not simply alter but is also benefited a lot. Product and service advertisements are helping make-up artist to attract clients. Pricing position might ticktack a threat to them when competing with less expensive product and service. Keeping this meltdown situation is mind TRU colours must offer their clients quarterly, half-yearly or yearly discount coupons, which indeed abide encourage the clients to be associated with TRU colours and get benefited from their services.Demographic Environment Demographic environments consists of data and study relating to the gay populations in terms of size, density, location, age, sex, origin, incomer, occupation, and other sta tistical information. Given below are data from the Toronto region where TRU Colour operatesPopulation by Age2010% of entire% stir (2005-2010)2015% Change (2010-2015)Total7,399,926100.0%7.3%7,780,4665.1%0 191,751,51323.7%1.5%1,743,511-0.5%20 24521,2387.0%7.8%519,424-0.3%25 341,092,22414.8%8.2%1,200,91710.0%35 542,299,36431.1%6.0%2,315,9110.7%55 64821,19411.1%22.5%941,61614.7%65 74479,8086.5%12.7%587,83322.5%75 +434,5855.9%6.0%471,2548.4%Population by Origin2010% of Total% Change (2005-2010)2015% Change (2010-2015)Total *7,318,725100.0%7.3%7,695,0775.1%Born in Canada (Non Immigrant)4,280,96358.5%6.4%4,435,3833.6%Born Outside Canada (Immigrant)2,950,53140.3%8.9%3,172,9517.5%* The ingrained excludes persons on Indian reserves and settlements but includes non permanent residents, not shown separately.Households by Size2010% of Total% Change (2005-2010)2015% Change (2010-2015)Total2,691,769100.0%9.8%2,882,4847.1%1 somebody614,48722.8%8.0%648,9945.6%2 Persons766,95628.5%9.5%821,6 437.1%3 Persons473,19217.6%9.9%506,8397.1%4 to 5 Persons713,53026.5%10.9%770,3218.0%6 or more than Persons123,6044.6%13.2%134,6879.0%Average Household Size2.72.7Households by Income *2010% of Total2015% Change (2010-2015)Total2,691,769100.0%2,882,4847.1%0 19,999316,44411.8%248,671-21.4%20,000 49,999637,62423.7%531,800-16.6%50,000 99,999900,02433.4%883,147-1.9%100,000 plus837,67731.1%1,218,86645.5%Average Household Income$97,046$125,308Median Household Income$76,373$84,718* Canadian dollarsv. Social and ethnic EnvironmentWhat customers like closely makeup service is friendly service, good attitude elegant environment, clean fair and reasonable price, highly skilled. Most of women are interested in make-up extension which will teach them the skills required to apply their own make-up.It is the responsibility of the makeup artist to ensure the safety of the clients while serving them. Since she deals with cosmetics which are in the beginning made of natural and chemical elemen ts, there exists a risk of health hazards. TRU Colours has had no issues relating to side-effects so far and Rosie in future as well should ensure that all the products she offers are of the highest quality to both herself and the client. She in fact also has a contract that she makes her client go through and signs before offering her services.Rosie Lima mostly works with individuals. Her clients are usually people who need to look their best for a special occasion, such as an awards dinner, beauty pageant, prom night, or wedding. TRU Colours main demographic is women between the ages of 12-35 and predominantly but not limited to bridal makeup. TRU Colours provides a var. of services, each with their own unique benefits. The overall goal of the company is to make women feel beautiful. TRU Colours teaches women proper skin care techniques as well as makeup application skills.vi. Political and Legal EnvironmentA make up certificate / diploma will prove that you get chthonic ones skin driveed the various make up styles, and techniques. It will demonstrate your grounds for knowing the different skin types, and various implications make-up products will select on your clients skin. However, it is possible that you can find work opportunities without any formal study but rather menaged on your merit, experience and portfolio. Most importantly a make-up certificate / diploma demonstrates that you charter the a priori knowledge behind make-up application. Many employers necessitate to ensure you figure basic hygiene, sanitation, and disease awareness. Make-up artists do not need a license to practice, but they must check some sort of training to work in a spa or beauty parlor.1This training varies from on the job training to actual certificates from community colleges or private make-up schools. There is no licensing required to be a freelance make-up artist in Canada. TRU Colours avoids all legal responsibility by ensuring that all clients sign a cont ract waiving any liability TRU Colours may have in case of emergency.vii. Technological Environment take a leak and maintain a positive image of master copy beauty makeup service, face competition not to lower the price, only to improve service to win customers. While sales and related factors