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Milady Ch 10 FO The Beauty Business Flashcards | StudBud
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Milady Ch 10 FO The Beauty Business
Milady Ch 10 FO The Beauty Business
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1
When choosing to open your own business, what is the 1st objective?
choosing a business location
Choosing a business name
determining the long-range goals of the business
determining the feasibility of the business
2
Which of the following is built into most booth rental agreements?
self-sufficiency
healthcare benefits
paid vacation
free advertising
3
What is MOST likely the best business model if you want to be in charge of making the rules & handle all duties?
partnership
sole proprietorship
franchise
corporation
4
What is the BEST way to market a new business on a small budget?
TV spots
viral marketing
direct mailing
newspaper ads
5
Taking care of your clients will guarantee that you will stay in business
False
True
6
When establishing a new business and brand identity, which should you focus efforts on most?
determining the business point of difference
outling employee & management levels & resposibilities
maintaining regular & loyal clientele
summarizing projected financial statement and analysis
7
Why will you need to purchase insurance when you open your own business?
It protects your clientele against falls and accidents
It protects the public against auto mishaps in front of your store
It protects you against malpractice suits
It protects your staff against compensation loss for sick days
8
How do you best explain being a sole proprietor of a business?
you are in charge of your own booth & pay the owner a monthly rental fee
it is controlled by a small number of stockholders
you alone manage & assume all expenses and profits
explain that you & a partner each invested half of the capital to open
9
Marketing is the means for selling and promoting your business
True
False
10
What state is it not legal for booth rental
New York
Pennsylvania
California
Florida
11
In order to increase new business with viral marketing, you should
create glitzy ad pieces and mail out
buy expensive TV ad spots
engage in more social media campaigns
rent more booths or stations to new beauty pros
12
Which of the following is a realistic benchmark for the net profit of a salon, spa, or barbershop in the United States?
0,005
0,75
0,5
0,15
13
Which is NOT 1 of the top 3 ways clients find a service provider, according to the PBA?
dissatisfaction with another service provider
advertisements
recommendations or referrals
a convenient location
14
In addition to the artistic aspects of the beauty industry you need a keen business knowledge because...
like all beauty pros, you must become a business owner
renting a booth is the same as owning a business
entrepreneurship is an essential part of a beauty and wellness center
it will help manage your professional finances and business practices
15
The key duty of receptionists is ____.
answering the phone
booking appointments
assisting stylists with their work
greeting clientele at the door
16
When describing key influences of business like varied services & their quality you are making your mission statement.
False
True
17
Which types of business ownership is MOST likely to raise capital by offering shares of stock to stockholders?
sole proprietorship
single franchise
corporation
partnership
18
The biggest advantage of booth rental is you don't need to adhere to state laws or regulations
True
False
19
What is the primary concern when planning & constructing the best physical layout for the business you envision?
stylistic aesthetics
your competitor's layout
maximum efficiency
maximum profitablity
20
You will want to base your business location on how many cars drive by per hour on average
True
False
21
Which is essential set of benchmarks that, once achieved, helps you to realize your mission and vision?
statements
policies
objectives
goals
22
In order to run your business efficiently, effectively and best interest of client and employees you would LEAST likely
offer emplyees as many benefits as you can
make payroll obligations a top priority
create incentives for the staff to earn more money
continuously change & alter your tipping policy
23
If a client calls to book w a particular professional on a particular day and time, but it's their day off, you should
Politely apologize and tell the client you cannot accomodate them
Suggest other times that the professional is available
Call the professional and demand that they come in on their day off
Refer the client to another business in the neighborhood
24
Which BEST encapsulates promotional efforts that are paid for and that are directly intended to increase business?
social media usage
advertising
viral marketing
word-of-mouth
25
Which part of the business plan outline all of the research obtained regarding the clients your business will target?
marketing plan
mission statement
organizational plan
vision statement
