Milady Foundations Chapter 10- The Beauty Business Exam Questions And 100% Solved Solutions.

What are the two main options to consider when you are ready to become your own boss? - Answer -Owning your own business -Renting a booth in an existing salon, spa, or babershop. Why should beauty professionals study and have a thorough understanding of the beauty business? - Answer -Even is they spend their entire career as an employee of someone else's establishment, beauty pros should be familiar with the rules of business that affect the salon, spa, or barbershop of which they are a part, it is also important they look at their career as their own business. -To become a successful entrepreneur, they will need to attract employees and clients to their business and maintain their loyalty over long periods of time. -Even if they think they will be involved in the artistic aspect of the industry forever, business knowledge will serve beauty pros well in managing their career and professional finances as well as their business practices. What is a Business Plan? - Answer A written description of your business as you see it today and as you foresee it in the next five years (detailed by year) What is a Vision Statement? - Answer A sweeping picture of the *Long-Term Goals* for the business: what it is to become and what it will look like when it gets there. What is a Mission Statement? - Answer A description of the key strategic influences of the business, such as the market it will serve, the kinds of services it will offer, and the quality of those services. What is an Organizational Plan? - Answer An outline of employee and management levels and a description of how the business will run administratively.