Business Plan: Blueprint for Success in Turning Ideas Into Reality - Essay Sample

Introduction

A business plan is a blueprint or a framework on how a given business can go from the idea stage to the practical or implementation stage. Most businesses start from the idea of solving a given perennial problem that exists in the world. For example, a company like Google LLC was created to serve the Information Technology needs of people across the globe, e.g., e-mail services, data storage, browsing, etc. It is all about giving value to people, and that is where the profit comes from.

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A spa is a type of business that gives or provides people with treatment of illnesses or other body conditions, through the use of springs or geysers of mineral water that are often believed to have medicinal or healing properties. The word Spa originates from a town called 'Spa' in Eastern Belgium. The town, from centuries ago, featured people suffering from various ailments like; Iron deficiency (anemia) getting healed by its mineral springs by drinking (chalybeate) Iron-rich, spring water.

The modern age has come to appreciate the fact that going to a hospital is not the only answer to getting healed of disease. There are self -medication practices like; meditation, which has been proven to deal with depression and other mental health issues. Today a spa is a place where people pay to get medicinal baths using mineral-rich spring water. It has been proven to; reduce blood pressure, reduce depression, eliminate stress, etc. This type of business is especially popular in Europe and Asian countries like Japan.

In this paper, the focus will be on the structure of a business plan on how to start a Spa as an income-generating activity. By making use of critical questions and statements of requirements, you will get to understand what it takes to make a plan on paper become a tangible reality. The issues to be discussed will include; types of resources needed (physical, human, etc.), risks associated, and market availability.

What need exists??

A statement made earlier indicates that the origin or core reason for beginning any for-profit business is to try and meet a given need by the consumers or people who make up your market. In this case, there is a rising need for Spa services. As of right now, people are becoming more aware of the side effects of conventional medicine in treating ailments. A good number of medicinal drugs often have side-effects. For example, the use of pain-killers (aspirin, diclofenac, etc.) in excess has been shown to cause damage to vital organs like the kidneys and liver.

In response to this, people are turning to other options to deal with health problems, like going to the Spa. The advantage of Spa treatment is that there is little to no use of drugs, which means less money is spent. This type of approach has no side effects, and people who practice this are reportedly less stressed and healthier than many of those who go to the hospital. The answer to the question posed is, yes. There is an increasing need for Spa services. The market is available for those willing to venture into it.

What is the Product or Service, such business provides??

The main product that such a business will aim to provide is; healthcare and wellness services that will give a curative and preventive effect on the health of the customer. Examples of these services will include; skin care, massages, body relaxation techniques, etc. It is worth noting that the products may vary depending on the type of spa. For example; A resort spa(spa within a resort ) will provide a wider variety of activities as compared to a Day Spa.

A resort spa will provide more than just basic or normal spa services like; massages, Jacuzzi baths, heat treatment, etc. It also has several other services on offer like; Spa cuisine classes and healthy eating restaurants, leisure activities (go-carting, horse riding, water sports, tennis, etc. A day spa, on the other hand, is what you would consider a normal spa. It is usually about relaxing the body, alleviating discomfort and pain, and unwinding. A 'go-to' after a long and tiresome day. It can be found in malls, department stores, and even airports.

Viability of the Business

Why would this product or service be profitable??

The primary reason why this offering will be a success in bringing profit is that it will attract a niche in the market. This niche will be expected to consist of people who have reformed in terms of healthcare by abandoning conventional healthcare or medicine. The major strength of this business is that; the treatments are not prone to have negative side-effects on the patient or client. If any side-effects show they will usually be positive (improved mood, a boost in morale, etc.)

What are, at least two, challenges to expect in making our business a success??

The first and major challenge is inadequacy in treating some ailments. Some terminal illnesses like; cancer and heart conditions are obviously out of our range of the tools that the business has in place. This means that the business will face stiff competition from organizations like; hospitals. It will thus reduce our credibility and make it hard to gain customer loyalty when it comes to certain health conditions.

