opening business
what is a business plan?
a written description of your business as you see it today and as you foresee in the next five years.
proper business records are necessary to meet the requirements of ...
local, state and federal laws regarding taxes and employees
the modern version of word of mouth is...
viral marketing
good business operations require ____ and ____ record keeping system.
simple and efficient
sole proprietorships involve..
you making your own rules and being responsible for meeting all duties and obligations of running a business.
describe a vision statement.
a long-term picture of what the business is to become and what it will look like when it gets there.
who would you hire to ensure booking stays accurate?
a professional accountant or full charge bookkeeper
name two way to attract customers
website, newspaper ad, community outreach, radio, mail, email newsletter, giveaways, window displays
name any two factors smooth business management depends on.
proper pricing of services, excellent customer service, trained and experienced personnel, strong commuter skills, efficient management, sufficient investment capital, cooperation between management and employees.
captol in business is...
money needed to invest in a business.
what does a business plan include?
executive summary, vision statement, mission statement, organizational plan, marketing plan, financial documents, supporting documents, business policies.
the term full time bookkeeper refers to...
someone trained to do everything from recording sake and payroll to generating a profit and loss statement.
name two ways you can use social media to provide consistent content oriented around your business.
write a blog, post beauty and wellness tips, start an advice column, network with cosmetic and beauty brands or give reviews of products.
consider joining a local ________ group or your city's chamber of commerce in order to extend the reach of your networking.
entrepreneurs'
an ownership structure controlled by one or more stockholders is...
corporation
factors to consider when choosing a location are...
good visibility, high traffic, easy access, sufficient parking, and handicap access.
the important part of record keeping is ...
the ability to defend your business in case of an audit
in order to create desire for a service or product advertising must....
attract and hold the attention of readers, listeners or viewers.
to run a people-oriented business, you need:
-excellent business aptitude, good judgment, and solid diplomatic skills
-knowledge of sound business principles
describe a franchise ownership.
when you operate a salon, spa or barbershop and you usually operate under the franchisors guidance and must adhere to contracts stipulations.
define demographics
information about a specific population, including data on age, race, income and educational attainment.
how is income classified in regards to record keeping?
receipts from services and retail sales.
describe the financial plan in business.
identifies business's capital requirements and profit potential. include operating budget for one year.
what are purchase records?
help maintain a perpetual inventory, prevents overstocking or a shortage of needed supplies, and alert you to ant incidents of theft.
you should seek professional help from who when choosing to buy an established business?
accountant and a business lawyer