The Business Plan
A long term picture of what the business is to become and what it will look like when it gets there
What is a Vision Statement
Two or more people share ownership
What is a Partnership?
Creating your ______ ________at the start is essential to building a unique, successful business
What is Brand Identity?
Time period of a business where more locations can be added, expanding the scope of the business, constructing a larger space, etc.
What is 5-10 years?
Money needed to invest in a business
What is Capital?
A summary of your plan and a list of your objectives
What is the Executive Summary?
One individual owner, and, most often, the manager of the business.
What is a Sole Proprietor?
Determining what sets your business apart from other salons, spas, or barbershops and addressing other types of practical issues
What is Business Feasiblity?
Business timeline to determine and complete all of the aspects of starting the business
What is 1 year?
A set of benchmarks that, once achieved, help you to realize your mission and vision
What are goals?
An outline of employee and management levels and a description of how the business will run administratively
What is an Organizational Plan?
A business organization which operates under a franchisor’s guidance and name in exchange for a fee
What is Franchise Ownership?
Documents that govern opening a business, including leases, vendor contracts, employee contracts and more
What are Written Agreements?
The time period for tending to the business, its clientele, and its employees and for growing and expanding the business as to be profitable
What is 2-5 years?
Guarantees protection against financial loss from malpractice, property liability, fire, burglary and theft, and business interruption
What is Insurance?
Projected financial statements, actual(historical) statements, and financial statement analysis
What are Financial Documents?
Ownership structure controlled by one or more stockholders
What is a corporation?
All local, state, and federal regulations and laws that you must comply with when you decide to open a business
What are Business Regulations and Laws?
Time period where you may want to move from being a working beauty professional into a full-time manager of the overall business and begin planning for eventual retirement
What is 11-20 years?
Your staff or employees
What is Personnel?
The owner’s resume, personal financial information, legal contracts, and any other agreements
What are Supporting Documents?
Two people you should consult before filing any documents to legalize your business
What is an attorney and an accountant?
Requirements, documents, and considerations that will extend and inform how your salon, spa, or barbershop will run day to day
What is Daily Operation?
The time when you may consider selling your successful business or changing it in some way
What is 20 years and onward?
Information about a specific population, including data on race, age, income, and educational attainment
What are Demographics?