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Milady Part 6 Business Skills – Chapters 30-31-32

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Deductive Reasoning
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The process of reaching logical conclusions by employing logical reasoning.
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Employment Portfolio
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A collection, usually bound, of photos and documents that reflect your skills, accomplishments, and abilities in your chosen career field.
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Resume
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Written summary of a person’s education and work experience.
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Stem
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The basic questions or problem.
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Test-wise
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Understanding the strategies for successful test taking.
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Transferable Skills
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Skills mastered at other jobs that can be put to use in a new position.
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Work Ethic
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Taking pride in your work and committing yourself to consistently doing a good job for your clients, employer, and salon team.
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Items that should be included in your employment portfolio
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Diplomas- high school and cosmetology. Awards and achievements while in school and/or training. Current resume, focusing on accomplishments.
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Questions that should NOT be asked while being interviewed.
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Age or date of birth, disabilities or physical traits, drug use or smoking, citizenship.
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Client Base
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Customers who are loyal to a particular cosmetologist.
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Commision
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A percentage of the revenue that the salon takes in from services performed by a particular cosmetologist, usually offered to that cosmetologist once the individual has built up a loyal clientele.
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Job Description
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Document that outlines all the duties and responsibilities of a particular position in a salon or spa.
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Retailing
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The act of recommending and selling products to your clients for at-home use.
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Ticket Upgrading
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The practice of recommending and selling additional services to your clients. Also known as Upselling Services
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Expectation of a new salon employee.
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Putting the needs of the salon and its clients ahead of your own.
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Two things required every day for work
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Be on time for every scheduled shift, and be prepared to perform whatever services or functions required of you, regardless to what is happening in your personal life.
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Habits of a good team player.
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Strive to help, pitch in, share your knowledge, remain positive, become a relationship builder, be willing to resolve conflicts, be willing to be subordinate, be sincerely loyal.
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Most common methods of salon compensation
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Salary, Commission, Salary plus commission.
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Principles of selling salon products and services
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Be familiar with the features and benefits. Adapt your approach and technique per customer needs and personality. Be self-confident when recommending products. Generate interest and desire by asking questions to determine need. Never misrepresent services or products. Don’t understand your clients intelligence on beauty regimen or particular needs. Deliver sales talk in a relaxed, friendly manner. Demonstrate the product if possible.
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How to expand your client base
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Birthday cards, provide consistently good service, be reliable, be respectful, be positive, be professional, business card referrals, local business referrals, public speaking.
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Booth Rental
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Renting a booth or station in a salon. Also known as Chair Rental.
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Business Plan
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A written description of your business as you see it today, and as you foresee it in the next five years (detailed by the year).
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Business Regulations and Laws
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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.
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Capital
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Money needed to invest in a business.
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Consumption Supplies
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Supplies used in the daily business operation.
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Corporation
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An ownership structure controlled by one or more stockholders.
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Demographics
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Information about a specific population including data on race, age, income, and educational attainment.
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Goals
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A set of benchmarks that, once achieved, help you to realize your mission and you vision.
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Insurance
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Guarantees protection against financial loss from malpractice, property liability, fire, burglary and theft, and business interruption.
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Partnership
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Business structure in which two or more people share ownership, although not necessarily equally.
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Personnel
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Your staff or employees.
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Options for going into business for yourself
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Owning your own salon. Renting a booth in an existing salon.
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Responsibilities of a booth renter
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Solely responsible for all aspects of clientele, product, records, and accounting. Pays dues to salon owner. Pays for continuing education, uses own phone for business, budgets for all advertising, etc.
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Disadvantages of booth renting
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Doesn’t get same benefits of a salon employee, such as paid days off and vacation times. Do not get paid if you do not work. Must continually attract new clients and maintain the ones you have.
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Record Keeping
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Maintaining accurate and complete records of all financial activities in your business.
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Retail Supplies
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Supplies sold to clients.
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Salon Operations
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The ongoing, recurring processes or activities involved in the running of a business for the purpose of producing income and value.
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Salon Policies
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The rules or regulations adopted by a salon to ensure that all clients and associates are being treated fairly and consistently.
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Sole Proprietor
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Individual owner, and, most often, the manager of a business.
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Vision Statement
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A long-term picture of what the business is to become and what it will look like when it gets there.
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Written Agreements
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Documents that govern the opening of a salon, including leases, vendor contracts, employee contracts, and more; all of which detail, usually for legal purposes, who does what and what is given in return.
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Basic factors to consider before opening a salon
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Vision, timeline, feasibility, name, location, insurance, laws and regulations, operations, record keeping and policies.
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Types of salon ownership
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Individual- make your own rules and responsible for the business. Partnership- Working with another person to run the business and formulate rules and regulations. Corporation- Controlled by one or more stockholders. Franchise-Firm of business that is already established and enters into a contractual agreement.
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Information to be included in a business plan
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Executive summary, vision statement, mission statement, organizational plan, marketing plan, financial documents, supporting documents, salon policies.
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Importance of record keeping
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Proper business records are necessary to meet the requirements of local, state, and federal laws regarding taxes and employees.
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Important records to be kept
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Service and Retail receipts, check stubs, canceled checks, receipts and invoices. Bill expenses including rent, utilities, insurance, salaries, advertising, equipment, and repairs.