Cosmetology: Chapter 32: The Salon Business Part 2
This deck covers key concepts and questions related to the business aspects of running a salon, including business plans, financial considerations, and operational details.
Which part of a business plan outlines all of the research obtained regarding the clients your business will target and their needs, wants and habits?
a. organizational plan
b. financial plan
c. marketing plan
d. executive summary
c. marketing plan
Key Terms
Which part of a business plan outlines all of the research obtained regarding the clients your business will target and their needs, wants and habits?
a. organizational plan
b. financial plan
c. marketing plan
d. executive summary
c. marketing plan
Which part of a business plan includes the owner’s resume, personal financial information, legal contracts and any other agreements?
a. executive summary
b. salon policies
c. financial documents
d. supporting documents
d. supporting documents
Which part of a business plan is a description of the key strategic influences of the business?
a. vision statement
b. mission statement
c. supporting documents
d. marketing plan
b. mission statement
An agreement to buy an established salon should include all BUT which of the following?
a. an agreement on the future maintenance costs
b. disclosure of the conditions of the facility
c. a formal or informal employee agreement
d. confirmation of the identity of the owner
a. an agreement on the future maintenance costs
Costs to create even a small salon in an existing space can range from _ per square foot.
a. $5-$15
b. $20-$35
c. $30-$80
d. $75-$125
d. $75-$125
A business plan is a legally binding document.
| T or F
False
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| Term | Definition |
|---|---|
Which part of a business plan outlines all of the research obtained regarding the clients your business will target and their needs, wants and habits? a. organizational plan | c. marketing plan |
Which part of a business plan includes the owner’s resume, personal financial information, legal contracts and any other agreements? a. executive summary | d. supporting documents |
Which part of a business plan is a description of the key strategic influences of the business? a. vision statement | b. mission statement |
An agreement to buy an established salon should include all BUT which of the following? a. an agreement on the future maintenance costs | a. an agreement on the future maintenance costs |
Costs to create even a small salon in an existing space can range from _ per square foot. a. $5-$15 | d. $75-$125 |
A business plan is a legally binding document. | T or F | False |
Typically, salon owners continue to work on hair while they manage their business. | True |
A long-term picture of what the business is to become and what it will look like when it gets there is part of the executive summary, | False |
In addition to start-up costs for creating your salon, you'll need financing for operational expenses. | True |
A stockholder of a corporation is required to pay unemployment insurance taxes on: a. investments | c. salary |
Supplies that are used and replaced in the daily business operation are identified as: a. expenses | d. consumption supplies |
When opening a new business, the location selected should reflect your: a. primary clientele | a. primary clientele |
One of the best ways for a business owner to attract personal assets is: a. investing capital | c. incorporating |
The federal agency that requires that the ingredients of cosmetic preparations be available to employees is: a. FDA | d. OSHA |
A written plan that describes a business and foresees projections for the next 5 years is a: a. personal budget | c. business plan |
A written agreement with a building owner that outlines the responsibilities for repairs and expenses is a: a. business sale | d. lease |
Money to invest in a business. a. demographics | c. capital |
Renting a booth or a station in a salon. a. demographics | a. demographics |
Renting a booth or a station in a salon. a. demographics | b. chair rental |
Staff or employees. a. demographics | d. personnel |