constitute the interaction of how to grasp, and has sales, perfect(a) margin is expected to be achieved and with the profit . A beauty salon on the number of daily turnover, investors, operators, it is a very sensitive and the most concern. She is focusing on her potential clients. She also identifies her competitors strength and weaknesses for development.In set to expand her services she should try advanced avenues in makeup artistry. Her main field is bridal makeup so she could learn different heathenish trends regarding makeup. She could consider learning how to work with products such as henna. Henna is a very popular in Indian weddings. If she could adapt to different cultural tren ds, this would provide new avenues for income.SWOT ANALYSISStrengths Mobile makeup service Time usage A wide range of services offered. agonistical prices.WeaknessesAs a new entrant to the market, TRU Colours lacks brand candour that many of its competitors Struggle to appear continually on the edge in terms of fashion and style. Large hail associated with a start-up company.OpportunitiesA steady growing market that is traditionally unaffected by the economic environment.The ability to decrease marginal fixed costs as the customer base grows.Increasing sales opportunities as more people from an individual family frequents TRU Colours.Chances of getting more call flow due to customers referencesThreats Competition from already open chains. A change in traffic patterns as they relate.Critical IssuesAs it is new established Makeup Artistry So, she is facing competition from established chainsSometimes she has to go out in all die hard conditionsShe is paying for her own training a nd seminarsThere are hurdles when get calls from certain people who are not soliciting in close field of viewReceiving calls at uneven timeSome homes may not have suitable space availableThere is need to provide all her own equipment, and it has to be light and easy to man oeuvre from car and into clients homesShe needs to take set-up time, journey time and travel expenses into account in your pricesShe is to take sole responsibility for building up your client base and booking appointmentsMarketing ObjectivesIncrease the number of clients and thereby increasing business profit.Create awareness nigh the business in the local market. modify the marketing tools currently used.Implementation of new marketing techniques.Marketing Strategies luff markets-Positioning StatementTo women who are pressed for time but want to look there best, our TRU Colours is a mobile makeup service that aims to bring out womens beauty at the convenience of their own homes.Rosie Limas target markets will b e individual women between the ages of 12-35. She mainly focuses on secernate make-up application for clients who need it on special occasions, such as an awards dinner, beauty pageant, prom night or wedding. Girls between 12-18 will be beginning to learn and experiment with make-up, and so parents may be interested in a make-up consultation session with a professional to teach them proper application techniques. Also, women of all ages may have questions concerning what products are best for their skin, what colours would best compliment their complexion and furthermore, people with corked skin problems may require make-up consultation. This target is women of any age who can afford make-up consultation. Rosie Lima has a vast amount of experience with bridal makeup thus her target is brides to be. These are exemplary women between 20-30 the average marrying age. These women would require make-up application for themselves as well as their wedding party. This market may offer a sort of unique opportunities.Service StrategyTRU Colours make up artistry is aimed at promoting beauty for women everywhere. TRU Colours main demographic is women between the ages of 12-35 and predominantly but not limited to bridal makeup. TRU Colours provides a variety of services, each with their own unique benefits. The overall goal of the company is to make women feel beautiful. TRU Colours teaches women proper skin care techniques as well as makeup application skills. These makeup services by Rosie Lima offers a number of differential advantages. Rosie has professional training and experience as a makeup artist which gives her an advantage over her competitors. She has a completed portfolio full of examples of her past work experiences. Clients can browse through her portfolio and hold a makeup design of their liking. Rosie Lima also has vast knowledge of various makeup products and how to use them establish on different skin types. Clients experience a relaxing makeup appl ication session at their preferred location.Pricing strategiesIn the make-up artist industry determine can be determined either by service or hourly. In most salons and spas price is determined by service heretofore freelance make-up artists have the