On Wednesday 5th November the L6th Business Studies students were treated to the second part of a 2-part Business lecture series. They were very lucky to hear from successful, young entrepreneurs, Guy and Hannah Carey. The owners of a local salon, “One Three Seven”, talked to the students about key business theory in practice. The concepts discussed were split into two lectures; the first, at School, covered decisions that need to be made when starting up a business including generating a business idea, raising finance, choosing the location of your business, deciding on whether or not to become a franchisee and what legal structure to use. The second part was delivered in their salon and we were lucky enough to be shown around whilst Guy and Hannah explained how their business has developed. Students heard about key planning decisions such as what products/services to offer, decisions regarding holding stock, costs faced by the firm and strategies for their success in the future, including their attitude towards the importance of social media.
They explained how operating in a small village meant they had to constantly adapt to the changing market conditions and react accordingly. They made reference to the entrance of new competitors in the market and what strategies they implement to ensure they don’t lose their customer base and instead maintain their market share.
We are hugely grateful to Guy and Hannah for giving up their time; it was great to hear them talk so passionately about their business and talk openly about some of the challenges faced by them over the years. For those who haven’t visited the salon before, “One Three Seven” are running an offer for Students on Thursday 20th November where customers will be treated to 25% off their haircut/treatment.