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Massage Entrepreneurship > Chapters 9-17 Test > Flashcards

Chapters 9-17 Test Flashcards

1
Q

Safety concerns

A

even more so for wellness practitioner in private practice - be vigilant in approach to personal safety

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2
Q

to be safe schedule appointments when

A

someone else is in the building or home

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3
Q

sole practitioner benefits

A

“Self pay” so you can take time off

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4
Q

spa environment clientele

A

built in clientele with other spa practitioners - give them a massage they will talk to others

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5
Q

nuts and bolts of business start-up for Group Practice

A
  • schedule time for self-assessment
  • carefully interview potential associates
  • clarify roles, goals, expectations
  • Legal status options
  • Finances - can’t commingle too much or you’re a partnership
  • Product Sales - who sells, how profits are distributed
  • Marketing - who handles what, goals, dates, budget
  • Interaction levels - meetings, communicating new ideas or concerns
  • Office logistics - opening office, supplies, repairs, policy and procedure manual
  • Client Scheduling - usually each schedules own, but can get tricky with group marketing and need to develop system for handling new clients from this
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6
Q

Purpose of business policies and procedures

A

they direct your decisions and actions

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7
Q

2 branches of policy manual

A

internal company policies

client interaction policies

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8
Q

T/F Policies and procedures can be covered in one manual

A

True

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9
Q

T/F Operational guidelines make the transition easier if you hire new employees or expppand

A

True

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10
Q

3 major functions of client policies

A

finances
communication
confidentiality
scope of practice

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11
Q

T/F Business management requires commitment, creativity and great deal of time

A

True

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12
Q

T/F To convey professionalism it is important to include a wide spectrum items in your policies, even if you don’t plan to enforce them

A

False

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13
Q

5 sections covered in the policies and procedures manual

A
  • etiquette
  • office procedures
  • personal relationships
  • business hours and availability
  • operational procedures
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14
Q

T/F One of the key requirements in all policies are time limits on when things must be done

A

True

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15
Q

T/F Medium to large companies should be concerned with risk management, not small business

A

False

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16
Q

T/F The concept behind Risk Management is to eliminate any risks a company may have with regard to its employees

A

False

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17
Q

4 risk management factors to be taken into consideration

A
  • condition of building
  • escape routes in case of fire
  • ergonomic safeguards to avoid injury
  • proper use of equipment
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18
Q

The use of technology can increase ….. and enhance …..

A

productivity
and
repeat services

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19
Q

most important commodity a business owner possesses

A

time

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20
Q

establishing ….. for yourself and clients is essential to today’s ability to be contacted all the time.

A

boundaries

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21
Q

4 features software can provide

A

client management
marketing strategies
desktop publishing
online scheduling

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22
Q

2 forms of tech that make business more profitable

A

computer

cell phone

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23
Q

5 reasons to buy computer

A
  • keep up with info age
  • communicate with colleagues and the online public
  • access information and research
  • market your practice
  • manage your business
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24
Q

how to recession proof your practice

A

increase your hours & decrease overhead

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25
Q

key to longterm success is

A

diversification

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26
Q

T/F Being an excellent practitioner ensures that when you make a move clients will follow no matter the distance

A

False

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27
Q

3 circumstances that prompt an owner to consider hiring help

A
  • more work than they can handle
  • take an extended vacation
  • expanding practice
  • determine cost effectiveness
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28
Q

single most important skill to master to enable employer/employee relationships to flow smoothly

A

clear communication

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29
Q

T/F as long as you do your job well, your clients will be pleased regardless of whether or not your clerical support staff is friendly and competent

A

False

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30
Q

To be a good manager/boss you need to

A

Be organized, know that there’s enough work to be done, meet w// employees, give regular feedback, and be willing to delegate

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31
Q

Independent contractor arrangement

A

a separate business operating within another business

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32
Q

T/F The feelings about yourself and your attitude toward money is the greatest influence on your affluence