ability to choose either determine strategy.TRU Colours needs to have a reference price (the industry average price for the service) and then make adjustments accordingly. In the industry prices can start as low as $30 for make-up application for a special eventand enter into the $100s. Make-up consultation typically starts around $40.00 an hour increases into the $100.00s.2These prices are dependent on the reputation of the salon/spa, the reputation and experience of the individual make-up artist and the types of products being used. more than prestigious salons/spas set their prices much higher than spas which are just start out. In make-up the main objective should be product-quality leadership. This is because make-up applicati on services itself is an affordable luxury as many women are open of applying their own make-up. Having make-up application services is about quality, and luxury. Many women want make-up application services because they want to relax and be pampered through this experience. It is not only about the services itself but also about the atmosphere and total experience it encompasses.TRU Colours charges $45.00 per makeup application service and $35.00 for teenage makeup application. Since she is a freelance makeup artist she does not charge any tax so these rates are based on a cash basis.There is a demand for this service and TRU Colour needs to ensure it does not set its prices too low because this would lead people to question Rosies skills and experience as a make-up artist. The better a make-up artist you are the higher the prices you can set. and then Rosie should set her prices just above industry standards to ensure that people are confident in her skills as a make-up artist.T he estimated costs would be fairly low for a free-lance make-up artist company. This is because the fixed costs are relatively low. The only requirements are a make-up kit with various colours, foundations, primer, toners etc. As make-up brushes. These products are long-lasting and do not require re-placement after each client. There are no employees to pay, or rent as she works out of her home or travels to customers. The variable costs would be the costs of transportation. Thus operating this business would be fairly low in cost.The price method selected would be the perceived-value price method. This is because customers have a perceived value attached to this service. It depends on the make-up artists experience, training and portfolio that customers will attach a certain value to their service.Promotion StrategiesThis type of industry requires a variety of promotion strategies. As a result of TRU Colours being an unregistered company most of the promotion will be done through w ord of mouth. A freelance make-up artist must meshwork as much as possible and promote their business. Ne cardinalrking and promoting are the two most important things to land clients.A makeup artist should create business cards fit for a professional makeup artist. They should be flashy, productive, and different. This is because you are essay to attract the attention of potential clients. You are trying to show that you are creative and flashy especially in this industry. stark and white business cards just do not cut it. You need to show you understand beauty through the art on our business card.Create videos on YouTube. Many women go on YouTube to fancy makeup tutorials which teach them new techniques and strategies. Also put your information under the video so they can contact you for an appointment. Also, state your formal education and experience so women see that you are trained and knowledgeable.Create a portfolio and put it in a sacksite on song. Many people browse t he web for make-up artists and with a portfolio about yourself, your experience and training it could bring in potential clients. Show work that you have done in the past. localise pictures of past clients in your portfolio so potential clients have an psyche of your abilities. consecrate a portfolio on a personal website, myspace or facebook. Social networking websites build credential because friends of friends will be able to check out your work and feel that they can trust you because someone they know, knows you.Perhaps rent a booth at a vendor fair. Bring a fewer friends with you to model your talents. It will attract attention. Bring your makeup artist portfolio and conk it open for people to browse through. Bring business cards and hand them out to potential clients. Offer discounted rates on make-up services and show how much you usually charge. This way you will build credibleness with new clients and they can experience your talents first hand. People will be able t o observe your skills and contact you later for an appointment.Collaborate with a spa/ salon. If you know people that work in a salon only specializing in hair or nails tell them to refer their clients to