Shrek
The only way to guarantee that you will stay in business is to ____.
Take care of your clients.
What is the best way for other to promote you and your business via viral marketing?
Social Media
An outline of employee and management levels and a description of how the business will run administratively.
Organizational Plan
What is capital?
Money needed to invest in a business.
_____ is maintaining accurate and complete records of all financial activities in your business.
Record Keeping
Malpractice, property liability, and fire all refer to types of ______.
Insurance
The modern version of word of mouth would be ____.
Viral Marketing
What is built into most booth rental agreements?
Self Sufficiency
Your personnel is your ______.
Staff
What does adding services and retail sales to your tickets mean for your business?
Additional Revenue
True or False: When you are a salon owner there is no guarantee of any profits.
True
What is marketing?
A means for selling and promoting your business.
What will you want to base your business location on?
Your primary clientele and their needs
What is a written description of your business as you see it today and as you foresee it in the next five years?
Business Plan
A long term picture of what the business is to become and what it will look like when it gets there.
Vision Statement
What is an essential set of benchmarks that once achieved helps you to realize your mission and your vision?
Goals
What business ownership type has two or more people that share the ownership, although not necessarily equally. This business structure can make it easier to raise capital and share responsibilities but also makes you liable for one another's debts and losses.
Partnership
Why will you need to purchase insurance when you open your own business?
It protects you against malpractice suits.
What is the key duty of a receptionist?
Booking Appointments
What are promotional efforts that are paid for and that are directly intended to increase business?
Advertising
Will paying your employees a salary instead of a commission be important in becoming a successful entrepreneur?
No
What are the top three ways that clients find a service provider according to the PBA?
Recommendations or Referrals, A convenient location, and advertisements
What should your primary concern be when planning and constructing the best physical layout for the type of business you envision?
Maximum Efficiency
Why should you create incentives in the form of money or prizes for your employees?
Incentives can inspire employees to achieve more.
What is a description of the key strategic influences of the business such as the market it will serve, the kinds of services it will offer, and the quality of those services?
The mission statement
What is the first and most important question to ask yourself when creating your brand identity?
What is my business' point of difference?
A ______ is an ownership structure controlled by one or more stockholders.
Corporation
What is a realistic benchmark for the net profit of a salon?
15%
What business ownership type has an individual owner who makes all decisions, assumes all expenses, receives profits, and bears all losses?
Sole Proprietorship
Which part of your business plan should outline all of the research obtained regarding the clients your business will target?
Marketing plan
Which part of your business plan should include a description of how the business will run administratively?
Organizational Plan
What is a form of business organization in which a firm that is already successful enters into a continuing contractual relationship with other businesses operating under the same name for a fee.
Franchise
What type of business ownership is most likely to raise capital by offering shares of stock to stockholders?
A corporation
_____ is a type of business ownership combining several features of corporation and partnership structures.
A limited liability company (LLC)
How long does it generally take to determine and complete all of the aspects of starting your business
1 Year
To maintain accurate records that are processed in a timely manner, consider retaining the services of a(n) ______.
Accountant