Inadequate knowledge about such a business is another challenge. Most people, when ill, will brush off the idea of going to a spa to receive treatment and instead opt to go to a hospital or clinic. It will be hard for people to put their money and time into Spa(s) as a viable healthcare option. There will be need to invest a large number of resources in creating market awareness, which may be a risk because the (return on investment) ROI might below.

Challenge in the acquisition of special equipment and personnel. Setting up a successful Spa is not easy. This problem is most common in countries or geographical locations where the business is completely new. This means, no locally developed base of resources to support the venture. This situation calls for the need to going as far as the procurement of special Spa equipment and hiring personnel from abroad or having to train a new workforce. The first two are especially expensive, and they attract extra costs; import duty, transportation, etc.

What other companies have been successful in a similar business venture??

The market leader(s) in the Spa business arena in the world are several, and they are the best in their various categories. The 'best-in-class' spas in the world include; The Chedi found in Oman's capital, Muscat (considered the best in terms of aesthetic appeal and design).The W Spa in the Maldives(considered the best in terms of exotic maritime location, i.e., has no walls or windows. Just a breath-taking view of the blue Indian ocean.

Other examples include; Croatia's Lafodia Waterhill, Banyan Tree House Spain Seychelles Island(s), Japan's Hoshinoya Karuizawa, Borneo's Gaya Island Spa Resort (best in terms of instilling the 'lost in the jungle' kind of impression) and Vigilius Spa Resort in the mountains of Italy (best in terms of mountainside views). As you can see, there are other business people who have become successful in the Spa business. They have created world-renowned brand images for themselves.

What are some of the resources needed to start such a kind of venture??

The first and most obvious resource that such business demands are; financial resources (money). It is crucial in getting preliminaries done (getting a business permit or license, finding office space, finding suppliers, etc.) Other resources also include; physical resources (machines, tables, lighting, etc.), Human resources (specially trained personnel), Information resources (market information, database management systems, etc.)

What other extra resources do you need to bring together to win in this venture??

In today's business world, the goal is to make sure you beat the competition at any given opportunity. This calls for thinking outside the box. It is about being different. This has been talked about by icons like; Warren in his article, '10 pieces of advice for young people who want to be rich.' A company has to look for a different combination of resources for superior and differentiated outcomes. Without this, it is impossible to succeed. Albert Einstein could not have been correct, saying, 'Insanity is doing the same thing and expecting different results.'(Einstein, 2015).

One major step that a company can do to stand out is to carry out its activities differently. For example, extending its service variety or range, this ensures that the customers are kept wanting more. According to psychology, people are drawn to unpredictable things. It's just a lot more exciting. (Van Rompay, 2016). A business can thus tap into this to enhance customer loyalty and the ability to be first, in the heart and mind of consumers when they think of a Spa. This is 'First mover advantage.' (Krumer, Megidish & Sela, 2017).

Other than this, it would be a great idea to join associations or trade unions for businesses in the same sector or category. This will create a unified front when it comes to protecting the rights and responsibilities of the participants. For example, when issues such as Corporate Social responsibility (CSR) arise, the trade union will ensure none of their members is exploited for financial gain by complainants. Being in a trade union also counters malpractices, e.g., inflation of taxes, anti-competitive behavior, etc.

Conclusion

In conclusion, I would say that true success comes by taking action and not waiting for the 'ideal situation' to get things underway. You cannot succeed in what you 'are going' to do. Once the business plan is put down, it is time to act. If any problem presents itself, adjust and pivot as you go. That is how a dreamer becomes an achiever.

References

Einstein, A. (2015). INSANITY: DOING THE SAME THING OVER & OVER AGAIN EXPECTING DIFFERENT RESULTS.

Krumer, A., Megidish, R., & Sela, A. (2017). First-mover advantage in round-robin tournaments. Social Choice and Welfare, 48(3), 633-658.

Van Rompay, T. J., & Jol, T. (2016). Wild and free: Unpredictability and spaciousness as predictors of creative performance. Journal of environmental psychology, 48, 140-148.