Art of Business Flashcards
Capital
money to invest in business
Ethics
moral principles by which we live and work
Client Base
customers who are happy with your service and continue to come to you for services over and over again
Salon Policies
a set of standards and rules adopted by a salon to ensure that all clients and associates are being treated fairly and consistently
Goals
benchmarks that help you realize and achieve your mission and your vision
Resume
a brief overview of a persons educations and work experience
Demographics
information about a specific populations, including data on race, age, income and educational attainment
Written agreements
documents govern the opening of a salon, leases, vendor contracts and employee contracts that detail who does what and what is given in return.
Booth rental
paying a salon owner a weekly or monthly fee in exchange for a work space in a salon
Salary
a fixed, regular payment for the hours you worked
Work Ethic
committing yourself to consistently doing a good job for your clients, employer and salon team
Commission
payments to an employee based on their total service dollars, and can range anywhere from 25-60%, depending on length of employment
Salary Plus Commision
pay structure often used to motivate employees to perform more services therefore increasing productivity
Job description
a document that outlines all of the duties and responsibilities of a particular position at a spa or salon
Ticket upgrading
recommending and selling additions services to clients
Sole Proprietor
individual owner and decision maker of a business
Self-actualization
fulfilling ones full potential
Insurance
policies that guarantee protection against financial loss from malpractice, property liability, fire, and theft
Business Plan
a written description of your business and the services that will provide today and as a foresee it in the next 5 years
Retailing
selling products to customers
Partnership
when two or more people share ownership of a business
Vision Statement
long term picture of the long term goals for a business
Budget Worksheet
an itemized list of expected expenses and income for a specific period of time
Corporation
business ownership that allows you to raise capital faster and is controlled by one or more stockholders
Continuing Education
the act of furthering your skillset and opening up opportunities to advance in your career and achieve real success.
