An Entrepreneur's Business Plan
by Amanda Fornecker
It came to him in a dream. The large plush leather chairs, the pampering of clients, the menu of services, and a salon like no other that could be a potentially successful novelty. When Vic Sosikian woke up, he immediately began researching the men's spa industry. A year and a half later, Mark Matthew Fine Gentlemen's Grooming Club, Inc. opened its doors in Studio City, CA.
Background
Sosikian didn't go to school for business. He didn't get his degree from beauty school. He actually graduated from California State University, Northridge (Northridge, CA) with a degree in journalism and an emphasis in public relations. He began his career in the non-profit sector, then moved on to mortgage, Internet marketing, and finally worked with a PR firm. Now, as a successful entrepreneur, Sosikian gives true meaning to living the dream.
Business Plan
It was a morning in April 2005, the day after his dream. Sosikian went to work to research the men's spa industry and the market. He looked at everything from market outlooks to projected growth and realized that he could, in fact, transform his dream into a successful business. A week later, he quit his PR job and began researching full time to get as much information about the industry as possible. He came up with a 65-page business plan to state his plans and goals for the men's spa he strove to make a reality.
Location, Location, Location
Six months from the point at which he started researching actual locations, Sosikian found just the right place to house his business. "It took almost a year to go from concept to location because you have to do a lot of planning," says the entrepreneur. "It's a life-changing decision to open a business." For this reason, Sosikian did not want to overlook any aspect of the business, so he carefully planned out his strategy to do a complete makeover of his new space.
It took about six months to get permits and undergo construction before the soft opening at the end of September 2006. "We're officially open," Sosikian says. "We just haven't had a grand opening party." And he doesn't think there will be an official party for the men's spa because a lot of people have already heard of his "club" by word of mouth and online advertising. He even has a blog and a MySpace account that talk about the business.
What's In a Name?
When becoming an entrepreneur, there is that inevitable question of what you will call your business. Sosikian gave it a lot of thought. "I wanted to come up with something that would sound like a gentleman. I wanted a name that would sound like he's a gentleman but make it common so that everyone can relate to it."
He also decided that his business would be a "club" because there are available memberships that provide perks to customers. There is a lounge that offers drinks and jazz music, along with leather chairs to make the experience the best possible for each client. It's also very private, located on the second floor of a restaurant. The windows are covered with drapery because privacy is key, he says. "You don't feel like you're in L.A."
Daily Duties
"I come in two hours before we open to set up, check voicemail, and to answer calls for appointments," says the entrepreneur. "Clients start coming in and I greet them most of the time. I like to interact with the clients because each and every one is very valuable to me. They deserve the owner's attention."
A Challenging Business
"Creating a business in itself is a challenge," says Sosikian. "You're not going in, clocking in to a job, and collecting a paycheck. Here, you're the business owner 24 hours, seven days a week, all year. My mind is constantly on how I can improve my service and make clients feel better. The challenge is just running the business."
For every challenge, however, there's certainly a positive. "I get to have the satisfaction of seeing a client's happiness," he says. "Some of them are sad they had a bad haircut somewhere, some have difficult hair to work with. They've heard we do a good job and the best part is making a guy look good."
Entrepreneurial Advice
Becoming an entrepreneur isn't easy, says Sosikian. "You need to do your research completely," he says. "Go into a market where you don't have competition." Of course a business with zero competition is not always a possibility. "Many times competition is healthy," says Sosikian. "Other men's places have opened around us and that has helped us. [Clients] go there and they realize that it's not the same as it is here. Competition has helped us."
Though it's necessary to come up with a fresh idea, research is very important. Trends, reviews, and growth potential are all important factors. "You've got to feel out the market," Sosikian urges. "Don't go too new, though. You don't want to opt for something that no one has heard of before."
And with all of this, thi s entrepreneur was able to turn his dream of a men's spa into a business reality.
Background
Sosikian didn't go to school for business. He didn't get his degree from beauty school. He actually graduated from California State University, Northridge (Northridge, CA) with a degree in journalism and an emphasis in public relations. He began his career in the non-profit sector, then moved on to mortgage, Internet marketing, and finally worked with a PR firm. Now, as a successful entrepreneur, Sosikian gives true meaning to living the dream.
Business Plan
It was a morning in April 2005, the day after his dream. Sosikian went to work to research the men's spa industry and the market. He looked at everything from market outlooks to projected growth and realized that he could, in fact, transform his dream into a successful business. A week later, he quit his PR job and began researching full time to get as much information about the industry as possible. He came up with a 65-page business plan to state his plans and goals for the men's spa he strove to make a reality.
Location, Location, Location
Six months from the point at which he started researching actual locations, Sosikian found just the right place to house his business. "It took almost a year to go from concept to location because you have to do a lot of planning," says the entrepreneur. "It's a life-changing decision to open a business." For this reason, Sosikian did not want to overlook any aspect of the business, so he carefully planned out his strategy to do a complete makeover of his new space.
It took about six months to get permits and undergo construction before the soft opening at the end of September 2006. "We're officially open," Sosikian says. "We just haven't had a grand opening party." And he doesn't think there will be an official party for the men's spa because a lot of people have already heard of his "club" by word of mouth and online advertising. He even has a blog and a MySpace account that talk about the business.
What's In a Name?
When becoming an entrepreneur, there is that inevitable question of what you will call your business. Sosikian gave it a lot of thought. "I wanted to come up with something that would sound like a gentleman. I wanted a name that would sound like he's a gentleman but make it common so that everyone can relate to it."
He also decided that his business would be a "club" because there are available memberships that provide perks to customers. There is a lounge that offers drinks and jazz music, along with leather chairs to make the experience the best possible for each client. It's also very private, located on the second floor of a restaurant. The windows are covered with drapery because privacy is key, he says. "You don't feel like you're in L.A."
Daily Duties
"I come in two hours before we open to set up, check voicemail, and to answer calls for appointments," says the entrepreneur. "Clients start coming in and I greet them most of the time. I like to interact with the clients because each and every one is very valuable to me. They deserve the owner's attention."
A Challenging Business
"Creating a business in itself is a challenge," says Sosikian. "You're not going in, clocking in to a job, and collecting a paycheck. Here, you're the business owner 24 hours, seven days a week, all year. My mind is constantly on how I can improve my service and make clients feel better. The challenge is just running the business."
For every challenge, however, there's certainly a positive. "I get to have the satisfaction of seeing a client's happiness," he says. "Some of them are sad they had a bad haircut somewhere, some have difficult hair to work with. They've heard we do a good job and the best part is making a guy look good."
Entrepreneurial Advice
Becoming an entrepreneur isn't easy, says Sosikian. "You need to do your research completely," he says. "Go into a market where you don't have competition." Of course a business with zero competition is not always a possibility. "Many times competition is healthy," says Sosikian. "Other men's places have opened around us and that has helped us. [Clients] go there and they realize that it's not the same as it is here. Competition has helped us."
Though it's necessary to come up with a fresh idea, research is very important. Trends, reviews, and growth potential are all important factors. "You've got to feel out the market," Sosikian urges. "Don't go too new, though. You don't want to opt for something that no one has heard of before."
And with all of this, thi s entrepreneur was able to turn his dream of a men's spa into a business reality.
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