Chapter 32: The Salon Business

business plan

A ____ is a written description of your business as you see it today and as you foresee it in the next five years.

full-charge bookkeeper

A ____ is someone who is trained to do everything from recording sales and payroll to generally a profit-and-loss statement.

partnership

A business structure in which two or more people share ownership is a:

vision statement

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

list the company's specific rules or regualations

A mission statement does NOT:

cold calling

A salon's financial success depends in large part on all of the following EXCEPT:

capital

Money to invest in a business is called:

5th and 10th

On a business timeline, expansion of services and locations would take place between the ____ years of operation.

more capital for investment

One reason for going into a partnership arrangement is to have:

service records

Record that are used to note client personal and contact information and preferences are called:

competition between management and employees

Smooth business management depends on all of the following factors EXCEPT:

retail supplies

Supplies that are purchased to be sold to clients are called:

consumption supplies

Supplies that are used in the daily business operation are:

satisfied cleints

The best form of advertising is:

5 years

The business plan should include projected income and overhead expenses for a period of:

booking appointments

The key duty of the receptionist is:

salon policies

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

sole proprietor

The type of owner who assumes expenses, receives profits, and bears all losses of the business is a:

Where will you be located?

When created your brand identity, you should ask each of the following questions, EXCEPT:

agreement stating that the landlord will hold all insurance policies

When drawing up a lease to rent a building for your salon, you should secure all of the following EXCEPT an:

have a professional appearnace

When interviewing potential employees, you should always look for people who:

employee payroll

When operating a salon, your largest expense each month will be your:

follow the same rules that you set for your employees

When operating your own salon, you should:

get clients' permission before using their images in your posts

When using social media to promote the salon, you should:

make calls in a busy area of the salon

When using the telephone, you should NOT:

buyer

When you are purchasing an existing salon and there is a transfer of a mortgage, the _____ should initiate an investigation to determine whether there are defaults in the payment of debts.

OSHA

Which agency requires that information about ingredients of cosmetic preparations be available to employees?

description of the key strategic influence of the business

Which of the following should be included in the Supporting Documents section of a business plan?

reception area

Which part of a salon is considered the nerve center?

deposit insurance

You do NOT need which type of insurance for your salon?

$75 to $125

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

6 months

It takes most new salons about _____ to begin operating at full capacity.

double that of an employee

For the booth renter, Social Security taxes are:

three

How many visits does it typically take for a new client to become a loyal current client?

accountant and business lawyer

If you choose to buy an established salon, you should seek professional assistance from a(n):

stockholder

If you purchase shared in a corporation, you are a:

franchise

If your company sets up an agreement with Awesome Salon to open your own salon that operates under the Awesome Salon name and logo, your new salon is considered a:

incur most costs setting up the business than you would setting up a partnership

In a corporation, you:

payroll

In the allotment of funds, the top priority should be to meet your ____ obligations.

Executive Summary

In what part of a business plan should you state your objectives?

70

Unless you are at least ____ percent booked all the time, it may not be advantageous to rent a booth.