owning a biz
what is a business plan?
a written description of your business as you see it today and in the future
what are the 4 different types of business ownerships?
individual, partnership, corporation, franchise
what should the lease specify when drawing up a lease?
who owns what and who is responsible for which repairs and expenses.
what is booth rental also known as?
chair rental
what is the first and last thing the client sees?
the reception area
what are the first 4 things that should be included in a business plan?
executive summary, vision statement, mission statement, and organizational plan
what is a sole proprietor?
individual owner and manager of the business
what are some ways you can reduce risk in your business?
adequate locks, purchase liability insurance, become familiar w the law, keep records, checking regulatory agencies
which states do not see booth rental as a proper way of doing business?
pennsylvania and new jersey
what are the responsibilities of the receptionist?
answering the phone, booking appointments and informing that clients have arrived
what is a vision statement?
a picture of long term goals for the business
what is one reason for going into a partnership?
have more capital or money to invest in a business
what is recommended to help keep records accurate?
hiring a professional accountant or a full charge book keeper
what is the only way to guarantee that you will stay in business?
take excellent care of your clients
true or false?
anyone who answers the phone or deals with clients must have a rude voice and personality
false
according to milady, where should your business be at the 5-10 year mark?
adding more locations, expanding, constructing a larger space
true or false?
the corporate business structure saves you money in taxes.
true
true or false?
purchase records help establish the net worth of the business at the end of the year
true
what should you have for your business if you plan on selling alcohol?
proper liquor licenses and insurances
true or false?
your manner of speaking should convince the caller that you really don't care about their complaint.
false
why would it be difficult to change your business name?
complicated legal, banking, and tax updates
when you operate a franchise salon ____________________________.
you usually operate under the franchisors guidance and must adhere to a contract with many stipulations
what are consumption sales?
those to be used in the daily business operations.
what is personnel?
your staff or employees
what are the top three ways that clients find a service provider?
recommendations or referrals, a convenient location and advertisements