ch 22 - vocabulary / terms Flashcards
1
Q
booth rental
A
arrangement in which the esthetician is required to pay the owner a set rental fee, along with payment of utilities as agreed upon, to operate in a specific space within the owner’s establisment
2
Q
business plan
A
- strategy for understanding key elements in developing business
- serves as a guide to making informed business decisions
- a written description of your business as you see it today, and as you foresee it in the next 5 years (detailed by year)
3
Q
capital
A
money needed to invest in a business
4
Q
consumption supplies
A
supplies used to conduct daily business operations
5
Q
corporation
A
- form of business ownership whereby one or more stockholders share ownership
- considered an independent legal entity separate and distinct from its owners with its own rights, privileges, and liabilities
6
Q
demographics
A
- the particular identifying characteristics of an area or population, such as a specific size, age, sex, or ethnicity of its residents; average income; educational attainment; and buying habits
7
Q
employee manual
A
- handbook or guide for employees
- contains important general information about salon operations, such as the number of sick days or vacation time allowed, holiday closing, how to call in late or sick, and the appropriate dress code for estheticians
8
Q
fixed costs
A
- operating costs that are constant
- ex. rent and loan payments
9
Q
partnership
A
- form of business ownership in which tow or more people share ownership, although this does not necessarily mean na equal arrangement
- each partner assumes the other’s unlimited liability for debt
- profits are shared amount partners
10
Q
personnel
A
- employees
- staff
11
Q
procedural guide
A
- manual or set of instructions designed to standardize operations
- supplies specific protocols for conducting individual services, such as the expected method for performing a glycolic or microdermabrasion treatment
12
Q
profit
A
amount of money available after all expenses are subtracted from all revenues
13
Q
public relations
A
- aka. PR
- planning and developing of relationships to achieve a certain desired behavior
14
Q
retail supplies
A
items available for sale to clients
15
Q
revenue
A
income generated from selling services and products, or money taken in
