The Beauty Business

Which of the following is the MOST important question to ask yourself when creating your brand identity?

• What will my profits be in year one?

• What is my business’s point of difference?

• Which employees should I hire?

• Who are my potential customers?

Marketing is the means for _______.

• selling and promoting your business

• recruiting and hiring your staff

• keeping your clientele satisfied

• designing your salon, spa, or barbershop space

Which of the following will be LEAST important in becoming a successful entrepreneur?

• attracting clients to your business

• paying employees a salary instead of a commission

• attracting employees to your business

• maintaining loyalty of clients over a long period of time

The only way to guarantee that you will stay in business is to _______.

• take care of your clients

• advertise

• pay yourself well

• research emerging trends

Which of the following types of business ownership is MOST likely to raise capital by offering shares of stock to stockholders?

• a sole proprietorship

• a partnership

• a single franchise

• a corporation

Since Samantha started her business three years ago, there have been constant, nagging issues with her personnel. She is almost to the point where she is considering getting out of the beauty and wellness business altogether. Which of the following is Samantha having problems with?

• her clientele

• her marketing

• her employees

• her landlord

Orlando has been working day and night to open his own business. Two nights ago, he completed his executive summary. Last night, he worked on his financial documents. And today and this evening, he’s been working on his supporting documents. Over the past several days, which of the following has Orlando been preparing?

• his vision statement

• his business plan

• his organizational plan

• his mission statement

Ursula is working on a description of the key strategic influences of her business, including the varied services she will offer and the high quality she expects those services to provide. What, exactly, is Ursula working on?

• her mission statement

• her financial documents

• her vision statement

• her marketing plan

If you are interested in booth rental, which of the following states should you NOT move to?

• New York

• California

• Florida

• Pennsylvania

Gwen’s business growth has been at a standstill for months. Her establishment does see its fair share of regular clients, so she has been able to pay the bills, but little new business has come in, and she is worried about the future. Her assistant manager, Darlene, has been trying to convince Gwen to engage in more viral marketing. If she is to do so, what will this MOST likely mean?

• renting more booths or stations to up-and-coming beauty pros

• engaging in more social media campaigns

• buying expensive television advertising spots

• creating glitzy ad pieces and mailing them out to the neighborhood