Business Career Plan for the Next 5 Years

A career plan is a process in which one chooses what is best for him or her. It is also a form in which he or she satisfies his or her future job interest. The plan assists to develop talent and skills, as well as decide the training and elements one should consider to nature this skill (Miller & Marvin 2006). It also implies how one can utilize resources and future advancement of the career. This paper gives concise guidelines on formulating a personal, career plan for the next five years will be. The papers will also outline short and long-term goals and compare them to personal goals and constraints. The career of choice is opening up a salon.

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Currently, I am pursuing a degree course in business management. Upon graduation, I intend to open up a salon business. Opening the business is not an immediate objective since I also intend to gain knowledge and exposure in the wide business field. At the moment, the main weakness is the lack of knowledge about starting and running a business. Another weakness is that the business idea in mind has not been drafted or documented.

This makes it difficult to prospect issues such as capital. Raising capital for the start-up is also a weakness that I’m experiencing currently. Currently, my major strength is being able to learn how to combine the knowledge skills, and experience to make achievements. Additionally, I will be able to specialize in this form of business and to have room for flexibility. The degree course will channel ways of knowing specifics about the career path I am taking.

Objectives

My objective is to enroll in a higher learning institution and study business management. This is to fulfill my ambitions to open up a salon business shortly. Additionally, I should be able to handle all business elements with a positive attitude and lots of enthusiasm. Assisting family members financially is also part of my objectives. On the other hand, the business objectives are mainly measurable targets needed to be achieved to term the business a successful business.

My short term goals for the business are to establish a sustainable business that will for all customers’ expectations in service and product. Another goal is to strive and build a strong clientele of the business. Also, I intend to have average clients increase by 15% per year until I manage a superior performance. Moreover, my business will provide services of the highest quality with excellent customer support.

My long-term goals will cut across the business entity. I intend to expand the business by opening up new premises in nearby towns within the next five years. Another goal is to increase market sales and generate more revenue. Besides, I should be able to maintain and increase the market share of the products and services in all the business premises under my name (Waddock 2008, p2013). The business will be a key point for providing employment opportunities to the skilled qualified personnel in this field. Another r long term objective is to be the leading salon service provider in the region.

PESTLE analysis

An extensive environmental scan ensures all external and internal threats are handled. This analysis will assist to determine factors such as environment, political social technology, and economic factors that will influence the growth of the business. Politically there are numerous regulations set up by the government for one to establish a business. The business will be hard hit with labor policies for the staff, tax policies, and environmental law and trade restrictions (PESTLE Analysis, 2012).

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These policies will in turn influence the economy of the business. Strict employment laws and other informal rules have forced the venture to be cumbersome. Nevertheless, the authority restriction will slow the short term goal of having a profitable business entity. This is because the profit made will be channeled to cater to government regulation in terms of paying for licenses among other government remittances.

Environmental factors will affect the business in terms of geographical position. Locating the salon near an urban area will generate more revenue since most urban dwellers like to look smart always. This will combine with social factors such as cultural preference. The near social environment, which includes the family members, will contribute immensely to the business. The family members will contribute capital to the startup of this business.

The population growth will also contribute positively to the business (PESTLE Analysis 2012). The age distribution in the environment will contribute to setting the trends in hairstyles done by the salons. Young age individuals are known to be trendy in hairstyles. Emphasis on the health and safety of the client will be a key observation by staff. The various safety measures to be installed in the business will be quite costly.

Technology advance influences the efficiency of the business. There is also an increase in technological incentives, in the market. Installations of these technological gadgets will be expensive hence hindering quality service delivery. This prompts the business to be up to date with technological change. With the prediction of this high demand, outsourcing for crucial services when needed will be sorted (PESTLE Analysis 2012). This is another disadvantage to the business.

Economic factors such as inflation and the high-interest rate will negatively affect the business. However, economic growth will contribute to the stability of the business. In the next five years, the business environment is expected to change drastically. The technology aspect of the business is predicted to advance further. The social factors such as cultural aspects and age preference among potential clients will be far much different from the current.

Therefore, the business should operate in a manner that it will be able to adapt to changes. As indicated before, the business will be flexible to current trends in the market. The business will be the image of the community since it will channel the resources back to the community. This will be achieved by providing job opportunities or providing financial aid to the needy in society.

SWOT analysis

The SWOT analysis will capture key strengths and weakness relating to the market analysis summary and describes the opportunities and threats facing the business (Waddock 2008). My main SWOT analysis will concentrate on key business units and an assessment of the core functions. These functions include marketing, human relations, finance and accounting, operations, and logistics.

