F10

Question 1

If you are the owner of a salon, spa, or barbershop, there is no

Answer 1

guarantee of profits

Question 2

Which part of your business plan should include a description of how the business will run administratively?

Answer 2

organizational plan

Question 3

What part of your business plan should outline all of the research obtained regarding the clients your business will target?

Answer 3

marketing plan

Question 4

What is the most important thing to ask yourself when creating your brand’s identity?

Answer 4

What is my business’s point of difference?

Question 5

How long is it most likely to take to determine and complete all of the aspects of starting your business?

Answer 5

1 year

Question 6

You will want to base your business location on

Answer 6

your primary clientele and their needs

Question 7

Which type of business ownership is most likely to raise capital by offering shares of stock to stockholders?

Answer 7

a corporation

Question 8

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

Answer 8

Pennsylvania

Question 9

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

Answer 9

take care of your clients

Question 10

What should be your primary concern when planning and constructing the best physical layout for the type of business you envision?

Answer 10

maximum efficency

Question 11

Your personnel is your

Answer 11

staff

Question 12

What is a reason to create incentives in the form of money or prizes for your employees?

Answer 12

To inspire employees to achieve more

Question 13

What should be done if a client calls to book with a particular professional and that professional is not available for the requested time?

Answer 13

Suggest other times the professional is available

Question 14

What are the three ways clients find a service provider?

Answer 14

recommendations/referrals, convenient location, advertisements

Question 15

The modern version of word of mouth is

Answer 15

viral marketing

Question 16

What is one of the best vehicles for others to promote you and your business via viral marketing?

Answer 16

social media

Question 17

What encapsulates promotional efforts that are paid and that are directly intended to increase business?

Answer 17

advertising

Question 18

What does adding services and retail sales to your service tickets mean for your business?

Answer 18

additional revenue

Question 19

The key strategic influences of your business, including the varied services you will offer and the high quality you expect those services to provide

Answer 19

mission statement

Question 20

An outline of employee and management levels and responsibilities and a thorough description of how the business should run when all of the individuals perform according to the outlines

Answer 20

organizational plan

Question 21

Includes executive summary, financial documents, and supporting documents.

Answer 21

business plan

Question 22

First objective toward achieving the goal of becoming a business owner

Answer 22

determining feasibility

Question 23

A business model that allows you to create your own rules and meet all the duties and obligations of running a business

Answer 23

sole proprietorship

Question 24

Biggest expense of a salon that serves high end clients

Answer 24

salaries

Question 25

Biggest advantage of booth rental

Answer 25

You don't need to establish an entire business

Question 26

Viral marketing is synonymous with

Answer 26

social media campaigns