Foundations ch 10 Flashcards
The kinds of services your business will offer and the quality of those services is found in what part of the business plan?
vision statement
mission statement
marketing plan
organizational plan
vision statement
mission statement*
marketing plan
organizational plan
Which of the following is the best form of advertising?
giveaway promotional items
television ads
satisfied clients
social media
giveaway promotional items
television ads
satisfied clients*
social media
Which of the following is an ownership structure controlled by one more stockholders?
franchise
corporation
sole proprietor
partnership
franchise
corporation*
sole proprietor
partnership
A _________ is a written description of your business as you see it today and as you foresee it in the next five years.
brand identity
benchmark
business plan
written argument
brand identity
benchmark
business plan*
written argument
In a business plan, owner’s resume and personal financial information would be found in the __________.
vision statement
supporting documents
financial documents
executive summary
vision statement
supporting documents*
financial documents
executive summary
The first goal of every business should be to __________.
retail more products
maintain current clients
cross promote more services
upsell more clients
retail more products
maintain current clients*
cross promote more services
upsell more clients
In how many states is booth rental allowed?
0
48
25
50
0
48*
25
50
Salon, spa, and barbershop owners have no guarantee of __________.
profits
personnel
support
credit
profits*
personnel
support
credit
An advertising budget should not exceed ________ percent of your gross income.
1
3
20
6
1
3*
20
6
It takes most new shops ________ to begin operating at full capacity.
one year
three months
six months
two years
one year
three months
six months*
two years
What business time period would be appropriate for adding more locations or expanding the scope of the business?
years 11 to 20
years 2 to 5
years 1 to 3
years 5 to 10
years 11 to 20
years 2 to 5
years 1 to 3
years 5 to 10*
Unless you are at least ________ percent booked all of the time, it may not be advantageous to rent a booth.
50
20
90
70
50
20
90
70*
One reason for going into a partnership arrangement is to ___________.
have help running your operation
have a known name and brand recognition
maintain a corporate status
have the last say in decision making
have help running your operation*
have a known name and brand recognition
maintain a corporate status
have the last say in decision making
Owning your own business or renting a booth in an existing salon, spa, or barbershop requires __________.
community outreach
familiarity with building codes
a business partnership
a strong line of credit
community outreach
familiarity with building codes
a business partnership
a strong line of credit*
What should be the primary concern when constructing the best physical layout for a salon, spa, or barbershop?
maximum efficiency
cost
retail sales
decor
maximum efficiency*
cost
retail sales
decor
