Beauty Business

Question 1

Is a written description of your business as you see it today and as you foresee it in the next five years(detailed by year).

Answer 1

Business plan

Question 2

A business plan is more of an _____ with yourself and not legally binding. A break down by year

Answer 2

Agreement

Question 3

An outline of all the research obtained regarding the clients your business will target and their needs, wants, and habits.

Answer 3

Marketing plan.

Question 4

Is a sweeping picture of the long term goals for the business: what it is to become and what it will look like when it gets there

Answer 4

Vision statement

Question 5

During this time period, you may want to move from being a working beauty professional into a full term manager of the overall business and begin planning for your eventual retirement

Answer 5

Years 11-20

Question 6

A____ (CPA) can be invaluable in helping you gather access financial information.

Answer 6

Certified public accountant

Question 7

You will need to purchase ___ that guarantees protection against financial loss from malpractice, property liability,fire, burglary and theft, and business interruption

Answer 7

Insurance

Question 8

Is the individual owner and most often the manger of the Haines. Who determines policies and has the last say ion decision making. As well as assumes expenses receives profits and bears all loses

Answer 8

Sole proprietor

Question 9

In a __business structure, 2 or more people share ownership/ although not necessarily equal

Answer 9

Partnership

Question 10

___ determines the actual value of the business once the current owner’s bookings are taken out of the equation

Answer 10

Financial audit

Question 11

To avoid any misunderstandings between the contracting parties…

Answer 11

Write purchase and sale agreements

Question 12

___&___ statements of inventory (goods,fixtures,and the likes) indicating the value of each article

Answer 12

Complete/ sign

Question 13

If applicable, a __ of a note, mortgage, lease or bill of __, includes an investigation by the buyer to determine whether there are defaults in the payment of debts

Answer 13

Transfer/state

Question 14

Confirm identity of ___

Answer 14

Owner

Question 15

Use of ___ name and ___ for a definite period of time

Answer 15

Business reputation

Question 16

Disclosure of any and all ___ regarding the shops clientele and it’s purchasing service habits

Answer 16

Information

Question 17

Disclosure of the conditions of the facility- if you’re buying the actual building an full ___ is in order

Answer 17

Inspection

Question 18

____ agreement stating that the seller will not work in or establish a new ___,____,or ____ within a specified distance from the present location

Answer 18

Non complete/salon/spa/barbershop

Question 19

___agreement either formal or informal that lets you know if the employeess will stay within the business under new ownership

Answer 19

Employee

Question 20

The lease should specify clearly who owns what and who is responsible for which __&___

Answer 20

Repairs / expenses

Question 21

As a business owner you must protect the

Answer 21

Business/clients/and staff of several levels

Question 22

Ensure that your business has ___ looks as well as a fire alarm system alarm system and surveillance

Answer 22

Adequate

Question 23

Purchase liability fire malpractice and burglary __ and do not allow these policies to lapse while you’re in a business.

Answer 23

Insurance

Question 24

Become familiar with all __ governing your discipline and with the __&___ control codes of your city and state

Answer 24

Laws. City and state

Question 25

Keep accurate __ of the number of employees their salaries lengths of employment and social security numbers are required by various state and federal laws that monitor the social welfare of workers

Answer 25

Records

Question 26

A good _ and an accounting system are indispensable

Answer 26

Accountant

Question 27

Expenses includes ,,,,,,_, retain all check stubs cancelled checks receipts and invoices

Answer 27

Rent utilities insurance salaries advertise equipment and repairs

Question 28

The purchase of ___&___should be closely monitored

Answer 28

Inventory and supplies

Question 29

Always keep service _ or _ cards that describe the treatments given and merchandise sold to each client

Answer 29

Records or client

Question 30

Booth rental is legal in every state except

Answer 30

Pennsylvania

Question 31

Are solely responsible for their own clientele supplies record keeping and accounting

Answer 31

Booth renters

Question 32

If a beauty pro is not available handle it by…

Answer 32

Suggesting other times / another person
Offer to call the client if there’s a cancellation

Question 33

Handling complaints over the phone is a

Answer 33

Difficult task

Question 34

Is a phenomenon of the digital age that you can use and may already have used to spread your brand

Answer 34

Viral marketing

Question 35

Encouraging a client to add another service

Answer 35

Cross promoting