The Beauty Business - Study Guide

The Beauty Business Question To become a successful entrepreneur, the LEAST important ingredient is _________________. If your boss tells you repeatedly that, as a beauty and wellness professional, you should also have a keen business knowledge of it, what is the MOST likely reason why they would be giving you this advice? If you are an owner of a salon or spa which of the following is TRUE? The ___________ portion of your business plan should include a description of how the business will run administratively. The _________ portion of your business plan should outline all of the research obtained regarding the clients your business will target. The MOST important question to ask yourself when creating your brand identity is: __________________. __________ are essential benchmarks that, once achieved, help you to realize your mission and your vision. It is MOST likely to take you roughly ____________ to determine and complete all of the aspects of starting your business. What will you want to base your business location on? You will need to purchase insurance when you open your own business because _______________. A ______________ is MOST likely to raise capital by offering shares of stock to stockholders. Which of the following is a realistic benchmark for the net profit of a salon, spa, or barbershop in the United States? If you are working on a description of the key strategic influences of your business, you will offer and the high quality you expect those services to be, what, exactly, are you working on? If, as the proud owner of a newly opened salon or spa in the downtown area of your community you have been out at work these past few weeks in an effort to create your brand identity, which of the will you want to focus on the MOST in those efforts? Which of the following will be your first objective toward achieving your goal of becoming a spa owner? Which of the following is MOST likely your biggest expense of every month? Booth rental is best for beauty and wellness professionals who __________________. _________ is built into most booth rental agreements. Which of the following would you MOST likely tell your friend if he asked you what the advantages are of operating the booth rentals business that you have been operating for more than three years? Which of the following is the only way to guarantee that you will stay in business? _________ should be your primary concern when planning and constructing the best physical layout for the type of business you envision. Who are your personnel? Which of the following is the most important reason to create incentives in the form of money or prizes for your employees? What is the key duty of the receptionist? If a client calls to book an appointment with a particular beauty and wellness professional on a particular day and time, but that employee is off that day, you should _________. If you have had it with your personnel, to the point where you are even considering getting out of the beauty and wellness industry altogether, which of the following are you having problems with? Answer keeping accurate and regular books and records because it will serve you well in managing your professional finances and business practices there is no guarantee of any profits organizational plan marketing plan what is my business's point of difference? goals one year your primary clientele and their needs it protects you against malpractice suits corporation 15.0 your mission statement determining what your salon's or spa's point of difference is determining the long-range goals of the business salaries have a large, steady, and loyal clientele self-sufficiency "with booth rental, you don't need to establish an entire shop or business." take care of your clients maximum efficiency your staff incentives can inspire employees to achieve more booking appointments suggest other times that the beauty and wellness professional is available your employees If you always try to share the profits and wealth with those who work so hard continuously change and alter for you, which of the following are you LEAST likely to do? your tipping policy the means for selling and What is marketing? promoting your business According to the PBA, the TOP THREE ways that clients find a service dissatisfaction with another provider include all of the following except __________. service provider Which of the following is considered to be the modern version of word of viral marketing mouth? The best vehicle for others to promote you and your business via viral social media marketing is ____________. Which of the following BEST encapsulates promotional efforts that are paid advertising for and that are directly intended to increase business? Adding services and retail sales to your service tickets means _____________ for additional revenue your business.