Milady Chapter 32 The Salon Business

A long-term picture of what the business is to become and what it will look like when it gets there.

A guide to the actions of the organization, spells out overall goals, provides a path, and contains core values to guide decision making.

<p>A set of benchmarks that, once achieved, help you to realize your mission and your vision.</p> Signup and view all the answers

<p>To determine and complete all aspects of starting a business.</p> Signup and view all the answers

<p>Tending to business, clientele, and employees, growing, and expanding so it is profitable.</p> Signup and view all the answers

<p>Adding more locations, expanding scope of business, constructing larger space, anything clients/employees need or want.</p> Signup and view all the answers

<p>Moving from being a working cosmetologist to a full-time manager and beginning planning for eventual retirement.</p> Signup and view all the answers

<p>Considering selling your successful business or taking on a junior partner and training him/her to take over day-to-day operations.</p> Signup and view all the answers

<p>Addressing certain practical issues to see if the business you envision is doable/possible, e.g., does your town have the appropriate type of clientele you'll need?</p> Signup and view all the answers

<p>Explain what it is and identify characteristics that set your business apart.</p> Signup and view all the answers

<p>High visibility and traffic, easy access, sufficient parking, handicap access.</p> Signup and view all the answers

<p>Documents that govern the opening of a salon, including leases, vendor contracts, employee contracts, and more.</p> Signup and view all the answers

<p>A written description of your business as you see it today and as you foresee it in the next five years.</p> Signup and view all the answers

<p>Information about a specific population including data on race, age, income, and educational attainment.</p> Signup and view all the answers

<p>Any local, state, federal regulations and laws that you must comply with when you decide to open your salon.</p> Signup and view all the answers

<p>Protection against financial loss from malpractice, property, liability, fire, burglary, theft, and business interruption.</p> Signup and view all the answers

<p>The ongoing, recurring processes or activities involved in running a business for the purpose of producing income and value.</p> Signup and view all the answers

<p>Maintaining accurate and complete records of all financial activities in your business.</p> Signup and view all the answers

<p>Rules or regulations adopted by a salon to ensure that all clients and associates are being treated fairly and consistently.</p> Signup and view all the answers

<p>Individual, partnership, corporation/franchise.</p> Signup and view all the answers

<p>An individual owner and manager of a business who determines policies and has the last say on decisions.</p> Signup and view all the answers

<p>A business structure in which two or more people share ownership, but not necessarily equally.</p> Signup and view all the answers

<p>Money needed to invest in a business.</p> Signup and view all the answers

<p>An ownership structure controlled by one or more stockholders that protects personal assets and limits financial liability.</p> Signup and view all the answers

<p>Operating under a franchisor's trade name in exchange for a fee with a contract on how the business operates.</p> Signup and view all the answers

<p>Summarizes your plan and states your objectives.</p> Signup and view all the answers

<p>Outlines employees and management levels and describes how the business will run administratively.</p> Signup and view all the answers

<p>Specifies clearly who owns what and who is responsible for which repairs and expenses.</p> Signup and view all the answers

<p>Business sense, aptitude, good judgment, diplomacy, knowledge of sound business principles.</p> Signup and view all the answers

<p>Someone who is trained to do everything from recording sales and payroll to generating a profit-and-loss statement.</p> Signup and view all the answers

<p>Supplies used in the daily business operation.</p> Signup and view all the answers

<p>Supplies sold to clients.</p> Signup and view all the answers

<p>'Chair rental'; renting a booth or station in a salon that needs to be at least 70% booked.</p> Signup and view all the answers

<p>Maximum efficiency and adequate space.</p> Signup and view all the answers

<p>Staff or employees.</p> Signup and view all the answers

<p>The most challenging task.</p> Signup and view all the answers

<p>The second most important person (besides licensed professionals) because they create the first and last impression of the salon.</p> Signup and view all the answers

<p>A platform to engage and communicate with groups of people through online communities, networks, websites, or blogs, for personal or professional means.</p> Signup and view all the answers

<p>All activities that promote the salon favorably.</p> Signup and view all the answers