Ch 10 The Beauty Business

To become a successful entrepreneur, the LEAST important ingredient is _______.

• keeping accurate and regular books and records

• attracting employees to your business

• attracting clients to your business

• maintaining loyalty of clients over a long period of time

If your boss tells you repeatedly that, in addition to the beauty and wellness aspects of the industry, you should also have a keen business knowledge of it, what is the MOST likely reason why your boss would be giving you this advice?

• Because it will serve you well in managing your professional finances and business practices

• Because your renting a booth is the same as owning your own business

• Because entrepreneurship is an essential part of your esthetics career

• Because eventually, like all beauty and wellness professionals, you must become a business owner

If you are an owner of a spa which of the following is TRUE?

• You are guaranteed to have losses.

• You are guaranteed to have small profits.

• You are guaranteed to have large profits.

• There is no guarantee of any profits.

The _______ portion of your business plan should include a description of how the business will run administratively.

• organizational plan

• vision statement

• mission statement

• marketing plan

The _______ portion of your business plan should outline all of the research obtained regarding the clients your business will target.

• marketing plan

• organizational plan

• vision statement

• mission statement

The MOST important question to ask yourself when creating your brand identity is:

• What will my profits be in year one?

• What is my business’s point of difference?

• Who are my potential customers?

• Which employees should I hire?

________ are essential benchmarks that, once achieved, help you to realize your mission and your vision.

• Policies

• Goals

• Statements

• Objectives

It is MOST likely to take you roughly ________ to determine and complete all of the aspects of starting your business.

• six months

• one year

• one month

• ten years

What will you want to base your business location on?

• How many cars drive by per hour on average

• Proximity to your home

• Costs of rent, lease, and utilities

• Your primary clientele and their needs

You will need to purchase insurance when you open your own business because

• it protects your staff against compensation loss for sick days

• it protects your clientele against falls and accidents

• it protects the general public against auto mishaps in front of your store

• it protects you against malpractice suits