CH. 10 The Beauty Business Slides

Question 1

Summary of your plan & list of your objectives.

Answer 1

Executive Summary.

Question 2

Long-term picture of what the business is to become & what it will look like when it gets there.

Answer 2

Vision Statement.

Question 3

Written description of your business as you see it today & as you foresee it in the next five years (detailed by year)

Answer 3

Business Plan.

Question 4

Description of the key strategic influences of the business, such as the market it will serve, the kinds of services it will offer, & the quality of those services.

Answer 4

Mission Statement.

Question 5

Outline of employee & management levels & a description of how the business will run administratively.

Answer 5

Organizational Plan.

Question 6

Outline of all the research obtained regarding the clients your business will target & their needs, wants, & habits.

Answer 6

Marketing Plan.

Question 7

Projected financial statements, actual ( historical) statements, & financial statement analysis.

Answer 7

Financial Documents.

Question 8

The owner’s resume, personal financial information, legal contracts, & any other agreements.

Answer 8

Supporting Documents.

Question 9

Policies that even small shops & booth renters should adhere to & that ensure that all clients & employees are treated fairly & consistently.

Answer 9

Business Policies.

Question 10

Starting the business.

Answer 10

Year 1

Question 11

This time period is for tending to the business, its clientele, & its employees & for growing & expanding the business so that it’s profitable.

Answer 11

Years 2-5

Question 12

This time period, if successfully achieved, can be for adding more locations, expanding the scope of the business, constructing a larger space, or including anything else you & your clients need & want.

Answer 12

Years 5-10

Question 13

In this time period, you may want to move from being a working beauty professional into a full-time manager of the overall business & begin planning for your eventual retirement.

Answer 13

Years 11-20

Question 14

This may be the perfect time to consider selling yout successful business or changing it in some way, such as taking on a junior partner & training them to take over the day-to-day operations of the business so you can have time away to explore interests or hobbies.

Answer 14

Year 20+

Question 15

Ownership structure controlled by one or more stockholders.
One of the best ways that a business owner can protect their personal assets.

Answer 15

Corporation.

Question 16

Form of business organization in which a firm is already successful enters into a continuing contractual relationship w/ other businesses operating under the trade name in exhange for a fee.

Answer 16

Franchise Ownership.

Question 17

Solely responsible for their own clientele, supplies, record keeping, & accounting, & have the ability to be their own boss w/ very little capital investment.

Desirable situation for many beauty professionals who have a large, steady clientele & who do not have to rely on a business’ general clientele to keep busy.

Answer 17

Booth Rental.