A

True

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33
Q

1st step to enhancing financial prosperity

A

transform your attitude toward money

34
Q

poor but pure concept

A

uncomfortable with money or fear that financial prosperity corrupts them

35
Q

most impacts disparity of what client pays and what employee is paid

A

expense of running the business

36
Q

purpose of forecasting as pertains to budgets

A

keep expenses on track

37
Q

2 most common mistakes regarding finances

A

doing own taxes & not setting aside enough for taxes

38
Q

ration of income to money to put aside for taxes

A

20-30%

39
Q

if bookkeeping is sloppy what will often be missed

A

legitimate tax deductions

40
Q

2 important reasons for keeping accurate financial records are

A

assist in running business smoothly

taxes

41
Q

4 record keeping techniques

A

keep all receipts
use separate business checking account
monthly bank reconciliations
keep auto mileage log

42
Q

keep canceled checks and bank statements how long

A

2-3 years

43
Q

a ledger sheet documents?

A

all income and expenses

44
Q

5 examples of documents you must keep

A 
year end financial statements
contracts
licenses and permits
insurance claims
tax returns
45
Q

how long keep tax returns

A

indefinitely

46
Q

T/F checks are written from the business account to keep the business finances separate from personal finances as well as keep better documentation than cash

A

True

47
Q

When would it be acceptable to write a check to petty cash

A

if you wrote a personal check for a business expense and need to reimburse yourself

48
Q

Summary of all sales and cash receipts

A

income ledger

49
Q

cash in bank, inventory, equipment, and goodwill are

A

assests

50
Q

purpose of petty cash fund

A

cash on hand for incidental expenses

51
Q

bookkeeping terminology assets can be defined as

A

total resources of a sole proprietor or business

52
Q

accounts receivable

A

amounts owed to you by another person or business

53
Q

capital is

A

net worth of a business - difference b/w assets and liabilities

54
Q

purchases to be used in business for extended period of time are called

A

liabilities

55
Q

beginning a business, the expenses incurred before any revenues are collected are called

A

owner equity

56
Q

type of moneys deposited in business account

A

cash, checks, cc, barter

57
Q

title of ledger that records separates and classifies business expenditures

A

income and disbursement ledger

58
Q

4 methods of payment

A

cc, checks, cash, barter

59
Q

what is included in income records

A

all money related items

60
Q

4 revenue streams of business income

A

cc, checks, cash, barter

61
Q

why should you put 1/2 of all gift card revenue into a separate account

A

in case you reach a time where you are not receiving new income because you are receiving gift card payments

62
Q

T/F the most successful practitioners are those who keep their marketing activities separate from their daily lives

A

False

63
Q

to market a service business you must

A
  • identify target market
  • develop plan
  • attract new clients
64
Q

in marketing a wellness practice, you may feel as though you are competing against other practitioners however a significant part of competition lies elsewhere

A

products and services

65
Q

what you should do after you have researched your competitors and compiled a profile on each one

A

look for patterns and trends and compare your own business assessment

66
Q

to determine whether other businesses are in competition with you the key point is if they

A

provide similar services at comparable rates

67
Q

name and describe 3 different types of cooperative marketing

A

same services different target market
different service same target market
same service same target market

68
Q

describe joint ventures that can bring together a large group with resources to build community relations

A

health fairs
conferences
conventions

69
Q

2 benefits for practitioners participating in cooperative marketing

A

expand clientele and services

stretch marketing budget

70
Q

marketing tool for which you pay directly, listing in newspaper

A

advertising

71
Q

a marketing tool that gives you exposure, like sponsoring an adopt a highway activity

A

community relations

72
Q

marketing tools paid by sponsoring a team, baseball caps w/ company name and logo

A

promotion

73
Q

marketing tools that are free, you’re included in local newspaper article

A

publicity

74
Q

percentage of time to spend on marketing in new practice or actively working to increase your client base

A

50% or more

75
Q

WIIFM

A

What’s in it for me?

76
Q

4 examples of promotional venues

A

person to person
networking
professional alliances
show and tell

77
Q

4 Rs of direct referrals

A

Request the referral
Repeat the request
Reward the referral
Reciprocate the referral

78
Q

When a satisfied client refers a new person, what should always be done?

A

thank the referring client and reward them

79
Q

2 major types of referrals

A

direct referrals

indirect referrals

80
Q

Why is it important to be involved in networking groups

A

much business comes from word of mouth and networking is group of cooperative people supporting each other

Massage Entrepreneurship (4 decks)

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