Milady Chapter 32 // Cosmetology flashcards |

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booth rental

"chair rental"; renting a booth or station in a salon

Business Plan

A written description of your business as you see it today, and as you foresee it in the next five years (detailed by year)

Business regulations and laws

Any and all local, state, and federal regulations and laws that you must comply with when you decide to open your salon or rent a booth.

Capital

Money needed to invest in a business

Consumption Supplies

Supplies used in the daily business operation.

Corporation

An ownership structure controlled by one or more stockholders.

Demographics

Information about a specific population including data on race, age, income, and educational attainment.

Goals

A set of benchmarks that, once achieved, help you to realize your mission and your vision.

Insurance

Guarantees protection against financial loss from malpractice, property liability, fire, burglary and theft, and business interruption.

Partnership

Business structure in which two or more people share ownership, although not necessarily equality

Personnel

Your staff or employees

Record Keeping

Maintaining accurate and complete records of all financial activities in your business

Retail Supplies

Supplies sold to clients

Salon Operation

The ongoing, recurring processes or activities involved in the running of a business for the purpose of producing income and value.

Salon Policies

The rules or regulations adopted by a salon to ensure that all clients and associates are being treated fairly and consistently

Sole Proprietor

Individual owner and, most often, the manager of a business

Vision Statement

A long-term picture of what the business is to become and what it will look like when it gets there.

Written Agreements

Documents that govern the opening of a salon, including leases, vendor contracts, employee contracts, and more; all of which detail, usually for legal purposes, who does what and what is given in return.

Accountant

When preparing your business plan, it is often helpful to consult with an ______ to prepare your financial documents.

Maximum Efficiency

When planning and constructing the best physical layout for a salon, the primary concern should be ________.

Payroll

It should always be your top priority to meet which financial obligation?

Satisfied clients

What is the best form of advertising for a salon?

Offers Easy Access

When choosing a location for your business, you should select one that ______.

1

What is the minimum number of stockholders required for a corporation to exist?

the receptionist

Booking appointments is primarily whose job?

maintain current clients

The first goal of every business should be to _______________.

Organizational Plan

Which part of a business plan outlines management levels and describes how the business will be run?

Executive Summary

Which part of a business plan summarizes your plan and states your objectives.

Financial Documents

Which part of a business plan includes projected financial statements, actual statements, and financial statement analysis?

Marketing Plan

Which part of a business plan outlines all of the research obtained regarding the clients your business will target and their needs, wants, and habits.

Supporting Documents

Which part of a business plan includes the owner's resume, personal financial information, legal contracts, and any other arguments?

Mission Statement

Which part of a business plan is a description of the key strategic influences of the business?

$75 to $125

Costs to create even a small salon in an existing space can range from _____ per square foot.

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