Ch. 32 Review

question

Name and describe the two most common options for going into business for yourself.
answer

Booth rental, renting a booth or station in a salon. Opening your own salon.
question

What responsibilities does a booth renter assume? What are the disadvantages of booth renting?
answer

Responsible for his or her own clientele, supplies, record keeping and accounting. You do not get benefits, paid time off or vacation time.
question

List at least three of the basic factors that potential salon owners should consider before opening their business.
answer

Determine business feasibility, create a vision statement and create a business timeline.
question

How many types of salon ownership are there? Describe each.
answer

Four. Individual ownership, sole proprietor makes own rules and responsible. Partnerships are two or more people who share ownership. corporations are ownership structures controlled by one or ore stockholders. Franchise ownership is a form of business in which a firm that is already successful enter into a continuing contractual relationship with other business.
question

List and describe the categories of information that should be included in a business plan.
answer

Execurite summary of you plan and objectives. Vision statement of a long-term picture. Mission statement describing key strategic influences of the business. Organizationgal plan outlining employees and management. Marketing plan outlining clients you business will target. Financial documents, supporting documents and salon policies.
question

why is it important to keep good records? What type of records should be kept?
answer

To meet local, stated, and federal laws regarding taxes and employees. Purchase and inventory records and service records.
question

List and describe the five elements of a successful salon.
answer

Salon layout is crucial to smooth operation of a salon, personnel size of salon will determine size of staff, front desk, use of telephone, booking appointments.
question

Why is selling services and products such a vital aspect of a salon’s success?
answer

Because adding services or retail sales to you service tickets means additional revenue.

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