Business Plans
What is the best form of advertising?
Satisfied clients
Which of the following is considered a salon, spa, or barbershop’s nerve center?
Reception area
Having help running your business is one of the advantages of having a ___________.
Partnership
_______ supplies are used in daily business operations.
Consumption
Personal communication about a service or product between target clients and their friends, relatives, and associates is called ________ marketing.
Viral
A ___________ is a written description of your business as you see it today and as you foresee it in the next five years.
The first goal of every business should be to _________ their current clients.
Maintain
One of the requirements for a partnership arrangement is ___________.
Trust
It takes most new shops _________ to begin operating at full capacity.
How long is it MOST likely to take to determine and complete all of the aspects of starting your business?
1 year
In a business plan, the owner’s resume and personal financial information would be found in the ____________.
Supporting documents
What should be the primary concern when constructing the best physical layout for a salon, spa, or barbershop?
Which business structure is an ownership structure controlled by one or more stockholders?
Corporation
An advertising budget should not exceed _______ percent of your gross income.
3
A(n) ___________ plan outlines all of the research obtained regarding the clients a business will target and their needs, wants, and habits
Marketing
The kinds of services your business will offer and the quality of those services is found in what part of the business plan?
Mission statement
What business time period would be appropriate for adding more locations or expanding the scope of the business?
5 to 10 years
Unless you are at least _________ percent booked all of the time, it may not be advantageous to rent a booth.
70
Salon, spa, and barbershop owners have no guarantee of __________.
Profits
A sweeping picture of the long term goals for the business, what it is to become, and what it will look like when it gets there.
Vision statement
A ____________ is a guide to the actions of the organization.
Mission statement
Someone who is trained to do everything from recording sales and payroll to generating a profit-and-loss statement is called a(n) ____________.
Full-charge bookkeeper
Which part of your business plan should include a description for how the business will run administratively?
Organizational plan
Insurance, utilities, and salaries are all examples of what kind of expense?
Business expenses
In how many states is booth rental legal?
48