Art of Business Flashcards

1
Q

Capital

A

money to invest in business

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2
Q

Ethics

A

moral principles by which we live and work

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3
Q

Client Base

A

customers who are happy with your service and continue to come to you for services over and over again

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4
Q

Salon Policies

A

a set of standards and rules adopted by a salon to ensure that all clients and associates are being treated fairly and consistently

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5
Q

Goals

A

benchmarks that help you realize and achieve your mission and your vision

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6
Q

Resume

A

a brief overview of a persons educations and work experience

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7
Q

Demographics

A

information about a specific populations, including data on race, age, income and educational attainment

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8
Q

Written agreements

A

documents govern the opening of a salon, leases, vendor contracts and employee contracts that detail who does what and what is given in return.

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9
Q

Booth rental

A

paying a salon owner a weekly or monthly fee in exchange for a work space in a salon

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10
Q

Salary

A

a fixed, regular payment for the hours you worked

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11
Q

Work Ethic

A

committing yourself to consistently doing a good job for your clients, employer and salon team

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12
Q

Commission

A

payments to an employee based on their total service dollars, and can range anywhere from 25-60%, depending on length of employment

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13
Q

Salary Plus Commision

A

pay structure often used to motivate employees to perform more services therefore increasing productivity

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14
Q

Job description

A

a document that outlines all of the duties and responsibilities of a particular position at a spa or salon

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15
Q

Ticket upgrading

A

recommending and selling additions services to clients

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16
Q

Sole Proprietor

A

individual owner and decision maker of a business

17
Q

Self-actualization

A

fulfilling ones full potential

18
Q

Insurance

A

policies that guarantee protection against financial loss from malpractice, property liability, fire, and theft

19
Q

Business Plan

A

a written description of your business and the services that will provide today and as a foresee it in the next 5 years

20
Q

Retailing

A

selling products to customers

21
Q

Partnership

A

when two or more people share ownership of a business

22
Q

Vision Statement

A

long term picture of the long term goals for a business

23
Q

Budget Worksheet

A

an itemized list of expected expenses and income for a specific period of time

24
Q

Corporation

A

business ownership that allows you to raise capital faster and is controlled by one or more stockholders

25
Continuing Education
the act of furthering your skillset and opening up opportunities to advance in your career and achieve real success.