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Milady Cosmetology Chapter 32 The Salon Business
Terms in this set (18)
Also known as chair rental; renting a booth or station in a salon.
A written description of your business as you see it today, and as you foresee it in the next five years (detailed by year).
business regulations and laws
Any and all local, state, and federal regulations and laws that you must comply with when you decide to open your salon or rent a booth.
Money needed to invest in a business.
Supplies used in the daily business operation.
An ownership structure controlled by one or more stockholders.
Information about a specific population including data on race, age, income, and educational attainment.
A set of benchmarks that, once achieved, help you to realize your mission and your vision.
Guarantees protection against financial loss from malpractice, property liability, fire, burglary and theft, and business interruption.
Business structure in which two or more people share ownership, although not necessarily equally.
Your staff or employees.
Maintaining accurate and complete records of all financial activities in your business.
Supplies sold to clients.
The ongoing, recurring processes or activities involved in the running of a business for the purpose of producing income and value.
The rules or regulations adopted by a salon to ensure that all clients and associates are being treated fairly and consistently.
Individual owner and, most often, the manager of a business.
A long-term picture of what the business is to become and what it will look like when it gets there.
Documents that govern the opening of a salon, including leases, vendor contracts, employee contracts, and more; all of which detail, usually for legal purposes, who does what and what is given in return.
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