The Business Plan
A long term picture of what the business is to become and will look like.
Vision Statement
When two or more people share ownership, but not necessarily equally.
Partnership
First area client sees.
Front Desk or Reception Area
Your staff or employees.
Personnel
Allows you to bridge geographical and cultural distances to reach a variety of people with the same interests and desires.
Social media
Projected financial statements, actual statements, and financial statement analysis.
Financial Documents
Greatest negative impact for legal exposure, as there is no separation between owner and business.
Sole Proprietor
How long does it take most new shops to begin operating at full capacity?
6 months
A strategy for how goods and services are bought, sold, and exchanged.
Marketing
Encompasses promotional efforts that are paid for and directly intended to increase business.
Advertising
Outline of all the research obtained regarding the client's your business will target and their needs, wants, and habits.
Marketing Plan
Operating under business' name for a fee. Must follow guidelines to run location similar to others with same name.
Franchise
List 4 of the 6 things you should consider when interviewing potential employees.
1. Skill
2. Personal Grooming
3. Image as it relates to business
4. Attitude
5. Communication Skills
6. Work History
Information about a specific population.
Demographics
List top 3 ways clients find service providers according to the Professional Beauty Association.
1. Recommendations or Referrals
2. Convenient Location
3. Advertisements
Description of the key strategic influences of the business, such as the market it will serve, the kinds if services it will offer, and quality of those services.
Mission Statement
Exsist as separate entity, but has liability protection similar to a corporation.
LLC
In the allotment of business funds what should take priority?
Payroll Obligations
Money needed to onvein a business.
Capital
When you encourage a client who is booked for one service to add another.
Cross Promoting
(Upselling is when you add on additional services.)
The owner's resume, personal financial information. Legal contracts, and any other agreements.
Supporting Documents
Personal income tax is limited to individual salary and not the total profits of the business.
Corporation
Average cost to create spa or salon space per square foot.
$75-125 per sq. ft.
The rules or regulations adopted by a business to ensure all clients and staff are being treated fairly consistently.
Business Policies
As a general rule of thumb, an advertising budget should not exceed what percentage of your gross income?
3%