Chapter 32

Question 1

Booth rental

Answer 1

Also known as chair rental; renting a booth or station in a salon

Question 2

Business plan

Answer 2

A written description of your business as you see it today, and as you foresee it in the next 5 years (detailed by year)

Question 3

Business regulations and laws

Answer 3

Any and all local, state, and federal regulations and laws that you must comply with when you decide to open your salon or rent a booth

Question 4

Capital

Answer 4

Money needed to invest in a business

Question 5

Consumption supplies

Answer 5

Supplies used in the daily business operation

Question 6

Corporations

Answer 6

An ownership structure controlled by one or more stockholder

Question 7

Demographics

Answer 7

Information about a specific population including data on race, age, income, and education attainment

Question 8

Goals

Answer 8

A set of benchmarks that, once achieved, help you to realize your mission and your vision

Question 9

Insurance

Answer 9

Guarantees protection against financial loss from malpractice, property liability, fire, burglary and theft, and business interruption

Question 10

Partnership

Answer 10

Business structure in which two or more people share ownership, although not necessarily equally

Question 11

Personally

Answer 11

Your staff or employees