you. Create a few flyers and posters and ask to put them up in their spa. Seeing as the employees in this spa specialize in a different line of work it will not take away business from them and perchance you can negotiate a deal where they refer clients to you and you refer your clients to them. impart a copy of your portfolio in their spa/salon so potential clients can glance through it during their hair or nail appointment. This could be beneficial for both you and the salon.Distribution StrategiesTRU Colours makeup artistry is a single person company. Rosie Lima is the single employee as well as owner. She provides services out of her own home or in the homes of her clients thus distribution strategies is irrelevant. There is no distribution channel involved in her business as there is no product being sold. Since the service provided requires a set of skills and experience only Rosie is capable of providing set services within her company.Financial expulsionBreak-Even AnalysisBreak-Even Analysis per year Projection of clients10Achieved target in 2009-20107Average revenue$345Yearly fixed expenditure (eye shadow, foundation, toner, makeup remover)$1,000Average cost of visiting her clients$24Breakeven Cost$1,247Sales forecastConsidering the future market projection, that says that make-up artistry market will encounter growth in future. Rosie Limas focus should be expend the categories of service she offer which will help her targeting the numbers and fashioning marking more profits.Assuming the fixed cost for every 7 bridal customers comes out to be $1000Assuming, she target ecumenic make-up customers with the fixed cost for every 10 customers $130 and increases by 10% with every year.Sales Forecast for TRU COLOURSFinancial Year2009-20102010-20112011- 20122012-2013Achieved target in 2009-2010781012Average general clients0101214Total clients7182226Average Revenue345380417459Average Revenue0455054 stock-still Cost (bridal)1000110012101331Fixed Cost (general)0130143157Variable Cost (Average travelling)24242424Break-even Cost (Bridal)1247164624683588Break-even Cost (General)080163281 increase (Bridal)1168154217401967Profit (General)0370431503Total Profits1168191221712470Sales forecast graphExpense Forecast-Rosie Lima works full-time at Humber college so she do not want to incur any variable cost because she dont want to spend money on marketing as she dont have sufficient manpower to cater the clients. She may come up with that idea sometime later. But for now her expense forecast is calculated in the sales forecast section.Implementation PlanThe implementation plan for TRU Colours makeup artistry will have a number of phases to it. In battle array to fulfill all of the promotion strategies listed, she should outsource her plans to a variety of people. She will require a company which creates and prints business cards. This is important to for networking purposes. When she meets new clients she will be able to present them with a professional, yet creative business card in order to attract attention.She should outsource her advertising to a web-design company. This company will create a professional page on various social networking sites such as MySpace and Facebook Page in order to gain attention and interest in potential clients. She should create a professional website with her portfolio as well as information about her training and experience. As well as a service and pricing list. She should also post her company on local classified listings and websites such as Kijiji and Craigslist. This will help find new clients which will thus expand her company.She should continue working for various bridal shows in order to gain experience and build her reputation. TRU Colours needs to expand by working in more ev ents in order to increase networking which will build a brand name for herself. Also the more experience she has the higher her reputation will increase.Evaluation and ControlThere are multiple ways to evaluate the progress of TRU Colours makeup artistry. Firstly, she should ask customers to fill out a feedback form. This would be very useful for her to learn how she can improve her own styles and techniques. She could also use these feedback forms as indicators of how well her services are meeting the needs of her clients. At the approval of her clients, she could put positive feedback forms into her portfolio. This will prove her credentials as a makeup artist to potential clients. TRU Colours does not have any save financial account books. In order to have more control over the company and greater awareness of how much income the company is making and how much she is spending on products (specifically on what products), she should implement a plan to record her finances. She co uld use a program such as Microsoft outlook or Microsoft excel in order to keep a record of her income and expenditures. TRU Colours should also record i