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Magic Styles Studio 2.0

Summary

Magic Styles Studio 2.0 is a hair salon located at 4570 Raleigh Lagrange in Memphis that has experienced at least a 25% drop in revenue as a result of COVID-19. The business has been unable to generate any revenue due to closure. The company has also experienced: 3 independent contractors unemployed, used savings to pay 2 part-time employees, rent and vendor payments in arrears.
Stabilization and Recovery Plan:
• Will implement new marketing strategies to include a Social Media marketing campaign
• Will offer discount to customers receiving multiple services or purchasing multiple products
• Stylists to service by appointment only
NEED Grant funds will be used for rent & utilities, outstanding vendor payments, and to purchase PPE for use when servicing clients.

Financing Amount:

$5,000

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

5/22/2020

Magic Styles Studio 2.0

4570 Raleigh Lagrange, Memphis, TN 38128