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The strengths will prove that the business’ ability to establish personalized client service. A key, a stronghold will establish strong relationships with suppliers. This will bring about the flexibility of suppliers and quick responses to specific product delivery. The loyalty of clients is to be nurtured via a robust reputation among returning high purchase clients.

Weakness may affect my aim and distort the target time. A tangible flaw will be the duration of going up the retail skill learning curve. The business will be situated in a market that has a variety of salon business options. This will prove a hard task to acquire clients. Besides, seasonality of the business poses an enormous challenge to the business (Barnet 2006).

Opportunities are immense in the market. There is a significant portion of the target market that is desperate for that unique service that my business is ready to offer. The market is a promising market with strategic alliances offering sources for referrals and joint marketing activities to extend the business reach (Waddock 2008). The demand for more salons in the area has prompted the establishment of this business.

Threats could not also be overlooked. There is continued price pressure due to stiff competition in the market. This has weakened the market to some extent hence reducing margin contribution. Variations in customer likes can avail of the challenge of keeping up with the client’s preferences. Another threat is the expansion of products and services offered by the established business in the local market. These established have gone ahead to set prices for the market.

This scrutiny shows a robust potential achievement; the flaws and threats ought to be identified at all times during the life of the business. With this analysis, I can be able to assess if the business is making the most out of opportunities available. It also outlines changes in the external environment. It is an excellent formality to keep my competitors in check. Combining this analysis and the PESTLE analysis of this business will ensure the business is efficient with minimum market problems (PESTLE Analysis 2012).

In the comparison of the scenario at the moment and my prospects, they are quite different. The projected level of skill and knowledge differs substantially from the current. The skills acquisition and knowledge in business management will be achieved with time (Barnet 2006, p. 258). The potential to be an effective, responsible, productive, and satisfied individual is the driving factor towards attaining these goals. At the moment, the time at disposal is utilized in majoring in the weakness and possible threats. This is done by attending lessons on business management to acquire skills and knowledge. Academic pursuit is the most appropriate form of gaining technical skills nearly.

SWOT analysis

Risk analysis

Various risks face this plan. The business risks facing stiff competition in the market. This will risk the business being faced out of the market if it will not be innovative. There is also the risk of new entrants into the market that will substitute the services offered. Another massive risk is political interference by revoking the business license. The risk for failure of the business is exceptionally high.

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This may be caused by financial problems such as bankruptcy too many liabilities and lack of proper investors. Another possible risk is operational risk. This is where there may be a lack of qualified personnel in the job market for employing in business. The risk analysis produces a comprehensive report on the situation of the business.

To thrive through all these risks, it is advisable to be innovative and creative. Self-confidence and having the zeal to achieve the interest pursued. A proper way of dealing with risks is to ensure there is a continuity of operations plan and limit liabilities. Nevertheless, risk management strategies put in place will enable the recognition and prevention of threats that the business faces (Barnet 2006, p. 258). This will also channel ways in which resources can be allocated effectively.

Personal lessons learned

By achieving the business goals maximally, I should be able to accumulate a substantial amount of profit. This career plan is a clear indication of the direction intended in life (Miller & Marvin 2006). It acts as an eye-opener to the future career I intend to pursue. All the achievements will be attained through hard work and desire to make a difference in a future life (Jones 2010, p. 24). This plan enables one to build a career in the choice project by project. The process also simplifies the steps of attaining lifetime objectives (Barnet 2006, p. 259).

References

Barnet, T 2006, Encyclopedia of Management. Ed. Marilyn M. Helms. 5th ed. Detroit: Gale., p. 258-259.

Jones, VR 2010, ‘Virginia’s Academic and Career Plan Emphasizes: Middle School’, Techniques: Connecting Education & Careers, 85, 7, pp. 24-27.

Miller, A & Marvin, RC 2006, Montana Economy at a Glance: Importance of career planning, pp. 2-4. Web.

PESTLE Analysis 2012. Web.

Waddock, S 2008, Encyclopedia of Business Ethics and Society. Ed. Robert W. Kolb. Vol. 4. Thousand Oaks, CA: Sage Publications Inc., p. 2012-2014.

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StudyCorgi. (2021, January 28). Business Career Plan for the Next 5 Years. Retrieved from https://studycorgi.com/business-career-plan-for-the-next-5-years/

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StudyCorgi. 2021. "Business Career Plan for the Next 5 Years." January 28, 2021. https://studycorgi.com/business-career-plan-for-the-next-5-years/.

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StudyCorgi. (2021) 'Business Career Plan for the Next 5 Years'. 28 January.

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